Allowed

State Bank of India v. Sh Amritpal Singh

DRT2 Feb 2024OA/394/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal reviewed an application filed by State Bank of India for the recovery of a loan amount of Rs.36.53 lacs with interest. The Tribunal allowed the application in absence of the defendant and directed the issuance of a recovery certificate and sale of the mortgaged property.

What did the court decide?

Recovery of Rs.36,53,709/- with interest @10.65% p.a. from 06.12.2021; direction to issue Recovery Certificate and sale of mortgaged property.

State Bank of India versus Sh Amritpal Singh — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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OA No: 394 of 2022 Date of Institution: 17.12.2021 Date of Decision: 02.02.2024

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State Bank of India, Sector 17-A, Chandigarh and one of its Local Branch office at Main road, Tanda, Hoshiarpur, Punjab.

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……..Applicant Vs.

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Sh. Amritpal Singh S/o Sh. Ram Singh, R/o Village Littar, Tehsil Dasuya, District Hoshiarpur, Punjab.

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……….Defendant

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Advocates

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Ms. R. K. Grewal, Counsel for the applicant bank. Defendant- Ex parte .

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OA for the Recovery of Rs.36,53,709/- with interest @10.65% per annum with half yearly rests from 06.12.2021.

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ORDER

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State Bank of India (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.36,53,709/- with interest against Sh. Amritpal Singh (defendant).

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Bank’s case is that on 12.08.2015, it had granted KCC Limit of Rs.24.90 lacs to defendant for agricultural purpose. To secure the loan, Defendant had mortgaged his agricultural land, situated at Village Littar, HB No.29, Tehsil Dasuya, District Hoshiarpur, Punjab (fully detailed in para No.3A of the application). The loan was chargeable to interest @10.60% per annum with half yearly rests. On 06.12.2021, a sum of Rs.36,53,709/- was due from the defendant. Despite repeated requests, defendant did not make the repayment. Hence, this application.

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On 07.03.2022, summons was sent to the defendant by registered post, which was duly served. However, defendant did not put in appearance. Vide order dated 27.01.2023, he was proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Parneet Kaur, Branch Manager along with the loan and security documents and marked them as Exhibit A-1 to A-10. 5. I have perused the evidence on the record. I am of the considered view that the Bank has proved its case that it had advanced the loan of Rs.24.90 lacs and on 06.12.2021, a sum of Rs.36,53,709/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.36,53,709/- (Rupees Thirty-Six Lacs Fifty-Three Thousand Seven Hundred Nine Only) with interest @10.65% per annum with half yearly rests from 06.12.2021, till the date of payment is hereby allowed with costs. Bank can recover its dues by the sale of mortgaged property, fully detailed in para No.3A of the application, as well as from the personal movable and immovable property(ies) of the defendant. 7. Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 04.03.2024 , who is directed to distribute the sale proceeds of the mortgage property and standing crops as per the provisions of Section 19(20-AB) of the Act . 10. A Copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties. Pronounced in the open court. (A S Narang) Dated: 02.02.2024 Presiding Officer DRT-1, Chandigarh

State Bank of India v. Sh Amritpal Singh

Case brief

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State Bank of India v. Sh Amritpal Singh

Case brief

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What did the court decide?

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