Allowed

Punjab National Bank v. Smt. Balwinder Kaur Brar

DRT2 Sept 2024OA/447/2022

Case brief

AI extract

What is this about?

The DRT allowed the bank's application for recovery of Rs. 56,25,892/- with interest against a defaulting borrower, validated the ogc loan advance, and directed issuance of a recovery certificate for attachment of mortgaged land.

What did the court decide?

Recovery of Rs. 56,25,892/- with interest allowed; Recovery Certificate issued. Defendant directed to appear before Recovery Officer for distribution of proceeds from sale of mortgaged land.

Punjab National Bank versus Smt. Balwinder Kaur Brar — 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: 447/2022 Date of Institution: 03.03.2022 Date of Decision: 02.09.2024 Punjab National Bank, one of its branch at Sadiq, Tehsil Sadiq, District Faridkot and a Circle Sastra Division Fazilka, Tehsil and District ……..Applicant Vs.

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Punjab National Bank, one of its branch at Sadiq, Tehsil Sadiq, District Faridkot and a Circle Sastra Division Fazilka, Tehsil and District Fazilka, Punjab.

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Smt. Balwinder Kaur Brar W/o Sukhmander Singh, R/o H.No.42, Part No.1, Mehmuana District Faridkot, Faridkot City Punjab – 151203.

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……….Defendant

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Advocates

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Sh. Aseem Kataria, Counsel for the applicant bank. Defendant – ex parte

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OA for the Recovery of Rs.56,25,892/- with interest @13.75% per annum with half yearly rests from 03.03.2022.

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ORDER

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Punjab National Bank, (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.56,25,892/- with interest against Smt. Balwinder Kaur Brar (defendant).

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Bank’s case is that on 09.09.2013, it had granted a OGC Limit of Rs.34.00 Lacs to defendant for agricultural purpose. To secure the loan, Defendant had mortgaged her land (fully detailed in para No.3(A) of the application). The loan was chargeable to interest @13.75% per annum with half yearly rests. On 03.03.2022, a sum of Rs.56,25,892/- was due from the defendant. On 05.09.2016 and 12.03.2019 defendant had executed the balance and security confirmation letters vide (Exhibit A/8 and A/9). Despite repeated requests, defendant did not make the repayment. Hence, this application.

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On 21.03.2022, summons was sent to the defendant by registered post, which was duly served. However, defendant did not put in appearance. Vide order dated 29.03.2023, she was proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Rakesh Valecha, Manager along with the loan and security documents and marked them as Exhibit A-1 to A-11. 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.34.00 Lacs and on 03.03.2022, a sum of Rs.56,25,892/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.56,25,892/- (Rupees Fifty Six Lacs Twenty Five Thousand Eight Hundred and Ninety Two Only) with interest @13.75% per annum with half yearly rests from 03.03.2022, till the date of payment is hereby allowed with costs. Bank can recover its dues by the sale of mortgaged land fully detailed in para No.3(A) 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 04.10.2024, who is directed to distribute the sale proceeds of the mortgage land and standing crops as per the provisions of Section 19(20AB) 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: 02.09.2024 Presiding Officer DRT-1, Chandigarh Pankaj

Punjab National Bank v. Smt. Balwinder Kaur Brar

Case brief

What is this about?

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Punjab National Bank v. Smt. Balwinder Kaur Brar

Case brief

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