Allowed

Indian Bank (Allahabad Bank) v. Mr Balwant Singh

DRT10 May 2024OA/464/2022

Case brief

AI extract

What is this about?

In Revenue Reference No. 12/2016, the Debts Recovery Tribunal allowed the Bank's application under Section 19 of the RDB Act for recovery of Rs.46,35,252/- with interest @9.35% p.a. against the Defendant, who failed to appear, directing the sale of mortgaged land.

What did the court decide?

Recovery of Rs.46,35,252/- with interest @9.35% p.a. allowed via sale of mortgaged land and personal property; Recovery Certificate issued.

Indian Bank (Allahabad Bank) versus Mr Balwant Singh — Insurance | 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: 464/2022

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Date of Institution: 07.03.2022 Date of Decision: 10.05.2024

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Indian Bank, (erstwhile Allahabad Bank), a branch amongst at Indian Bank, Urban Estate, Phase-II, Jalandhar, Punjab.

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……..Applicant Vs.

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Mr. Balwant Singh S/o Sh. Atma Singh, R/o Village Lallian Khurd, P.O. Lambra, District Jalandhar, Punjab.

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……….Defendant

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Advocates

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Ms. Ritika, proxy Counsel for Sh. S.N. Sharma, Counsel for the applicant bank. Defendant – ex parte

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OA for the Recovery of Rs.46,35,252/- with interest @9.35% per annum with yearly rests from 07.03.2022.

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ORDER

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Indian 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.46,35,252/- with interest against Sh. Balwant Singh (defendant).

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Bank’s case is that on 20.09.2016, it had granted a KCC Limit of Rs.28.00 Lacs to defendant for agricultural purpose. To secure the loan, Defendant had mortgaged his land (fully detailed in para No.3(A) of the application). The loan was chargeable to interest @9.35% per annum with yearly rests. On 07.03.2022, a sum of Rs.46,35,252/- was due from the defendant. Despite repeated requests, defendant did not make the repayment. Hence, this application.

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On 25.03.2022, summons was sent to the defendant by registered post, which was duly served. However, defendant did not put in appearance. Vide order dated 18.10.2022, he was proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Ram Diwakar Kumar, Chief Manager along with the loan and security documents and marked them as Exhibit A-1 to A-26. 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.28.00 Lacs and on 07.03.2022, a sum of Rs.46,35,252/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.46,35,252/- (Rupees Forty Six Lacs Thirty Five Thousand Two Hundred and Fifty Two Only) with interest @9.35% per annum with yearly rests from 07.03.2022, 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 11.06.2024, 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: 10.05.2024 Presiding Officer DRT-1, Chandigarh Pankaj

Indian Bank (Allahabad Bank) v. Mr Balwant Singh

Case brief

What is this about?

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Indian Bank (Allahabad Bank) v. Mr Balwant Singh

Case brief

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