Indian Bank v. Sh. Baj Singh

DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

ORIGINAL APPLICATION NO.517/2022

PRESIDED OVER BY MRIDULESH KUMAR SINGH

DATE OF INSTITUTION: 04.02.2022 DATE OF DECISION: 15.01.2024 Indian Bank (erstwhile Allahabad Bank), a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Corporate Office at 254-260, Avvai Shanmugam Salai, Royapettah, Chennai-600014 and a branch amongst others at G.T. Road, Moga through its duly constituted attorney, Sh. Surinder Kumar, Senior Manager ……..Applicant Versus 1. Sh. Baj Singh S/o Sh. Bahal Singh, R/o H.No.6, Village Maujgarh, P.O. Kalla, Tehsil Dharamkot, District Moga (Borrower/Mortgagor) 2. Smt. Jasbir Kaur W/o Sh. Dalbara Singh, R/o Village Maujgarh, P.O. Kalla, Tehsil Dharamkot, District Moga (Guarantor) ………Defendants Advocates: Argued by Ms. Puja Sharma, counsel for the applicant Defendants are ex-parte FINAL ORDER 1. Present Original Application was instituted by the applicant bank under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, against the defendants for recovery of Rs.42,27,425.00 (Rupees Forty Two Lacs Twenty Seven Thousand Four Hundred and Twenty Five only). The Original Application has been filed through Sh. Surinder Kumar, Senior Manager of the applicant bank, who is competent to institute the Original Application vide Power of Attorney dated 26.08.2010, which is Annexure A1 to this OA.

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1. The brief facts of the OA are that the defendant No.1 had approached the applicant bank for the grant of ‘Akshay Krishi’ KCC Limit of Rs.17.00 Lacs vide Loan Application dated 15.05.2014, which is Annexure A2 to this OA. 3. The applicant Bank sanctioned the ‘Akshay Krishi’ KCC Limit of Rs.17.00 Lacs for the 1^st year and Rs.24,88,970.00 for the 5^th year vide Sanction Letter dated 21.05.2014, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants.