Allowed

Canara Bank v. Sh Jarnail Singh

DRT23 Aug 2024OA/530/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application for the recovery of Rs.52,26,917/- with interest against the two respondents, who defaulted on an agricultural KCC loan. The court proceeded ex parte due to non-appearance and ordered the issuance of a Recovery Certificate.

What did the court decide?

Recovery of Rs.52,26,917/- with interest @13.25% p.a. allowed; Recovery Certificate issuable.

Canara Bank versus Sh Jarnail 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: 530 of 2022 Date of Institution: 22.03.2022 Date of Decision: 23.08.2024

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Canara Bank, branch office at Talwandi Bhai, Ferozepur, Punjab.

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……..Applicant

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1. Sh. Jarnail Singh S/o Sh. Daman Singh, R/o House No.180, Guru Nanak Nagar, Zira Road, Dhillon Basti, New Abadi, Talwandi Bhai, Ferozepur, Punjab. 2^nd Address:- Opposite Dana Mandi, Ward No.11, Talwandi Bhai, Ferozepur, Punjab-142050.

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1. Sh. Karamjit Singh S/o Sh. Jarnail Singh, R/o House No.180, Guru Nanak Nagar, Zira Road, Dhillon Basti, New Abadi, Talwandi Bhai, Ferozepur, Punjab. 2^nd Address:- Opposite Dana Mandi, Ward No.11, Talwandi Bhai, Ferozepur, Punjab-142050

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……….Defendants

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Advocates

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Sh. R K. Jindal, Counsel for the applicant bank. Defendants- Ex parte. OA for the Recovery of Rs.52,26,917/- with interest @13.25% per annum with half yearly rests from 04.03.2022.

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ORDER

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Canara 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.52,26,917/- with interest against Sh. Jarnail Singh And Another (defendants).

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Bank’s case is that on 07.12.2013, it had granted KCC Limit of Rs.45.00 lacs to defendant nos.1 and 2 for agricultural purpose. To secure the loan, Defendant no.1 had mortgaged his immovable property

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(fully detailed in para No.3A of the application). The loan was chargeable to interest @12.45% per annum with half yearly rests. On 03.03.2022, a sum of Rs.52,26,917/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 11.04.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 10.04.2023, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Mr. Raj Kumar, Branch Manager along with the loan and security documents and marked them as Exhibit A-1 to A-11.

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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.45.00 lacs and on 03.03.2022, a sum of Rs.52,26,917/- was due.

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Accordingly, the application of the bank for the recovery of Rs.52,26,917/- (Rupees Fifty Two Lacs Twenty Six Thousand Nine Hundred Seventeen Only) with interest @13.25% per annum with half yearly rests from 04.03.2022, till the date of payment is hereby allowed with costs. The liability of all the defendants would be joint and several. 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 defendants.

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Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 25.09.2024 , who is directed to distribute the sale proceeds of the

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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: 23.08.2024 Presiding Officer DRT-1, Chandigarh

Canara Bank v. Sh Jarnail Singh

Case brief

What is this about?

What did the court decide?

Canara Bank v. Sh Jarnail Singh

Case brief

What is this about?

What did the court decide?

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