Allowed

State Bank of India v. Sh Baldev Singh

DRT22 Feb 2024OA/563/2022

Case brief

AI extract

What is this about?

The Tribunal allowed an application by SBI for recovery of a debt of approximately Rs. 41.63 lakhs plus interest against a farming respondent. The bank proved the advance of loans and the existence of hypothecation. Recovery was directed via sale of mortgaged property and personal assets.

What did the court decide?

Recovery of Rs. 41,63,371 with interest allowed; Recovery Certificate issued; sale of mortgaged property ordered.

State Bank of India versus Sh Baldev Singh — Contract and Commercial Disputes | 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: 563 of 2022 Date of Institution: 21.01.2022 Date of Decision: 22.02.2024

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SBI, one of its local head office at Sector 17-A, Chandigarh and branches all over India including one at A.D.B. Branch Hoshiarpur, Punjab.

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……..Applicant

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Vs.

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Sh. Baldev Singh S/o Sh. Sohan Singh S/o Sh. Raval Singh, R/o Ahirana Kalan, Tehsil and District Hoshiarpur, Punjab.

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……….Defendant

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Advocates

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Sh. Saurav Goyal, Counsel for the applicant bank. Defendant- Ex parte.

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OA for the Recovery of Rs.41,63,371/- with interest @10.60% per annum with half yearly rests from 17.12.2021.

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ORDER

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SBI (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.41,63,371/- with interest against Sh. Baldev Singh (defendant).

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Bank’s case is that on 20.01.2015 and 12.02.2015, it had granted Agriculture Cash Credit (Hypothecation) Limit of Rs.20.00 lacs and Agriculture Term Loan of Rs.25.00 lacs respectively to the defendant for agricultural purpose. To secure the loan, Defendant had mortgaged his agricultural land situated at Village Ahirana, HB No.269, Tehsil and District Hoshiarpur, Punjab (fully detailed in para No.3A of the application). The said loan facilities were chargeable to different rate of interest with half yearly rests. On 16.12.2021, a sum of Rs.41,63,371/-

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was due from the defendant. Despite repeated requests, defendant did not make the repayment. Hence, this application.

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On 20.04.2022, summons was sent to the defendant by registered post, which was duly served. However, defendant did not put in appearance. Vide order dated 08.12.2022, he was proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Balwinder Kumar, Chief Manager along with the loan and security documents and marked them as Exhibit A-1 to A-16. 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 Agriculture Cash Credit (Hypothecation) Limit of Rs.20.00 lacs and Agriculture Term Loan of Rs.25.00 lacs, totaling Rs.45.00 lacs, and on 16.12.2021, a sum of Rs.41,63,371/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.41,63,371/- (Rupees Forty One Lacs Sixty Three Thousand Three Hundred Seventy One Only) with interest @10.60% per annum with half yearly rests from 17.12.2021, 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 22.03.2024 , 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 .

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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: 22.02.2024 Presiding Officer DRT-1, Chandigarh

State Bank of India v. Sh Baldev Singh

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sh Baldev Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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