Allowed

Punjab and Sind Bank v. Jasmail Singh

DRT2 Dec 2024OA/831/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the Bank's application for interim ad-hoc certificate under Section 19 of the RDB Act. The Tribunal confirmed the outstanding dues and directed the issuance of a Recovery Certificate, enabling recovery from mortgaged land and other properties.

What did the court decide?

Recovery of Rs. 22,96,232.25 with interest; issuance of Recovery Certificate; jurisdiction to recover from mortgaged land and personal properties granted.

Punjab and Sind Bank versus Jasmail 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: 831/2023 Date of Institution: 21.04.2023 Date of Decision: 02.12.2024

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Punjab and Sind Bank, branch amongst others one at Qadian, District Gurdaspur, Punjab.

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……..Applicant

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Vs.

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Jasmail Singh S/o Wassan Singh, R/o Village Dhandal, Tehsil and District Gurdaspur.

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Harjinder Kaur W/o Jasmail Singh, R/o Village Dhandal, Tehsil and District Gurdaspur.

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Paramjeet Singh S/o Jagir Singh, R/o Village Kot Dhandal, Tehsil and District Gurdaspur.

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……….Defendants

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Advocates

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Sh. Lovish, proxy Counsel for Sh. Neeraj Madaan, Counsel for the applicant bank. Defendants – ex parte

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OA for the Recovery of Rs.22,96,232.25p with interest @10.20% per annum with half yearly rests from 21.04.2023.

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ORDER

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Punjab and Sind 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.22,96,232.25p with interest against Sh. Jasmail Singh and others (defendants).

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Bank’s case is that on 22.12.2014, it had granted a KCC Limit of Rs.15.00 Lacs to defendant No.1 for agricultural purpose. Defendant No.2 and 3 had stood guarantors. To secure the loan, Defendant No.1 had mortgaged his land (fully detailed in para No.3(A) of the application). The loan was chargeable to interest @12.25% per annum

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with half yearly rests. On 21.04.2023, a sum of Rs.22,96,232.25p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 25.05.2023, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 01.07.2024, they were proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Arshdeep Singh Aulakh, Senior Manager along with the loan and security documents and marked them as Exhibit A-1 to A-19. 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.15.00 Lacs and on 21.04.2023, a sum of Rs.22,96,232.25p was due. 6. Accordingly, the application of the bank for the recovery of Rs.22,96,232.25p (Rupees Twenty Two Lacs Ninety Six Thousand Two Hundred Thirty Two and Paisa Twenty Five Only) with interest @10.20% per annum with half yearly rests from 21.04.2023, 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 land fully detailed in para No.3(A) of the application as well as from the personal movable and immovable property(ies) of the defendants.

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7.	Pending IAs, if any, stand disposed of.
8.	Recovery Certificate be issued accordingly.
9.	Parties are directed to appear before Recovery Officer on
03.0	1.2025,who is directed to distribute the sale proceeds of the

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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: 02.12.2024 Presiding Officer DRT-1, Chandigarh Pankaj

Punjab and Sind Bank v. Jasmail Singh

Case brief

What is this about?

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Punjab and Sind Bank v. Jasmail Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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