Allowed

Punjab National Bank v. Sh Bahadur Singh

DRT17 Sept 2024OA/948/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application by Punjab National Bank to recover Rs. 33,62,310/ with interest from the defendant-borrower. Being satisfied that the loan of Rs. 20 lacs was advanced, the tribunal directed the sale of mortgaged property to recover dues.

What did the court decide?

Recovery of Rs. 33,62,310/- with interest @11.35% per annum allowed; Recovery Certificate issued.

Punjab National Bank versus Sh Bahadur Singh — Consumer Protection | 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: 948 of 2022 Date of Institution: 02.05.2022 Date of Decision: 17.09.2024

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Punjab National Bank, amongst others a branch at Moranwali, District Hoshiarpur, Punjab.

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……..Applicant Vs.

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Sh. Bahadur Singh S/o Sh. Baru Ram, R/o Village Saila Kalan, Garhshankar, District Hoshiarpur, Punjab.

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……….Defendant

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Advocates

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Ms. Sonal, proxy counsel for Ms. Rajni Narula, Counsel for the applicant bank.

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Defendant- Ex parte.

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OA for the Recovery of Rs.33,62,310/- with interest @11.35% per annum with half yearly rests from the date of filing the present application i.e. 02.05.2022.

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ORDER

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Punjab National 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.33,62,310/- with interest against Sh. Bahadur Singh (defendant).

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Bank’s case is that on 22.07.2015, it had granted KCC Limit of Rs.20.00 lacs to defendant for agricultural purpose. To secure the loan, Defendant had mortgaged his immovable property (fully detailed in para No.3A of the application). The loan was chargeable to interest @12% per annum with half yearly rests. On 26.06.2018 and 09.06.2021, defendant had executed the balance and security confirmation letter vide Exhibit A-7 and A-8. On 31.03.2022, a sum of Rs.33,62,310/- was due from the defendant. Despite repeated requests, defendant did not make the repayment. Hence, this application.

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3. On 06.06.2022, summons was sent to the defendant by registered
post, which was duly served. However, defendant did not put in
appearance.Vide_order dated 06.02.2023, he was proceeded_ex parte.
4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Vijay Pal, Branch Manager along with the loan and security documents and marked them as Exhibit A-1 to A-10.
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.20.00 lacs and on 31.03.2022, a sum of Rs.33,62,310/- was due.
6. Accordingly, the application of the bank for the recovery of
Rs.33,62,310/- (Rupees Thirty Three Lacs Sixty Two Thousand Three
Hundred Ten Only) with interest @11.35% per annum with half yearly rests from the date of filing the present application i.e. 02.05.2022, 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
21.10.2024, 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.
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: 17.09.2024 Presiding Officer DRT-1, Chandigarh

Punjab National Bank v. Sh Bahadur Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Sh Bahadur Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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