Allowed

Punjab National Bank (Oriental Bank of Commerce) v. Rashpal Singh

DRT23 Sept 2024OA/959/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the application by Punjab National Bank for recovery of Rs. 26,37,388/- with interest from the defaulting borrower. The court permitted recovery through the sale of the mortgaged agricultural land and other properties.

What did the court decide?

Recovery of Rs. 26,37,388/- with interest allowed by sale of mortgaged land and other properties; Recovery Certificate issued; Sale proceeds to be distributed by Officer under Section 19(20AB).

Punjab National Bank (Oriental Bank of Commerce) versus… — Execution and Attachment | 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: 959/2022 Date of Institution: 04.05.2022 Date of Decision: 23.09.2024

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Punjab National Bank, (Erstwhile OBC), branch office at different places including one at Industrial Area, Jalandhar, Punjab.

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……..Applicant Vs.

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Rashpal Singh S/o Chanan Singh, Village Dhogri, Tehsil and Jalandhar, Punjab – 144025.

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……….Defendant

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Advocates

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Sh. Ankit Kaushal, Counsel for the applicant bank. Defendant – ex parte

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OA for the Recovery of Rs.26,37,388/- with interest @11.60% per annum with yearly rests from 04.05.2022.

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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.26,37,388/- with interest against Sh. Rashpal Singh (defendant).

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Bank’s case is that on 29.01.2010, it had granted a KCC Limit of Rs.15.00 Lacs to defendant for agricultural purpose. To secure the loan, Defendant had mortgaged his land situated at Village Dhogri H.B. 164, Land 8K – 12M being ½ share out of land 17K – 04M, Khasra No.98//10/2(6-15), 11/1(1-18), 11/2(5-11), 20/1(3-0), Total 17K – 04M share ½ i.e. 8K – 12M, Khata No.154/85, Khatoni No.185, Jamabandi year 2006-2007, Village Dhogri, District Jalandhar, (fully detailed in para No.3(A) of the application). The loan was chargeable to interest @11.60% per annum with yearly rests. On 04.05.2022, a sum of Rs.26,37,388/- was due from the defendant. On 28.05.2012; 20.05.2013;

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20.05.2015; 11.06.2015; 15.04.2017; 15.11.2018; 02.03.2021 and 23.07.2021 defendant had executed security and balance confirmation letters vide (Exhibit A-7 to A-14). Despite repeated requests, Defendant did not make the repayment. Hence, this application.

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On 07.06.2022, summons was sent to the Defendant by registered post, which was duly served. However, Defendant did not put in appearance. Vide order dated 07.02.2023, he was proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Mr. Surender Kumar, Authorized Officer along with the loan and security documents and marked them as Exhibit A-1 to A-15. 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 04.05.2022, a sum of Rs.26,37,388/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.26,37,388/- (Rupees Twenty Six Lacs Thirty Seven Thousand Three Hundred and Eighty Eight Only) with interest @11.60% per annum with yearly rests from 04.05.2022, till the date of payment is hereby allowed with costs. Bank can recover its dues by the sale of mortgaged land situated at Village Dhogri H.B. 164, Land 8K – 12M being ½ share out of land 17K – 04M, Khasra No.98//10/2(6-15), 11/1(1-18), 11/2(5-11), 20/1(3-0), Total 17K – 04M share ½ i.e. 8K – 12M, Khata No.154/85, Khatoni No.185, Jamabandi year 2006-2007, Village Dhogri, District Jalandhar, fully detailed in para No3(A) of the application as well as from the personal movable and immovable property(ies) of the defendant.

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Pending IAs, if any, stand disposed of.

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Recovery Certificate be issued accordingly.

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Parties are directed to appear before Recovery Officer on 25.10.2024, who is directed to distribute the sale proceeds of the 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: 23.09.2024 Presiding Officer DRT-1, Chandigarh Pankaj

Punjab National Bank (Oriental Bank of Commerce) v. Rashpal Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank (Oriental Bank of Commerce) v. Rashpal Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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