Allowed

Punjab National Bank v. Sh Beant Singh

DRT20 Aug 2024OA/960/2022

Case brief

AI extract

What is this about?

The Presidency allowed the applicant bank's application for recovery of a debt secured by an agricultural mortgage. The court ordered the realization of dues totaling Rs. 28,54,007/- with interest and directed the sale of mortgaged property and other properties of the defendant.

What did the court decide?

Recovery of Rs.28,54,007/- with interest via sale of mortgaged agricultural land and defendant's other properties.

Punjab National Bank versus Sh Beant Singh — Insurance | 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: 960 of 2022 Date of Institution: 26.04.2022 Date of Decision: 20.08.2024

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Punjab National Bank, amongst other a branch office at Khai Pheme Ki, District Ferozepur, Punjab.

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……..Applicant

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Vs.

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Sh. Beant Singh S/o Sh. Daleep Singh, R/o House No.25, Village Maluwala, Tehsil and District Ferozepur, Punjab.

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……….Defendant

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Advocates

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Ms. Sonal, proxy counsel for Sh. Pankaj Beri, Counsel for the applicant bank.

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Defendant- Ex parte.

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OA for the Recovery of Rs.28,54,007/- with interest from the date of filing the present application i.e. 26.04.2022.

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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.28,54,007/- with interest against Sh. Beant Singh (defendant).

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Bank’s case is that on 08.06.2010, it had granted OGC Limit of Rs.10.00 lacs and OKGC (Term Loan) of Rs.5.00 lacs, totaling Rs.15.00 lacs, to defendant for agricultural purpose. To secure the loan, Defendant had mortgaged his agricultural land admeasuring 59 Kanal 6 Marla, situated at Village Malluwala, Tehsil and District Ferozepur, Punjab (fully detailed in para No.3A of the application). The said loan facilities were chargeable to interest @11% per annum with half yearly rests. On 31.03.2022, a sum of Rs.28,54,007/- was due from the defendants.

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Despite repeated requests, defendants 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 . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Sandeep Kumar, Senior Manager along with the loan and security documents and marked them as Exhibit A-1 to A-11. 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 facilities of Rs.15.00 lacs and on 31.03.2022, a sum of Rs.28,54,007/was due i.e. Rs.22,04,318/- in OGC Facility and Rs.6,49,689/- in OKGC Facility (Term Loan).

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Accordingly, the application of the bank for the recovery of Rs.28,54,007/- (Rupees Twenty Eight Lacs Fifty Four Thousand Seven Only) with interest @11.50% per annum with half yearly rests in OGC Facility and @11% per annum with half yearly rests in OKGC (Term Loan) from the date of filing the present application i.e. 26.04.2022, till the date of payment is hereby allowed with costs. Bank can recover its dues by the sale of mortgaged property i.e. agricultural land admeasuring 59 Kanal 6 Marla, situated at Village Malluwala, Tehsil and District Ferozepur, Punjab (fully detailed in para No.3A 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 26.09.2024 , 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: 20.08.2024 Presiding Officer DRT-1, Chandigarh

Punjab National Bank v. Sh Beant Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Sh Beant Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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