Allowed

Punjab National Bank (Oriental Bank of Commerce) v. Smt. Gurmej Kaur @ Gurmail Kaur

DRT25 Feb 2025OA/1031/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an application filed by Punjab National Bank for recovery of Rs. 33,91,563/- along with interest from two defendants. The court accepted the bank's evidence as proof of the loan and due amount, permitted recovery via sale of mortgaged property or personal assets, and issued a recovery certificate.

What did the court decide?

Recovery of Rs. 33,91,563/- along with interest; issuance of Recovery Certificate; sale of mortgaged property.

Punjab National Bank (Oriental Bank of Commerce) versus Smt… — Banking and Recovery | DRT (2025)

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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: 1031 of 2022 Date of Institution: 27.05.2022 Date of Decision: 25.02.2025

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Punjab National Bank (erstwhile Oriental Bank of Commerce), having its branches all over India and a branch at Sadar Bazar, Ferozpur Cantt, District Ferozpur, Punjab.

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……..Applicant

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Smt. Gurmej Kaur @ Gurmail Kaur wd/o Sh. Jagir Singh r/o House No.1, Village Chak Jamiat Singh Wala, Tehsil Ferozpur and District Firozpur, Punjab.

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Sh. Mukhtar Singh s/o Sh. Bahal Singh r/o Village Chak Jamiat Singh Wala, Tehsil Ferozpur and District Firozpur, Punjab.

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……….Defendants

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Advocates

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Sh.Pankaj Beri, Counsel for the applicant bank. Defendants- ex parte .

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OA for the Recovery of Rs.33,91,563/- with interest @12.50% per annum with half-yearly rests from 27.05.2022.

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ORDER

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PNB (Bank), has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.33,91,563/- with interest against Sh. Gurmej Kaur and another (defendants).

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Bank’s case is that on 03.05.2011, it had granted a loan of Rs.15.00 Lacs in the form of OGC Limit and a loan of Rs.5.00 Lacs in the form of Term Loan to defendant No1, for agricultural purpose. To secure the loan, Defendant No. 1 had mortgaged her agricultural land (fully detailed in para No.3A of the application). Defendant No.2 stood as guarantor. The loan was chargeable to interest @12.50% per annum

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with half-yearly rests. On 01.04.2022, a sum of Rs.33,91,563/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 14.06.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 29.02.2024, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Sh. Sandeep Kumar, Senior Manager for the applicant bank along with the loan and security documents and marked them as Exhibit A-1 to A-12.

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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 loans under various schemes and on 01.04.2022, a sum of Rs.33,91,563/- was due.

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Accordingly, the application of the bank for the recovery of Rs.33,91,563/- (Rupees Thirty Three Lacs Ninety One Thousand Five Hundred Sixty Three Only) with interest @12.50% per annum with halfyearly rests from 27.05.2022, 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 property fully detailed in para No.3A of the application as well as from the personal movable and immovable property(ies) of the defendants.

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Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly.

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Parties are directed to appear before Recovery Officer on

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26.03.2025, who is directed to distribute the sale proceeds of the

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mortgaged property(ies) 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: 25.02.2025 Presiding Officer DRT-1, Chandigarh

Punjab National Bank (Oriental Bank of Commerce) v. Smt. Gurmej Kaur @ Gurmail Kaur

Case brief

What is this about?

What did the court decide?

Punjab National Bank (Oriental Bank of Commerce) v. Smt. Gurmej Kaur @ Gurmail Kaur

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Statutes considered

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