Allowed

Punjab National Bank v. Sh. Mohinder Singh (Deceased)

DRT29 Jan 2025OA/1042/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed Punjab National Bank's application for recovery of Rs. 29,53,325.77 with interest. The court found that the loan was valid and repayments were not made. The legally representative heirs of the deceased borrower are liable to the extent of inherited property.

What did the court decide?

Application allowed; Recovery Certificate issued; Direction to distribute sale proceeds of mortgaged and hypothecated assets.

Punjab National Bank versus Sh. Mohinder Singh… — Contract and Commercial Disputes | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

¶2

BEFORE: A S NARANG, PRESIDING OFFICER

¶3

OA No: 1042 of 2022 Date of Institution: 23.05.2022 Date of Decision: 29.01.2025

¶4

Punjab National Bank having branches all over India having a branch at VPO Tarsikka, District Amritsar, Punjab.

¶5

……..Applicant

¶6

Vs.

¶7

Sh. Mohinder Singh (deceased) s/o Tara Singh through his LRs:

¶8

a. Mr. Balkar Singh s/o Mr. Mohinder Singh (deceased)

¶9

b. Mr. Jaswant Singh (Deceased) s/o Mr. Mohinder Singh

¶10

(Deceased)

¶11

Through his LRs:

¶12

i. Mrs. Jasbir Kaur @ Jas w/o Mr. Jaswant Singh (deceased)

¶13

ii. Mr. Parwarjit Singh s/o Mr. Jaswant Singh (Deceased)

¶14

c. Mr. Jagir Singh s/o Mr. Mohinder SIngh (deceased)

¶15

All residents of Village Kot Khera, Tehsil Baba Bakala Sahib, District Amritsar, Punjab

¶16

Mr. Parwarjit Singh s/o Mr. Jaswant Singh (deceased) r/o Village Kot Khera, Tehsil Baba Bakala Sahib, District Amritsar, Punjab

¶17

……….Defendants

¶18

Advocates

¶19

Sh. SN Sharma, Counsel for the applicant bank (on VC). Defendants – ex parte

¶20

OA for the Recovery of Rs.29,53,325.77p with interest @10.50% per annum with half-yearly rests from 23.05.2022.

¶21

ORDER

¶22

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.29,53,325.77p with interest against Sh. Mohinder Singh and others (Defendants).

¶23

¶24

Bank’s case is that on 06.07.2015, it had granted a loan of Rs.20.00 Lacs to Defendants in the form of KCC Limit for agricultural purposes. To secure the loan, Defendant no. 1 (now deceased) had mortgaged his property (fully detailed in para No.3A of the application). The loan was chargeable to interest @10.50% per annum with halfyearly rests. On 19.05.2022, a sum of Rs.29,53,325.77p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

¶25

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 09.08.2023, they were proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Inder Jit, Senior Manager along with the loan and security documents and marked them as Exhibit A-1 to A-16. 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 19.05.2022, a sum of Rs.29,53,325.77p was due. 6. Accordingly, the application of the bank for the recovery of Rs.29,53,325.77p (Rupees Twenty Nine Lacs Fifty Three Thousand Three Hundred Twenty Five and Paisa Seventy Seven Only) with interest @10.50% per annum with half-yearly rests from 23.05.2022, 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 No.2. The LRs of Sh. Mohinder Singh (defendant No.1) would be liable to the extent of property inherited by them from Sh. Mohinder Singh (deceased).

¶26

¶27

Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 04.03.2025, who is directed to distribute the sale proceeds of the mortgaged property and hypothecated assets 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: 29.01.2025 Presiding Officer DRT-1, Chandigarh

Punjab National Bank v. Sh. Mohinder Singh (Deceased)

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Sh. Mohinder Singh (Deceased)

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Shinu Jacob versus South Indian Bank

Bijendra Kasana versus Indian Bank

Ms Pankaj Mini Rice Mill versus Punjab National Bank

State Bank of India versus M/s Rayansh Enterprises

Hdfc Bank Limited versus M/S E/ S/ N/ India Rep by Its Partner Sri. Kanvi Maqbool Habeebkanvi Ma

M S G K Metallurgy Pvt. Ltd. versus Religare Finvest Ltd.