Allowed

Punjab National Bank v. Dev Raj Gautam

DRT6 May 2025OA/105/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application under Section 19 of the RDB Act for recovery of Rs.41,32,685.31p with interest and costs. The court directed the issuance of a Recovery Certificate and the sale of mortgaged properties to satisfy the dues.

What did the court decide?

Recovery of Rs.41,32,685.31p with interest and costs allowed; Recovery Certificate issued; Notice of appearance to Recovery Officer dated 09.06.2025.

Punjab National Bank versus Dev Raj Gautam — 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: 105/2022 Date of Institution: 07.01.2022 Date of Decision: 06.05.2025

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Punjab National Bank having its branches all over India and a branch at Village Banjar, Distt. Kullu, Himachal Pradesh.

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……..Applicant

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Vs.

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Dev Raj Gautam s/o Sh. Lobhu Ram, r/o Village Kaliuni, Post Office Panihar, Tehsil Banjar, Distt. Kullu, Himachal Pradesh.

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Dev Raj Sharma s/o Sh. Chet Ram Sharma, r/o Village Manjaan, Post Office Manglore, Tehsil Banjar, Distt. Kullu, Himachal Pradesh.

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……….Defendants

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Advocates

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Sh. Kavish proxy counsel for Sh. Vipul Dharmani, Counsel for the applicant bank.

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Defendants- ex parte vide order dated 10.04.2023 .

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OA for the Recovery of Rs.41,32,685.31p with interest @12.55% per annum with half-yearly rests from 07.01.2022.

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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.41,32,685.31p with interest against Sh. Dev Raj Gautam and another (defendants).

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Bank’s case is that on 31.01.2015, it had granted a loan of Rs.20.00 Lacs to defendant No.1 in the form of K.C.C Limit for agricultural purpose. To secure the loan, Defendant No.1 had mortgaged his land (fully detailed in para No.3A of the application). Defendant No.2 stood as

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guarantor. The loan was chargeable to interest @12.55% per annum with half-yearly rests. On 05.01.2022, a sum of Rs.41,32,685.31p was due from
the defendants. Despite repeated requests, defendants did not make the
repayment. Hence, this application.
3. On 31.03.2022, summonses were sent to the defendants by
registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 10.04.2023, they were proceeded_ex parte_.
4. In order to prove its case, the Bank has placed on record the
affidavit of Sh. Abhishek Kumar, Authorized Officer along with the loan and security documents and marked them as Exhibit A-1 to A-12.
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 05.01.2022, a sum of Rs.41,32,685.31p was due.
6. Accordingly, the application of the bank for the recovery of
Rs.41,32,685.31p (Rupees Forty One Lacs Thirty Two Thousand Six
Hundred Eighty Five and Thirty One Paise Only) with interest @12.55% per annum with half-yearly rests from 07.01.2022, till the date of payment is hereby allowed with costs. The liability of both the defendants would
be joint and several. Bank can recover its dues by the sale of mortgaged
land fully detailed in para No.3A of the application as well as from the
personal movable and immovable property(ies) of the defendants. 7. Pending IAs, if any, stand disposed of.
8. Recovery Certificate be issued accordingly.
9. Parties are directed to appear before Recovery Officer on
09.06.2025,who is directed to distribute the sale proceeds of the
mortgaged land 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: 06.05.2025 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Punjab National Bank v. Dev Raj Gautam

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Dev Raj Gautam

Case brief

What is this about?

What did the court decide?

What the court decided

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