Allowed

Kotak Mahindra Bank Limited v. Gurpreet Singh

DRT4 Oct 2025OA/1089/2022

Case brief

AI extract

What is this about?

DRT-I, Chandigarh, allowed an application filed by Kotak Mahindra Bank Limited for recovery of Rs. 43,74,744.88 with interest against three respondents who defaulted on an agricultural loan. The court issued a Recovery Certificate, directed disposal of pending IAs, and ordered appearance of parties for distribution of sale proceeds.

What did the court decide?

Recovery of Rs. 43,74,744.88 with interest allowed; Recovery Certificate issued; parties directed to appear for distribution of sale proceeds.

Kotak Mahindra Bank Limited versus Gurpreet Singh — 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: 1089/2022 Date of Institution: 31.05.2022 Date of Decision: 04.10.2025

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Kotak Mahindra Bank Limited having its branches all over India and a branch at SCO No.153-154-155, Sector 9-C, Chandigarh.

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……..Applicant

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Vs.

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Gurpreet Singh s/o Sh. Karamjit Singh, r/o Village Bhaini Chuhar, Tehsil Rampura Phul & District Bathinda, Punjab.

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Karamjit Singh s/o Sh. Najar Singh, r/o Village Bhaini Chuhar, Tehsil Rampura Phul & District Bathinda, Punjab.

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Amandeep Singh s/o Sh. Karamjit Singh, r/o H.no 167, Village Bhaini Chuhar, Tehsil Rampura Phul & District Bathinda, Punjab.

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……….Defendants

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Advocates

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Sh. Tejinder Singh proxy counsel for Sh. Mohit Garg, Counsel for the applicant bank.

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Defendants - ex parte vide order dated 06.12.2023 .

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OA for the Recovery of Rs.43,74,744.88p with interest @12% per annum with half-yearly rests from 13.05.2022.

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ORDER

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Kotak Mahindra Bank Limited has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.43,74,744.88p with interest against Sh. Gurpreet Singh and others (defendants).

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Bank’s case is that on 27.03.2014, it had granted a loan of Rs.35.00 Lacs to defendant Nos. 1 & 2 in the form of K.C.C Limit for agricultural purpose. To secure the loan, Defendant Nos. 1 & 2 had mortgaged their land (fully detailed in para No.3A of the application). Defendant No.3 stood as guarantor. The loan was chargeable to interest @12% per annum

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with half-yearly rests. On 31.03.2022, a sum of Rs.43,74,744.88p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 18.06.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 06.12.2023, they were proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Sh. Munish Sharma, Manager along with the loan and security documents and marked them as Exhibit A-1 to A-20.

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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 loan of Rs.35.00 Lacs and on 31.03.2022, a sum of Rs.43,74,744.88p was due. 6. Accordingly, the application of the bank for the recovery of Rs.43,74,744.88p (Rupees Forty Three Lacs Seventy Four Thousand Seven Hundred Forty Four and Paise Eighty Eight Only) with interest @12% per annum with half-yearly rests from 31.05.2022, 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 land 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. 9. Parties are directed to appear before Recovery Officer on 06.11.2025, who is directed to distribute the sale proceeds of the mortgaged land and standing crops as per the provisions of Section 19(20AB) 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: 04.10.2025 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Kotak Mahindra Bank Limited v. Gurpreet Singh

Case brief

What is this about?

What did the court decide?

Kotak Mahindra Bank Limited v. Gurpreet Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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