This order allowed the applicant bank's application for recovery of a debt of Rs. 38,40,884.95 with interest against the respondents, finding the bank proved its case and directing joint and several liability.
Recovery of Rs. 38,40,884.95 with interest from 01.05.2022; Recovery Certificate to be issued; Joint and several liability imposed on respondents.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 1184 of 2022 Date of Institution: 07.06.2022 Date of Decision: 19.05.2025
Indusind Bank Ltd. Amongst others its branch at Meerankot Khurd, PO Meerankot Kalan, Amritsar, Punjab-143001.
……..Applicant
Vs.
……….Defendants
Advocates
Sh. Sumit Batra, Counsel for the applicant bank. Defendants- Ex parte.
OA for the Recovery of Rs.38,40,884.95p with interest from 01.05.2022.
ORDER
2
his agricultural land admeasuring 101 Kanal 15 Marla (12.71 acre), situated at Village Kotla Dal Singh, Tehsil Amritsar-II, District Amritsar, Punjab (fully detailed in para No.3A of the application). The Cash Credit Limit was chargeable to interest @11.75% per annum with half yearly rests and Term Loan was chargeable to interest @13.75% per annum with half yearly rests. On 01.01.2019 and 25.09.2020, defendants had executed the acknowledgment of debt vide Exhibit A-9 and A-10. On 30.04.2022, a sum of Rs.38,40,884.95p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
3
01.05.2022, 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.
(R. K. Singh, PS)
2 issues framed by the court
Whether the bank has established its case for recovery of dues and interest as applicable under the RDB Act.
How the recovery of dues and distribution of sale proceeds of mortgaged property should be effected.
2 provisions across 1 enactments
Indusind Bank Ltd. & Anr.
Mr. Amrik Singh
Mr. Karanbir Singh
Mr. Malook Singh
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
