The Debt Recovery Tribunal allowed the applicant bank's application for recovery of Rs. 44,64,441/- and interest against two defendants, holding them jointly and severally liable and directing distribution of mortgage sale proceeds.
Recovery of Rs. 44,64,441/- with interest allowed; recovery certificate issued; direction for distribution of mortgage sale proceeds.
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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 1203 of 2022
Date of Institution: 09.06.2022 Date of Decision: 22.01.2025
Bank of India, branch office at Chheharta, Amritsar, Punjab.
……..Applicant
Vs.
Both residents of Village Guru Ki Wadali, Chheharta, Tehsil & District Amritsar. ……….Defendants
Advocates
Ms. Lovedeep Kaur, proxy Counsel for Ms. Puja Sharma, Counsel for the applicant bank.
Defendants – ex parte
OA for the Recovery of Rs.44,64,441/- with interest @12.30% per annum with half-yearly rests from 09.06.2022.
ORDER
2
| 3. On 07.07.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 23.11.2023, they were proceeded_ex_ parte. |
|---|
| 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Pankaj Kumar Sinha, Chief Manager along with the loan and security documents and marked them as Exhibit A-1 to A-21. |
| 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.30.00 Lacs and on 30.05.2022, a sum of Rs 44,64,441/-was due. |
| 6. Accordingly, the application of the bank for the recovery of |
| Rs.44,64,441/- (Rupees Forty Four Lacs Sixty Four Thousand Four |
| Hundred Forty One Only) with interest @12.30% per annum with half- yearly rests from 09.06.2022, 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. 7. Pending IAs, if any, stand disposed of. |
| 8. Recovery Certificate be issued accordingly. |
| 9. Parties are directed to appear before Recovery Officer on |
| 24.02.2025, who is directed to distribute the sale proceeds of the |
| mortgage property 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: 22.01.2025 Presiding Officer DRT-1, Chandigarh |
3 issues framed by the court
Whether the applicant bank is entitled to recover the outstanding loan amount along with interest.
Whether the recovery officer can issue a certificate for the sale of the mortgaged property.
Whether the defendant guarantor is jointly and severally liable for the debt.
2 provisions across 1 enactments
Bank of India
Sh. Randhir Singh
Sh. Kuldeep Singh
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
