Allowed

Kotak Mahindra Bank Limited v. Satnam Singh

DRT28 Aug 2025OA/1237/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery of Rs. 33,51,038.44 principal with interest, holding that the defendants failed to repay a loan of Rs. 30 Lacs. The court issued a recovery certificate and directed the sale of mortgaged property.

What did the court decide?

Recovery of Rs. 33,51,038.44 with interest; issuance of Recovery Certificate; sale proceeds to be distributed per Section 19(20AB).

Kotak Mahindra Bank Limited versus Satnam 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: 1237/2022 Date of Institution: 18.06.2022 Date of Decision: 28.08.2025

¶4

Kotak Mahindra Bank Limited (erstwhile ING Vyasa Bank Limited) having its branches all over India and a branch at S.C.O. 153-154-155, Sector-9C, Chandigarh.

¶5

……..Applicant Vs.

¶6

Satnam Singh s/o Sh. Dalip Singh, r/o H.No.128, Village Thethrake, Hadbast no.472, Tehsil Dera Baba Nanak, District Gurdaspur, Punjab.

¶7

Charanjit Singh s/o Sh. Satnam Singh, r/o H.No.128, Village Thethrake, Hadbast no.472, Tehsil Batala, District Gurdaspur, Punjab.

¶8

Gurnam Singh s/o Sh. Hajura Singh, r/o H.No.3, Village Thethrake, Hadbast no.472, Tehsil Batala, District Gurdaspur, Punjab.

¶9

……….Defendants

¶10

Advocates

¶11

Sh. Satwinder Singh proxy counsel for Sh. Mohit Sareen, Counsel for the applicant bank.

¶12

Defendants - ex parte vide order dated 23.02.2023 .

¶13

OA for the Recovery of Rs.33,51,038.44p with interest @12% per annum with half-yearly rests from 18.06.2022.

¶14

ORDER

¶15

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.33,51,038.44p with interest against Sh. Satnam Singh and others (defendants).

¶16

Bank’s case is that on 23.07.2014, it had granted a loan of Rs.30.00 Lacs to defendant Nos. 1 & 2 in the form of K.C.C Limit for agricultural

¶17

¶18

purpose. To secure the loan, Defendant No.1 had mortgaged his 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 with half-yearly rests. On 23.03.2022, a sum of Rs.33,51,038.44p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

¶19

On 11.07.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 23.02.2023, 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-6.

¶20

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 23.03.2022, a sum of Rs.33,51,038.44p was due. 6. Accordingly, the application of the bank for the recovery of Rs.33,51,038.44p (Rupees Thirty Three Lacs Fifty One Thousand Thirty Eight and Paise Forty Four Only) with interest @12% per annum with half-yearly rests from 18.06.2022, 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 land fully detailed in para No.3A of the application as well as from the personal movable and immovable property(ies) of the defendants.

¶21

Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 08.10.2025, who is directed to distribute the sale proceeds of the

¶22

¶23

mortgaged land and standing crops as per the provisions of Section 19(20AB) 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: 28.08.2025 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Kotak Mahindra Bank Limited v. Satnam Singh

Case brief

What is this about?

What did the court decide?

Kotak Mahindra Bank Limited v. Satnam Singh

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

Manoj Cm versus Kerala State Co-Operative Bank Ltd.

Punjab National Bank versus Smt. Maninderjeet Kaur

Hdfc Bank versus Sh. Dharmender

Andhra Bank versus Ms Ally India Products

Idfc First Bank Limited versus Sanjeev Kumar Gupta

Canara Bank versus Jitender Yadav