Application under Section 19 of the RDB Act for recovery of Rs. 87.63 Lakhs plus interest. Tribunal accepted bank's evidence, allowed recovery, and directed issuance of recovery certificate listing mortgaged properties.
Recovery of Rs. 87,63,289/ with interest. Recovery certificate issued. Sale of mortgaged property directed.
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: 125 of 2023
Date of Institution: 15.12.2022 Date of Decision: 29.01.2025
Indusind Bank Limited, having branches all over India having a branch at Sadiq, District Faridkot, Punjab.
……..Applicant
Vs.
……….Defendants
Advocates
Sh. JS Sehgal, Counsel for the applicant bank. Defendants – ex parte
OA for the Recovery of Rs. 87,63,289/- with interest @ 14% per annum with half-yearly rests from 15.12.2022.
ORDER
2
loan, Defendant nos. 1 and 2 had mortgaged their properties (fully detailed in para No.3A of the application). Defendant nos. 3 and 4 stood as the guarantors. The loan was chargeable to interest @14% per annum with half-yearly rests. On 07.09.2022, a sum of Rs. 87,63,289/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
3
2 issues framed by the court
Whether the bank proved its case for recovery of the dues amounting to Rs. 87,63,289/-.
Whether the application for recovery of debt along with interest and costs should be allowed.
2 provisions across 1 enactments
Indusind Bank Limited
Sh. Charanjit Singh Sandhu and others
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
