Allowed

Kotak Mahindra Bank Limited v. Sh. Gurmeet Singh

DRT30 Jan 2025OA/1313/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the bank's recovery application under Section 19 RDB Act. Evidence proved the loan of Rs. 70 Lacs and outstanding dues of Rs. 94,89,803/- with interest. The order confirmed joint and several liability and directed sale of mortgaged property.

What did the court decide?

Recovery of Rs. 94,89,803/- with interest allowed; recovery certificate issued; mortgaged property to be sold proceeds distributed via Recovery Officer.

Kotak Mahindra Bank Limited versus Sh. Gurmeet Singh — Contract and Commercial Disputes | 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: 1313 of 2022 Date of Institution: 29.06.2022 Date of Decision: 30.01.2025

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Kotak Mahindra Bank, having branches all over India having a branch at Limited Commercial Banking SCO 153-155, Basement, Sector 9-C, Madhya Marg, Chandigarh.

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……..Applicant

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Vs.

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Sh. Gurmeet Singh s/o Sh. Mohinder Singh r/o Village Bua Nangali, PO Adiwala, Tehsil Ajanala, District Amritsar, Punjab.

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Sh. Harpreet Singh s/o Sh. Gurmeet Singh r/o Village Bua Nangali, PO Adiwala, Tehsil Ajanala, District Amritsar, Punjab.

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Sh. Sarabjit Singh s/o Sh. Balkar Singh r/o Village Bua Nangali, PO Adiwala, Tehsil Ajanala, District Amritsar, Punjab.

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Smt. Amandeep Kaur w/o Sh. Harpreet Singh r/o Village Bua Nangali, PO Adiwala, Tehsil Ajnala, District Amritsar, Punjab.

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……….Defendants

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Advocates

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Sh. Rajan Puri, Counsel for the applicant bank. Defendants – ex parte

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OA for the Recovery of Rs. 94,89,803/- with interest @12% per annum with half-yearly rests from 29.06.2022.

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ORDER

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Kotak Mahindra Bank (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs. 94,89,803/- with interest against Sh. Gurmeet Singh and others (Defendants).

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Bank’s case is that on 29.05.2012 it had granted a loan of Rs. 70.00 Lacs to Defendant nos. 1 and 2 in the form of KCC Limit, for business purposes. To secure the loan, Defendant no. 1 and 2 had mortgaged their properties (fully detailed in para No.3A of the

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application). Defendant nos. 3 and 4 stood as the guarantor. The loan was chargeable to interest @12% per annum with half-yearly rests. On 13.05.2022, a sum of Rs. 94,89,803/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 18.07.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 28.03.2023, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Mr. Munish Sharma, Branch Manager along with the loan and security documents and marked them as Exhibit A-1 to A-14.

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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. 70.00 Lacs and on 13.05.2022, a sum of Rs. 94,89,803/- was due.

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Accordingly, the application of the bank for the recovery of Rs. 94,89,803/- (Rupees Ninety Four Lacs Eighty Nine Thousand Eight Hundred Three Only) with interest @12% per annum with half-yearly rests from 29.06.2022, 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.

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Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly.

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Parties are directed to appear before Recovery Officer on 04.03.2025 , who is directed to distribute the sale proceeds of the

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mortgaged 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: 30.01.2025 Presiding Officer DRT-1, Chandigarh

Kotak Mahindra Bank Limited v. Sh. Gurmeet Singh

Case brief

What is this about?

What did the court decide?

Kotak Mahindra Bank Limited v. Sh. Gurmeet Singh

Case brief

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What did the court decide?

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