Allowed

Kotak Mahindra Bank Limited v. Smt. Harwant Kaur

DRT21 Feb 2025OA/144/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application for recovery of Rs.1.10 crore plus interest. The court held that the bank proved the loan advance and outstanding dues. The liability of all defendants was declared joint and several, and a recovery certificate was issued.

What did the court decide?

Recovery of Rs.1,10,78,942/- with interest allowed; Recovery Certificate issued; sale of mortgaged land directed.

Kotak Mahindra Bank Limited versus Smt. Harwant Kaur — DRT (2025) — LawSathi Research

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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: 144/2022 Date of Institution: 18.01.2022 Date of Decision: 21.02.2025

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Kotak Mahindra Bank Ltd, having its branches all over India and a branch at Ground Floor, Mohalla Sant Nagar, Railway Road, Quadian, District Gurdaspur, Punjab.

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……..Applicant

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Vs.

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Smt. Harwant Kaur w/o Sh. Manjit Singh, r/o VPO Hardorawal, Tehsil Dera Baba Nanak, District Gurdaspur, Punjab.

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Sh. Harsimran Singh s/o Sh. Manjit Singh, r/o VPO Hardorawal, Tehsil Dera Baba Nanak, District Gurdaspur, Punjab.

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Sh. Manjit Singh s/o Sh. Ajit Singh, r/o VPO Hardorawal, Tehsil Dera Baba Nanak, District Gurdaspur, Punjab.

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Sh. Jaswinder Singh s/o Sh. Ajit Singh, r/o House No. 408, r/o VPO Hardorawal, Tehsil Dera Baba Nanak, District Gurdaspur, Punjab.

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……….Defendants

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Advocates

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Sh.JS Sehgal,Counsel for the applicant bank. Defendants- ex parte .

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OA for the Recovery of Rs.1,10,78,942/- with interest @12% per annum with half-yearly rests from 18.01.2022.

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ORDER

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Kotak Mahindra Bank Ltd, (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.1,10,78,942/- with interest against Smt. Harwant Kaur and others (defendants).

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Bank’s case is that on 24.06.2013, it had granted a loan of Rs.80.00 Lacs to defendant Nos. 1 to 3 in the form of K.C.C Limit, for agricultural purpose. To secure the loan, Defendant No.3 had mortgaged

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his land (fully detailed in para No.3A of the application). Defendant No.4 stood as guarantor. The loan was chargeable to interest @12% per annum with half-yearly rests. On 25.11.2021, a sum of Rs.1,10,78,942/was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 29.03.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 02.08.2023, 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, Manager along with the loan and security documents and marked them as Exhibit A-1 to A-20.

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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. 80.00 Lacs and on 25.11.2021, a sum of Rs.1,10,78,942/- was due.

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Accordingly, the application of the bank for the recovery of Rs.1,10,78,942/- (Rupees One Crore Ten Lacs Seventy Eight Thousand Nine Hundred Forty Two Only) with interest @12% per annum with half-yearly rests from 18.01.2022, 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.

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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 24.03.2025, who is directed to distribute the sale proceeds of the

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mortgage land and standing crops as per the provisions of Section 19(20AB) of the Act .

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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: 21.02.2025 Presiding Officer DRT-1, Chandigarh

Kotak Mahindra Bank Limited v. Smt. Harwant Kaur

Case brief

What is this about?

What did the court decide?

Kotak Mahindra Bank Limited v. Smt. Harwant Kaur

Case brief

What is this about?

What did the court decide?

What the court decided

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