Allowed

Kotak Mahindra Bank Limited v. Bhagwant Singh

DRT24 Nov 2025OA/1566/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the banking applicant's section 19 application for recovery of approximately Rs. 49.14 lakhs with interest and costs against respondents who defaulted on an agricultural loan secured by a mortgage.

What did the court decide?

Allowed recovery of Rs. 49,14,176.367p with interest @12.15% per annum with half-yearly rests from 30.07.2022 till the date of payment, by sale of mortgaged land and personal property of respondents.

Kotak Mahindra Bank Limited versus Bhagwant 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: 1566 of 2022 Date of Institution: 30.07.2022 Date of Decision: 24.11.2025

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Kotak Mahindra Bank having its branches all over India and a branch at SCO-153-154-155, Basement, Sec-9C, Madhya Marg, Chandigarh.

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……..Applicant

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Vs.

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Sh. Bhagwant Singh s/o Sh. Bisan Singh r/o Village Bohar Wadala, Tehsil and District Gurdaspur, Punjab.

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Sh. Gurdeep Singh s/o Sh. Bhgawant Singh r/o Village Bohar Wadala, Tehsil and District Gurdaspur, Punjab.

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Sh. Manjinder Singh s/o Sh. Harbhajan Singh r/o Village Bohar Wadala, Tehsil and District Gurdaspur, Punjab.

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……….Defendants

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Advocates

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Sh. Rahul Garg proxy counsel for Sh. Rajan Puri, Counsel for the applicant bank.

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Defendants - ex parte .

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OA for the Recovery of Rs.49,14,176.367p with interest @12.15% per annum with half-yearly rests from 30.07.2022.

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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.49,14,176.367p with interest against Sh. Bhagwant Singh and others (defendants).

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Bank’s case is that on 27.03.2014, it had granted a loan of Rs.45.00Lacs to Defendant nos. 1 and 2 in the form of K.C.C Limit for agricultural 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 the guarantor. The loan was chargeable to interest @12.15% per annum with half-yearly rests. On 30.06.2022, a sum of Rs.49,14,176.367p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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¶19

3. On 03.10.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 25.04.2023, they were proceeded_ex_ parte.
4. 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-15.
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.45.00Lacs and on 30.06.2022, a sum of Rs.49,14,176.367p was due.
6. Accordingly, the application of the bank for the recovery of
Rs.49,14,176.367p (Rupees Forty Nine Lacs Fourteen Thousand One
Hundred Seventy Six and Three Hundred Sixty Seven Paise Only) with interest @12.15% per annum with half-yearly rests from 30.07.2022, 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.
7. Pending IAs, if any, stand disposed of.
8. Recovery Certificate be issued accordingly.
9. Parties are directed to appear before Recovery Officer on
30.12.2025,who is directed to distribute the sale proceeds of the
mortgaged property(ies) and standing crops 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: 24.11.2025 Presiding Officer DRT-1, Chandigarh

Kotak Mahindra Bank Limited v. Bhagwant Singh

Case brief

What is this about?

What did the court decide?

Kotak Mahindra Bank Limited v. Bhagwant Singh

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

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