Allowed

Kotak Mahindra Bank Limited v. Sh. Vijay Kumar

DRT7 Nov 2025OA/1570/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for the recovery of Rs. 49,62,547/- with interest against five defendants who were defaulters on a mortgage loan. The liability was declared joint and several, and a recovery certificate was directed to be issued for sale of mortgaged property.

What did the court decide?

Recovery of Rs. 49,62,547/- with interest allowed; joint and several liability declared; recovery certificate issued; recovery officer directed to sell mortgaged land.

Kotak Mahindra Bank Limited versus Sh. Vijay Kumar — 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: 1570/2022 Date of Institution: 25.07.2022 Date of Decision: 07.11.2025

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Kotak Mahindra Bank Limited having its branches all over India and a branch at SCO No.153-155, Sector 9-C, Chandigarh.

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……..Applicant

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Vs.

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Sh. Vijay Kumar, r/o H.No.49, Village Vasal Mohan Ke, Tehsil Ferozepur, Distt. Ferozepur, Punjab.

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Sh. Jagdish Lal, r/o H.No.49, Village Vasal Mohan Ke, Tehsil Ferozepur, Distt. Ferozepur, Punjab.

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Sh. Baldev Raj, r/o H.No.49, Village Vasal Mohan Ke, Tehsil Ferozepur, Distt. Ferozepur, Punjab.

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Sh. Lachman Ram, r/o H.No.49, Village Vasal Mohan Ke, Tehsil Ferozepur, Distt. Ferozepur, Punjab.

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Sh. Balwinder Kumar s/o Sh. Lashman Das, r/o Village Vasal Mohan Ke, Post Office Pindi, Distt. Ferozepur, Punjab. ……….Defendants

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Advocates Sh. Sukhvinder Singh, Counsel for the applicant bank. Defendants - ex parte vide order dated 25.04.2023 .

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OA for the Recovery of Rs.49,62,547/- with interest @12% per annum with half-yearly rests from 25.07.2022.

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ORDER

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Kotak Mahindra Bank Ltd. has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.49,62,547/- with interest against Sh. Vijay Kumar and others (defendants).

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Bank’s case is that on 13.11.2013, it had granted a loan of Rs.40.00 Lacs to defendant Nos. 1 to 4 in the form of K.C.C Limit for agricultural purpose. To secure the loan, Defendant Nos. 1 to 4 had mortgaged their

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land (fully detailed in para No.3A of the application). Defendant No.5 stood as guarantor vide guarantee agreement dated 18.11.2013, (Annexure A-8). The loan was chargeable to interest @12% per annum with halfyearly rests. The defendants were sent legal notice on 28.06.2022. On 23.06.2022, a sum of Rs.49,62,547/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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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 Sh. Munish Sharma, Manager along with the loan and security documents and marked them as Exhibit A-1 to A-16.

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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.40.00 Lacs and on 23.06.2022, a sum of Rs.49,62,547/- was due.

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Accordingly, the application of the bank for the recovery of Rs.49,62,547/- (Rupees Forty Nine Lacs Sixty Two Thousand Five Hundred Forty Seven Only) with interest @12% per annum with halfyearly rests from 25.07.2022, 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.

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Pending IAs, if any, stand disposed of.

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Recovery Certificate be issued accordingly.

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Parties are directed to appear before Recovery Officer on 12.12.2025, who is directed to distribute the sale proceeds of the 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: 07.11.2025 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Kotak Mahindra Bank Limited v. Sh. Vijay Kumar

Case brief

What is this about?

What did the court decide?

Kotak Mahindra Bank Limited v. Sh. Vijay Kumar

Case brief

What is this about?

What did the court decide?

What the court decided

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