Allowed

Kotak Mahindra Bank Limited v. Sh. Amar Singh

DRT4 Aug 2025OA/1574/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by Kotak Mahindra Bank for recovery of Rs.48,59,187.214p with interest from three defendants, recognizing their joint and several liability including mortgage proceeds.

What did the court decide?

Recovery of Rs.48,59,187.214p with interest @12% p.a. from 30.07.2022, joint and several liability enforceable via sale of mortgaged property.

Kotak Mahindra Bank Limited versus Sh. Amar Singh — Banking and Recovery | 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: 1574/2022 Date of Institution: 30.07.2022 Date of Decision: 04.08.2025

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Kotak Mahindra Bank Limited (erstwhile ING Vysya Bank Limited) having its branches all over India and a branch at SCO 153-154-155, Basement, SEC- 9C, Chandigarh.

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……..Applicant

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Vs.

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Sh. Amar Singh s/o Sh. Bahal Singh, r/o H.No.229, Village Rukanpura Urf Khui Khera, Tehsil Abohar, District Ferozepur, Punjab.

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Sh. Hardeep Singh s/o Sh. Bahal Singh, r/o H.No.241, Village Rukanpura Urf Khui Khera, Tehsil Abohar, District Ferozepur, Punjab.

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Sh. Jagdeep Singh s/o Sh. Amar Singh, r/o H.No.241, Village Rukanpura Urf Khui Khera, Tehsil Abohar, District Ferozepur, 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 vide order dated 25.04.2023 .

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OA for the Recovery of Rs.48,59,187.214p with interest @12% per annum with half-yearly rests from 30.07.2022.

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ORDER

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Kotak Mahindra Bank Limited has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.48,59,187.214p with interest against Sh. Amar Singh and others (defendants).

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Bank’s case is that on 12.02.2013, it had granted a loan of Rs.35.00 Lacs to defendant Nos. 1 and 2 in the form of K.C.C Limit for agricultural

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purpose. To secure the loan, Defendant No.1 had mortgaged his property (fully detailed in para No.3A of the application). Defendant No.3 stood as guarantor. The loan was chargeable to interest @12% per annum with half-yearly rests. On 08.06.2022, a sum of Rs.48,59,187.214p 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 .

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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-15.

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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.35.00 Lacs and on 08.06.2022, a sum of Rs.48,59,187.214p was due. 6. Accordingly, the application of the bank for the recovery of Rs.48,59,187.214p (Rupees Forty Eight Lacs Fifty Nine Thousand One Hundred Eighty Seven and Paise Two Hundred Fourteen Only) with interest @12% 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 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.

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Recovery Certificate be issued accordingly.

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Parties are directed to appear before Recovery Officer on 12.09.2025, 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: 04.08.2025 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Kotak Mahindra Bank Limited v. Sh. Amar Singh

Case brief

What is this about?

What did the court decide?

Kotak Mahindra Bank Limited v. Sh. Amar Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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