Allowed

Punjab National Bank v. Smt. Narinder Kaur

DRT14 Feb 2025OA/159/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an interim order for the recovery of Rs. 38,84,022/- with interest by Punjab National Bank from two defendants who mortgaged land as security for an agricultural loan. The court issued a recovery certificate and directed the sale of mortgaged property.

What did the court decide?

Recovery of Rs. 38,84,022/- with interest @10.80% per annum allowed with costs; Recovery Certificate issued.

Punjab National Bank versus Smt. Narinder Kaur — Banking and Recovery | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

¶2

BEFORE: A S NARANG, PRESIDING OFFICER

¶3

OA No: 159/2023 Date of Institution: 05.01.2023 Date of Decision: 14.02.2025

¶4

Punjab National Bank, having its branches all over India and a branch at Aliwal Road, Sunaiya, District Gurdaspur, Punjab.

¶5

……..Applicant

¶6

Vs.

¶7

Smt. Narinder Kaur w/o Sh. Narinder Singh r/o VPO Bhullar, Tehsil Batala, District Gurdaspur, Punjab.

¶8

Sh. Jashanbir Singh s/o Sh. Narinder Singh r/o VPO Bhullar, Tehsil Batala, District Gurdaspur, Punjab.

¶9

……….Defendants

¶10

Advocates

¶11

Sh. Lovedeep proxy for Ms.Puja Sharma, Counsel for the applicant bank. Defendants - ex parte .

¶12

OA for the Recovery of Rs. 38,84,022/- with interest @10.80% per annum with half-yearly rests from 05.01.2023.

¶13

ORDER

¶14

PNB (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.38,84,022/- with interest against Smt. Narinder Kaur and another (defendants).

¶15

Bank’s case is that on 10.05.2012, it had granted a loan of Rs.16.00 Lacs to defendants in the form of K.C.C Limit, for agricultural purpose. To secure the loan, Defendant no. 1 had mortgaged her land (fully detailed in para No.3A of the application). The loan was chargeable to interest @10.80% per annum with half-yearly rests. On 16.11.2022, a sum of Rs.38,84,022/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

¶16

¶17

On 03.02.2023, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 12.01.2024, they were proceeded ex parte .

¶18

In order to prove its case, the Bank has placed on record the affidavit of Mr. Ramesh Kumar, Branch Manager along with the loan and security documents and marked them as Exhibit A-1 to A-13. 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.16.00 Lacs and on 16.11.2022, a sum of Rs. 38,84,022/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.38,84,022/- (Rupees Thirty Eight Lacs Eighty Four Thousand Twenty Two Only) with interest @10.80% per annum with half-yearly rests from 05.01.2023, 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 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 18.03.2025, who is directed to distribute the sale proceeds of the mortgaged property 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: 14.02.2025 Presiding Officer DRT-1, Chandigarh

Punjab National Bank v. Smt. Narinder Kaur

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Smt. Narinder Kaur

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Abu Thahir P B versus South Indian Bank

Sri Uttamkumar Shyamlal versus the Authorised Officer Ugro Capital Ltd. Anr.

Shambhu Sharan Sharma versus State Bank of India

Ms Best Career Girls Inter College versus Edelweiss Assets Reconstruction Company Limited

Bank of Baroda versus Ms Maa Shail Kumari Constructions others

Abhish Varghese versus Axis Bank