Debts Recovery Tribunal allowed Kotak Mahindra Bank's application for recovery of Rs. 63,47,392/ plus interest against borrowers and guarantors who failed to repay an agricultural loan, directing sale of mortgaged property.
Recovery of Rs. 63,47,392/- with interest @12% p.a.; issuance of Recovery Certificate; directions for sale of mortgaged property.
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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 1835 of 2022 Date of Institution: 02.09.2022 Date of Decision: 25.03.2025
Kotak Mahindra Bank Ltd. having its branches all over India and a branch at Amritsar, Punjab.
……..Applicant
Vs.
……….Defendants
Advocates
Sh.JS Sehgal, Counsel for the applicant bank. Defendants - ex parte .
OA for the Recovery of Rs. 63,47,392/- with interest @12% per annum with half-yearly rests from 02.09.2022.
ORDER
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was chargeable to interest @12% per annum with half-yearly rests. On 30.06.2022, a sum of Rs. 63,47,392/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
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mortgaged property(ies) and standing crops as per the provisions of Section 19(20-AB) of the Act .
2 issues framed by the court
Whether the applicant bank proved its case for recovery of loan dues from the defendants.
Whether the recovery application is maintainable under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993.
2 provisions across 1 enactments
Kotak Mahindra Bank Ltd.
Ravinder Singh
Rajbans Kaur
Balraj Singh
Jatinder Singh
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
