The Debt Recovery Tribunal allowed the bank's application for recovery of Rs.62,29,012/- with interest, holding that the bank proved its case for a loan advance and subsequently allowed recovery via mortgaged land sale and other assets.
Recovery of Rs.62,29,012/- with interest allowed; Recovery Certificate issued; Sale of mortgaged land directed.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 1838/2022
Date of Institution: 02.09.2022 Date of Decision: 10.03.2025
Kotak Mahindra Bank Limited having its branches all over India and a branch at Malewal, Tehsil Dera Baba Nanak, District Gurdaspur, Punjab.
……..Applicant Vs. 1. Gurpreet Singh s/o Partap Singh, r/o H.no. 98, Village Nanoke, Tehsil Ajnala, District Amritsar, Punjab. 2. Partap Singh s/o Labh Singh, r/o H.no. 98, Village Nanoke, Tehsil Ajnala, District Amritsar, Punjab. 3. Palwinder Kaur w/o Partap Singh, r/o H.no. 98, Village Nanoke, Tehsil Ajnala, District Amritsar, Punjab. 4. Tehal Singh s/o Joginder Singh, r/o H.no. 187, Village Makowal, Tehsil Ajnala, District Amritsar, Punjab. ……….Defendants Advocates Mr. JS Sehgal, Counsel for the applicant bank. Defendants- ex parte . OA for the Recovery of Rs.62,29,012/- with interest @12% per annum with half-yearly rests from 02.09.2022. ORDER 1. Kotak Mahindra Bank Limited (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.62,29,012/- with interest against Sh. Gurpreet Singh and others (defendants). 2. Bank’s case is that on 22.10.2014, it had granted a loan of Rs.45.00 Lacs to Defendant Nos. 1 to 3 in the form of K.C.C Limit for agricultural purpose. To secure the loan, Defendant Nos. 2 and 3 had
| 2 mortgaged their land (fully detailed in para No.3A of the application). |
|---|
| Defendant No.4 stood as the guarantor. The loan was chargeable to interest @12% per annum with half-yearly rests. On 30.06.2022, a sum |
| of Rs.62,29,012/- was due from the defendants. Despite repeated |
| requests, defendants did not make the repayment. Hence, this |
| application. |
| 3. On 18.11.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 14.07.2023, 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-19. |
| 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.45.00 Lacs and on 30.06.2022, a sum of Rs.62,29,012/- was due. |
| 6. Accordingly, the application of the bank for the recovery of |
| Rs.62,29,012/- (Rupees Sixty Two Lacs Twenty Nine Thousand and |
| Twelve Only) with interest @12% per annum with half-yearly rests |
| from 02.09.2022, 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. |
3
1 issue framed by the court
Whether the applicant bank is entitled to recover the due sum of Rs.62,29,012/- with interest under Section 19 of the RDB Act?
2 provisions across 1 enactments
Kotak Mahindra Bank Limited
Gurpreet Singh
Partap Singh
Palwinder Kaur
Tahal Singh
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
