Allowed

Bank of India v. Sh. Ramesh Kumar

DRT7 Feb 2025OA/1896/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an application filed by Bank of India for recovery of dues. The court held the bank proved its case of loan advancement and non-repayment, permitting recovery via mortgaged property or personal assets of the defendants.

What did the court decide?

Application allowed for recovery of Rs. 28,39,900/- with interest; recovery certificate issued; mortgaged property and personal assets made liable.

Bank of India versus Sh. Ramesh 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: 1896 of 2022 Date of Institution: 09.09.2022 Date of Decision: 07.02.2025

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Bank of India, having its branches all over India and a branch at Opposite Sanjeev Cinema, GT Road, Fazilka, Tehsil & District Fazilka, Punjab.

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……..Applicant

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Vs.

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Sh. Ramesh Kumar s/o Sh. Prem Sukh r/o Village Katehra, Tehsil & District Fazilka, Punjab.

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Sh. Surinder Kumar s/o Sh. Narayan Ram r/o Village Bodiwala, Tehsil & District Fazilka, Punjab.

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……….Defendants

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Advocates

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Sh. Lavish proxy counsel for Pankaj Beri, Counsel for the applicant bank.

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Defendants - ex parte .

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OA for the Recovery of Rs. 28,39,900/- with interest @13.80% per annum with half-yearly rests from 09.09.2022.

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ORDER

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Bank of India (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs. 28,39,900/- with interest against Sh. Ramesh Kumar and another (defendants).

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Bank’s case is that on 18.06.2014, it had granted a loan of Rs. 3.00 Lacs in the Form of KCC and a loan of Rs. 7.00 Lacs in the form of Mortgage OD Limit to Defendant no. 1, for agricultural purpose. To secure the loan, Defendant no. 1 had mortgaged his property (fully detailed in para No.3A of the application). Defendant no. 2 stood as the guarantor. The loan was chargeable to interest @13.80% per annum with

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half-yearly rests. On 25.08.2022, a sum of Rs. 28,39,900/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 23.09.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 11.01.2024, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Mr. Ved Prakash, Chief Manager along with the loan and security documents and marked them as Exhibit A-1 to A-20.

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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 loans under various schemes and on 25.08.2022, a sum of Rs. 28,39,900/- was due.

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Accordingly, the application of the bank for the recovery of Rs. 28,39,900/- (Rupees Twenty Eight Lacs Thirty Nine Thousand Nine Hundred Only) with interest @13.80% per annum with half-yearly rests from 09.09.2022, 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 property fully detailed in para No.3A) of the application as well as from the personal movable and immovable property of the defendants.

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Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 11.03.2025, who is directed to distribute the sale proceeds of the

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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: 07.02.2025 Presiding Officer DRT-1, Chandigarh

Bank of India v. Sh. Ramesh Kumar

Case brief

What is this about?

What did the court decide?

Bank of India v. Sh. Ramesh Kumar

Case brief

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