Allowed

Punjab National Bank v. Bawa Singh

DRT27 Jan 2025OA/1923/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery of Rs.21.60 Lakhs plus interest against the defendant, finding that the loan documents were proved. The court permitted recovery via sale of mortgaged property or personal assets.

What did the court decide?

Allowed; Recovery of Rs.21,60,166/- with interest @8.75% p.a.; Issuance of Recovery Certificate; Order to sale of mortgaged property.

Punjab National Bank versus Bawa 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: 1923 of 2022

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Date of Institution: 13.09.2022 Date of Decision: 27.01.2025

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Punjab National Bank, branch office Office Dhianpur, Punjab.

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……..Applicant

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Vs.

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Bawa Singh s/o Bachan Singh r/o Village Udhowali Khurd, Tehsil Dera Baba Nanak, District Gurdaspur, Punjab.

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……….Defendant

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Advocates

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Sh. Bharat Kawal, proxy Counsel for Sh. KS Manhas, Counsel for the applicant bank. Defendant – ex parte

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OA for the Recovery of Rs.21,60,166/- with interest @8.75% per annum with yearly rests from 13.09.2022.

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ORDER

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Punjab National Bank (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.21,60,166/- with interest against Sh. Bawa Singh (defendant).

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Bank’s case is that on 23.03.2015, it had granted a KCC Limit of Rs.10.00 Lacs to Defendant for agriculture purpose. To secure the loan, Defendant had mortgaged his property (fully detailed in para No.3A of the application). The loan was chargeable to interest @8.75% per annum with yearly rests. On 19.08.2022, a sum of Rs.21,60,166/- was due from the defendant. Despite repeated requests, defendant did not make the repayment. Hence, this application.

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3. On 07.10.2022, summons was sent to the defendant by registered
post, which was duly served. However, defendant did not put in
appearance. Vide order dated 28.04.2023, he was proceeded_ex parte_.
4. In order to prove its case, the Bank has placed on record the
affidavit of Mr. Rajesh Kumar, Manager along with the loan and security documents and marked them as Exhibit A-1 to A-11.
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.10.00 Lacs and on 19.08.2022, a sum of Rs.21,60,166/- was due.
6. Accordingly, the application of the bank for the recovery of
Rs.21,60,166/- (Rupees Twenty One Lacs Sixty Thousand One Hundred Sixty Six Only) with interest @8.75% per annum with yearly rests from
13.09.2022, till the date of payment is hereby allowed with costs. 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 defendant.
7. Pending IAs, if any, stand disposed of.
8. Recovery Certificate be issued accordingly.
9. Party is directed to appear before Recovery Officer on
28.02.2025, who is directed to distribute the sale proceeds of the
mortgaged property 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 party.
Pronounced in the open court. (A S Narang) Dated:27.01.2025 Presiding Officer DRT-1, Chandigarh

Punjab National Bank v. Bawa Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Bawa Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Statutes considered

Parties & counsel

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Case details

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