Allowed

Punjab National Bank v. Paramjit Kaur

DRT13 Mar 2025OA/1930/2022

Case brief

AI extract

What is this about?

The DRT allowed the bank's application for recovery of Rs. 24.62 lakhs with interest against two defendants who defaulted on an agricultural loan. The court ordered a recovery certificate and directed the sale of mortgaged property for discharge of dues.

What did the court decide?

Recovery of Rs. 24,62,150/- with interest; issuance of Recovery Certificate; direction for sale of mortgaged land and personal property.

Punjab National Bank versus Paramjit Kaur — 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: 1930/2022 Date of Institution: 13.09.2022 Date of Decision: 13.03.2025

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Punjab National Bank, having its branches all over India and a branch at Dhianpur, Punjab.

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……..Applicant

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Vs.

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Paramjit Kaur widow of Samir Singh

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Maninder Singh s/o Samir Singh

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Both r/o Village Rajeke Tehsil Dera Baba Nanak, District Gurdaspur, Punjab.

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……….Defendants

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Advocates

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Sh.Bharat Kawal proxy for Sh.KS Manhas, Counsel for the applicant bank.

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Defendants- ex parte .

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OA for the Recovery of Rs.24,62,150/- 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.24,62,150/- with interest against Smt. Paramjit Kaur and another (defendants).

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Bank’s case is that on 19.09.2014, it had granted a loan of Rs.12.00 Lacs to Defendant Nos. 1 and 2 in the form of K.C.C Limit, for agricultural purpose. To secure the loan, Defendant Nos. 1 and 2 had mortgaged their land (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.24,62,150/- was due from the

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defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
3. On 10.10.2022, summonses were sent to the defendants by
registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 15.02.2024, they were proceeded_ex_ parte.
4. In order to prove its case, the Bank has placed on record the
affidavit of Mr. Ramesh 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.12.00 Lacs and on 19.08.2022, a sum of Rs.24,62,150/- was due.
6. Accordingly, the application of the bank for the recovery of
Rs.24,62,150/- (Rupees Twenty Four Lacs Sixty Two Thousand One
Hundred Fifty Only) with interest @8.75% per annum with yearly rests
from 13.09.2022, till the date of payment is hereby allowed with costs. The liability of both 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.
9. Parties are directed to appear before Recovery Officer on
14.04.2025,who is directed to distribute the sale proceeds of the
mortgage land and standing crops as per the provisions of Section 19(20- AB) of the Act.

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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: 13.03.2025 Presiding Officer DRT-1, Chandigarh

Punjab National Bank v. Paramjit Kaur

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Paramjit Kaur

Case brief

What is this about?

What did the court decide?

What the court decided

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