The Debts Recovery Tribunal allowed the bank's application for recovery of Rs. 1.24 crores along with interest against the defendants ex parte, confirming the joint and several liability and authorizing sale of mortgaged property.
Recovery of Rs. 1,24,07,131 with interest allowed; liability confirmed as joint and several; direction to sell mortgaged property.
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: 2041 of 2022 Date of Institution: 15.10.2022 Date of Decision: 23.01.2025
Bank of India, having its Branch Office at Avtar Nagar, Jalandhar, Punjab.
……..Applicant Vs.
……….Defendants
Advocates:
Ms.Meena Malhotra, Counsel for the applicant bank. Defendants ex parte .
OA for the Recovery of Rs.1,24,07,131/- with interest @ 10.75% per annum with monthly rests from the date of filing.
ORDER
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purpose. On, 14.08.2020, it had also granted GECL of Rs. 19 lacs to defendant No.1 and 2. To secure the loan, Defendant No. 2 had mortgaged his property (fully detailed in para No.3A of the application). Defendant No.3 had stood guarantor for the said loan. Defendants also executed all the relevant loan documents. The loan was chargeable to interest @ 10.75% per annum with monthly rests. Defendants did not make the payment as per the repayment schedule. On 06.08.2022, a sum of Rs.1,24,07,131/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
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| fully | detailed in para No.3A of the application | as well as from the |
|---|---|---|
| perso | nal 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 |
| 24.02 | **.2025,**who is directed to distribute the | sale proceeds of the |
| mort | gage 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 R | ecovery Officer as well as the parties. | |
| Pron Manoj Dated: 23 |
ounced in the open court. .01.2025 |
(A S Narang) Presiding Officer DRT-1, Chandigarh |
1 issue framed by the court
Whether the applicant bank is entitled to recovery of dues against the defendants under Section 19 of the RDB Act.
1 provisions across 1 enactments
Bank of India
M/s Master Tanneries
Shri Anil Kumar Gharu
Shri Rajinder Kumar
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
