The Debt Recovery Tribunal allowed the Bank's application for recovery of Rs. 22,61,936.50 with interest, directing sale of mortgaged property and issuance of a recovery certificate.
Recovery of Rs. 22,61,936.50 with interest at 18% p.a. from 05.08.2023 via sale of mortgaged property or attachment of personal assets; Recovery Certificate issued.
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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 241/2024 Date of Institution: 05.08.2023 Date of Decision: 09.07.2025
Jammu & Kashmir Bank Limited having its branches all over India and a branch at Canal Road, Jammu, Jammu and Kashmir.
……..Applicant
Vs.
……….Defendants
Advocates
Sh. Mayank Mathur through VC, Counsel for the applicant bank. Defendants- ex parte vide order dated 26.11.2024 .
OA for the Recovery of Rs.22,61,936.50p with interest @18% per annum with monthly rests from 05.08.2023.
ORDER
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property admeasuring 2 Kanals and 8 Marlas (fully detailed in para No.3A of the application). The loan was chargeable to interest @8.50% per annum with monthly rests. On 31.03.2023, a sum of Rs.22,61,936.50p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
| 3. On 27.02.2024, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 26.11.2024, they were proceeded_ex parte_. |
|---|
| 4. In order to prove its case, the Bank has placed on record the |
| affidavit of Sh. Ashish Bhasin, Law Officer along with the loan and security documents and marked them as Exhibit A-1 to A-5. |
| 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.25.00 Lacs and on 31.03.2023, a sum of Rs.22,61,936.50p was due. |
| 6. Accordingly, the application of the bank for the recovery of |
| Rs.22,61,936.50p (Rupees Twenty Two Lacs Sixty One Thousand Nine |
| Hundred Thirty Six and Paise Fifty Only) with interest @18% per annum |
| with monthly rests from 05.08.2023, 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(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 |
| **14.08.2025,**who is directed to distribute the sale proceeds of the |
| mortgaged property as per the provisions of Section 19(20-AB) of the Act**.** |
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2 issues framed by the court
Whether the application for recovery of debt secured by mortgage is maintainable under Section 19 of the RDB Act.
Whether the defendants, having failed to appear in person, are liable for joint and several recovery of the outstanding amount.
1 provisions across 1 enactments
Jammu & Kashmir Bank Limited
Mrs. Sunita Wattal
Mr. Amrit Wattal
Mrs. Pooja Wattal
Mrs. Shraddha Wattal
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
