Allowed

Punjab and Sind Bank v. Sh. Vinod Kumar Gupta

DRT9 Sept 2025OA/317/2023

Case brief

AI extract

What is this about?

DRT-I, Chandigarh allowed an application by Punjab & Sind Bank for recovery of Rs. 21.26 Lakhs with interest against the borrower and guarantors, finding the bank proved its case. The court directed the issuance of a recovery certificate and ordered a hearing of the Recovery Officer to distribute sale proceeds.

What did the court decide?

Recovery of Rs. 21,26,157.10 with interest @9% p.a.; issuance of recovery certificate; joint and several liability of all defendants.

Punjab and Sind Bank versus Sh. Vinod Kumar Gupta — 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: 317/2023 Date of Institution: 31.01.2023 Date of Decision: 09.09.2025

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Punjab & Sind Bank having its branches all over India and a branch at Ranjit Avenue, Amritsar, Punjab.

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……..Applicant

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Vs.

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Sh. Vinod Kumar Gupta s/o Sh. Hans Raj Gupta, r/o H.No.7, Gali No.7, Mandir Wali Gali, Loharka Road, Amritsar, Tehsil & District Amritsar, Punjab.

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Smt. Sheetal Mahajan w/o Sh. Vinod Kumar Gupta, r/o H.No.7, Gali No.7, Mandir Wali Gali, Loharka Road, Amritsar, Tehsil & District Amritsar, Punjab.

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Arjun Mahajan s/o Sh. Vinod Kumar Gupta, r/o H.No.7, Gali No.7, Mandir Wali Gali, Loharka Road, Amritsar, Tehsil & District Amritsar, Punjab.

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Vikram Mahajan s/o Sh. Vinod Kumar Gupta, r/o H.No.7, Gali No.7, Mandir Wali Gali, Loharka Road, Amritsar, Tehsil & District Amritsar, Punjab.

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Amit Gupta s/o Sh. Padam Gupta, r/o H.No.19 B Braham Nagar, Lawrence Road, Amritsar, Tehsil & District Amritsar, Punjab.

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Mrs. Radha Mahajan w/o Sh. Arjan Mahajan, r/o H.No.7, Gali No.7, Mandir Wali Gali, Loharka Road, Amritsar, Punjab.

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……….Defendants

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Advocates

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Sh. Neeraj Madaan, Counsel for the applicant bank. Defendants - ex parte vide order dated 28.11.2024 .

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OA for the Recovery of Rs.21,26,157.10p with interest @9% per annum with monthly rests from 31.01.2023.

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ORDER

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Punjab & Sind Bank has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.21,26,157.10p with interest against Sh. Vinod Kumar Gupta and others (defendants).

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Bank’s case is that on 01.05.2008, it had granted a Home Loan of Rs.12.00 Lacs to defendant Nos. 1 to 4 for Housing purpose. To secure the loan, Defendant Nos. 1 & 2 had mortgaged their property (fully detailed in para No.3A of the application). Defendant nos. 5 and 6 stood as the guarantors. The loan was chargeable to interest @9% per annum with monthly rests. On 31.12.2022, a sum of Rs.21,26,157.10p was due from the defendants. The defendants had duly acknowledged their liability towards the debt on 26.03.2011 & 16.07.2013 & 14.07.2014 & 06.06.2017 & 26.05.2020. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 06.03.2023, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 28.11.2024, they were proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Sh. Ravi Kumar, Manager along with the loan and security documents and marked them as Exhibit A-1 to A-24. 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 31.12.2022, a sum of Rs.21,26,157.10p was due. 6. Accordingly, the application of the bank for the recovery of Rs.21,26,157.10p (Rupees Twenty One Lacs Twenty Six Thousand One Hundred Fifty Seven and Paise Ten Only) with interest @9% per annum with monthly rests from 31.01.2023, 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.

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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 17.10.2025, 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 parties. Pronounced in the open Court. (A S Narang) Dated: 09.09.2025 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Punjab and Sind Bank v. Sh. Vinod Kumar Gupta

Case brief

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Punjab and Sind Bank v. Sh. Vinod Kumar Gupta

Case brief

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