The Debts Recovery Tribunal allowed the bank's application for recovery of Rs. 1.10 crore deposited as loan with interest. The court validated the dues, held liability joint and several, and directed sale of mortgaged property.
allowed recovery of Rs. 1.10 crore plus interest; directed sale of mortgaged property; issued Recovery Certificate.
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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 403/2022 Date of Institution: 11.01.2022 Date of Decision: 27.02.2025
Canara Bank, having its branches all over India and a branch at Boota Mandi, Jalandhar, District Jalandhar, Punjab.
……..Applicant
Vs.
……….Defendants
Advocates
Sh.Arvind Rajotia,Counsel for the applicant bank. Defendants- ex parte .
OA for the Recovery of Rs.1,10,19,094.40p with interest @10.65% per annum with monthly rests from 11.01.2022.
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purpose. To secure the loan, Defendant No.2 had mortgaged his property (fully detailed in para No.3A of the application). Defendant Nos. 3 and 4 stood as guarantors. The loans were chargeable to interest @10.65% per annum with monthly rests. On 30.09.2021, a sum of Rs.1,10,19,094.40p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
| 7. Pending IAs, |
if any, stand disposed of. |
|---|
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1 issue framed by the court
Whether the applicant bank was entitled to recover the outstanding dues with interest against the borrowers and guarantors pursuant to the RDB Act.
2 provisions across 1 enactments
Canara Bank
M/s RKM Overseas
Sh. Sanjeev Kumar @Sanjeev Garg
Smt. Mamta Garg
Smt. Sunita Rani
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
