The Debts Recovery Tribunal allowed the State Bank of India’s application for recovery of Rs. 62,77,230/- with interest. The court found the loan advanced and amount due proved on record.
Recovery of Rs. 62,77,230/- with interest allowed; recovery certificate issued; sale of mortgaged property directed.
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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 425/2022 Date of Institution: 25.02.2022 Date of Decision: 19.11.2025
SBI having its branches all over India and a branch at Railway Road, Tapa, District Barnala, Punjab.
……..Applicant
Vs.
Advocates
Sh. Gurinderjit Singh, Counsel for the applicant bank. Defendants - ex parte vide order dated 17.08.2023 .
OA for the Recovery of Rs.62,77,230/- with interest @12.05% per annum with monthly rests from 25.02.2022. ORDER 1. SBI has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.62,77,230/- with interest against M/s Gulati Commission Agent and others (defendants). 2. Bank’s case is that on 06.06.2009, it had granted a loan of Rs.20.00 Lacs to defendant No.1 through its proprietor i.e. defendant No.2 in the form of C.C Limit for Business purpose. On 12.12.2012, the C.C. Limit
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was enhanced from Rs.20.00 Lacs to Rs.25.00 Lacs. The above mentioned C.C. Limit was renewed from time to time and lastly on 12.03.2015, at Rs.25.00 Lacs. To secure the loan, Defendant No.3 had mortgaged his property (fully detailed in para No.3A of the application). Defendant Nos. 3 to 5 stood as guarantors. The loan was chargeable to interest @12.05% per annum with monthly rests. On 22.02.2022, a sum of Rs.62,77,230/was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
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3 issues framed by the court
Whether the bank has established its case for recovery of the outstanding loan amount and interest.
Whether the defendants are liable to repay the dues jointly and severally.
Whether a Recovery Certificate and order for sale of mortgaged property should be issued.
2 provisions across 1 enactments
State Bank of India
M/s Gulati Commission Agent
Buta Lal
Sohan Singh
Ramesh Lal
Darshan Singh
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
