Allowed

Punjab National Bank (Oriental Bank of Commerce) v. Balbir Singh

DRT20 May 2025OA/503/2024

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an application filed by Punjab National Bank for the recovery of ₹62,68,032 with interest against two defendants who mortgaged land for a loan defaulting on repayment. The bank secured the dues via a Recovery Certificate and directed the sale of mortgaged assets.

What did the court decide?

Recovery of ₹62,68,032 with interest, costs, issuance of Recovery Certificate, and direction to sell mortgaged land.

Punjab National Bank (Oriental Bank of Commerce) versus Balbir… — Banking and Recovery | 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: 503/2024 Date of Institution: 14.03.2024 Date of Decision: 20.05.2025

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Punjab National Bank (erstwhile Oriental Bank of Commerce) having its branches all over India and a branch at Old Municipality Office Fatehgarh Churian, Tehsil Batala, District Gurdaspur, Punjab.

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……..Applicant

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Vs.

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Balbir Singh s/o Banta Singh, r/o Village Malakpur, Tehsil Dera Baba Nanak, P.O. Dargabad, District Gurdaspur, Punjab.

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Bhopal Singh s/o Balbir Singh, r/o Village Malakpur, Tehsil Dera Baba Nanak, P.O. Dargabad, District Gurdaspur, Punjab.

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……….Defendants

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Advocates

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Sh. KHS Baath, Counsel for the applicant bank. Defendants- ex parte vide order dated 20.03.2025 .

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OA for the Recovery of Rs.62,68,032/- with interest @9.50% per annum with half-yearly rests from 14.03.2024.

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ORDER

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Punjab National Bank, (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.62,68,032/- with interest against Sh. Balbir Singh and another (defendants).

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Bank’s case is that on 04.11.2010, it had granted a loan of Rs.15.00 Lacs to defendant Nos. 1 and 2 in the form of KCC Limit for agricultural purpose. To secure the loan, Defendant No.1 had mortgaged his land (fully detailed in para No.3A of the application). The loan was chargeable to interest @9.50% per annum with half-yearly rests. On 16.11.2023, a sum of Rs.62,68,032/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 10.04.2024, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 20.03.2025, they were proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Daljit Singh, Senior Manager along with the loan and security documents and marked them as Exhibit A-1 to A-15. 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.15.00 Lacs and on 16.11.2023, a sum of Rs.62,68,032/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.62,68,032/- (Rupees Sixty Two Lacs Sixty Eight Thousand Thirty Two Only) with interest @9.50% per annum with half-yearly rests from 14.03.2024, 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 land 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 24.06.2025, who is directed to distribute the sale proceeds of the mortgaged land and standing crops as per the provisions of Section 19(20AB) 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: 20.05.2025 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Punjab National Bank (Oriental Bank of Commerce) v. Balbir Singh

Case brief

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Punjab National Bank (Oriental Bank of Commerce) v. Balbir Singh

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