Allowed

Punjab National Bank v. Ram Singh

DRT17 Jan 2025OA/529/2022

Case brief

AI extract

What is this about?

The DRT-I, Chandigarh allowed an ex parte recovery application filed by Punjab National Bank against two defendants for Rs.28.20 lacs, confirming the debt and authorizing recovery via sale of mortgaged land and personal assets.

What did the court decide?

Recovery of Rs.28,20,984/- with interest allowed; Recovery Certificate issued; Recovery Officer directed to sell mortgaged land and distribute proceeds.

Punjab National Bank versus Ram Singh — 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: 529/2022

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Date of Institution: 22.03.2022 Date of Decision: 17.01.2025

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Punjab National Bank, one of its branch office Bihla, VPO Bihla, Tehsil Tapa, District Barnala, Punjab.

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……..Applicant

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Vs.

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Ram Singh S/o Sh. Bhagwan Singh, R/o Village Gehal, Tehsil Tapa, District Barnala, Punjab.

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Jagdev Singh S/o Sh. Ram Singh, R/o Village Gehal, Tehsil Tapa, District Barnala, Punjab.

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……….Defendants

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Advocates

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Sh. Arvind Rajotia, Counsel for the applicant bank. Defendants – ex parte

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OA for the Recovery of Rs.28,20,984/- with interest @8.5% per annum with yearly rests from 22.03.2022. 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.28,20,984/- with interest against Sh. Ram Singh and another (defendants).

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Bank’s case is that in the year 2015, it had granted a KCC Limit of Rs.20.00 Lacs to defendants for agricultural purpose. To secure the loan, Defendant No.1 had mortgaged his land (fully detailed in para No.3(A) of the application). The loan was chargeable to interest @8.5% per annum with yearly rests. On 22.03.2022, a sum of Rs.28,20,984/was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 11.04.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not

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put in appearance. Vide order dated 18.10.2022, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Mr. Sunil Kumar Singh, Senior Manager along with the loan and security documents and marked them as Exhibit A-1 to A-10. 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.20.00 Lacs and on 22.03.2022, a sum of Rs.28,20,984/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.28,20,984/- (Rupees Twenty Eight Lacs Twenty Thousand Nine Hundred and Eighty Four Only) with interest @8.5% per annum with yearly rests from 22.03.2022, 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.3(A) 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 17.02.2025, who is directed to distribute the sale proceeds of the mortgage 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: 17.01.2025 Presiding Officer DRT-1, Chandigarh Pankaj

Punjab National Bank v. Ram Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Ram Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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