The Debts Recovery Tribunal allowed the bank's application for recovery of dues Rs.57.65 Lakhs plus interest against the defendants who failed to repay a secured business loan, ordering sale of mortgaged property.
Recovery of Rs.57,65,863.96p with interest at 10.55% p.a. from 21.04.2022; recovery via sale of mortgaged property; Recovery Certificate issued.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
| BEFORE: A S NARANG, PRESIDING OFFICER OA No: 796 of 2022 Date of Institution: 21.04.2022 Date of Decision: 27.01.2025 |
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| Punjab National Bank, a branch at Shop no. 15-16, MGM Faridkot, Punjab. ……..Applicant Vs. |
| 1. M/s Samra Petro Zone, Sadiq Road, Faridkot through its |
| Proprietor Bhupinder Kaur. |
| 2. Bhupinder Kaur w/o Harinderjit Singh, H.no. 1072, Samra Industries, Sadiq Road, Faridkot, Punjab. |
| 3. Harinderjit Singh s/o Bachittar Singh H.no. 1072, Samra Industries, Sadiq Road, Faridkot, Punjab. ……….Defendants Advocates |
| Sh. Arpit Chawla, Counsel for the applicant bank. Defendants –ex parte OA for the Recovery of Rs.57,65,863.96p with interest |
| @10.55% per annum with monthly rests from 21.04.2022. ORDER |
| 1. 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.57,65,863.96p with interest against M/s |
| Samra Petro Zone and others (Defendants). |
| 2. Bank’s case is that on 10.08.2015, it had granted a loan of |
| Rs.50.00 Lacs to Defendant no.1 through its proprietor i.e. Defendant |
| no.2 in the form of CC Hypothecation Limit for business purpose. To |
| secure the loan, Defendants no. 2 had hypothecated and mortgaged |
| property (fully detailed in para No.3A of the application). Defendant no.3 stood as the guarantor. The loan was chargeable to interest |
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@10.55% per annum with monthly rests. On 31.01.2022, a sum of Rs.57,65,863.96p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
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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: 27.01.2025 Presiding Officer DRT-1, Chandigarh
1 issue framed by the court
Whether the applicant bank proved its case of loan advance and outstanding dues.
2 provisions across 1 enactments
Punjab National Bank
M/s Samra Petro Zone
Bhupinder Kaur
Harinderjit Singh
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
