The DRT allowed the applicant bank's application under the RDB Act for the recovery of a due loan amount with interest. The court approved the sale of mortgaged property and issued a Recovery Certificate, directing distribution of proceeds.
Recovery of Rs. 64,36,966.35 with interest; sale of mortgaged property; issuance of Recovery Certificate.
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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 804 of 2022 Date of Institution: 20.04.2022 Date of Decision: 05.02.2025
The Karnataka Bank Ltd. having its branches all over India and a branch at Bus Stand Road, Jalandhar, Punjab
……..Applicant
Vs.
……….Defendants
Advocates
Sh. S. Sagar proxy counsel for Sh. Balvinder Singh, Counsel for the applicant bank. Defendants - ex parte .
OA for the Recovery of Rs. 64,36,966.35p with interest @10.20% per annum with monthly rests from 20.04.2022.
ORDER
2
50.00 Lacs and was reduced to Rs. 35.00 Lacs for business purpose. To secure the loan, Defendant no. 1 had hypothecated stocks and Defendant no. 3 mortgaged her property (fully detailed in para No.3A of the application). The loan was chargeable to interest @10.20% per annum with monthly rests. On 18.04.2022, a sum of Rs. 64,36,966.35p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
3
3 issues framed by the court
Whether the application for recovery of the loan amount with interest is maintainable.
Whether the debts recovery tribunal can pass an order for the sale of mortgaged property upon default.
Whether the application allows recovery with joint and several liability of the defendants.
1 provisions across 1 enactments
The Karnataka Bank Ltd.
M/s Kataria Trading Co.
Sh. Subodh Kataria
Smt. Simran Kataria
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
