Allowed

Kotak Mahindra Bank Limited v. Sh Paramjit Singh

DRT19 Dec 2025OA/889/2022

Case brief

AI extract

What is this about?

DRT-I, Chandigarh allowed the applicant bank's application for recovering an outstanding loan of approximately Rs. 95.82 Lakhs with interest from two borrowers and a guarantor who failed to appear ex parte. The court directed the issuance of a recovery certificate for sale of mortgaged property.

What did the court decide?

Application allowed; recovery of Rs. 95,82,497.93 with interest granted; Recovery Certificate issued; sale of mortgaged property directed.

Kotak Mahindra Bank Limited versus Sh Paramjit Singh — 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: 889/2022 Date of Institution: 30.04.2022 Date of Decision: 19.12.2025

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Kotak Mahindra Bank Limited (erstwhile ING Vyasa Bank Limited) having its branches all over India and a branch at SCO-153-154-155, Basement, SEC-9C, Chandigarh.

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……..Applicant

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Vs.

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Sh. Paramjit Singh s/o Sh. Avtar Singh, r/o H.No.85, Ward No.13, Gali Lohara, Village Rajasansi, Tehsil Ajnala, District Amritsar, Punjab.

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Sh. Gurwinder Singh s/o Sh. Avtar Singh, r/o H.No.85, Ward No.13, Gali Lohara, Village Rajasansi, Tehsil Ajnala, District Amritsar, Punjab.

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Sh. Swaran Singh s/o Sh. Avtar Singh, r/o H.No.85, Ward No.13, Gali Lohara, Village Rajasansi, Tehsil Ajnala, District Amritsar, Punjab.

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……….Defendants

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Advocates

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Sh. Rajan Puri, Counsel for the applicant bank. Defendants - ex parte vide order dated 18.05.2023 .

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OA for the Recovery of Rs.95,82,497.93p with interest @12% per annum with half-yearly rests from 30.04.2022.

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ORDER

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Kotak Mahindra Bank Limited has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.95,82,497.93p with interest against Sh. Paramjit Singh and others (defendants).

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Bank’s case is that on 08.07.2014, it had granted a loan of Rs.80.00 Lacs to defendant Nos. 1 & 2 in the form of K.C.C Limit for agricultural purpose. To secure the loan, Defendant No.1 had mortgaged his land (fully

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detailed in para No.3A of the application). Defendant No.3 stood as guarantor. The loan was chargeable to interest @12% per annum with half-yearly rests. On 31.03.2022, a sum of Rs.95,82,497.93p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 25.05.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 18.05.2023, they were proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Sh. Munish Sharma, Manager along with the loan and security documents and marked them as Exhibit A-1 to A-15.

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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.80.00 Lacs and on 31.03.2022, a sum of Rs.95,82,497.93p was due. 6. Accordingly, the application of the bank for the recovery of Rs.95,82,497.93p (Rupees Ninety Five Lacs Eighty Two Thousand Four Hundred Ninety Seven and Paise Ninety Three Only) with interest @12% per annum with half-yearly rests from 30.04.2022, 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.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 23.01.2026, who is directed to distribute the sale proceeds of the

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mortgaged land and standing crops 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: 19.12.2025 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Kotak Mahindra Bank Limited v. Sh Paramjit Singh

Case brief

What is this about?

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Kotak Mahindra Bank Limited v. Sh Paramjit Singh

Case brief

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What did the court decide?

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