The Debts Recovery Tribunal allowed the applicant bank's application to recover Rs.41,01,027/- with interest from two defendants who had accepted loans for agricultural purposes with mortgaged security.
Recovery of Rs.41,01,027/- with interest allowed; joint and several liability enforced; sale of mortgaged land directed.
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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 895/2023 Date of Institution: 26.04.2023 Date of Decision: 19.12.2025
Bank of India having its branches all over India and a branch at Opposite Sanjeev Cinema, G.T. Road, Fazilka, Tehsil and District Fazilka, Punjab.
……..Applicant
Vs.
……….Defendants
Advocates
Sh. Pankaj Beri, Counsel for the applicant bank. Defendants - ex parte vide order dated 28.11.2024 .
OA for the Recovery of Rs.41,01,027/- with interest @12.95% per annum with half-yearly rests from 26.04.2023.
ORDER
2
| from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application. |
|---|
| 3. On 01.06.2023, summonses were sent to the defendants by |
| registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 28.11.2024, they were proceeded_ex parte_. |
| 4. In order to prove its case, the Bank has placed on record the |
| affidavit of Sh. Ved Prakash, Authorized Officer along with the loan and security documents and marked them as Exhibit A-1 to A-19. |
| 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 total loan |
| of Rs.15.00 Lacs (Rs.5.00 Lacs in K.C.C. Limit and Rs.10.00 Lacs in AGOD Limit) and on 28.02.2023, a sum of Rs.41,01,027/- was due. |
| 6. Accordingly, the application of the bank for the recovery of |
| Rs.41,01,027/- (Rupees Forty One Lacs One Thousand Twenty Seven |
| Only) with interest @12.95% per annum with half-yearly rests from |
| 26.04.2023, till the date of payment is hereby allowed with costs. The |
| liability of both the defendants would be joint and several. Bank can |
| recover its dues by the sale of mortgaged land fully detailed in paraNo.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 |
| mortgaged land and standing crops as per the provisions of Section 19(20-AB) of the Act**.** |
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1 issue framed by the court
Whether the applicants were entitled to recovery of dues of Rs.41,01,027/- with interest from the defendants?
2 provisions across 1 enactments
Bank of India
Sh. Ram Kumar @Ram Kanwar
Sh. Lal Chand
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
