India Regulations framed in exercise of the powers conferred by Sub Section 3 of Section 50 of the State Bank of India, Act, 1955 with the previous sanction of the Central Government. 2. The brief facts of the OA are that defendant no.1 approached the applicant for grant of KCC limit of Rs.14.50 lacs and Term Loan of Rs. 1.00 Lac for Debt Swap vide Loan Applications dated 10.08.2016 which are Annexures A1 to A2 to this OA. 3. The applicant sanctioned KCC Limit of Rs. 14.50 Lac and Term Loan of Rs. 1.00 Lac for Debt Swap vide Letter of Arrangement dated 31.08.2016 which are Annexure A3 and A6 to this OA. 4. Defendant No.1 mortgaged his immovable property i.e. Land Measuring 20K- 06M Situated at Muktsar- III, Tehsil and District Sri Muktsar Sahib, Punjab vide Declaration u/s 4(1) dated 24.08.2016 which is Annexure A9 to this OA. Documents executed: Hypothecation Agreements, Undertaking, Deed of Guarantee all dated 31.08.2016 which are Annexures A4, A5, A7 and A8 to this OA; Notice dated 18.05.2022 which is Annexure A10 to this OA; Statement of Accounts with unapplied interest, which are Annexures A11 to A12 to this OA. 5. The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in loan accounts there was a debit Rs.22,92,520.76, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly. 6. The defendants were served notices to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte vide order dated 04.04.2025. 7. In support of the OA, affidavit of Sh. Vishal Ahuja, Chief Manager, State Bank of India has been filed. 8. Heard ex-parte arguments and perused record.
