Union Bank of India v. Harjit Singh
Case brief
What is this about?
The Debt Recovery Tribunal allowed a bank’s application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 for recovery of an agricultural cash-credit debt and interest. The bank proved the loan and the outstanding amount through its branch manager’s affidavit and supporting loan and security documents. The borrower and guarantor were held jointly and severally liable, with recovery permitted from the security assets and their personal properties, and a recovery certificate was directed to be issued.
What did the court decide?
Recovery of Rs.20,00,991.84p with interest at 9.75% per annum with half-yearly rests from 03.01.2024 was allowed with costs; the defendants were held jointly and severally liable, and recovery was permitted from the security assets and their personal movable and immovable properties. A recovery certificate was directed to be issued.