Allowed

Kotak Mahindra Bank Limited v. Sh. Ranveer Singh and Others

DRT29 Jan 2026OA/1244/2023

Case brief

AI extract

What is this about?

In an ex-parte original application filed by Kotak Mahindra Bank Limited for recovery of a specific cited amount, the tribunal held the defendants jointly and severally liable. The court exercised discretion to lower the claimed interest rate and directed enforcement via hypothecated properties or attachment of personal assets.

What did the court decide?

Recovered Rs.70,82,325.59 with costs and simple interest at 8% p.a.; Order for Recovery Certificate issued.

Kotak Mahindra Bank Limited versus Sh. Ranveer Singh and… — Execution and Attachment | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1244/2023

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 24.10.2023

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DATE OF DECISION: 29.01.2026

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Kotak Mahindra Bank Limited, a body corporate constituted under Banking Regulations Act, 1949 having its Registered Office at 27ВКС, C 27, G-Block, Bandra Kurla Complex, Bandra (E) Mumbai-400051 and the successor to ING Vyasa Bank under the Amalgamation scheme on 01.04.2015, sanctioned by the Reserve Bank of India in exercise of powers contained in sub section (4) of Section 44A, of the Banking Regulations Act, 1949 having its branches all over India including branch at Kotak Mahindra Bank Ltd., Commercial Banking SCO-153154-155, Basement, Sec-9C, Madhya Marg, Chandigarh through its Authorized Representative Sh. Munish Sharma.

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……..Applicant

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Versus

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Sh. Ranveer Singh Son of Sh. Harnek Singh, R/o House No.642, Village Ghagga, Hadbast No.183, Tehsil Samana, District Patiala, Punjab-148024.

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Smt. Sarjeet Kaur W/o Sh. Harnek Singh, R/o House No.642, Village Ghagga, Hadbast No.183, Tehsil Samana, District Patiala, Punjab-148024.

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Sh. Gurmel Singh, Son of Sh. Puran Singh, R/o House No.102, Village Ghagga, Hadbast No.183, Tehsil Samana, District Patiala, Punjab-148024.

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….……Defendants

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Advocates:

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Argued by, Sh. Rajan Puri, Advocate for Applicant (through VC)

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Defendants already ex parte vide order dated 20.09.2024

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993,

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2 OA/1244/2023 KOTAK MAHINDRA BANK LTD. VS. RANVEER SINGH AND OTHERS

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against the defendants for recovery of Rs.70,82,325.59 (Rupees Seventy Lacs Eighty Two Thousand Three Hundred Twenty Five and Paise Fifty Nine Only). The Original Application has been filed through Sh. Munish Sharma, Authorized Representative of the applicant who is competent to institute the Original Application vide Board Resolution dated 31.08.2023, which is Annexure A2 to this OA.

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The brief facts of the OA are that the defendant nos. 1 and 2 approached the applicant for the grant of KCC Limit of Rs.47.00 Lacs vide Loan application dated 24.11.2014. Defendant no. 3 stood as guarantor.

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The applicant sanctioned the KCC Limit of Rs.47.00 Lacs vide Credit arrangement letter dated 28.11.2014, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants.

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Defendant no.1 mortgaged his immovable properties i.e. land measuring 60K-00M (7.50 Acers) detailed as under:

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(i) Land measuring 20K-00M (2.5 Acers) situated at Village Attalan, Tehsil Patran, District Patiala, Punjab

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(ii) Land measuring 40K-00M (5 Acers) situated at Village Ghagga, Tehsil Patran, District Patiala, Punjab

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vide Declaration u/s 4(1) dated 22.12.2014, which is Annexure A10 to this ОА; Letter for marking of lien dated 22.12.2014, which is Annexure A11 to this OA.

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Documents executed: Notification dated 01.04.2015 regarding amalgamation of ING Vyasa Bank Limited with Kotak Mahindra Bank Limited, which is Annexure A1 to this OA; Pronote, Take delivery letter to DPN, Hypothecation agreement, Consent letter executed by the borrower, Undertaking cum letter of authorization for insuring crop

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and other movable assets, Consent executed by all the defendants,

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Guarantee bond, Consent letter executed by the guarantor, all dated

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28.11.2014, which are Annexures A4 to A9 & A12 & A13 to this

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3 OA/1244/2023 KOTAK MAHINDRA BANK LTD. VS. RANVEER SINGH AND OTHERS

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OA; Legal notice dated 21.09.2023, which is Annexure A14 to this OA and Statement of account with certificate, which is Annexure A15 to this OA.

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The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs.70,82,325.59, 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.

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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 20.09.2024.

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In support of the OA, affidavit of Sh. Munish Sharma, Manager, Kotak Mahindra Bank Ltd., has been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned counsel through video conferencing that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexures A1 to A15 to this OA, it is proved that the defendants approached applicant for availing of the loan facility which was granted to them and for that they had executed all the relevant documents in favour of the applicant. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendants was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.70,82,325.59 (Rupees Seventy Lacs Eighty Two Thousand Three Hundred Twenty Five and Paise Fifty Nine Only) with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the account.

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4 OA/1244/2023 KOTAK MAHINDRA BANK LTD. VS. RANVEER SINGH AND OTHERS

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In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed [email protected]%p.a. with 2% penal interest with half yearly rests from 22.06.2023 till the realization.

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The Tribunal is of the considered opinion that sometimes in appropriate cases the prerogative of mercy is the brightest jewel in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including nature of the mortgaged property/hypothecated assets, undertaking of the defendants, quantum of loan and prevalent market rates of interest which have gone drastically downhill in yester years, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @8.00%p.a. in the loan account from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.70,82,325.59 (Rupees Seventy Lacs Eighty Two Thousand Three Hundred Twenty Five and Paise Fifty Nine Only) jointly and severally, with costs, current and future simple interest @8.00%p.a. in the loan account from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of hypothecated/mortgaged properties of the defendants in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the applicant still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law.

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12. Any other application pending stands disposed of.

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Issue Recovery Certificate accordingly.

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5 OA/1244/2023 KOTAK MAHINDRA BANK LTD. VS. RANVEER SINGH AND OTHERS

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Parties to appear before Learned Recovery Officer of this Tribunal on 11.02.2026.

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Copy of this order be given dasti to the applicant and be sent to defendants through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned.

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Pronounced by me in the open Tribunal .

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Dated: 29.01.2026.

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(MRIDULESH KUMAR SINGH)

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Presiding Officer,

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DRT-III, Chandigarh

Kotak Mahindra Bank Limited v. Sh. Ranveer Singh and Others

Case brief

What is this about?

What did the court decide?

Kotak Mahindra Bank Limited v. Sh. Ranveer Singh and Others

Case brief

What is this about?

What did the court decide?

What the court decided

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