Allowed

Kotak Mahindra Bank Limited v. Sh. Paramjit Singh

DRT14 Sept 2026OA/141/2024

Case brief

AI extract

What is this about?

A bank applied under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 for recovery of Rs. 33,61,997 with interest. The Tribunal found that the bank had advanced a loan and that the amount remained due, allowed the application, and directed recovery through a recovery certificate against the mortgaged land and the defendants' personal movable and immovable properties.

What did the court decide?

Recovery of Rs. 33,61,997 with interest at 12% per annum with half-yearly rests from 17.01.2024 and costs was allowed; the defendants were jointly and severally liable, and recovery was directed against the mortgaged land and their personal movable and immovable properties.

Kotak Mahindra Bank Limited versus Sh. Paramjit Singh — Banking and Recovery | DRT (2026)

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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: 141/2024 Date of Institution: 17.01.2024 Date of Decision: 14.09.2026

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Kotak Mahindra Bank Limited (erstwhile ING Vyasa Bank Limited) having its branches all over India and a branch at SCO No. 153-155, Sector 9-C, Chandigarh.

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……..Applicant

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Vs.

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Sh. Paramjit Singh, r/o H.No. 78, Village Dinewal, Tehsil Khandur Sahib, Distt Tarn Taran, Punjab.

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Sh. Mukhtar Singh, r/o H.No. 232, Village Dinewal, Tehsil Tarn Taran, Distt Amritsar, Punjab.

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Sh. Joga Singh s/o Sh. Ujagar Singh, r/o House No. 18, Village Dinewal, Tehsil Khandur Sahib, Distt Tarn Taran, Punjab.

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……….Defendants

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Advocates

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Sh. Sukhvinder Singh, Counsel for the applicant bank. Defendants- ex parte vide order dated 20.03.2025 .

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OA for the Recovery of ₹33,61,997/- with interest @12% per annum with half-yearly rests from 17.01.2024.

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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 ₹33,61,997/- with interest against Sh. Paramjit Singh and others (defendants).

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Bank’s case is that on 19.04.2014, it had granted K.C.C Limit of ₹26.00 Lacs to defendant Nos.1 and 2 in the form of for agricultural purpose. To secure the loan, Defendant No.2 had mortgaged his land (fully detailed in para No.3A of the application). Defendant No.3 stood as guarantor vide Guarantee Bond dated 28.04.2014. The loan was

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chargeable to interest @12% per annum with half-yearly rests. On 07.11.2023, a sum of ₹33,61,997/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 12.02.2024, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 20.03.2025, 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-16. 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 loan of ₹26.00 Lacs and on 07.11.2023, a sum of ₹33,61,997/- was due. 6. Accordingly, the application of the bank for the recovery of ₹33,61,997/- (Rupees Thirty Three Lacs Sixty One Thousand Nine Hundred Ninety Seven Only) with interest @12% per annum with halfyearly rests from 17.01.2024, 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 15.10.2026.

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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: 14.09.2026 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Kotak Mahindra Bank Limited v. Sh. Paramjit Singh

Case brief

What is this about?

What did the court decide?

Kotak Mahindra Bank Limited v. Sh. Paramjit Singh

Case brief

What is this about?

What did the court decide?

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