Allowed

Punjab National Bank v. Sh. Bhagwant Singh

DRT4 Jul 2026OA/1437/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal adjudicated an application by Punjab National Bank for recovery of a due loan amount of ₹32,10,266.66p along with interest. Ruling in favour of the bank as its case was proved, the Tribunal disposed of the pending applications, directed the issuance of a Recovery Certificate, and listed the parties before the Recovery Officer for distribution of proceeds.

What did the court decide?

The application for recovery of ₹32,10,266.66p with interest was allowed; a Recovery Certificate was directed to be issued and parties listed before the Recovery Officer.

Punjab National Bank versus Sh. Bhagwant 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: 1437/2023 Date of Institution: 01.08.2023 Date of Decision: 04.07.2026

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Punjab National Bank having its branches all over India and a branch at Aliwal, Tehsil and District Gurdaspur, Punjab.

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……..Applicant

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Vs.

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Sh. Bhagwant Singh s/o Sh. Sadhu Singh, r/o Village Chatha, Tehsil Batala District Gurdaspur, Punjab.

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Sh. Malkeet Singh s/o Sh. Bhagwant Singh, r/o Village Chatha, Tehsil Batala District Gurdaspur, Punjab.

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……….Defendants

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Advocates

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Sh. Manish Singla, Counsel for the applicant bank. Mr. Puneet Gautam, Senior Manager of the Applicant Bank. Defendants- ex parte vide order dated 17.09.2024 .

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OA for the Recovery of ₹32,10,266.66p with interest @9.35% per annum with half-yearly rests from 01.08.2023.

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ORDER

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Punjab National Bank has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of ₹32,10,266.66p with interest against Sh. Bhagwant Singh and another (defendants).

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Bank’s case is that on 26.08.2018, it had granted a loan of ₹20.00 Lacs to the defendants in the form of K.C.C Limit for agricultural purpose. To secure the loan, Defendant No.1 had mortgaged his land (fully detailed in para No.3A of the application). The loan was chargeable to interest @9.35% per annum with half-yearly rests. Defendants had duly acknowledged their liability towards the debt on 03.12.2018 and 21.10.2021. On 31.03.2023, a sum of ₹32,10,266.66p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 06.09.2023, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 17.09.2024, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Sh. Baljinder Singh, Manager along with the loan and security documents and marked them as Exhibit A-1 to A-10. 5. I have perused the evidence on the record. Mr. Puneet Gautam, Senior Manager is present along with the original documents which have been perused by me. The same have been returned to him after perusal. I am of the considered view that the Bank has proved its case that it had advanced the loan of ₹20.00 Lacs and on 31.03.2023, a sum of ₹32,10,266.66p was due. 6. Accordingly, the application of the bank for the recovery of ₹32,10,266.66p (Rupees Thirty Two Lacs Ten Thousand Two Hundred Sixty Six and Paise Sixty Six Only) with interest @9.35% per annum with half-yearly rests from 01.08.2023, 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 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 06.08.2026, 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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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: 04.07.2026 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Punjab National Bank v. Sh. Bhagwant Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Sh. Bhagwant Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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