Allowed

Punjab National Bank (Oriental Bank of Commerce) v. Sh. Kuldeep Singh

DRT13 Mar 2026OA/1670/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application under Section 19 of the RDB Act to recover dues. The court found the bank proved the loan advance and outstanding debt. An order for payment and issuance of a recovery certificate was passed, with enforcement remanded to the Recovery Officer.

What did the court decide?

Recovery of ₹23,59,753.31p with interest @10.80% p.a. from 27.08.2023, costs, and issuance of a Recovery Certificate for enforcement.

Punjab National Bank (Oriental Bank of Commerce)… — Contract and Commercial Disputes | 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: 1670/2023 Date of Institution: 27.08.2023 Date of Decision: 13.03.2026

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Punjab National Bank (erstwhile Oriental Bank of Commerce) having its branches all over India and a branch at M.L.M. Sr. Sec. School Railway Road, Ferozepur, Tehsil and District Ferozepur and Circle SASTRA Moga, Tehsil and District Moga, Punjab.

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……..Applicant Vs.

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Sh. Kuldeep Singh Son of Sh. Resham Singh Resident of Village Kamalwala (Muthianwala), Post office Arifke, Tehsil and District Ferozepur, Punjab.

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Sh. Iqbal Singh Son of Sh. Resham Singh Residents of Village Kamalwala (Muthianwala), Post office Arifke, Tehsil and District Ferozepur, Punjab.

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……….Defendants

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Advocates

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Sh. Aseem Kataria, Counsel for the applicant bank. Defendants - ex parte vide order dated 18.07.2024 .

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OA for the Recovery of ₹23,59,753.31p with interest @10.80% per annum with half-yearly rests from 27.08.2023.

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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 ₹23,59,753.31p with interest against Sh. Kuldeep Singh and others (defendants).

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Bank’s case is that on 15.09.2014, it had granted a loan of ₹17.56Lacs to defendant No.1 in the form of O.G.C Limit for agricultural purpose. To secure the loan, Defendant No.1 had mortgaged his agricultural land (fully detailed in para No.3A of the application). Defendant No.2 stood as guarantor vide agreement of guarantee dated

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23.09.2014. The loan was chargeable to interest @10.80% per annum with half-yearly rests. Defendants had duly acknowledged their liability towards the debt on 15.09.2017 and 01.09.2020. On 22.08.2023, a sum of ₹23,59,753.31p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 11.10.2023, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 18.07.2024, 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. Rajesh Sachdeva, Manager along with the loan and security documents and marked them as Exhibit A-1 to A-12.

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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 ₹17.56 Lacs and on 22.08.2023, a sum of ₹23,59,753.31p was due.

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Accordingly, the application of the bank for the recovery of ₹23,59,753.31p (Rupees Twenty Three Lacs Fifty Nine Thousand Seven Hundred Fifty Three and Paise Thirty One Only) with interest @10.80% per annum with half-yearly rests from 27.08.2023, 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.

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Pending IAs, if any, stand disposed of.

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Recovery Certificate be issued accordingly.

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Parties are directed to appear before Recovery Officer on 22.04.2026, 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 . 10. 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: 13.03.2026 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Punjab National Bank (Oriental Bank of Commerce) v. Sh. Kuldeep Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank (Oriental Bank of Commerce) v. Sh. Kuldeep Singh

Case brief

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What did the court decide?

What the court decided

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