Allowed

Bank of India v. Vivek Nayyar

DRT7 Apr 2026OA/1806/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the bank's application for recovery of ₹1.03 crores along with interest, establishing the loan and due amount. Liability was declared joint and several, and the bank was directed to recover dues via sale of mortgaged property or personal assets under Section 19.

What did the court decide?

Application allowed for recovery of ₹1,03,72,954.80p with interest; Recovery Certificate issued; Sale of mortgaged property authorized; Recovery Officer appointed for distribution of proceeds.

Bank of India versus Vivek Nayyar — 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: 1806/2023 Date of Institution: 14.10.2023 Date of Decision: 07.04.2026

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Bank of India having its branches all over India and a branch at Hall Bazaar, Amritsar, Punjab. ……..Applicant

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Vs.

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Sh. Vivek Nayyar s/o Late Sh. Harbans Lal Nayyar, r/o B-29, Ranjit Avenue, Amritsar, Punjab.

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Smt. Priya Nayyar w/o Sh. Vivek Nayyar, r/o B-29, Ranjit Avenue, Amritsar, Punjab. ……….Defendants

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Advocates

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Ms. Lovedeep kaur proxy counsel for Ms. Puja Sharma, Counsel for the applicant bank.

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Defendants - ex parte vide order dated 10.02.2025 .

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OA for the Recovery of ₹1,03,72,954.80p with interest @9.45% per annum with monthly rests from 14.10.2023.

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ORDER

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Bank of India has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of ₹1,03,72,954.80p with interest against Sh. Vivek Nayyar and another (defendants).

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Bank’s case is that on 23.07.2020, it had granted Term Loan of ₹100.00Lacs to the defendants under Bank of India Star Home Loan Scheme for Housing purpose. To secure the loan, Defendants had mortgaged their property (fully detailed in para No.3A of the application). The loan was chargeable to interest @9.45% per annum with monthly rests. Defendants had duly acknowledged their liability towards the debt on 17.07.2023. On 21.07.2023, a sum of ₹1,03,72,954.80p was due from the defendants. Despite repeated

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requests, defendants did not make the repayment. Hence, this application.

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On 01.11.2023, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 10.02.2025, 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. Giriraj Saxena, Chief Manager along with the loan and security documents and marked them as Exhibit A-1 to A-15.

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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 ₹100.00 Lacs and on 21.07.2023, a sum of ₹1,03,72,954.80p was due. 6. Accordingly, the application of the bank for the recovery of ₹1,03,72,954.80p (Rupees One Crore Three Lacs Seventy Two Thousand Nine Hundred Fifty Four and Paise Eighty Only) with interest @9.45% per annum with monthly rests from 14.10.2023, 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 property 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 08.05.2026, who is directed to distribute the sale proceeds of the mortgaged property 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: 07.04.2026 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Bank of India v. Vivek Nayyar

Case brief

What is this about?

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Bank of India v. Vivek Nayyar

Case brief

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