Allowed

Punjab National Bank v. Sh. Ratan Singh

DRT20 Jul 2026OA/1852/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery of ₹21,03,907.56 and interest after finding evidence established the loan and default. The court issued a direction for the sale of mortgaged agricultural land and other property to satisfy the debt.

What did the court decide?

Recovery of ₹21,03,907.56 with interest at 10.15% per annum; Recovery Certificate issued; Sale of mortgaged land and other property directed.

Punjab National Bank versus Sh. Ratan Singh — Banking and Recovery | DRT (2026)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

¶2

BEFORE: A S NARANG, PRESIDING OFFICER

¶3

OA No: 1852/2023 Date of Institution: 26.10.2023 Date of Decision: 20.07.2026

¶4

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

¶5

……..Applicant Vs.

¶6

Sh. Ratan Singh s/o Sh. Thakur Singh, r/o Village Shehzada, Tehsil Dera Baba Nanak, District Gurdaspur, Punjab.

¶7

……….Defendant

¶8

Advocates

¶9

Sh. S.N. Sharma, Counsel for the applicant bank along with Sh. Ajay Kumar, Senior Manager of the applicant bank. Defendant- ex parte vide order dated 24.07.2024 .

¶10

OA for the Recovery of ₹21,03,907.56p with interest @10.15% per annum with half-yearly rests from 26.10.2023.

¶11

ORDER

¶12

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 ₹21,03,907.56p with interest against Sh. Ratan Singh (defendant).

¶13

Bank’s case is that on 17.07.2015, it had granted a loan of ₹10.00 Lacs to defendant in the form of K.C.C Limit for agricultural purpose. To secure the loan, Defendant had mortgaged his land (fully detailed in para No.3A of the application). The loan was chargeable to interest @10.15% per annum with half-yearly rests. Defendant had duly acknowledged his liability towards the debt on 05.05.2018 and 17.12.2020. On 17.07.2023, a sum of ₹21,03,907.56p was due from the

¶14

¶15

defendant. Despite repeated requests, defendant did not make the repayment. Hence, this application.

¶16

On 17.11.2023, summons was sent to the defendant by registered post, which was duly served. However, defendant did not put in appearance. Vide order dated 24.07.2024, he was proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Sh. Rohit Kumar, Senior Manager along with the loan and security documents and marked them as Exhibit A-1 to A-13. 5. I have perused the evidence on the record. Mr. Ajay Kumar, Senior Manager, is present 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 ₹10.00 Lacs and on 17.07.2023, a sum of ₹21,03,907.56p was due.

¶17

Accordingly, the application of the bank for the recovery of ₹21,03,907.56p (Rupees Twenty One Lacs Three Thousand Nine Hundred Seven and Paise Fifty Six Only) with interest @10.15% per annum with half-yearly rests from 26.10.2023, till the date of payment is hereby allowed with costs. 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 defendant.

¶18

Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Party is directed to appear before Recovery Officer on 21.08.2026, who is directed to distribute the sale proceeds of the

¶19

¶20

mortgaged land and standing crops as per the provisions of Section 19(20-AB) of the Act .

¶21

A Copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the party. Pronounced in the open Court. (A S Narang) Dated: 20.07.2026 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Punjab National Bank v. Sh. Ratan Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Sh. Ratan Singh

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Sarabjeet Kaur versus Au Small Finance Bank Limited

State Bank of India versus Fatima Begum

Jammu and Kashmir Bank Limited versus Shugafta Hamid

Anirudh Kundra versus Icici Bank Limited

Konari Hamsa Koya versus Punjab National Bank

Punjab National Bank versus Mr. Bakhshish Singh @ Bakshish Singh