Allowed

Indian Bank v. Lakhvir Singh

DRT29 Jan 2026OA/1937/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by Indian Bank for recovery of Rs. 68,56,395 with interest against the defendant, who failed to appear. The court affirmed the bank's claim based on a loan agreement and mortgage documents, directed the issuance of a Recovery Certificate, and ordered the sale of mortgaged lands and crops to satisfy the dues.

What did the court decide?

Recovery of Rs. 68,56,395 with interest; issuance of Recovery Certificate; direction to sale proceeds of mortgaged land and crops.

Indian Bank versus Lakhvir 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: 1937/2024 Date of Institution: 06.12.2024 Date of Decision: 29.01.2026

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Indian Bank having its branches all over India and a branch at Fatehgarh Sahib, Punjab.

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……..Applicant

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Vs.

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Lakhvir Singh s/o Sh. Rai Singh, r/o H.No.3, Village Moolepur, Tehsil Fatehgarh Sahib, District Fatehgarh Sahib, Punjab.

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……….Defendant

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Advocates

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Ms. Manjari Joshi, Counsel for the applicant bank. Defendant- ex parte vide order dated 04.08.2025 .

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OA for the Recovery of Rs.68,56,395/- with interest @8.85% per annum with yearly rests from 06.12.2024. ORDER

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Indian Bank has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.68,56,395/- with interest against Sh. Lakhvir Singh (defendant).

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Bank’s case is that on 26.03.2012, it had granted a loan of Rs.50.00 Lacs to defendant in the form of K.C.C Limit for agricultural purpose. The aforementioned K.C.C. Limit was renewed at Rs.50.00 Lacs on 07.05.2021. To secure the loan, Defendant had mortgaged his land (fully detailed in para No.3A of the application). The loan was chargeable to interest @8.85% per annum with yearly rests. Defendant had duly acknowledged his liability towards the debt on 05.05.2016, 13.03.2019, 07.05.2021 and 22.02.2024. On 02.11.2024, a sum of Rs.68,56,395/- was due from the defendant. Despite repeated requests, defendant did not make the repayment. Hence, this application.

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On 20.12.2024, summons was sent to the defendant by registered post, which was duly served. However, defendant did not put in appearance. Vide order dated 04.08.2025, he was proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Sh. Satnam Singh Walia, Manager along with the loan and security documents and marked them as Exhibit A-1 to A-17. 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 Rs.50.00 Lacs and on 02.11.2024, a sum of Rs.68,56,395/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.68,56,395/- (Rupees Sixty Eight Lacs Fifty Six Thousand Three Hundred Ninety Five Only) with interest @8.85% per annum with yearly rests from 06.12.2024, till the date of payment is hereby allowed with costs. Bank can recover its dues by the sale of mortgaged land and hypothecated crops fully detailed in para No.3A of the application as well as from the personal movable and immovable property(ies) of the defendant. 7. Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Party is directed to appear before Recovery Officer on 05.03.2026, 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 party. Pronounced in the open Court. (A S Narang) Dated: 29.01.2026 Presiding Officer DRT-1, Chandigarh

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MANOJ KALRA

Indian Bank v. Lakhvir Singh

Case brief

What is this about?

What did the court decide?

Indian Bank v. Lakhvir Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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