Allowed

Punjab National Bank v. Sh. Jaswinder Singh

DRT25 Aug 2026OA/218/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed a recovery application invoked by Punjab National Bank against two defendants, including a borrower and a guarantor, for a defaulted agricultural loan of approximately ₹29 lakhs enhanced to ₹45 lakhs. The court validated the bank's evidence and ordered recovery from mortgaged and personal assets.

What did the court decide?

Application allowed; recovery of ₹45,91,243.25p with interest ordered; Recovery Certificate to be issued; sale of mortgaged land permitted.

Punjab National Bank versus Sh. Jaswinder Singh — 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: 218/2024 Date of Institution: 31.01.2024 Date of Decision: 25.08.2026

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Punjab National Bank (erstwhile Oriental Bank of Commerce) having its branches all over India and a branch at Ferozepur Cantt., Ferozepur, Punjab.

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……..Applicant

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Vs.

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Sh. Jaswinder Singh s/o Sh. Gurbachan Singh, r/o H.No.189, Village Kohar Singh Wala, Tehsil Guruharsahai District Ferozepur, Punjab.

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Sh. Davinder Singh s/o Sh. Pal Singh, r/o Village Kohar Singh Wala Tehsil Guruharsahai District Ferozepur, Punjab.

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……….Defendants

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Advocates

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Sh. H.S. Bhatia proxy counsel for Sh. R.S. Bhatia, Counsel for the applicant bank. Defendants- ex parte vide order dated 15.05.2025 .

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OA for the Recovery of ₹45,91,243.25p with interest @9.70% per annum with half-yearly rests from 31.01.2024.

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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 ₹45,91,243.25p with interest against Sh. Jaswinder Singh and another (defendants).

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Bank’s case is that on 12.07.2012, it had granted a loan of ₹10.00 Lacs to defendant No.1 in the form of O.G.C Limit for agricultural purpose. Again on 03.02.2016, at the request of the defendants, bank enhanced the existing limit from ₹10.00 Lacs to ₹29,28,200/- to defendant no.1 for agricultural purpose. To secure the loan, Defendant No.1 had mortgaged his agricultural land (fully detailed in para No.3A of

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the application). Defendant No.2 stood as guarantor vide Agreement of Guarantee dated 04.02.2016. The loan was chargeable to interest @9.70% per annum with half-yearly rests. Defendants had duly acknowledged their liability towards the debt on 23.03.2015, 01.02.2019, 09.06.2020 and 24.05.2023. On 04.01.2024, a sum of ₹45,91,243.25p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 21.02.2024, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 15.05.2024, 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-18.

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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 ₹29,28,200/- and on 04.01.2024, a sum of ₹45,91,243.25p was due.

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Accordingly, the application of the bank for the recovery of ₹45,91,243.25p (Rupees Forty Five Lacs Ninety One Thousand Two Hundred Forty Three and Paise Twenty Five Only) with interest @9.70% per annum with half-yearly rests from 31.01.2024, 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. 9. Parties are directed to appear before Recovery Officer on 28.09.2026. 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: 25.08.2026 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Punjab National Bank v. Sh. Jaswinder Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Sh. Jaswinder Singh

Case brief

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What did the court decide?

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