Allowed

Punjab National Bank v. Jai Singh

DRT20 Mar 2026OA/250/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank e application for recovery of a term loan of 15.00 Lacs along with accrued interest and costs against the defendants, who failed to appear and was proceeded ex parte. The Tribunal directed the issuance of a recovery certificate.

What did the court decide?

Recovery of 21,07,355/- with interest at 9.55% per annum; issuance of Recovery Certificate; joint and several liability of defendants.

Punjab National Bank versus Jai 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: 250/2025 Date of Institution: 06.02.2025 Date of Decision: 20.03.2026

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Punjab National Bank having its branches all over India and a branch at Rampur Bushashar, Shimla and Circle Sastra, Regent House, The Mall, Shimla, Himachal Pradesh.

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……..Applicant

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Vs.

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Jai Singh s/o Sh. Pitamber Dass, r/o Village Nasari, P.O. Summerkot, Tehsil Rohru, District Shimla, Himachal Pradesh.

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Prem Singh Thakur, s/o Sh. Roshan Lal, r/o Village & P.O. Racholi, Tehsil Rampur, District Shimla, Himachal Pradesh.

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……….Defendants

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Advocates

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Sh. Ankit Kaushal, Counsel for the applicant bank. Defendants - ex parte vide order dated 12.08.2025 .

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OA for the Recovery of ₹21,07,355/- with interest @9.55% per annum with monthly rests from 06.02.2025.

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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 ₹21,07,355/- with interest against Sh. Jai Singh and another (defendants).

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Bank’s case is that on 15.02.2018, it had granted a Term Loan of ₹15.00 Lacs to defendant No.1 for Housing purpose. To secure the loan, Defendant No.1 had mortgaged his property (fully detailed in para No.5.5 of the application). Defendant No.2 stood as guarantor vide guarantee agreement dated 15.02.2018. The loan was chargeable to interest @9.55% per annum with monthly rests. The defendants had acknowledged their liability towards the debt on 23.02.2021 and

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11.09.2023. On 31.12.2024, a sum of ₹21,07,355/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 18.02.2025, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 12.08.2025, they were proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Sh. Bhupinder Singh Raghuvanshi, Authorized Officer along with the loan and security documents and marked them as Exhibit A-1 to A-12. 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 ₹15.00 Lacs and on 31.12.2024, a sum of ₹21,07,355/- was due. 6. Accordingly, the application of the bank for the recovery of ₹21,07,355/- (Rupees Twenty One Lacs Seven Thousand Three Hundred Fifty Five Only) with interest @9.55% per annum with monthly rests from 06.02.2025, 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.5.5 of the application as well as from the personal movable and immovable property(ies) of the defendants. 7. Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 29.04.2026, who is directed to distribute the sale proceeds of the

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mortgaged property 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: 20.03.2026 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Punjab National Bank v. Jai Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Jai Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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