Union Bank of India v. Charanjit Kaur
Case brief
What is this about?
The Debt Recovery Tribunal allowed Union Bank of India's application for recovery against the borrower and guarantor of an agricultural KCC cash credit facility. The Bank had proved the loan and outstanding liability through its evidence and documents. The Tribunal directed recovery of the amount with contractual interest and costs, including through sale of the hypothecated assets and mortgaged land and from the defendants' personal properties, with joint and several liability.
What did the court decide?
Recovery of Rs.27,77,285/- with interest at 10.35% per annum with half-yearly rests from 09.02.2024 until payment, plus costs, by sale of the hypothecated assets and mortgaged land and from the defendants' personal movable and immovable properties; recovery certificate to be issued.