The Tribunal allowed the Original Application filed by Kotak Mahindra Bank Limited for recovery of Rs. 14,92,91,389.40 plus interest and costs against the defendants, declaring them jointly liable for the outstanding debt.
Recovery Certificate issued for principal amount of Rs. 14,92,91,389.40 with simple interest at 8% p.a. and costs.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO. 312/2024
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 28.02.2024
DATE OF DECISION: 29.07.2026
Kotak Mahindra Bank Limited, a corporate body constituted under the Banking Companies Act, V of 1970, having its Registered Office at 27, BKC, C-27, G-Block, Bandra Kurla Complex, Bandra East, Mumbai, and having one of its Branch Offices at SCO No. 153-155, Sector 9-C, Chandigarh, through its Authorised Officer.
Versus
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OA/312/2024 KOTAK MAHINDRA BANK LIMITED VS. SH. SOHAN SINGH AND OTHERS
Advocates:
Argued by Sh. Nitin Ahluwalia, Advocate for Applicant. None for Defendants (Defendant nos. 1 to 4 were proceeded ex-parte vide order dated 11.05.2026 & Defendant no. 5 proceeded ex-parte vide order dated 15.07.2026)
FINAL ORDER
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OA/312/2024 KOTAK MAHINDRA BANK LIMITED VS. SH. SOHAN SINGH AND OTHERS
which is Annexure A8 to this OA; Guarantee Bond dated 11.09.2013, which is Annexure A9 to this OA; Consent Letter (Borrower) dated 11.09.2013, which is Annexure A10 to this OA; Consent Letter (Guarantor) dated 11.09.2013, which is Annexure A11 to this OA; Undertaking dated 11.09.2013, which is Annexure A12 to this OA; Legal Notice dated 15.09.2016, which is Annexure A14 to this OA; Postal Receipts dated 15.09.2016, which are Annexure A15 to A18 to this OA; Statement of Account, which is Annexure A19 to this OA.
From the perusal of all the Annexures A1 to A19 to this OA, it is proved that the defendant no. 1 & 2, approached the applicant for availing of the loan facility, which was granted to them. Defendant nos.3 to 5 stood as guarantor. They had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties.
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OA/312/2024 KOTAK MAHINDRA BANK LIMITED VS. SH. SOHAN SINGH AND OTHERS
Subsequently, account of the defendants was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.14,92,91,389.40 (Rupees Fourteen Crore Ninety Two Lac Ninety One Thousand Three Hundred Eighty Nine and Paise Forty Only), along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the amount.
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OA/312/2024 KOTAK MAHINDRA BANK LIMITED VS. SH. SOHAN SINGH AND OTHERS
sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law.
12. Any other application pending stands disposed of.
Dated: 29.07.2026.
(MRIDULESH KUMAR SINGH)
Presiding Officer,
DRT-III, Chandigarh
2 issues framed by the court
Whether the Application for recovery of dues under Section 19 of the RDB Act was allowed.
Whether the interest rate was fixed at 8% per annum per annum.
1 provisions across 1 enactments
Kotak Mahindra Bank Limited
Sh. Sohan Singh
Ms. Gurjit Kaur
Sh. Simranjot Singh
Sh. Mohan Singh
Sh. Tejinder Pal Singh
MRIDULESH KUMAR SINGH
As recorded by the court registry
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