The Tribunal allowed an application for recovery of a loan of approximately ₹47.50 Lakhs plus interest. The bank proved its case regarding the advance of agricultural loans and the liability acknowledged by the respondents, who appeared ex parte.
Recovery of ₹47,50,113/- with interest at 10.95% p.a. and costs; Issuance of Recovery Certificate.
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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 460 of 2024 Date of Institution: 27.02.2024 Date of Decision: 27.04.2026
Canara Bank having its branches all over India and a branch at Nagar, Tehsil Phillaur, Distt. Jalandhar, Punjab.
……..Applicant
Vs.
……….Defendants
Advocates
Sh. Sumit Batra, Counsel for the applicant bank. Defendants - ex parte .
OA for the Recovery of ₹47,50,113/- with interest @10.95% per annum with half-yearly rests from 27.02.2024.
ORDER
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annum with half-yearly rests. The defendants had acknowledged the liability towards the debt on 02.04.2022. On 30.09.2023, a sum of ₹47,50,113/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
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mortgaged property(ies) 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 parties. Pronounced in the open Court. (A S Narang) Dated: 27.04.2026 Presiding Officer DRT-1, Chandigarh (Law Researcher)
2 issues framed by the court
Whether the applicant bank successfully established its case for recovery of the outstanding loan amount and interest against the respondents.
Whether the application for recovery of the principal amount with interest and costs was allowable under the Act.
2 provisions across 1 enactments
Canara Bank
Smt. Ramanjit Kaur
Smt. Gurmit Kaur
A S NARANG
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
