Allowed

Punjab and Sind Bank v. Sarandeep Singh

DRT15 Jan 2026OA/465/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application for recovery of dues totaling Rs.21,43,296.86 with interest granted under Section 19 of the RDB Act. The court confirmed the defendants' liability and directed recovery via sale of mortgaged land.

What did the court decide?

Recovery of Rs.21,43,296.86 with interest; Recovery Certificate issued; Directions for sale of mortgaged land.

Punjab and Sind Bank versus Sarandeep 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: 465/2023 Date of Institution: 13.02.2023 Date of Decision: 15.01.2026 Punjab and Sind Bank having its branches all over India and a branch at Mahilpur, Tehsil Garshankar, Distt. Hoshiarpur, Punjab. ……..Applicant Vs. 1. Sarandeep Singh s/o Sh. Sukhwinder Singh, r/o Village Mughowal, Tehsil Garshankar, Distt. Hoshiarpur, Punjab. 2. Ravi Kumar s/o Sh. Saroop Kumar, r/o Village Mughowal, Tehsil Garshankar, Distt. Hoshiarpur, Punjab.

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Punjab and Sind Bank having its branches all over India and a branch at Mahilpur, Tehsil Garshankar, Distt. Hoshiarpur, Punjab.

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……….Defendants

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Advocates

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Sh. MS Rana, Counsel for the applicant bank. Defendants - ex parte vide order dated 19.09.2024 .

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OA for the Recovery of Rs.21,43,296.86p with interest @9.70% per annum with half-yearly rests from 13.02.2023.

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ORDER

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Punjab and Sind Bank has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.21,43,296.86p with interest against Sh. Sarandeep Singh and others (defendants).

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Bank’s case is that on 21.08.2013, it had granted a loan of Rs.15.00 Lacs to defendant No.1 in the form of K.C.C Limit for agricultural purpose. To secure the loan, Defendant No.1 had mortgaged his land (fully detailed in para No.3A of the application). Defendant no.2 stood as guarantor vide guarantee bond dated 21.08.2013, (Annexure A- 13). The loan was chargeable to interest @9.70% per annum with halfyearly rests. Defendants had duly acknowledged their liability towards

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the debt on 30.01.2015, 20.01.2018. On 31.01.2023, a sum of Rs.21,43,296.86p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 31.03.2023, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 19.09.2024, 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. Vinay Kumar, Senior Manager along with the loan and security documents and marked them as Exhibit A-1 to A-21.

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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 Rs.15.00 Lacs and on 31.01.2023, a sum of Rs.21,43,296.86p was due. 6. Accordingly, the application of the bank for the recovery of Rs.21,43,296.86p (Rupees Twenty One Lacs Forty Three Thousand Two Hundred Ninety Six and Paise Eighty Six Only) with interest @9.70% per annum with half-yearly rests from 13.02.2023, 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. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 17.02.2026, who is directed to distribute the sale proceeds of the

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mortgaged land and standing crops as per the provisions of Section 19(20-AB) of the Act .

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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: 15.01.2026 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Punjab and Sind Bank v. Sarandeep Singh

Case brief

What is this about?

What did the court decide?

Punjab and Sind Bank v. Sarandeep Singh

Case brief

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What did the court decide?

What the court decided

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