Allowed

Punjab National Bank v. Sh. Ajaib Singh

DRT27 Aug 2026OA/515/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an applicant bank's application for recovery of ₹25,53,379/- with interest against a defaulting respondent who did not appear. The court held the loan advanced and dues established, permitting recovery via sale of mortgaged land or personal assets, and directed issuance of a recovery certificate.

What did the court decide?

Application for recovery of ₹25,53,379/- with interest allowed; recovery certificate to be issued; party to appear on 28.09.2026.

Punjab National Bank versus Sh. Ajaib Singh — Execution and Attachment | 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: 515 of 2023 Date of Institution: 23.03.2023 Date of Decision: 27.08.2026

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Punjab National Bank having its branches all over India and a branch at Chogawan, District Amritsar, Punjab.

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……..Applicant Vs.

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Sh. Ajaib Singh s/o Sg. Gyan Singh r/op Village Cheleke, Tehsil Ajnala, District Amritsar, Punjab. ……….Defendant Advocates Sh. Manish Singla, Counsel for the applicant bank. Defendant - ex parte . OA for the Recovery of ₹25,53,379/- with interest @8.95% per annum with half-yearly rests from 23.03.2023.

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ORDER

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Punjab National Bank (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of ₹25,53,379/- with interest against Sh. Ajaib Singh (defendant).

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Bank’s case is that on 20.09.2017, it had granted a loan of ₹16.00Lacs to defendant in the form of K.C.C Limit for agricultural purpose. To secure the loan, Defendant had mortgaged his land (fully detailed in para No.3A of the application). The loan was chargeable to interest @8.95% per annum with half-yearly rests. The defendant had acknowledged the liability towards the debt on 10.09.2020. On 02.10.2022, a sum of ₹25,53,379/- was due from the defendant. Despite repeated requests, defendant did not make the repayment. Hence, this application.

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3. On 13.04.2023, summons was sent to the defendant by registered
post, which was duly served. However, defendant did not put in
appearance. Vide order dated 08.04.2024, he proceeded was_ex parte_.
4. In order to prove its case, the Bank has placed on record the
affidavit of Mr. Dinesh Kumar, Authorised Officer along with the loan and security documents and marked them as Exhibit A-1 to A-10. 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 ₹16.00Lacs and on 02.10.2022, a sum of ₹25,53,379/- was due.
6. Accordingly, the application of the bank for the recovery of
₹25,53,379/- (Rupees Twenty Five Lacs Fifty Three Thousand Three
Hundred Seventy Nine Only) with interest @8.95% per annum with half- yearly rests from 23.03.2023, till the date of payment is hereby allowed with costs. 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 defendant. 7. Pending IAs, if any, stand disposed of.
8. Recovery Certificate be issued accordingly.
9. Party is directed to appear before Recovery Officer on
28.09.2026.
10. A Copy of this order along with Recovery Certificate be sent to
the Recovery Officer as well as the party.
Pronounced in the open Court. (A S Narang) Dated: 27.08.2026 Presiding Officer DRT-1, Chandigarh

Punjab National Bank v. Sh. Ajaib Singh

Case brief

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Punjab National Bank v. Sh. Ajaib Singh

Case brief

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