The Debts Recovery Tribunal allowed the bank's application for recovery under the RDB Act, directing sale of mortgaged land and crops to discharge dues of over 56 lakhs including interest.
Recovery of ₹56,65,754.44p with interest; issuance of Recovery Certificate; distribution of sale proceeds of mortgaged land and crops.
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.
IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 688/2023
Date of Institution: 29.03.2023 Date of Decision: 09.03.2026
Punjab National Bank (erstwhile Oriental Bank of Commerce) having its branches all over India and a branch at Circle Sastra Centre, Civil Lines, Jalandhar, Punjab.
……..Applicant
Vs.
……….Defendants
Advocates
Sh. Anirudh Gupta, Counsel for the applicant bank. Defendants - ex parte vide order dated 14.05.2024 .
OA for the Recovery of ₹56,65,754.44p with interest @10.50% per annum with half-yearly rests from 29.03.2023.
ORDER
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interest @10.50% per annum with half-yearly rests. Defendants had duly acknowledged their liability towards the debt on 30.11.2012, 15.10.2015, 13.03.2018 and 25.02.2021. On 22.03.2023, a sum of ₹56,65,754.44p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
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1 issue framed by the court
Whether the RBI vides order dated 14.05.2024 in the application of the bank for recovery by sale of mortgaged land and hypothecated crops was valid.
2 provisions across 1 enactments
Punjab National Bank (erstwhile Oriental Bank of Commerce)
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
