Allowed

Kotak Mahindra Bank Limited v. Smt. Ravinder Kaur and Others

DRT20 Apr 2026OA/735/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the bank application for recovery of a defaulted KCC loan of approximately Rs. 54 lakhs secured by mortgage and hypothecation. The court modified the interest rate from 12% to 8% p.a. and directed the issuance of a Recovery Certificate.

What did the court decide?

Recovery of Rs. 53,95,935.09 with interest @ 8% p.a. from date of application; issuance of Recovery Certificate; liberty to enforce through execution.

Kotak Mahindra Bank Limited versus Smt. Ravinder Kaur and Others — Money Laundering | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.735/2022

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 29.04.2022

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DATE OF DECISION: 20.04.2026

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Kotak Mahindra Bank Limited, a Body Corporate constituted under Banking Regulation Act, 1949 having its Registered Office at 27 BKC, C 27, G Block, Bandra Kulra Complex, Bandra (E), Mumbai- 400051 and the successor to ING Vyasa Bank under the Amalgamation Scheme on 01.04.2015, sanctioned by the Reserve Bank of India in exercise of powers contained in Sub-Section (4) of Section 44A of the Banking Regulation Act, 1949, having its Branches all over India including Branch at Kotak Mahindra Bank Limited Commercial Banking, SCO 153-154-155, Basement, Sector 9C, Madhya Marg, Chandigarh through its Authorized Representative, Sh. Munish Sharma

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……..Applicant

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Versus

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Smt. Ravinder Kaur, W/o Sh. Malkit Singh, R/o H. no. 22B, Village Kheri Bhima, Tehsil Samana, District Patiala, Punjab147001

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Sh. Malkit Singh, S/o Sh. Harnek Singh, R/o H. no. 22B, Village Kheri Bhima, Tehsil Samana, District Patiala, Punjab- 147001

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Sh. Kulbir Singh, S/o Sh. Harbans Singh, R/o Village Kheri Bhima, Tehsil Samana, District Patiala, Punjab- 147001

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…….Defendants

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Advocates:

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Argued by Sh. Rajan Puri, Advocate for applicant

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None for defendants (already ex-parte vide order dated 17.08.2023)

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, against the defendants for recovery of Rs. 53,95,935.09 (Rupees Fifty Three Lacs Ninety Five Thousand Nine Hundred Thirty Five and Paise

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2 OA/735/2022 KOTAK MAHINDRA BANK LIMITED VS. RAVINDER KAUR AND OTHERS

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Nine Only). The Original Application has been filed through Sh. Munish Sharma , Manager o f the applicant, who is competent to institute the Original Application vide Resolution dated 14.06.2021, which is Annexure A2 to this OA.

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The brief facts of the OA are that the defendant nos. 1 and 2 approached the applicant for the grant of KCC Limit of Rs. 45.00 Lacs vide Application dated 11.02.2014.

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The applicant sanctioned KCC Limit of Rs. 43.00 vide Credit Arrangement Letter dated 26.02.2014, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants. Defendant no. 3 stood as guarantor.

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Defendant no. 2 mortgaged his immovable property i.e. Land measuring 64K 00M situated at Village Kheri Bhima, Tehsil Samana, District Patiala, Punjab vide Mortgage Deed dated 06.03.2014, which is Annexure A10 and Letter of Marking of Lien dated 12.03.2014, which is Annexure A11 to this OA.

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Documents executed: Amalgamation of ING Vyasa Bank with Kotak Mahindra Bank dated 01.04.2015, which is Annexure A1 to this OA; Pronote, Take Delivery Letter, Hypothecation Agreement, Consent Letter executed by the defendant, Undertaking cum Letter of Authorization, Consent executed by all the defendants, Guarantee Bond and Consent letter executed by the guarantor, all dated 26.02.2014, which are Annexure A4 to A9 and A12 and A13 to this OA; Legal Notice dated 25.04.2022, which is Annexure A14 to this OA and Statement of Account with certificate, which is Annexure A15 to this OA.

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The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs. 53,95,935.09 which is recoverable and the defendants were served recall notice but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

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3 OA/735/2022 KOTAK MAHINDRA BANK LIMITED VS. RAVINDER KAUR AND OTHERS

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The defendants were served summons to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte vide order dated 17.08.2023.

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In support of the OA, affidavit of Sh. Munish Sharma, Manager, Kotak Mahindra Bank, has been filed.

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Heard ex-parte arguments and perused record.

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It was argued by learned counsel that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexure A1 to A15 to this OA, it is proved that the defendants approached applicant for availing of the loan facility which was granted to them and for that 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. 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. 53,95,935.09 (Rupees Fifty Three Lacs Ninety Five Thousand Nine Hundred Thirty Five and Paise Nine Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the account. 10. In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @12.00% p.a. along with @2% penal interest with monthly/half yearly rests from the date of institution of this Original Application till the realization.

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The Tribunal is of the considered opinion that sometimes in appropriate cases the prerogative of mercy is the brightest jewel in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including nature of the mortgaged property/hypothecated assets, undertaking of the defendants, quantum of loan and prevalent market rates of interest which have gone drastically downhill in yester years, while exercising the discretion vested in this Tribunal, this

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4 OA/735/2022 KOTAK MAHINDRA BANK LIMITED VS. RAVINDER KAUR AND OTHERS

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Tribunal deems it just and appropriate to grant simple interest @8.00% p.a. the loan account from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.53,95,935.09 (Rupees Fifty Three Lacs Ninety Five Thousand Nine Hundred Thirty Five and Paise Nine Only) jointly and severally with costs, current and future simple interest @8.00%p.a. in the loan account from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of hypothecated assets/mortgaged property of the defendants in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the applicant still remain unsatisfied, it shall be entitled to recover the same by attachment and 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. 13. Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 11.05.2026. 15. Copy of this order be given dasti to the applicant and be sent to defendants through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned. Pronounced by me in the open Tribunal. Dated: 20.04.2026

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(MRIDULESH KUMAR SINGH)

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Presiding Officer,

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DRT-III, Chandigarh

Kotak Mahindra Bank Limited v. Smt. Ravinder Kaur and Others

Case brief

What is this about?

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Kotak Mahindra Bank Limited v. Smt. Ravinder Kaur and Others

Case brief

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