Allowed

Punjab National Bank v. Prince Pal Singh

DRT28 Aug 2026OA/772/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal adjudicated an OA filed by Punjab National Bank for recovery of a loan of Rs.15 Lakhs. The court examined evidence proving the loan, security, and acknowledgment of debt, subsequently allowing the recovery application with interest and costs.

What did the court decide?

Allowed recovery of Rs.25,69,319/- with interest at 9.75% per annum and issued a recovery certificate.

Punjab National Bank versus Prince Pal Singh — Banking and Recovery | DRT (2026)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

¶2

BEFORE: A S NARANG, PRESIDING OFFICER

¶3

OA No: 772 of 2023 Date of Institution: 12.04.2023 Date of Decision: 28.08.2026

¶4

Punjab National Bank having its branches all over India and a branch at Mani Bazar, Fathegarh Churian, Tehsil Batala, District Gurdaspur, Punjab.

¶5

……..Applicant

¶6

¶7

Prince Pal Singh s/o Sh. Amrik Singh r/o Village Awan, P.O. Ramdas, Tehsil Ajnala, District Amritsar, Punjab.

¶8

Amrik Singh s/o Harin Singh r/o Village Awan, P.O. Ramdas, Tehsil Ajnala, District Amritsar, Punjab.

¶9

……….Defendants

¶10

Advocates

¶11

Sh. Sunil Salhotra proxy counsel for Sh. Rajesh Gupta, Counsel for the applicant bank. Defendants - ex parte .

¶12

OA for the Recovery of Rs.25,69,319/- with interest @9.75% per annum with half-yearly rests from 12.04.2023.

¶13

ORDER

¶14

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 Rs.25,69,319/- with interest against Sh. Prince Pal Singh and another (defendants).

¶15

Bank’s case is that on 09.05.2012, it had granted a loan of Rs.15.00Lacs to the defendants 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.5vi of the application). The loan was chargeable to interest @9.75% per annum with half-yearly rests. The

¶16

¶17

defendants had acknowledged the liability towards the debt on 28.02.2015, 12.10.2017 and 29.09.2020. On 30.09.2022, a sum of Rs.25,69,319/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

¶18

On 17.05.2023, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 21.04.2025, they were proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Daljit Singh, Senior Manager 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 Rs.15.00Lacs and on 30.09.2023, a sum of Rs.25,69,319/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.25,69,319/- (Rupees Twenty Five Lacs Sixty Nine Thousand Three Hundred Nineteen Only) with interest @9.75% per annum with halfyearly rests from 12.04.2023, till the date of payment is hereby allowed with costs. The liability of all 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. 7. Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 29.09.2026.

¶19

¶20

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: 28.08.2026 Presiding Officer DRT-1, Chandigarh

Punjab National Bank v. Prince Pal Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Prince Pal Singh

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Punjab National Bank versus Ajay Kumar

Canara Bank versus T Venkateshappa

Canara Bank versus M S Apparels

Icici Bank Limited versus M/S New Athwal Clinic

Canara Bank versus Shanti Trading Company Prop Biswajit Sarkar

M/s Suraj Traders Through Its Prop Shrawan Jaleshwar Prasad versus Canara Bank