Allowed

Punjab National Bank v. Mr. Prem Singh

DRT19 Aug 2026OA/81/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application for recovery of Rs 21,95,368.66 with interest. The borrower failed to appear despite summons. The court held the loan and dues were proved and allowed recovery via sale of mortgaged land and personal properties.

What did the court decide?

Recovery of Rs 21,95,368.66 with interest allowed. Recovery Certificate issued. Power to sell mortgaged land and sale proceeds distribution directed to Recovery Officer.

Punjab National Bank versus Mr. Prem Singh — Banking and Recovery | 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: 81 of 2024 Date of Institution: 22.12.2023 Date of Decision: 19.08.2026

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Punjab National Bank having its branches all over India and a branch at Village Mari Buchian, Tehsil Batala, District Gurdaspur, Punjab.

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……..Applicant

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Vs.

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Mr. Prem Singh S/O Sh. Ajit Singh R/O Village Bharath, Tehsil Batala, District Gurdaspur, Punjab.

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……….Defendant

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Advocates

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Sh. S.N. Sharma, Counsel for the applicant bank along with Mr. Vinay Kumar, Deputy Manager of the Applicant Bank. Defendant - ex parte .

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OA for the Recovery of ₹21,95,368.66p with interest @11.50% per annum with half-yearly rests from 22.12.2023.

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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 ₹21,95,368.66p with interest against Sh. Prem Singh (defendant).

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Bank’s case is that on 02.12.2015, it had granted a loan of ₹12.00Lacs 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 @11.50% per annum with half-yearly rests. The defendant had acknowledged the liability towards the debt on 18.12.2018 and 13.10.2021. On 30.11.2023, a sum of ₹21,95,368.66p was due from the

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defendant. Despite repeated requests, defendant did not make the repayment. Hence, this application.

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On 31.01.2024, summons was sent to the defendant by registered post, which was duly served. However, defendant did not put in appearance. Vide order dated 06.11.2024, he proceeded was ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Vikas Mahajan, Authorised Officer along with the loan and security documents and marked them as Exhibit A-1 to A-15. 5. I have perused the evidence on the record. Mr. Vinay Kumar, Deputy Manager is present along with the original documents which have been perused by me. The same has been returned to him after perusal. I am of the considered view that the Bank has proved its case that it had advanced the loan of ₹12.00Lacs and on 30.11.2023, a sum of ₹21,95,368.66p was due.

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Accordingly, the application of the bank for the recovery of ₹21,95,368.66p (Rupees Twenty One Lacs Ninety Five Thousand Three Hundred Sixty Eight and Sixty Six Paise Only) with interest @11.50% per annum with half-yearly rests from 22.12.2023, 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.

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Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Party is directed to appear before Recovery Officer on 21.09.2026, who is directed to distribute the sale proceeds of the

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mortgaged property(ies) and standing crops as per the provisions of Section 19(20-AB) of the Act . 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: 10.08.2026 Presiding Officer DRT-1, Chandigarh

Punjab National Bank v. Mr. Prem Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Mr. Prem Singh

Case brief

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What did the court decide?

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