Allowed

Punjab and Sind Bank v. Sh. Gagandeep Singh

DRT7 Apr 2026OA/995/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by Punjab and Sind Bank for recovery of ₹26,69,096/- with interest from two defendants who were proceeded with ex parte for non-appearance, directing the issuance of a Recovery Certificate.

What did the court decide?

Recovery of ₹26,69,096/- with interest @11.70% per annum allowed; liability joint and several; Recovery Certificate issued.

Punjab and Sind Bank versus Sh. Gagandeep 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: 995/2025 Date of Institution: 10.06.2025 Date of Decision: 07.04.2026

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Punjab and Sind Bank having its branches all over India and a branch at Kotli Surat Malhi, District Gurdaspur, Punjab.

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……..Applicant

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Vs.

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Sh. Gagandeep Singh S/o Sh. Joginder Singh R/o Village & P.O. Passia Tehsil Ramdas, District Amritsar, Punjab.

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Sh. Harmanpreet Singh S/o Baljinder Singh R/o Village & P.O. Passia Tehsil Ramdas, District Amritsar, Punjab.

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……….Defendants

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Advocates

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Ms. Neha Arora, Counsel for the applicant bank. Defendants - ex parte vide order dated 05.03.2026 .

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OA for the Recovery of ₹26,69,096/- with interest @11.70% per annum with half-yearly rests from 10.06.2025.

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ORDER

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Punjab and Sind Bank has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of ₹26,69,096/- with interest against Sh. Gagandeep Singh and another (defendants).

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Bank’s case is that on 13.09.2019, it had granted a loan of ₹15.00 Lacs to defendant No.1 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.3A of the application). Defendant No.2 stood as guarantor vide guarantee deed dated 13.09.2019. The loan was chargeable to interest @11.70% per annum with half-yearly rests. Defendants had duly acknowledged their liability towards the debt on 23.06.2022. On 31.05.2025, a sum of ₹26,69,096/- was due from the

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defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
3. On 03.07.2025, summonses were sent to the defendants by
registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 05.03.2026, they were proceeded_ex_ parte.
4. In order to prove its case, the Bank has placed on record the
affidavit of Sh. Sudeep Kumar, Senior Manager along with the loan and security documents and marked them as Exhibit A-1 to A-18.
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
₹15.00 Lacs and on 31.05.2025, a sum of ₹26,69,096/- was due.
6. Accordingly, the application of the bank for the recovery of
₹26,69,096/- (Rupees Twenty Six Lacs Sixty Nine Thousand Ninety Six
Only) with interest @11.70% per annum with half-yearly rests from
10.06.2025, till the date of payment is hereby allowed with costs. The
liability of both 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
08.05.2026,who is directed to distribute the sale proceeds of the
mortgaged land and standing crops as per the provisions of Section 19(20-AB) of the Act.

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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: 07.04.2026 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Punjab and Sind Bank v. Sh. Gagandeep Singh

Case brief

What is this about?

What did the court decide?

Punjab and Sind Bank v. Sh. Gagandeep 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

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