CANARA BANK vs Chanpreet Singh on 9 May 2025

FINAL ORDER

This original application has been filed by the applicant bank, on 03'12'2015 through Smt' Abha Kapoor, Branch Manager of the applicant bank' under Section 19 of the RDB Act, 1993 against the defendants forrecoveryofasumofRs'10'83'541/-togetherwith fufther interest and other charges from date of filing of this O.A. tillthe realization in full'

2. The brief facts of the case are that at the request of the defendants, the applicant bank sanctioned a Cash Credit Facility in the nature of Car Loan called CANMOBILE of Rs'10,00,000/-' vide sanction letter dated 13.11.2014. The defendants executed all necessary loaning documents on 13'11'2014 and in furtherance thereof the defendants executed the continuing and subsisting guarantee in favour of applicant bank. The defendants executed the letter of o.. i

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hypothecation undertaking regarding the loan and advances on 13'11'2014' The defendants utilized the above said loan amount for the said purpose' Accordingly, the demand draft bearing no' 564042 dated 13.11.2014for Rs'10'00'000/- in favour of Libra Four Wheels Automobile was issued and the same was duly received by defendant no'l' To secure the said loan, the defendant nos'1 and 2 in their personal and individual capacity extended their guarantees and executed a document for the same dated 13'11'2014'

3. It is further submitted that the defendants enjoyed and utilized the Loan facility' but failed to maintain the financial discipline and failed to repay the due amounts' The applicant bank requested the defendants to regularize the loan account by visits and letters, but there was no response from the defendans. Therefore, the applicant bank serued a legal notice dated 11'01'2015 and 15'01'2015 to the defendants demanding the amount due as on that date, but failed to recover the same' Thus' the present O.M[A is preferred by the appticant bank to recover its dues.

4. On notice by this Tribunal' defendants failed to put appearance at all, despite publication' Accordingly' defendantswereproceededagainstexparteon 01.05.2018.

5. The applicant bank has filed its evidence by way of affidavit of Sh' latinder Singh Ahuja' Senior Manager of the applicant bank as Annexure A-1 to Annexure A9 along with the O.A which have gone unchallenged and c)

TANO. 19912023 un-rebutted. Hence, realization. the case of the aPPlicant bank J stands fulty established against the defendants with respect to nonpayment of EMI/ outstanding amount'

6. After perusing the records' this Tribunal is of the view that the applicant bank has proved its case beyond reasonable doubts' The documents and evidence filed by the applicant bank not rebutted by the defendants by not placing any evidence and there is no question of disbelieving the evidence filed by the applicant bank based upon the written/printed documents' Inthelightoftheabovediscussions,thepresentT.A. deserves to be allowed'

ORDER

1) I hereby allow this T'A' of the Appticant Bank and direct the defendant nos' 1 & 2 to pay jointly and severely to the applicant bank within 30 days from today, a sum of Rs'10'83'54U- along with cost' expenses and interest @ 10'70o/o from the date of filing of this O.A. which has become TA till the date of

2) In case of failure to deposit the above amount within the stipulated period' The same shall be recoveredfromthesaleofhypothecatedvehicleFord Eco Sport 1.5 Colour Mettalic Silver' Registration No' DLBCAF9627, Engine No' E833960' Chessis No' MAJAIC(MRKAEB33960 Class- LMV' In case of short fall' thesameshaltberecovetdPmthesaleofpersonal t)' I I l i i i I I

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movable and immovable assets of the defendant nos. 1 & 2.

3) Recovery Certiflcate be issued forthwith and be sent to Recovery Officer, Delhi. Debts Recovery Tribunal-Il,

4) The registry of this Tribunal is hereby directed to issue free copy of the order and send the same to both the Pafties.

5) Parties are direct to appear before the Ld' Recovery Officer, DRT-II, Delhion Og'07'2025' Pending IAs, if anY, stand disPosed of' File be consigned to records' Date : 09.05'2025 Date : 09.05.2025 lqa ( SU S HI L T-U M NA\-F& TOCI ) PRESIDING OFFICER DRT-II, Delhi (, 9A.. (susHrL KUqAR ruisiloct) PRESIDING OFFICER DRT-II, Delhi This judgement has been signed' dated and pronounced in oPen court' T