Debts Recovery Tribunal allowed a loan recovery application filed by Indian Bank against a defendant who failed to repay a Rs. 44.52 lakh KCC loan. The court granted a recovery certificate and ordered recovery from mortgaged properties.
Recovery Certificate issued against the defendant for Rs. 44,52,734 with 10% p.a. interest.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.1018/2022
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 26.05.2022
DATE OF DECISION: 16.12.2023
Indian Bank, a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Head Office at 66, Rajaji Salai, Chennai and Corporate Office at 254-260, Avvai Shanmugham Salai, Chennai, Tamil Nadu, 600014 and having its Zonal Office at Chandigarh and amongst other branches a branch at Mullanpur Garibdass, through Chief Manager, Mrs. Mamta Chamoli Thapliyal, duly constituted and Authorised Signatory
……..Applicant Versus Sh. Ajaib Singh S/o Sh. Surjan Singh R/o Village Palheri, Tehsil Kharar, District Mohali, Punjab
….……Defendant
Advocates:
Argued by Ms. Deepika Mittal, Advocate for the applicant Defendant is ex-parte
FINAL ORDER
2
Credit Card (KCC) Scheme of Rs.30.00 Lacs vide Loan application dated 29.08.2014, which is Annexure A2 to this OA.
3
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, undertaking of the defendant, 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 Tribunal deems it just and appropriate to grant uniform simple interest @10.00%p.a. in 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.
4
Pronounced by me in the open Tribunal. Dated: 16.12.2023
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
1 issue framed by the court
Whether the application under Section 19 of the RDBFI Act, 1993 for recovery of dues from the defendant succeeded.
2 provisions across 2 enactments
Indian Bank
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
