Debts Recovery Tribunal allowed Punjab National Bank's application for recovery certificate against borrowers defaulting on housing and overdraft loans, granting uniform interest at 7% per annum.
Issuance of Recovery Certificate for Rs.33,44,037.45 plus interest at 7% p.a. from filing date.
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DEBTS RECOVERY TRIBUNAL-2, CHANDIGARH, PRESIDED OVER BY M.M. DHONCHAK
ORIGINAL APPLICATION NO.1741/2022
DATE OF INSTITUTION: 19.09.2022
DATE OF DECISION: 21st DAY OF JUNE, 2023
Punjab National Bank, a body corporate, having common seal and perpetual succession, constituted under the Banking Companies (Acquisition and Transfer of Undertaking), Act, 1970, carrying on Banking business and Head Office at Plot No.4, Sector-10, Dwarka, New Delhi110075 and one of the Branch amongst others, at Model Town, Sonepat, through its Attorney, Sh. Subhash Chander, Senior Manager, presently posted at Circle Sastra Centre, Panipat
…..Applicant Bank
Versus
…..Defendants
Argued by: Ms Arpita Sonkar, Manager Law for the applicant bank Defendants ex parte vide order dated 06.02.2023
FINAL ORDER
Present Original Application was instituted by the applicant
bank under Section 19(1) of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (hereinafter referred to as ‘the Act’ for brevity), against the defendants for recovery of Rs.33,44,037.45 (Rupees Thirty Three lacs Forty Four Thousand Thirty Seven and Forty Five Paisa only) . The OA has been filed through Sh. Subhash Chander, Senior Manager of the applicant bank,
OA/1741/2022 PUNJAB NATIONAL BANK VS SMT. MEENAKSHI AND ANOTHER 2
stated to be competent to institute the Original Application vide General Power of Attorney dated 01.06.2007, Annexure-A1 (copy).
OA/1741/2022 PUNJAB NATIONAL BANK VS SMT. MEENAKSHI AND ANOTHER 3
Sonepat, Haryana, fully described in para No. 5.6 of the Original Application.
Documents related to mortgage are as under:
It is further the case of the applicant bank that after adjusting debit and credit entries in the loan accounts, a sum of Rs.33,44,037.45 (Rupees Thirty Three lacs Forty Four Thousand Thirty Seven and Forty Five Paisa only) is recoverable against the defendants as per statements of accounts, certified under Bankers’ Books Evidence Act, Annexures-A20 and A22 (copy), calculations of recoverable dues in housing loan and overdraft accounts, AnnexuresA21 and A23 (copy) and, summary of suit amount in loan accounts, Annexure-A23A (copy).
OA/1741/2022 PUNJAB NATIONAL BANK VS SMT. MEENAKSHI AND ANOTHER 4
Since the defendants did not repay the outstanding amount, therefore, the applicant bank preferred the present Original Application for issuance of Recovery Certificate.
OA/1741/2022 PUNJAB NATIONAL BANK VS SMT. MEENAKSHI AND ANOTHER 5
This Tribunal is of the considered opinion that sometimes in appropriate cases the prerogatives of mercy and magnanimity are the brightest jewels in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including the Pandemic Covid-19 affecting businesses, nature of the mortgaged property, purpose of loan, i.e. housing, prevalent market rates of interest which have gone drastically downhill in yesteryears and defendant No.1 being a lady, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @7% per annum from the date of filing of the OA till realisation of the amount ordered vide this final order. It is ordered accordingly.
OA/1741/2022 PUNJAB NATIONAL BANK VS SMT. MEENAKSHI AND ANOTHER 6
be at liberty to recover aforesaid amount from the sale of mortgaged/hypothecated property of the defendants in execution proceedings, if not sold earlier under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 or otherwise. If the dues of the bank still remain unsatisfied, applicant bank shall be at liberty to recover the same by attachment and sale of personal assets/property of the defendants. The applicant bank is at liberty to enforce the claim through due process of law.
Announced in the open Tribunal (M.M. Dhonchak) Presiding Officer DRT-2, Chandigarh
1 issue framed by the court
Whether the original application for recovery of dues is maintainable under Section 19(1) of the RDBFI Act, 1993.
2 provisions across 2 enactments
Punjab National Bank
Smt. Meenakshi W/o Sh. Karambir S/o Sh. Manohar Lal
Sh. Karambir S/o Sh. Manohar Lal
M.M. DHONCHAK
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
