The Debts Recovery Tribunal allowed an application by Bank of India against two defendants for recovery of Rs. 22,29,681.00 outstanding on a dairy loan. The court reduced the claimed interest rate from 14.05% to 10% per annum and issued a recovery certificate.
Recovery of Rs. 22,29,681.00 with simple interest @ 10.00%p.a. Recovery Certificate issued.
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.2023/2022
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 12.12.2022
DATE OF DECISION: 06.09.2023
Bank of India, a body Corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, having its Head Office at “Star House”, C-5, G-Block, 2nd Floor, Bandra Kurla Complex, Bandra (East) Mumbai-400051 and one of its branches at Hambran, District Ludhiana through Ms. Amandeep Kaur, Chief Manager, Bank of India, Bharat Nagar Chowk, Ludhiana, its Principal Officer and Constituted Attorney
……..Applicant
Versus
….……Defendants
Advocates:
Argued by Sh. Ajay Singla, counsel proxy for Sh. R.V. Mehra, counsel for the applicant Defendants are ex-parte
FINAL ORDER
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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 defendants, 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
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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.
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
Order dictated, signed and pronounced by me in the open Tribunal. Dated: 06.09.2023
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
1 issue framed by the court
Whether the applicant bank was entitled to recover the outstanding loan amount including interest from the defendants jointly and severally.
1 provisions across 1 enactments
Bank of India
Sh. Nirmal Singh
Sh. Varjit Singh
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
