The Debt Recovery Tribunal allowed an application by Punjab National Bank to recover Rs. 29.24 lakhs from Sh. Amarjit Kaur. The Tribunal standardized future interest at 10.00% per annum and granted a recovery certificate for enforcement.
Recovery Certificate issued; Defendant to pay Rs. 29,24,752.00 plus costs and simple interest at 10.00% p.a. from filing date.
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.288/2022
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 23.12.2021
DATE OF DECISION: 16.12.2023
Punjab National Bank, a body corporate, constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Head Office at Plot No.4, Sector-10, Dwarka, New Delhi110075 and having its Branches at different places including one at 2nd Floor, Opposite Improvement Trust Building, Patiala Circle SASTRA Centre, Chotti Baradari, Patiala, Punjab, through its Constituted Attorney/Senior Manager, Sh. Gurcharan Singh
……..Applicant Versus Ms. Amarjit Kaur Wd/o Sh. Joginder Singh, Resident of Village Lohar Majra, Tehsil Nabha, District Patiala, Punjab ……Defendant Advocates:
Argued by Sh. Piyush Garg, Advocate proxy for Sh. Vinish Singla, Advocate for the applicant Defendant is ex-parte
FINAL ORDER
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Annexures A1 to A11 to this OA, it is proved that the defendant approached applicant bank for availing of the loan facility which was granted to her and for that she had executed all the relevant documents in favour of the bank. The defendant failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendant was classified as NPA. From the documentary evidence brought on record, it is proved that applicant bank is entitled to recover a sum of Rs.29,24,752.00 (Rupees Twenty Nine Lacs Twenty Four Thousand Seven Hundred And Fifty Two only) along with interest from the defendant, from the date of filing of the present Original Application till realization of the account.
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. 11. In the result, the application is allowed declaring that the defendant is liable to pay to the applicant a total sum of Rs.29,24,752.00 (Rupees Twenty Nine Lacs Twenty Four Thousand Seven Hundred And Fifty Two only), with costs, current and future simple interest @10.00%p.a. in the loan account from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant bank shall be entitled to recover aforesaid amount from the
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sale of hypothecated/ mortgaged properties of the defendant in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the bank still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendant. The applicant is at liberty to enforce the claim through due process of law.
Pronounced by me in the open Tribunal Dated: 16.12.2023
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
3 issues framed by the court
Whether the bank is entitled to recover the outstanding debt from the defendant.
What rate of interest should apply to the loan account from the date of filing till realization.
Whether a recovery certificate should issue and enforcement mechanisms be clarified.
2 provisions across 2 enactments
Punjab National Bank
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
