Allowed
Punjab National Bank, v. Sh. Manpinder Singh and Others
DRTOA/351/2022
What the court decided
AI extract
Outcome
Allowed
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.351/2022
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 05.02.2022
DATE OF DECISION: 03.10.2023
Punjab National Bank, is a bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Corporate Office at Plot no.4, Sector 10, Dwarka, New Delhi110075 and one of its Branch Offices throughout India along with an Office at Circle Sastra Centre, Circle Office, SAS Nagar, Mohali, Punjab through Sh. Ravi Kumar, Chief Manager, of the said Office, who is also one of the Principal Officers and General Attorney of the Applicant Bank
……..Applicant Versus
| 1. | Sh. Manpinder Singh S/o Sh. Hakam Singh, R/o House No.9, Model |
|---|---|
| Town, Mubarikpur Road, Sector 5, Bhankharpur, Tehsil Dera Bassi, | |
| District SAS Nagar, Mohali, Punjab-140507 (Borrower/Mortgagor) |
|
| 2. | Smt. Ravinder Kaur W/o Sh. Manpinder Singh, R/o House No.9, |
| Model Town, Mubarikpur Road, Sector 5, Bhankharpur, Tehsil Dera | |
| Bassi, District SAS Nagar, Mohali, Punjab-140507**(Guarantor)** | |
| 3. | Sh. Kushwant Singh S/o Sh. Sukhdev Singh, R/o House No.502, |
| Ruby-2, Sector 116, Mohali, Punjab-140501**(Guarantor)** | |
| 2ndAddress:Village Akalgarh, Tehsil Nabha, District Patiala, Punjab-147201 ….……Defendants |
Advocates:
Argued by Sh. Tarun Bhutani, Nodal Officer of Punjab National Bank Defendants are ex-parte
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FINAL ORDER
Documents executed:- Agreement of House loan, Supplementary Agreement and Agreements of Guarantee all dated 27.07.2016, which are Annexures A4 to A7 to this OA; Copy of Register for creating Equitable Mortgage dated 03.08.2016, which is Annexure A8 to this OA; Letter of Intent for EM dated 04.08.2016, which is Annexure A9 to this OA; Letter of Acknowledgment dated 05.08.2016, which is
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Annexure A10 to this OA; Agreement for overdraft facility, Supplementary Agreement and Agreement of Guarantee dated 04.08.2016, which are Annexures A14 to A16 to this OA; Letter of Continuity dated 05.08.2016, which is Annexure A17 to this OA; Agreement for Overdraft facility, Agreement of Guarantee and Letter of Continuity all dated 14.11.2017, which are Annexures A19, A20 and A22 to this OA; DL of defendant no.3, which is Annexure A21 to this OA; CERSAI Ids, which is Annexure A23 to this OA; Lien of the Bank noted in the revenue records dated 06.11.2017, which is Annexure A24 to this OA; Balance and Security confirmation Letters dated 03.07.2019 and 26.02.2019, which are Annexures A25 and A26 to this OA; Recall Notice dated 20.01.2022, which is Annexure A27 to this OA; Demand Notice U/S 13(2) dated 20.06.2019, which is Annexure A28 to this OA; Notice U/S 13(4) dated 21.10.2019, which is Annexure A29 to this OA; Statements of accounts duly certified under Banker’s Book Evidence Act, 1891, which are Annexures A30 and A31 to this OA; Statement of House Loan and Odft Memoranda Accounts, which are Annexures A32 and A33 to this OA; ROI charged in the Loan accounts for different periods, which are Annexures A34 and A35 to this OA; NEC and Legal opinion of property dated 16.07.2016, which is Annexure A36 to this OA and Valuation of Property dated 22.07.2020, which is Annexure A37 to this OA.
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Thereafter, due to non-appearance of defendant no.1 and other defendants, all the defendants were proceeded ex-parte on 13.09.2023.
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 loans and prevalent market rates of interest which have gone drastically downhill in yester years, while
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exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @7.60%p.a. in both the loan accounts 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 defendants are liable to pay to the applicant a total sum of Rs.58,50,470.00 (Rupees Fifty Eight Lacs Fifty Thousand Four Hundred and Seventy only) jointly and severally, with costs, current and future simple interest @7.60%p.a. in both the loan accounts 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 sale of hypothecated/mortgaged properties of the defendants 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 defendants. The applicant is at liberty to enforce the claim through due process of law.
Pronounced by me in the open Tribunal. Dated: 03.10.2023 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
3 issues framed by the court
Whether the applicant bank is entitled to recover the outstanding loan amount of Rs.58,50,470.00 from the defendants jointly and severally.
Whether the Tribunal should grant a uniform simple interest rate of 7.60% per annum instead of the claimed varying rates.
Whether the Recovery Certificate should be issued against the defendants.
2 provisions across 2 enactments
Punjab National Bank
Sh. Manpinder Singh
Smt. Ravinder Kaur
Sh. Kushwant Singh
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court