This Debt Recovery Tribunal allowed an original application filed by Punjab National Bank under Section 19 of the RDB Act, 1993. The court declared the defendant liable to pay Rs.36,99,594.00 with simple interest at 10.00% p.a. from the date of filing.
Ordered recovery of Rs.36,99,594.00 plus simple interest at 10% 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.765/2022
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 21.03.2022
DATE OF DECISION: 30.10.2023
Punjab National Bank, a body corporate and a nationalized Bank constituted under the provisions of the Banking Companies (Acquisition and Transfer of Undertakings) Act 5 of 1970 with its Head Office at Plot No.4, Sector 10, Dwarka, New Delhi 110075 and amongst others a branch at Lambi, Tehsil Malout, District Sri Muktsar Sahib through Sh. Kuldip Kumar, Chief Manager and Attorney holder presently posted a Circle SASTRA Centre Fazilka
……..Applicant
Versus
Sh. Gurcharan Singh S/o Sh. Dalip Singh R/o House No.168 Sath GT Road, Maan Road, Agency Lambi 1, Tehsil Malout, District Muktsar (Borrower/Mortgagor)
….……Defendant
Advocates:
Argued by Ms. Lovedeep Kaur, Advocate proxy for Ms. Rajni Narula, Advocate for the applicant Defendant is 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 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.36,99,594.00 (Rupees Thirty Six Lacs Ninety Nine Thousand Five
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Hundred Ninety Four 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 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.
1 issue framed by the court
Whether the applicant bank is entitled to recover the outstanding debtor amount along with interest from the defendant.
1 provisions across 1 enactments
Punjab National Bank
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
