The Debts Recovery Tribunal allowed the bank's application for recovery of Rs. 26,83,503.14/- with simple interest at 8% per annum, holding the defendants jointly and severally liable and directing issuance of a recovery certificate.
Order to pay Rs. 26,83,503.14/- with 8% per annum simple interest from 19.05.2023 and issue Recovery Certificate.
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DEBTS RECOVERY TRIBUNAL-2, CHANDIGARH, PRESIDED OVER BY M.M. DHONCHAK
ORIGINAL APPLICATION NO. 842/2023
DATE OF INSTITUTION: 19.05.2023
DATE OF DECISION: 17th DAY OF NOVEMBER, 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 Delhi and its Branch at Village Kheri-Sharafali, Tehsil Assandh, District Karnal-136044, Haryana, through its Authorised Representative, Sh. Gurmeet Singh Kapoor, Senior Manager, Circle Sastra, Sector-12, Karnal-132001
…..Applicant
Versus
....Defendants
Argued by: Sh. Rehan Chaudhary proxy counsel for Sh. Krishan Kumar, Advocate for the applicant bank Defendants ex parte vide order dated 05.08.2023
FINAL ORDER
Present Original Application was instituted by the applicant bank under Section 19(1) of the Recovery of Debts and Bankruptcy Act, 1993 (hereinafter referred to as ‘the Act’ for brevity), against the
defendants for recovery of Rs.26,83,503.14/- (Rupees Twenty Six Lac Eighty Three Thousand Five Hundred Three and Fourteen
OA/842/2023 PUNJAB NATIONAL BANK VS OMPAL AND ANOTHER 2
Paisa Only) . It has been filed through Sh. Gurmeet Singh Kapoor, Senior Manager of the applicant bank stated to be competent to institute the Original Application vide General Power of Attorney dated 23.11.2001, Annexure-A1 (copy).
The documents related to mortgage are as under:
OA/842/2023 PUNJAB NATIONAL BANK VS OMPAL AND ANOTHER 3
ii. Supplementary mortgage deed dated 22.04.2013,
Annexure-A7 (copy).
iii. Letter dated 30.11.2016 to the Sub-Registrar, Assandh for recording of charge/mutation along with Declaration under Section 4(1) of Haryana Agricultural Credit Operations and Miscellaneous Provisions (Banks) Act, 1973, Annexure-A11 (colly) (copy).
It is further the case of the applicant bank that after adjusting debit and credit entries in the loan account, a sum of Rs.26,83,503.14/- (Rupees Twenty Six Lac Eighty Three Thousand Five Hundred Three and Fourteen Paisa Only), is recoverable against the defendants as per statement of account duly certified under Bankers’ Books Evidence Act, 1891, Annexure-A13 (copy).
Since the defendants did not repay the outstanding amount, therefore, the applicant bank preferred the present Original Application for issuance of Recovery Certificate.
OA/842/2023 PUNJAB NATIONAL BANK VS OMPAL AND ANOTHER 4
the defendants were proceeded against ex-parte vide order dated 05.08.2023 .
Eighty Three Thousand Five Hundred Three and Fourteen Paisa Only) from the defendants.
OA/842/2023 PUNJAB NATIONAL BANK VS OMPAL AND ANOTHER 5
been mentioned @13.25% per annum and @MCLR+2.10% per annum respectively.
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 mortgaged property, purpose of loan, i.e. agricultural, present conditions of economy based on agriculture, quantum of loan, prevalent market rates of interest which have gone drastically downhill in yesteryears, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @8% per annum from the date of filing of the OA till realisation of the amount ordered vide this order. It is ordered accordingly.
OA/842/2023 PUNJAB NATIONAL BANK VS OMPAL AND ANOTHER 6
However, the applicant bank is at liberty to enforce the claim through
due process of law.
Pronounced in the open Tribunal (M.M. Dhonchak) Presiding Officer DRT-2, Chandigarh
1 issue framed by the court
Whether the assets should be recovered from sale of mortgaged property or personal assets of the defendants?
1 provisions across 1 enactments
Punjab National Bank
Sh. Ompal s/o Sh. Kam Singh
Sh. Monti Rana s/o Sh. Ompal
M.M. Dhanchak
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
