The Debt Recovery Tribunal allowed an original application filed by Punjab National Bank against a borrower for recovery of unpaid loan dues secured by agricultural land and crops, granting a Recovery Certificate.
Recovery Certificate issued and the defendant liable to pay Rs. 23,40,775.82 with 8% per annum simple interest from 23.05.2023.
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-2, CHANDIGARH, PRESIDED OVER BY M.M. DHONCHAK
ORIGINAL APPLICATION NO. 867/2023
DATE OF INSTITUTION: 23.05.2023
DATE OF DECISION: 9th DAY OF NOVEMBER, 2023
Punjab National Bank , a body Corporate, constituted under Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, having its Head Office at Plot No. 4, Sector 10, Dwarka, New Delhi and Branches at Tehsil Nigdhu, District Karnal-132157, Haryana, through its Authorised Representative, Sh. Raj Kumar, Senior Manager, Circle Sastra, Sector-12, Karnal-132001
…..Applicant
Versus
Sh. Kanwar Pal s/o Sh. Isham Singh r/o Village Koer, PO Majra-Roran, Tehsil Nigdhu, District Karnal-132157
....Defendant
Argued by: Sh. Rehan Chaudhary proxy counsel for Sh. Krishan Kumar counsel for the applicant bank Defendant 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 defendant for recovery of Rs.23,40,775.82/- (Rupees Twenty
Three Lac Forty Thousand Seven Hundred Seventy Five and Eighty Two Paisa Only) . It has been filed through Sh. Raj Kumar, Senior Manager of the applicant bank stated to be competent to
OA/867/2023 PUNJAB NATIONAL BANK VS KANWAR PAL 2
institute the Original Application vide General Power of Attorney dated 10.08.2010, Annexure-A1 (copy).
The documents related to mortgage are as under:
OA/867/2023 PUNJAB NATIONAL BANK VS KANWAR PAL 3
Karnal for entry/mutation of the property, Annexure-A5 (colly) (copy).
ii. Registered supplementary/additional mortgage deed dated 06.12.2012 and letter dated 10.12.2012 to the Tehsildar, Nigdhu, District Karnal for confirmation of mutation, Annexure-A9 (colly) (copy).
iii. Request letter dated 16.06.2016 to the Tehsildar, Nigdhu for creation of charge, Annexure-A13 (copy).
iv. Copy of ‘Jamabandi’ for the year 2015-2016, AnnexureA14 (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.23,40,775.82/- (Rupees Twenty Three Lac Forty Thousand Seven Hundred Seventy Five and Eighty Two Paisa Only), is recoverable against the defendant as per statement of account duly certified under Bankers’ Books Evidence Act, 1891, Annexure-A17 (copy).
OA/867/2023 PUNJAB NATIONAL BANK VS KANWAR PAL 4
Since the defendant did not repay the outstanding amount, therefore, the applicant bank preferred the present Original Application for issuance of Recovery Certificate.
Forty Thousand Seven Hundred Seventy Five and Eighty Two Paisa Only) from the defendant.
OA/867/2023 PUNJAB NATIONAL BANK VS KANWAR PAL
5
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.
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remain unsatisfied, the applicant bank shall be at liberty to recover the same by attachment and sale of personal assets of the defendant. 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 applicant bank is entitled to recovery of the outstanding loan amount from the defaulting borrower.
1 provisions across 1 enactments
Punjab National Bank
M.M. Dhonchak
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
