Debts Recovery Tribunal allowed an application by Punjab National Bank to recover Rs.24,28,216 from Pawan Kumar for a defaulted agricultural loan. The tribunal adjusted the interest rate to 8% per annum.
Recovery Certificate issued for Rs.24,28,216 with simple interest at 8% per annum from the date of filing.
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.923/2022
DATE OF INSTITUTION: 13.05.2022
DATE OF DECISION: 9th DAY OF NOVEMBER, 2023
Punjab National Bank , (being successor to the erstwhile Oriental Bank of Commerce), as notified by Government of India by scheme of amalgamation of OBC with PNB, w.e.f. 01.04.2020, in terms of notification No. GSR 153(E) dated 04.03.2020, in exercise of the powers conferred upon it by Section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), a body corporate, having common seal and perpetual succession, constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, carrying on Banking Business having its Head Office at Plot No. 4, Sector 10, Dwarka, New Delhi-110075 and one of the Branches amongst others at JMIT Radaur, District Yamunanagar (Haryana), through its duly constituted Attorney, Sh. Baldev Raj, Chief Manager, presently posted at Circle Sastra Centre, Kurukshetra
…..Applicant
Versus
Sh. Pawan Kumar s/o Sh. Jai Karan r/o Village Jandhera, Sub-Tehsil Ladwa, District Kurukshetra (Haryana)-136132
…..Defendant
Argued by: Sh. Satish Kumar Arora counsel for the applicant bank Defendant ex parte vide order dated 04.07.2023
OA/923/2022 PUNJAB NATIONAL BANK Vs PAWAN KUMAR 2
FINAL ORDER
Present Original Application was instituted by the applicant bank under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (hereinafter referred to as ‘the Act’ for brevity), against the defendant for recovery of Rs.24,28,216.00/(Rupees Twenty Four Lac Twenty Eight Thousand Two Hundred and Sixteen Only) . It has been filed through Sh. Baldev Raj, Chief Manager of the applicant bank stated to be competent to institute the Original Application vide General Power of Attorney dated 04.09.2003, Annexure-A1 (copy).
OA/923/2022 PUNJAB NATIONAL BANK Vs PAWAN KUMAR 3
The documents related to mortgage are as under:
i. Registered deed of mortgage of land dated 14.12.2012, Annexure-A6 (copy).
ii. Letter dated 18.12.2012 to the Tehsildar, Ladwa for entry/mutation of the property along with copy of ‘Jamabandi’ for the year 2008-2009, Annexure-A7 (colly) (copy).
7. It is further the case of the applicant bank that after adjusting debit and credit entries in the loan account, a sum of Rs.24,28,216.00/- (Rupees Twenty Four Lac Twenty Eight
Thousand Two Hundred and Sixteen Only), is recoverable against the defendant as per statement of account, certified under Bankers’ Books Evidence Act, 1891, along with statement of suit amount/recoverable dues in KCC account, Annexures-A11 and A12 (colly) (copy).
Since the defendant did not repay the outstanding amount, therefore, the applicant bank preferred the present Original Application for issuance of Recovery Certificate.
OA/923/2022 PUNJAB NATIONAL BANK Vs PAWAN KUMAR 4
OA/923/2022 PUNJAB NATIONAL BANK Vs PAWAN KUMAR 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 and 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/923/2022 PUNJAB NATIONAL BANK Vs PAWAN KUMAR
6
Pronounced in the open Tribunal (M.M. Dhonchak) Presiding Officer DRT-2, Chandigarh
2 issues framed by the court
Whether the applicant bank is entitled to recover the outstanding dues from the defendant under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993.
Whether the rate of interest claimed by the applicant bank should be adjusted for the purpose of recovery.
1 provisions across 1 enactments
Punjab National Bank
Pawan Kumar
M.M. Dhonchak
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
