Debts Recovery Tribunal allowed the applicant bank's original application seeking recovery of Rs.28,06,529.00 along with future interest and directed the issuance of a Recovery Certificate against the legal heir and proprietor of the defaulter.
Recovery of Rs.28,06,529.00 with simple interest at 8%p.a. and issuance of Recovery Certificate.
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.1064/2023
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 28.07.2023
DATE OF DECISION: 17.08.2024
Indian Bank a body corporate with perpetual succession constituted under The Banking Companies (Acquisition and Transfer of Undertakings) Act 1970, having its Corporate Office:- Indian Bank, 254-260, Avvai Shanmugam Salai, Royapettah, Chennai-600014 and having amongst other at various places including Vardhman Branch, Ludhiana (Punjab) through its authoised Attorney Sh. Munesh Kumar Sharma, presently posted as Senior Manager at Vardhman Branch, Chandigarh Road, Samrala Chowk, Ludhiana (Punjab)
……..Applicant Bank
Versus
Late Sh. Dilip Singh Rajpurohit S/o Sh. Durgpal Singh having its Office and Factory at # 4389, Street No.4, New Madhopuri, Ludhiana (Punjab)-141008.
Late Sh. Dilip Singh Rajpurohit s/o Sh. Durgpal Singh through its legal heirs
a. Smt. Vandana W/o Late Sh. Dalip Singh Rajpurohit
Address 1:- R/o # 4390, Street No.4, New Madhopuri, Ludhiana (Punjab)-141008.
Address 2:- R/o Shiv Bari Road Circle, Opposite Radha Soami Satsang Bhawan, Bikaner, Pawanpuri, Rajasthan334003.
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Address 2:- R/o Shiv Bari Road Circle, Opposite Radha Soami Satsang Bhawan, Bikaner, Pawanpuri, Rajasthan334003.
……..Defendants
Advocates:
Argued by Sh. S.C. Prajapati, Advocate proxy for Sh. Vikram Singh Manhas, Advocate for the applicant Defendants are ex-parte
FINAL ORDER
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02.05.2017 and 16.05.2019, which are Annexure A4 and A9 to this OA.
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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 defendants, 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 @8.00%p.a. in
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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 legal heir of late Sh. Dilip Singh Rajpurohit i.e. 1(a) and defendant no.2 are liable to pay to the applicant a total sum of Rs.28,06,529.00 (Rupees Twenty Eight Lacs Six Thousand Five Hundred and Twenty Nine only) jointly and severally, with costs, current and future simple interest @8.00%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 legal heir of late Sh. Dilip Singh Rajpurohit i.e. 1(a) and defendant no.2 i n 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 legal heir of late Sh. Dilip Singh Rajpurohit i.e. 1(a) and defendant no.2 The applicant is at liberty to enforce the claim through due process of law.
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
3 issues framed by the court
Whether the applicant bank was entitled to recover the outstanding dues from the legal heir of the deceased proprietor and the proprietor.
Whether to grant interest on the recoverable amount at uniform simple interest rate.
Whether the applicant bank was entitled to issue a Recovery Certificate.
1 provisions across 1 enactments
Indian Bank
Smt. Vandana W/o Late Sh. Dilip Singh Rajpurohit
Sh. Bhupendra Singh Rajpurohit
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
