In an ex-parte Original Application, the Tribunal allowed the bank's claim for recovery of a specified quantum outstanding from a defaulting borrower on KCC limits.
Recovery of Rs.32,92,154.60 plus costs and 8.00%p.a. simple interest from date of filing till realization.
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.1180/2023
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 20.09.2023
DATE OF DECISION: 20.05.2024
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 having one of its Branch situated at Punjab National Bank, VPO Balerkhanpur, District Kapurthala, Punjab through its General Power of Attorney holder Sh. Ankur Rawat, who is presently working as Senior Manager, Punjab National Bank, Circle SASTRA, PNB House, Satyanarayan Bazar, Near Natraj Hotel, Kapurthala, Punjab who is duly authorized and Principal Officer of the applicant bank
……..Applicant
Versus Sh. Amarjit Singh S/o Sh. Sarban Singh, R/o VPO Nathu Chahal, District Kapurthala, Punjab (Borrower/Mortgagor)
………Defendant
Advocates:
Argued by Ms. Ritika Kansal, counsel proxy for Sh. Mohinder Nath Sharma, counsel for the applicant Defendant is ex-parte
FINAL ORDER
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Documents executed:- Advocate report on title deed dated 15.12.2009, which is Annexure A4 to this OA; Affidavit by borrower dated 12.12.2009, which is Annexure A5 to this OA; Hypothecation agreement dated 02.02.2010, which is Annexure A7 to this OA; Balance and security confirmation letters dated 28.12.2012, 16.01.2015 and 20.05.2017, which are Annexures A8, A10 and A11 to this OA; Confirmation letter by Bank dated 14.03.2018, which is Annexure A12 to this OA; Balance and security confirmation letters dated 05.05.2020 and 17.12.2022, which are Annexures A13 and A14 to this OA; Recall notice dated 23.06.2023 along with postal receipt, which is Annexure A15 to this OA and Statements of Account along with Certificate, which is Annexure A16 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 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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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.
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
1 provisions across 1 enactments
Punjab National Bank
MRIDULESH KUMAR SINGH
As recorded by the court registry
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