Debts Recovery Tribunal allowed the bank's application under Section 19 of the RDBFI Act, 1993, for recovery of a loan defaulting by the defendant. The court granted uniform simple interest at 8% p.a. and ordered recovery from mortgaged or personal assets.
Recovery of Rs.29,94,327.95 plus uniform simple interest at 8% p.a. admitted; Recovery Certificate issued.
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.1187/2023
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 25.10.2023
DATE OF DECISION: 29.05.2024
Punjab National Bank, a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act of 1970 having its Head Office at Plot No.4, Sector 10, Dwarka, New Delhi and having its Branch Office at Punjab National Bank, Gharuan Branch, Tehsil Kharar, District SAS Nagar, Mohali, Punjab through its Authorized Officer, Sh. Maninder Pal Singh
……..Applicant Versus Sh. Surinder Singh S/o Sh. Balbir Singh, R/o H.No.100, Village Sil, P.O. Gharuan, Tehsil Kharar, District SAS Nagar, Mohali, Punjab140413
(Borrower/Mortgagor)
………Defendant
Advocates:
Argued by Sh. Jiteshwar Malhi, counsel for the applicant Defendant is ex-parte
FINAL ORDER
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Documents executed:- Agreement of hypothecation dated 09.06.2015, which is Annexure A4 to this OA; Acknowledgments of debt and security dated 24.04.2018 and 12.04.2021, which are Annexures A7 and A8 to this OA; Recall notice dated 01.08.2022 along with postal receipt, which is Annexure A9 to this OA and Statements of Account along with Certificate u/s 2A of the Bankers Book Evidence Act, which is Annexure A10 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 defendant, 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 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.
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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 defendant in 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 defendant. The applicant is at liberty to enforce the claim through due process of law. 12. Any other application pending stands disposed of. 13. Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 13.06.2024. 15. Copy of this order be given dasti to the applicant bank and be sent to defendant through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned.
Pronounced by me in the open Tribunal.
Dated: 29.05.2024
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
1 issue framed by the court
Whether the applicant bank is entitled to recovery of the outstanding loan amount and interest against the defendant.
2 provisions across 2 enactments
Punjab National Bank
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
