The DRT allowed the applicant bank's application for recovery of a defaulted loan debt of Rs.37,05,841.93 p from two respondents who had mortgaged properties, granting uniform interest at 8% p.a.
Recovery of Rs.37,05,841.93p with costs and current/future simple interest at 8% p.a.; 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.1201/2023
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 31.08.2023
DATE OF DECISION: 14.11.2024
Punjab National Bank, a body corporate and a nationalized Bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act 5 of 1970 with its Head Office at Plot No.4, Sector 10, Dwarka, New Delhi-110075 and amongst others a branch at Deepanwali, Tehsil Sultanpur Lodhi, Distirct Kapurthala, Punjab through Sh. Ankur Rawat, Senior Manager and Attorney holder posted at Circle Sastra Centre, Kapurthala.
……..Applicant
Versus
Advocates:
Argued by Sh. Manish Singla, Advocate for the applicant (through VC) Defendants are ex-parte
FINAL ORDER
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the applicant, who is competent to institute the Original Application vide General Power of Attorney dated 04.11.2016, which is Annexure A1 to this OA.
(i) Agriculture land measuring 65K-17M situated at Village Mand Andrisa, H.B. No.189, Tehsil Sultanpur Lodhi, District Kapurthala vide Registered Mortgaged Deed bearing vasika no.1589 dated 09.12.2013 with its translation, which is Annexure A7 to this OA.
(ii) Residential property measuring 00K-12M situated at Village Taraf Bahebal Bahadar, H.B. No.136, Tehsil Sultanpur Lodhi, District Kapurthala vide Equitable Mortgage of Sale Deed bearing vasika no.273 dated 03.05.2011 with its translation, which is Annexure A10 to this OA.
Documents executed:-Hypothecation Agreement, Letter of Undertaking & Letter of Consent all dated 11.12.2013, which are Annexures A4 to A6 to this OA; Agreement for Housing Loan dated 18.01.2014, which is Annexure A9 to this OA; Letter Evidencing Deposit of Title Deeds dated 20.01.2014, which is Annexure A11 to this OA; Valuation Report dated 06.01.2014, which is Annexure A12 to this OA; Balance Confirmation Letters dated 09.12.2015, 26.11.2018, 11.01.2017, 26.11.2018 & 25.11.2021, which is Annexure A13 to this OA; OTS rejection Letter dated 17.04.2023, which is Annexure A14 to this OA;
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Legal Notices of KCC and Housing Loan along with postal receipts dated 13.02.2020, which are Annexures A15 & A16 to this OA and Statement of Accounts duly certified for KCC and Housing Loan, which are Annexures A17 & A18 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 @08.00%p.a. in 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.
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2 issues framed by the court
Whether the applicant is entitled to recovery of the outstanding amount along with interest jointly and severally from the respondents.
What rate of interest ought to be granted in the final order of this Original Application.
1 provisions across 1 enactments
Punjab National Bank
Smt. Ravinder Kaur
Sh. Balwinder Singh
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
