The Debts Recovery Tribunal allowed the bank's application for recovery of outstanding dues of over Rs.54 lac. It directed the uniform simple interest rate to 8.00%p.a. and issued a recovery certificate.
Declaration of liability to pay Rs.54,69,521.66p with 8.00%p.a. interest; Issuance of Recovery Certificate.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.1463/2022 PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 11.07.2022
DATE OF DECISION: 29.05.2024
Punjab & Sind Bank, a body corporate constituted under the Banking Companies (Acquisition and transfer of Undertaking) Act No. 40 of 1980, having its Head Office at 21, Bank House, Rajinder Place, New Delhi and having amongst other branches, one at Model Town, Ludhiana, (Punjab), through Ms. Jyoti Bhagat, General Attorney and Principal Officer of the bank.
……..Applicant
Versus
….……Defendants
Advocates:
Argued by Sh. Arpit Chawla, Advocate proxy for Sh. Rajan Chawla, Advocate for the applicant Defendants are ex-parte
FINAL ORDER
has been filed through Ms. Jyoti Bhagat, General Attorney and Principal Officer of the applicant bank, who is competent to institute the Original Application vide Power of Attorney dated 28.11.2016, which is Annexure A1 to this OA.
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debit of Rs.54,69,521.66p, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant bank requested to accept the application and to issue Recovery Certificate accordingly.
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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.
Tribunal on 13.06.2024.
Pronounced by me in the open Tribunal .
Dated: 29.05.2024
2 issues framed by the court
Whether the applicant bank is entitled to recover the outstanding dues of Rs.54,69,521.66p from the respondents.
Whether the rate of interest claimed should be modified to 8.00%p.a.
2 provisions across 2 enactments
Punjab & Sind Bank
Ranjit Kaur W/o Sh. Parwinder Singh
Sehajpreet Kaur W/o Sh. Gurwinder Singh
Gurwinder Singh S/o Sh. Parwinder Singh
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
