The DRAT allowed the bank's application for recovery of an NPA loan of Rs. 25,71,936.82 from defendants who failed to repay. The Tribunal reduced the interest rate to 8% p.a. and ordered recovery from mortgaged properties.
Defendants ordered to pay Rs. 25,71,936.82 with 8% p.a. interest; Recovery Certificate issued to bank for enforcement against properties.
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.1571/2022 PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 06.09.2022
DATE OF DECISION: 09.07.2024
ICICI Bank Ltd., Company incorporated under the Companies Act, 1956 and a Banking Companies within the meaning of Banking Regulation Act, 1949, and is having its registered office at Land Mark, Race Course Circle, Vadodara-390007 and interalia having branch at Sarhali Road, Opposite SDM Court, Tarn Taran, Punjab, 143401, through its Manager and Authorised Signatory Mr. Parveen Kumar
……..Applicant
Advocates:
Argued by Sh. Himendra Pal Singh, Advocate for the applicant Defendants are ex-parte
FINAL ORDER
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| 7. | In support of the OA, affidavit ofSh. Parveen Kumar, Manager, |
|---|---|
| ICICI | Bank Ltd.,has been filed. |
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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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.
Pronounced by me in the open Tribunal . Dated: 09.07.2024
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the Tribunal is entitled to reduce the pendent elite and future rate of interest from the bank's claimed 12% p.a. to a uniform simple interest of 8% p.a. given market conditions?
Whether the bank is entitled to enforce recovery of the due amount from the sale of hypothecated or mortgaged properties under the SARFAESI Act, 2002?
2 provisions across 2 enactments
ICICI Bank Ltd.
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
