The Debt Recovery Tribunal allowed the bank's application for recovery of an NPA loan of Rs. 26.37 lakhs with mortgaged property, granting 10% p.a. interest
Declaration of liability to pay Rs. 26,37,417.96p plus interest at 10% p.a.; 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.1756/2022
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 16.09.2022
DATE OF DECISION: 20.03.2024
ICICI Bank Ltd., a Company incorporated under the Companies Act, 1956 and a Banking Company within the meaning of Banking Regulation Act, 1949, and is having its registered office at Land Mark, Race Course Circle, Vadodara-390007 and inter-alia having branch at Sarhali Road, Opposite SDM Court, Tarn Tarn, Punjab- 143401 through its Manager and authorized signatory, Sh. Parveen Kumar
……..Applicant
Versus
(Borrowers/Mortgagors)
………Defendants
Advocates:
Argued by Sh. Himendra Pal Singh, Advocate for the Applicant Defendants are ex-parte
FINAL ORDER
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Original Application vide Power of Attorney dated 09.03.2021, which is Annexure A1 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 @10.00%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. 11. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.26,37,417.96p (Rupees Twenty Six Lacs Thirty Seven Thousand Four Hundred Seventeen and Paisa Ninety Six only) jointly and severally, with costs, current and future simple interest @10.00%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 defendants 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 defendants. The applicant is at liberty to enforce the claim through due process of law.
2 issues framed by the court
Whether the bank was entitled to recover the outstanding loan amount from the borrowers who failed to repay.
Whether uniform simple interest at 10% p.a. should be granted in lieu of the claimed interest rate.
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
