DRt allowed an original application filed by Canara Bank for recovery of Rs. 31,10,121 from a defendant who defaulted on a KCC loan. The court, noting unused prejudgment interest, granted uniform simple interest at 8% p.a. rupees pending realization.
Respondent liable to pay Rs. 31,10,121.00 with costs at 8% p.a. simple interest; Recovery Certificate issued.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.2018/2022
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 08.12.2022
DATE OF DECISION: 20.05.2024
Canara Bank, a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act No.V of 1980, having its Head Office at Banglore-560002 and branch amongst others one at Water Works Road, Opposite PNB Bank, Mansa, District Mansa through Sh. Narender Kumar, Branch Manager, Canara Bank, Mansa, District Mansa duly authorized by the competent authority of the applicant bank
……..Applicant Versus Sh. Pritpal Singh S/o Sh. Rajmohinder Singh, R/o H.No.11, Street No.10, Ward No.22, Jawaharke Road, Mansa, Tehsil and District Mansa, Punjab-151505 ………Defendant
Advocates:
Argued by Sh. Lovish, counsel proxy for Sh. Neeraj Madan, counsel for the applicant Defendant is ex-parte
FINAL ORDER
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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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Pronounced by me in the open Tribunal. Dated: 20.05.2024
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the defendant failed to repay the sanctioned loan as per terms and conditions.
Whether interest rate should be modified at 8% p.a. simple interest.
2 provisions across 2 enactments
Canara Bank
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
