DRT-III, Chandigarh allowed the bank's application under Section 19 RDBFI Act, 1993 to recover Rs. 23.57 lakhs plus interest from the NPA defendant in ex-parte proceedings, fixing interest at 10% p.a.
Recovery of Rs. 23,57,795.00 along with simple interest @10.00%p.a. and issue 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.2100/2022
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 16.07.2022
DATE OF DECISION: 02.04.2024
Punjab National Bank, a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Head Office at Plot No.4, Sector 10, Dwarka, New Delhi 110075 and one of its Branch at Khosa Randhir, Tehsil Dharamkot, District Moga and Circle SASTRA Moga, Tehsil & District Moga (Punjab) through its General Power of Attorney holder, Sh. Sandeep Kumar, Manager of the applicant bank
……..Applicant
Versus Sh. Gurdeep Singh S/o Sh. Kikkar Singh R/o Village Nihalgarh, Tehsil Dharamkot, District Moga, Punjab 152028
….……Defendant
Advocates:
Argued by Sh. Aseem Kataria, Advocate for the applicant Defendant is ex-parte
FINAL ORDER
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vide Loan application dated 23.12.2015, which is Annexure A2 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 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 @10.00%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. 11. In the result, the application is allowed declaring that the defendant is liable to pay to the applicant a total sum of Rs.23,57,795.00 (Rupees Twenty Three Lacs Fifty Seven Thousand Seven Hundred Ninety Five only), with costs, current and future simple
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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 defendant 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 defendant. The applicant is at liberty to enforce the claim through due process of law.
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
1 issue framed by the court
Whether the Original Application filed under Section 19 RDBFI Act, 1993 for recovery of outstanding loan dues is maintainable in the absence of defendant's appearance.
1 provisions across 1 enactments
Punjab National Bank
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
