The Debts Recovery Tribunal allowed the original application by Punjab National Bank against two respondents for the recovery of a loan defaulting amount. The court observed evidence unrebutted and granted uniform simple interest.
Recovery of Rs.20,71,466.32 with 8% simple interest; Issuance of Recovery Certificate; Liberty to attach and sell assets.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.248/2023
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 09.01.2023
DATE OF DECISION: 11.09.2024
Punjab National Bank, a body corporate constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970, having its Head Office at Plot No-4, Sector-10, Dwarka, New Delhi-110075 and a Branch amongst others erstwhile at SIALBA Tehsil Kharar through Circle Sastra Centre, Punjab National Bank, SCO 43, Phase 2, Mohali (Punjab) through Sh. Ravi Kumar, Chief Manager, Principal Officer and duly constituted Attorney of the Applicant Bank.
……..Applicant Bank
Versus
….……Defendants
Advocates:
Argued by Sh. Rahish Pahwa, Advocate for the applicant (through VC) Defendants are ex-parte
FINAL ORDER
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outstanding amount, therefore, the applicant bank requested to accept the application and to issue Recovery Certificate accordingly. 6. The defendants were served notices to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte on 07.08.2024. 7. In support of the OA, affidavit of Sh. Ravi Kumar, Chief Manager, Punjab National Bank has been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned counsel through video conferencing that in view of the documentary evidence brought on record which had gone unrebutted, the applicant bank had proved its case. From the perusal of all the Annexures A1 to A19 to this OA, it is proved that the defendants approached applicant bank for availing of the loans facilities which were granted to them and for that they had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loans as per terms and conditions of the agreement between the parties. Subsequently, accounts of the defendants were classified as NPA. From the documentary evidence brought on record, it is proved that applicant bank is entitled to recover a sum of Rs.20,71,466.32p (Rupees Twenty Lacs Seventy One Thousand Four Hundred Sixty Six And Paise Thirty Two Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of all the accounts. 10. In so far as pendent elite and future rate of interest is concerned, the applicant bank in relief clause has claimed interest @10.80%p.a. in KCC & KSS and @10.85%p.a. in DWC from 01.10.2022 till the realization. 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
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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 all the loan accounts 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: 11.09.2024 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
3 issues framed by the court
Whether to allow the original application for recovery of debt dues to the bank.
Whether to grant uniform interest rate on the outstanding amount.
Whether to issue Recovery Certificate against the respondents.
2 provisions across 2 enactments
Punjab National Bank
Smt. Sarabjit Kaur
Sh. Jaspal Singh
MRIDULESH KUMAR SINGH
As recorded by the court registry
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