DRT allowed an Original Application for recovery of Rs.25.51Lacs, ordering uniform 8% simple interest. The court decreed the bank's claim for joint and several liability and authorized execution proceedings.
Direction to repay Rs.25,51,414.22 with 8% p.a. interest; issue Recovery Certificate; powers to attach/sell mortgaged and personal assets.
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.301/2024
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 29.01.2024
DATE OF DECISION: 23.09.2024
Punjab & Sind Bank, a Body Corporate Constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act 40 of 1980 having its Head Office at 21 Rajindra Place, New Delhi and having amongst other Branches a Branch Office at Malout through Sh. Bimlesh Prasad Branch Manager cum Principal Officer of Malout Branch and attorney of the said Bank.
……..Applicant
Versus
Defendants
Advocates:
Argued by Sh. Tejinder Singh, Advocate proxy for Sh. Manav Bansal, Advocate for the applicant Defendants are ex-parte
FINAL ORDER
2
Application vide General Power of Attorney dated 13.02.2018, which is Annexure A1 to this OA.
3
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
4
just and appropriate to grant uniform simple interest @08.00%p.a. in 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: 23.09.2024
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
3 issues framed by the court
Whether the applicant bank is entitled to recover the outstanding loan amount and declare it NPA.
Whether the claim for interest should be granted at 9.95% or a uniform simple interest rate.
Whether a Recovery Certificate should be issued in an ex-parte proceeding.
2 provisions across 2 enactments
Punjab & Sind Bank
Jaswinder Singh
Rajwinder Kaur
Ranjit Singh
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
