In an ex-parte original application under the RDBFI Act, 1993, the Tribunal held the defendants liable to pay the outstanding loan amount of approx. Rs. 39.65 Lakhs with adjusted uniform simple interest at 8% per annum, granting a recovery certificate.
Recovery of Rs. 39,65,454.61 jointly and severally with simple interest @ 8% p.a.; Recovery Certificate issued.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.43/2023 PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 09.11.2022
DATE OF DECISION: 28.08.2024
Induslnd Bank Limited, a body corporate and a scheduled Bank constituted under the provisions of The Companies Act, 1956 with its Registered Office at 2401, Gen. Thimmayya Road, (Cantonment) Pune411001 and amongst others its Branch at SCO-6-7, Indira Kumari scheme Bhupindra Road, Patiala-147001 (Punjab) through its Manager and Attorney Holder Sh. Deepak Goyal S/o Sh. Ashok Kumar, presently posted at Zonal Office, Agri Business Division, SCO-62, Top Floor, Sector-32 C, Chandigarh.
……..Applicant
Advocates:
Argued by Sh. Sumit Batra, Advocate for the applicant (through VC) Defendants are ex-parte
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FINAL ORDER
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Certificate under Banker Book Evidence Act dated 03.11.2022, which are Annexures A12 to A15 to this OA. 5. The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in both the loan accounts there was a debit of Rs.39,65,454.61p, which is recoverable and the defendants were served recall notices but they did not repay the 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 20.07.2024.
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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 @8.00%p.a. in both 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.
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Pronounced by me in the open Tribunal .
Dated: 28.08.2024
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
1 issue framed by the court
Whether the applicant bank is entitled to recover the outstanding loan amount along with interest from the defendants jointly and severally.
3 provisions across 3 enactments
Induslnd Bank Limited
Sh. Amandeep Singh
Smt. Gurdhir Kaur
Smt. Tej Kaur's Legal Heirs
Smt. Jaspreet Kaur
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
