The DRT allowed an original application filed by Punjab National Bank against Malkeet Singh for recovery of Rs. 20,64,654.50 under Section 19 of RDBFI Act, 1993. The Tribunal granted a recovery certificate and standardized interest at 8% p.a.
Recovery Certificate issued; Declaratory relief that Respondent pays Rs. 20,64,654.50 with 8% p.a. interest.
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.512/2024 PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 08.04.2024
DATE OF DECISION: 19.10.2024
Punjab National Bank, constituted under Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970, having its Plot No.4, Sector 10, Dwarka, New Delhi and inter alia a Branch Office Circle Stressed Assets, Targeted Resolution Action (SASRTA), Centre, Patiala, at 2nd Floor, Opposite Improvement Trust Building, Chhoti Baradari, Distt Patiala Punjab, through Sh. Paramjeet Singh Sapra, Chief Manager.
……..Applicant
Versus
Sh. Malkeet Singh S/o Sh. Santa Singh, Village Jhunda, Tehsil Malerkotla, Distt. Sangrur-Punjab.
….……Defendants
Advocates:
Argued by Ms. Dipti Toni, Advocate for Applicant (through VC) 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. 11. In the result, the application is allowed declaring that the defendant is liable to pay to the applicant a total sum of Rs.20,64,654.50p (Rupees Twenty Lacs Sixty Four Thousand Six Hundred Fifty Four and Fifty Paisa Only) with costs, current and future simple interest @8.00%p.a. in the loan account from the date of filing
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of OA till the date of realization of the amount. Accordingly, the applicant 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 applicant 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. 12. Any other application pending stands disposed of. 13. Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 30.10.2024. 15. Copy of this order be given Dasti to the applicant and be sent to defendant through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned. Pronounced by me in the open Tribunal . Dated: 19.10.2024
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the applicant is entitled to recover the outstanding debt declared as NPA under Section 19 of RDBFI Act.
Whether the rate of interest claimed by the applicant should be modified by the Tribunal.
2 provisions across 2 enactments
Punjab National Bank
Malkeet Singh
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
