The Tribunal allowed the bank's application for recovery of an NPAs outstanding loan. The defendant failed to appear, and the Tribunal issued a recovery certificate based on unrebutted documentary evidence, adjusting the interest rate to 8% p.a.
Recovery certificate issued for Rs. 29,00,309 with costs and simple interest at 8% p.a.
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.522/2023
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 01.04.2023
DATE OF DECISION: 23.09.2024
Indian Bank (Erstwhile Allahabad Bank), having its Head Office at 66, Rajaji Silai, Chennai 600001 and having its branch office at different places including one at Jandiala Guru, Tehsil and District Tarn Taran (Pb) through its Authorized Officer Sh. Vinay Kumar.
……..Applicant
Versus
Jarnail Singh S/o Harjit Singh R/o Village Lalpura, Tehsil Khadoor Sahib, District Tarn Taran
….……Defendant
Advocates:
Argued by Sh. Ankit Kaushal, Advocate proxy for Sh. Karan Kant Aggarwal, Advocate for the Applicant Bank Defendants is ex-parte
FINAL ORDER
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Documents executed:- Copy of Hypothecation Deed dated 18.03.2013, which is Annexure A4 to this OA; The Applicant Bank issued notice dated 08.05.2019 to the Defendant, which is Annexure A6 to this OA; Statement of Account with Certificate by Officer Incharge of the Computer System dated, which are Annexure A7 and A8 to this OA.
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From the documentary evidence brought on record, it is proved that applicant bank is entitled to recover a sum of Rs. 29,00,309.00 (Rupees Twenty Nine Lakh Three Hundred Nine Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the account. 10. In so far as pendent elite and future rate of interest is concerned, the applicant bank in relief clause has claimed interest @11.55%p.a. with yearly rests (including penal interest @2%) from 17.02.2023 till the date of 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 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.
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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 15.10.2024. 15. Copy of this order be given dasti to the applicant bank 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: 23.09.2024
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 provisions across 2 enactments
Indian Bank
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
