Applicant bank filed application under RDDBFI Act for recovery of dues. Defendant did not appear. Tribunal allowed application, directed recovery of principal plus uniform simple interest at 8% p.a.
Recovery of Rs. 34,08,409.82 plus costs and simple interest at 8% p.a. from date of filing till realization.
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.685/2022
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 05.04.2022
DATE OF DECISION: 23.07.2024
Punjab National Bank, a body corporate, constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, having its Head Office at Plot No.4, Sector-10, Dwarka, New Delhi110075, previously Oriental Bank of Commerce and one of its Branch Office at Kot Ise Khan, Moga and Circle SASTRA Moga, Tehsil and District Moga (Punjab) through its General Power of Attorney holder Sh. Sandeep Kumar, Manager of the applicant bank
……..Applicant
Versus
Sh. Bhagwan Singh S/o Sh. Kirpal Singh, R/o Village Muhar, P.O. Mander, Tehsil Dharmakot, District Moga, Punjab (Borrower)
….……Defendant
Advocates:
Argued by Sh. Aseem Kataria, Advocate for the applicant Defendant is ex-parte
FINAL ORDER
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documents in favour of the bank. The defendant failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendant was classified as NPA. From the documentary evidence brought on record, it is proved that applicant bank is entitled to recover a sum of Rs.34,08,409.82p (Rupees Thirty Four Lacs Eight Thousand Four Hundred Nine and Eighty Two Paisa only) along with interest from the defendant, from the date of filing of the present Original Application till realization of the dues.
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, 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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Pronounced by me in the open Tribunal.
Dated: 23.07.2024
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
1 issue framed by the court
Whether the defendant is liable to repay the loan amount and interest claimed by the applicant bank.
1 provisions across 1 enactments
Punjab National Bank
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
