The Debt Recovery Tribunal allowed an application under Section 19 RDBFI Act filed by Bank of Baroda for recovery of Rs. 20.50 Lakhs from the defendants. The court fixed uniform simple interest at 8% per annum and ordered issuance of Recovery Certificate.
Recovery of Rs. 20,50,793 with costs at uniform simple interest @8% p.a., issuance of Recovery Certificate.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.745/2023
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 18.05.2023
DATE OF DECISION: 21.11.2024
Bank of Baroda, a Body Corporate with perpetual succession constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act of 1970, having its registered Head office at Baroda Bhawan, R.C. Dutt Road, Alkapuri Baroda 390007. Gujarat and Branch Office at various places in India and overseas including a branch at Opposite New Grain Market, Patti District Tarn Taran, Punjab-143416 through its constituted Attorney Namely Sh. Kamaldeep Vinayak.
.. … …..Applicant
Versus
i. Paramjeet Kaur (wife)
ii. Gurpreet Singh (son)
iii. Harpreet Kaur (Daughter)
All residents of Ward No.2, Khem Karan, Tehsil Patti, Tarn Taran , Punjab -143416.
….……Defendants
Advocates:
Argued by Ms. Kanchan Sehgal, Advocate for Applicant (through VC) Defendants are ex parte
FINAL ORDER
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Rs.20,50,793.00p (Rupees Twenty Lac Fifty Thousand Seven Hundred Ninety Three Only). The Original Application has been filed through Sh. Kamaldeep Vinayak, Manager of the applicant, who is competent to institute the Original Application vide General Power of Attorney dated 20.08.2016, which is Annexure A1 to this OA.
Documents executed:-LDOC-2 D.P. Note, LDOC-28A Composite hypothecation agreement for agriculture finance, Undertaking BKCC Line of credit, LDOC-33 General form of Guarantee, all dated 10.04.2015, which are Annexures A4 to A7 to this OA; LDOC-59 Letter of AOD both dated 04.08.2017, 22.07.2020, which are Annexures A11 & A12 to this OA; Statement of Account with banker book, which is Annexure A13 to this OA; Legal Notice, Postal Receipts of Legal Notice both dated 02.07.2021, which are Annexures A14 & A15 to this OA and
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amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.
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
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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 @08.00%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 defendants are liable to pay to the applicant a total sum of Rs.20,50,793.00p (Rupees Twenty Lac Fifty Thousand Seven Hundred Ninety Three Only) jointly and severally, with costs, current and future simple interest @8.00%p.a. in the loan account from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant bank shall be entitled to recover aforesaid amount from the sale of hypothecated/mortgaged properties of the defendants in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the bank still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendants. 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 18.12.2024. 15. Copy of this order be given dasti to the applicant and be sent to defendants 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: 21.11.2024. (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the applications under Section 19 RDBFI Act should be allowed in the present case.
What rate of interest shall be uniform simple interest on the outstanding amount.
1 provisions across 1 enactments
Bank of Baroda
Kuldeep Singh
Legal heirs of Baldev Singh
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
