The Tribunal allowed the Original Application filed by Canara Bank for recovery of a defaulted term loan of Rs. 32.12 lakhs defended by mortgage. The court adjusted the claimed interest rate to 8% p.a. and ordered recovery from mortgaged assets.
Decree for payment of Rs. 32,11,727.99p with 8% p.a. interest; Recovery from sale of mortgaged property.
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.919/2023 PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 10.06.2023
DATE OF DECISION: 19.11.2024
Canara Bank, a Body Corporate constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970 having its Head Office at JC Road, Bangalore, Karnataka and Branch Offices amongst others at Samana through Sh. Shubam Kush, Branch Manager, Power of Attorney Holder.
……..Applicant Versus
Sh. Ranjeet Singh S/o Sh. Jaswinder Singh, R/o Village Lalgarh, Tehsil Samana, District Patiala.
….……Defendant
Advocates:
Argued by Sh. R.S Bhatia, Advocate for Applicant Defendants is ex parte
FINAL ORDER
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Documents executed:- Memorandum of Agreement for Agricultural Loans and Copy of Link Letter both dated 03.02.2016, which are Annexures A4 & A5 to this OA; Copy of Balance Confirmations date 12.12.2018 & 22.01.2021, which are Annexures A7 & A8 to this OA; Copy of Legal Notice dated 19.04.2021, which is Annexure A9 to this OA and Statement of Account with certificates, which is Annexure A10 to this OA.
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approached applicant for availing of the loan facility which was granted to him and for that he had executed all the relevant 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 is entitled to recover a sum of Rs.32,11,727.99p (Rupees Thirty Two Lac Eleven Thousand Seven Hundred Twenty Seven And Paise Ninety Nine Only) along with interest from the defendant, from the date of filing of the present Original Application till realization of the account.
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in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the 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.
Pronounced by me in the open Tribunal .
Dated: 19.11.2024.
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the applicant bank is entitled to recovery of the outstanding loan amount from the defendant under Section 19 of the Recovery of Debts Act.
Whether the Tribunal has the discretion to modify the claimed rate of interest to a uniform simple interest rate.
2 provisions across 2 enactments
Canara Bank
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
