The DRT-III, Chandigarh allowed an original application by Punjab National Bank for recovery of Rs. 28.97 lacs against two respondents. The court issued a recovery certificate and fixed the interest rate at 8% p.a.
Issuance of Recovery Certificate; Admission of debt of Rs. 28,97,166.69 plus costs and 8% p.a. interest.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.920/2024 PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 18.07.2024
DATE OF DECISION: 26.11.2024
Punjab National Bank (Erstwhile known as United Bank of India), a body corporate constituted under Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its head office at Plot No. 4, Sector 10, Dwarka, New Delhi 110075 and circle office: Circle Sastra Centre Ludhiana West, Ferozepur Road, Ludhiana, Punjab through its General Power of Attorney holder Sh. Ravinder Kumar, Senior Manager of the applicant.
……..Applicant
Versus
….……Defendants
Advocates:
Argued by Sh. Shivam Deep Dwivedi, Advocate proxy for Sh. Pancham Sharma, Advocate for the applicant Defendants are ex-parte
FINAL ORDER
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Application vide Power of Attorney dated 05.06.1997, which is Annexure A1 to this OA.
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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 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. 11. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.28,97,166.69p (Rupees Twenty Eight Lacs Ninety Seven Thousand One Hundred Sixty Six and Paisa Sixty Nine only) jointly and severally, with costs, current and future simple interest @8.00%p.a. in the loan
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account from the date of filing 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 defendants 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 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 26.12.2024. 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: 26.11.2024
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
1 issue framed by the court
Whether the documented loan default and non-repayment justified the issuance of a recovery certificate against the defaulting borrowers.
2 provisions across 2 enactments
PUNJAB NATIONAL BANK
SH. GURDEEP SINGH
SH. GURMIT SINGH
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
