The Debt Recovery Tribunal allowed the applicant bank's application for recovery of dues from the legal heirs of a deceased borrower. The tribunal fixed interest at 8% p.a. and directed the issue of a recovery certificate.
Recovery of Rs.31,74,591.36 plus costs and simple interest at 8% p.a. from filing date till realization. Issue of Recovery Certificate.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.923/2024
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 18.07.2024
DATE OF DECISION: 07.12.2024
Punjab National Bank, (Erstwhile known as Oriental Bank of Commerce), 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 Branch Offices, amongst others at Branch Office: Doraha, Ludhiana, Punjab through its General Power of Attorney Holder Shri Ravinder Kumar, Sr. Manager of the Applicant Bank.
……..Applicant
Versus
………Defendants
Advocates:
Argued by Sh. Sukhvinder Singh, Advocate proxy for Sh. Pancham Sharma, Advocate for the applicant Defendants are ex-parte
FINAL ORDER
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Institutions Act, 1993, against the defendants for recovery of Rs.31,74,591.36p (Rupees Thirty One Lacs Seventy Four Thousand Five Hundred Ninety One and Thirty Six Paisa only). The Original Application has been filed through Shri Ravinder Kumar, Sr. Manager who is competent to institute the Original Application vide General Power of Attorney dated 05.06.1997, which is Annexure A1 to this OA.
OA.
Documents executed:- Hypothecation Agreement dated 25.08.2011, which is Annexure A4 to this OA; Undertaking dated 02.01.2020, which is Annexure A6 to this OA; Balance & Security Confirmation Letters dated 20.08.2014, 01.03.2017 and 02.01.2020, which is Annexure A7 to this OA; Legal Notice dated 02.07.2024, which is Annexure A8 to this OA and Statements of accounts along with the certificates which is Annexure A9 to this OA.
were served recall notices but they did not repay the outstanding
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amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.
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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.
Pronounced by me in the open Tribunal.
Dated: 07.12.2024
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the applicant is entitled to recovery of the outstanding loan amount from the legal heirs of the deceased borrower.
Whether the Tribunal should modify the claimed interest rate of 9.50% p.a. to a lower uniform rate.
1 provisions across 1 enactments
Punjab National Bank
Sh. Amrik Singh s/o Shri Dharam Singh (legal heirs)
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
