Debts Recovery Tribunal allowed application by Punjab National Bank for recovery of loan dues from defendant. Court adjusted interest rate to 8% p.a. and directed recovery from mortgaged properties.
Declaration of liability to pay Rs.21,90,698.50p with interest at 8% p.a.; direction to recover from sale of mortgaged properties.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.992/2024 PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 03.08.2024
DATE OF DECISION: 21.12.2024
Punjab National Bank, a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act of 1970 having its office at Plot No. 4, Sector-10, Dwarka, New Delhi and having one of its Branch situated at Punjab National Bank, Main Bazar, Village Kala Sanghian, District Kapurthala, Punjab, through Sh. Ankur Rawat, who is presently working as Senior Manager, Punjab National Bank, Circle SASTRA, PNB House, Satyanarayan Bazar, Near Natraj Hotel, Kapurthala, Punjab who is duly authorized and Principal Officer of the Applicant.
……..Applicant
Versus
Sh. Baljinder Singh S/o Sh. Mohan Singh R/o Village Kala Sanghian, District Kapurthala, Punjab
….……Defendant
Advocates:
Argued by Ms. Ritika Kansal, Advocate proxy for Sh. Mohinder Nath Sharma, Advocate for applicant Defendant is ex-parte
FINAL ORDER
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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 defendant, 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 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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Rs.21,90,698.50p (Rupees Twenty One Lacs Ninety Thousand Six Hundred Ninety Eight and Fifty Paisa Only) 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 shall be entitled to recover aforesaid amount from the sale of hypothecated/mortgaged properties of the defendant 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 defendant. The applicant is at liberty to enforce the claim through due process of law.
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
1 provisions across 1 enactments
Punjab National Bank
MRIDULESH KUMAR SINGH
As recorded by the court registry
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