DTIII Chandigarh allowed the Original Application under the RDBFI Act allowing the bank to recover the outstanding principal sum along with adjusted interest from the mortgagee-defendant.
Recovery of Rs.36,58,876.02p with costs and uniform simple interest @08.00%p.a. declared; issuance of Recovery Certificate; liberty to enforce via execution proceedings.
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.996/2023
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 16.07.2023
DATE OF DECISION: 12.11.2024
Punjab National Bank, a body corporate and a nationalized Bank constituted under the provisions of the Banking Companies (Acquisition and Transfer of Undertakings) Act 5 of 1970 having the Head Office at Plot No.4, Sector 10, Dwarka, New Delhi-110075 and amongst others a branch office at Mohallon, Punjab-144514 through its Constituted Attorney & Principal Officer Sh. Ankur Rawat, Senior Manager posted at Circle SASTRA Centre Kapurthala Punjab.
……..Applicant Versus
Sh. Sulakhan Singh son of Sh. Malook Singh resident of Village Chuharpur, PO Kulam, District Jalandhar, Punjab.
….……Defendant
Advocates:
Argued by Sh. Manish Singla, Advocate for the applicant Defendant is ex-parte
FINAL ORDER
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Annexures A1 to A11 to this OA, it is proved that the defendant approached applicant for availing of the loan facility which was granted to her 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.36,58,876.02p (Rupees Thirty Six Lacs Fifty Eight Thousand Eight Hundred Seventy Six And Paise Two Only) along with interest from the defendant, jointly and severally, from the date of filing of the present Original Application till realization of the account.
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 @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 defendant is liable to pay to the applicant a total sum of Rs.36,58,876.02p (Rupees Thirty Six Lacs Fifty Eight Thousand Eight Hundred Seventy Six And Paise Two Only) jointly and severally, with costs, current and future simple interest @08.00%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 defendant 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 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 04.12.2024. 15. Copy of this order be given dasti to the applicant and be sent to defendant 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: 12.11.2024
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the applicant bank is entitled to recover the outstanding loan amount and interest from the defendant.
Whether the Tribunal ought to modify the claimed rate of interest for the pendent lite period.
2 provisions across 2 enactments
Punjab National Bank
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
