The Tribunal allowed an application by Canara Bank for recovery of Rs.22,04,677.39 from defendants who failed to repay a sanctioned loan. The court granted a recovery certificate and fixed simple interest at 8% p.a.
Recovery Certificate issued for Rs.22,04,677.39 with simple interest at 8% p.a., recoverable from sale of mortgaged properties or personal assets.
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
TRANSFER APPLICATION NO.7/2022
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 22.03.2022
DATE OF DECISION: 18.10.2024
Canara Bank, a Body Corporate Constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970having its Head Office at JC Road, Bangalore, Karnataka and Branch Offices, amongst others at Millerganj, Ludhiana through Sh. Meenu Rani, Officer, Power of Attorney Holder.
….……Defendants
Advocates:
Argued by Sh. R.S. Bhatia, Advocate for the applicant Defendants are ex-parte
FINAL ORDER
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Application has been filed through Sh. Meenu Rani, Officer o f the applicant, who is competent to institute the Transfer Application vide General Power of Attorney dated 20.03.2018, which is Annexure A1 to this TA.
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amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.
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
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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 accounts from the date of filing of the TA till realization of the amount ordered vide this final order. It is ordered accordingly.
3 issues framed by the court
Whether the applicant bank entitled to recovery of NPA loan amount from defendants jointly and severally.
What rate of interest should be awarded on the borrowed amount till realization.
Whether the defendants are liable to execute proceeds from sale of hypothecated/mortgaged properties.
2 provisions across 2 enactments
Canara Bank
M/s V Sun Industries
Sh. Sumit Singh Vilkhu
Sh. Karambir Singh Vilkhu
Smt. Harjinder Kaur
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
