The Debt Recovery Tribunal allowed the bank's application under RDBFI Act, 1993 for recovery of Rs.23.91 Lakrs. Held respondents liable to pay principal with uniform simple interest at 8% p.a. Recovery certificate issued.
Recovery of Rs.23,91,821 plus simple interest at 8% p.a. from OA date till realization.
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.1016/2024
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 10.08.2024
DATE OF DECISION: 02.01.2025
Indian Bank, a Body Corporate, constituted under the Banking Companies Acquisition & Transfer of Undertakings Act V of 1970 carrying on the Banking Business and having its Corporate Office at 254-260, Avvai Shanmugam Salai, Royapettah Chennai, Tamil Nadu 600014 and amongs other places a Branch Office at Hambran, Tehsil and District Ludhiana through Sh. Amarjeet Singh, Chief Manager, Indian Bank, Zonal Office, Dugri, Ludhiana being Power of Attorney holder and constituted attorney of the applicant who has further authorized Sh. Vidhyadhar Nain, Branch Manager, Indian Bank, Hambran Branch, Tehsil and District Ludhiana to file the present suit/application for and on behalf of the applicant and he is also the principal officer of the applicant.
……..Applicant Versus
………. Defendants
Advocates:
Argued by Sh. Ashok Kumar Verma, Advocate for the applicant (through VC) Defendants are ex-parte
2
Rs.23,91,821.00 (Rupees Twenty Three Lacs Ninety One Thousand Eight Hundred Twenty One Only). The Original Application has been filed through Sh. Vidhyadhar Nain, Branch Manager of the applicant, who is competent to institute the Original Application vide Letter of Authority dated 30.07.2024, which is Annexure A3 to this OA.
Documents executed:- Notification dated 04.03.2020, which is Annexure A1 to this OA; General Power of Attorney, which is Annexure A2 to this OA; Acknowledgment of Sanction Letter dated 28.12.2017, which is Annexure A6 to this OA; Demand Promissory Notes dated 29.12.2017, which are Annexures A7, A8 & A9 to this OA; Letter of Guarantee dated 28.12.2017, which is Annexures A11 to this OA; Acknowledgement of Debt dated 27.11.2019, which is Annexure A12 to this OA; Acknowledgement of Debt cum Security dated 26.05.2021 and 21.10.2023, which are Annexures A13 & A14 to this OA; Legal Notice dated 19.02.2024, which is Annexure A15 to this OA and Statement of Accounts along with certificate, which are Annexures A16 & A17 to this OA.
3
there was a debit of Rs.23,91,821.00, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.
4
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 both the loan accounts 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: 02.01.2025
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
5
1 issue framed by the court
Whether the applicant bank is entitled to recover the outstanding debt joint and several from the respondents.
2 provisions across 2 enactments
Indian Bank
M/s G.G. Industries
Gagandeep Singh
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
