Allowed the applicant's recovery application. Directed defendants to pay the outstanding sum with costs and simple interest at 8% p.a. from the filing date, with provisions for recovery via asset sale.
Recovery of Rs. 30,97,510.58 with simple interest at 8% p.a. from the date of filing the OA 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.1017/2024 PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 01.08.2024
DATE OF DECISION: 02.01.2025
Punjab Gramin Bank, a body corporate constituted under the Regional Rural Bank Act, 1976, Act No 21 of 1976 having its Head Office at Markfed Road, Kapurthala (Pb) and having its branches at different places including one at B.O. Kot Budha, Tehsil Patti, Distt Tran Taran (Pb) through its Authorized Representative Sh. Rajan Koral.
……..Applicant
Versus
Both R/o Village Sito Nau Abad, Tehsil Patti, Disrict Tarn Taran (Pb).
….……Defendants
Advocates:
Argued by Ms. Ashmita Goel, Advocate proxy for Sh. Ankit Kaushal, Advocate for the Applicant Defendant are ex parte
FINAL ORDER
Power of Attorney dated 22.01.2021, which is Annexure A1 to this OA.
2
| 5. | The loan account became irregular and was classified as NPA and |
|---|---|
| after | adjusting debit and credit entries in loan account there was a debit |
| of R | s.30,97,510.58p, which is recoverable and the defendants were |
| serv | ed recall notices but they did not repay the outstanding amount, |
| ther | efore, the applicant requested to accept the application and to issue |
| Reco | very Certificate accordingly. |
| 6. | The defendants were served notices to appear before this Tribunal |
| but ex-p |
no one appeared on behalf of defendants and they were proceeded arte on 31.12.2024. |
| 7. | In support of the OA, affidavit ofSh. Rajan Koral, Authorized |
| Repr | esentative, Punjab Gramin Bank, has been filed. |
| 8. | Heard arguments and perused record. |
| 9. | It was argued by learned proxy counsel that in view of the |
| docu | mentary evidence brought on record which had gone unrebutted, |
| the | applicant had proved its case. From the perusal of all theAnnexures |
3
A1 to A10 to this OA, it is proved that the defendants approached applicant for availing of the loan facility which was granted to them and for that they had executed all the relevant documents in favour of the applicant. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendants was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.30,97,510.58p (Rupees Thirty Lacs Ninety Seven Thousand Five Hundred Ten Rupees & Fifty Eight Paisa only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the account. 10. In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @12.35%p.a. along with penal interest @2.00%p.a. with yearly/ half yearly rests from 01.08.2024 till the realization. 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 defendants, 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 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 defendants are liable to pay to the applicant a total sum of Rs.30,97,510.58p (Rupees Thirty Lacs Ninety Seven Thousand Five Hundred Ten Rupees & Fifty Eight Paisa only) jointly and severally, 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 defendants
4
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 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 04.02.2025. 15. Copy of this order be given dasti to the applicant and be sent to defendants 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: 02.01.2025 .
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
3 issues framed by the court
Whether the applicant is entitled to recover the alleged debt from the defendants.
What rate of interest should be granted considering the drastic fall in market rates.
How to deal with the proceedings if the dues remain unsatisfied.
3 provisions across 3 enactments
Punjab Gramin Bank
Sh. Sukhraj Singh
Sh. Jarnail Singh
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
