The Tribunal allowed the applicant's petition for recovery of a debt of Rs.22,28,983. It granted recovery of the principal with modified interest at 8% p.a. and authorized recovery through sale of mortgaged or personal assets.
Recovery of Rs.22,28,983.00 with costs and simple interest at 8% p.a.; issuance of Recovery Certificate.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.1046/2022 PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 18.06.2021
DATE OF DECISION: 04.06.2025
State Bank of India, a body corporate constituted under the State Bank of India Act, 1955 (23 of 1955) having is corporate Centre at State Bank Bhawan, Madame Cama Road, Nariman Point, Mumbai and having one of its Local Head Office at Sector 17 Chandigarh including one such AND Branch at Morinda, District Ropar (Punjab) through its Chief Manager Sh. Sunil Kumar Jayant, who is authorized to sign on behalf of the applicant.
……..Applicant
Advocates:
Argued by, Sh. Samrat Ahuja, Advocate proxy for Sh. Gaurav Singla, Advocate for Applicant Defendants are ex parte
FINAL ORDER
2 OA NO.1046-2022 STATE BANK OF INDIA VS JASWINDER SINGH AND ANOTHER
state bank of Patiala order dated 22.02.2017 passed by the central government.
Documents executed: - Gazette notification dated 20.03.2017, which is Annexure A1 to this OA; Hypothecation agreement dated 14.10.2015, which is Annexure A5 to this OA; Revival Letters dated 18.04.2019 & 30.10.2020, which are Annexures A7 & A8 to this OA; Legal notice dated 08.06.2022 along with postal receipts, which is Annexure A9 to this OA and Statement of accounts along with Account closure, which are Annexures A10 to A13 to this OA. 5. The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in both the loan accounts there was a debit of Rs.22,28,983.00p, 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. 6. The defendants were served notices to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte on 21.12.2023.
3 OA NO.1046-2022 STATE BANK OF INDIA VS JASWINDER SINGH AND ANOTHER
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
4 OA NO.1046-2022
STATE BANK OF INDIA VS JASWINDER SINGH AND ANOTHER
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: 04.06.2025.
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the application for recovery of the outstanding debt sum should be allowed in the absence of the defendants.
Whether the claim for future interest needs to be modified to reflect current market rates.
3 provisions across 3 enactments
State Bank of India
Sh. Jaswinder Singh
Sh. Parvinder Singh
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
