The Debt Recovery Tribunal allowed the bank's application for recovery of Rs.28,70,000 outstanding on a KCC loan. The court issued a recovery certificate and granted a uniform simple interest rate of 8% p.a.
Direction to recover Rs.28,70,000 with 8% p.a. simple interest from mortgaged properties and personal assets 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.1067/2023 PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 08.08.2023
DATE OF DECISION: 12.03.2025
Punjab National Bank, a Body Corporate constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970 having its Head Office situated at Plot No.4, Sector-10, Dwarka New Delhi110075 and having one of its Branch Office Situated at Punjab National Bank, Sastra Circle, Near Natraj Hotel, Kapurthala Punjab–144601; represented through its Deputy Manager and GPA Holder Sh. Baljit Kumar.
……..Applicant
Versus
Sh. Girdhari Lal S/o Sh. Ram Dhan R/o H.no. 62, Khatana Vaas, Village: Rattewal, Tehsil-Balachaur, District S.B.S Nagar-144521.
….……Defendant
Advocates:
Argued by Sh. Abhay Gupta, Advocate for Applicant (through VC) Defendant is ex parte
FINAL ORDER
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defendant approached applicant for availing of the loan facility which was granted to him 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.28,70,000.00 (Rupees Twenty Eight Lacs Seventy Thousand Only) along with interest from the defendant, 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.
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Dated: 12.03.2025
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
3 issues framed by the court
Whether the applicant bank is entitled to recover the outstanding dues from the defendant.
What rate of interest should be applied to the loan account given current market rates.
Whether the recovery of dues should be enforced against mortgaged properties and personal assets.
1 provisions across 1 enactments
Punjab National Bank
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
