The DRT allowed the bank's application under Section 19 RDB Act and ordered the defendant to pay Rs.65,97,835 with costs and interest at 8% p.a. The court directed recovery from mortgaged properties or attachment of personal assets.
Recovery of Rs.65,97,835, costs, and future simple interest at 8% p.a. from the date of filing till realisation.
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.1095/2025
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 29.07.2025
DATE OF DECISION: 13.10.2025
lndian Bank, (erstwhile Allahabad Bank) a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970, having its Corporate Office at 254-260, Awai Shanmugam Salai, Royapettah, Chennai - 600014 and a branch amongst at The Mall Opp. Vikas Bhavan Malerkotla, Rajkot Road, Thandi Sarak, District Malerkotla through Smt. Rubinder Kaur Rubina, Branch Manager, Authorized by Applicant.
……..Applicant Versus
Sh. Gurpreet Singh S/o. Sh. Mehar Singh R/o. H. no.23, Village Barhmi, Near Ballu Pash Gurudwara, Tehsil Raikot, Distt. Ludhiana, Punjab. ….……Defendant
Advocates:
Argued by Ms. Seerat Sharma, Advocate Proxy for Ms. Puja Sharma, Advocate for the applicant
Defendant already ex-parte
FINAL ORDER
2 OA/1095/2025 INDIAN BANK VS SH.GURPREET SINGH
3 OA/1095/2025 INDIAN BANK VS SH.GURPREET SINGH
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.65,97,835.00p (Rupees Sixty Five Lacs Ninety Seven Thousand Eight Hundred Thirty Five) 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. 11. In the result, the application is allowed declaring that the defendant is liable to pay to the applicant a total sum of Rs.65,97,835.00p (Rupees Sixty Five Lacs Ninety Seven Thousand Eight Hundred Thirty Five) with costs, current and future simple interest @08.00%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
4
OA/1095/2025 INDIAN BANK VS SH.GURPREET SINGH
hypothecated/mortgaged properties of the defendant in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendant. 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 23.10.2025. 15. Copy of this order be given dasti to the applicant and be sent to defendant 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: 13.10.2025 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the applicant bank is entitled to recover the outstanding loan amount of Rs.65,97,835.00 from the defendant.
Whether the Tribunal may award uniform simple interest at the rate of 8% p.a. instead of the claimed rate.
2 provisions across 2 enactments
Indian Bank
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
