The DRT allowed the bank's application for recovery of Rs. 94,50,839. The court decreed the sum with simple interest at 8% p.a., permitting recovery via hypothecated property or personal assets under SARFAESI.
Decree of Rs. 94,50,839.00 with simple interest at 8% p.a. from filing date; authority to sell mortgaged or personal assets for recovery.
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.1100/2025
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 31.07.2025
DATE OF DECISION: 26.12.2025
Indian 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, Avvai Shanmugam Salai, Royapettah, Chennai-600014 and a branch amongst at Mehna, District Moga through Sh. Dheeraj Kumar, Branch Manager, Authorized by Applicant.
……..Applicant
Versus
Advocates:
Argued by Ms. Lovedeep Kaur, Advocate proxy for Ms. Puja Sharma, Advocate for applicant
Defendants already ex parte
FINAL ORDER
2
OA NO.1100/2025 INDIAN BANK VS. AVTAR SINGH AND ANOTHER
Documents executed: DP Note, Hypothecation agreement, both dated 11.07.2013, which are Annexures A4 & A5 to this OA; Acknowledgement of debt dated 28.06.2016, 27.06.2019, and 16.09.2023, which are Annexure A7 to this OA; Acknowledgement OTS letter dated 20.11.2020, which is Annexure A8 to this OA; Recall notice dated 14.05.2018 and 29.07.2024, which is Annexure A9 to this OA; Legal notice dated 29.07.2025, which is Annexure A10 to this OA and Statement of account, which is Annexure A11 to this OA.
3
OA NO.1100/2025 INDIAN BANK VS. AVTAR 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/hypothecated assets, 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
4
OA NO.1100/2025 INDIAN BANK VS. AVTAR SINGH AND ANOTHER
@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.
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 09.01.2026. 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: 26.12.2025.
(MRIDULESH KUMAR SINGH)
Presiding Officer, DRT-III, Chandigarh
3 issues framed by the court
Whether the Defendants are liable to repay the outstanding loan amount.
What rate of interest should be granted on the loan account pending realization.
Whether the Application for recovery of debt should be allowed.
2 provisions across 2 enactments
Indian Bank, (erstwhile Allahabad Bank)
Sh. Avtar Singh
Sh. Gurmit Singh
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
