The DRT allowed a banker's OA to recover Rs. 69.47 lakhs with interest by ex-parte order, fixing simple interest at 8% p.a. and authorizing recovery from mortgaged properties under the SARFAESI Act.
Recovery of Rs.69,47,496.33 with costs and simple interest @8% p.a., with recovery authorized from mortgaged properties under SARFAESI Act.
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.1102/2023
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 28.08.2023
DATE OF DECISION: 21.04.2025
Punjab National Bank, a body corporate, constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Head Office at Plot No.4, Sector-10, Dwarka, New Delhi110075 and the successor of Oriental bank of commerce, by scheme of Amalgamation of Oriental bank of Commerce dated 04.03.2020, passed by the Central Government under section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, having Branch Office amongst others at Banga Road, Mohollon, District SBS Nagar, through Sh. Jitendra Verma, Branch manager, Punjab National Bank, Banga Road, Mohollon, Principal Officer and duly constituted Attorney of the applicant.
……..Applicant
Versus
Advocates:
Argued by Sh. Sahaj Punj, Advocate proxy for Sh. Amandeep Singh Sobti, Advocate for the applicant Defendants are ex parte
FINAL ORDER
2 OA NO.1102/2023 PUNJAB NATIONAL BANK VS TARSEM LAL AND ANOTHER
manager of the applicant, who is competent to institute the Original Application vide General Power of Attorney dated 20.11.2014, which is Annexure A2 to this OA.
3 OA NO.1102/2023 PUNJAB NATIONAL BANK VS TARSEM LAL 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
4 OA NO.1102/2023 PUNJAB NATIONAL BANK VS TARSEM LAL AND ANOTHER
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 defendants are liable to pay to the applicant a total sum of Rs.69,47,496.33p (Rupees Sixty Nine Lacs Fourty Seven Thousand Four Hundred Ninety Six and Paise Thirty Three Only) jointly and severally, 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 hypothecated/mortgaged properties of the defendants 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 17.05.2025. 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: 21.04.2025 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
5
OA NO.1102/2023
PUNJAB NATIONAL BANK VS TARSEM LAL AND ANOTHER
2 issues framed by the court
Whether the applicant's claim for recovery of outstanding loan amount and interest is maintainable.
What rate of interest should the Tribunal award given the drastic fall in market rates.
2 provisions across 2 enactments
PUNJAB NATIONAL BANK
TARSEM LAL
VIJAY KUMAR
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
