The Debt Recovery Tribunal allowed the applicant bank's original application, determining the defendant liable to pay Rs.31,87,238.00 plus interest at 8% p.a. instead of the claimed 13%, and issued a recovery certificate.
Issued Recovery Certificate; Defendant ordered to pay Rs.31,87,238.00 with current and future simple interest @08.00%p.a.
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.1203/2024
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 01.10.2024
DATE OF DECISION: 22.04.2025
Punjab Gramin Bank, a body corporate constituted under the provisions of the Regional Rural Bank Act 1976 (Act No. 21 of 1976) having its Head Office at Markfed Road, Kapurthala, and amongst others a Branch Office at Badalgarh, Tehsil Moonak, District Sangrur through Ms. Nisha Batta D/o Sh. Surinder Kumar, Branch Manager, General Attorney, and Principal Officer of the applicant.
……..Applicant
Versus
Sh. Ajaib Singh S/o Sh. Santa Singh, R/o Village Badalgarh, Post Office Dudian, Tehsil Moonak & District Sangrur, Punjab – 148033.
….……Defendant
Advocates:
Argued by Sh. Ajay Singla, Advocate for Applicant Defendant is ex parte
FINAL ORDER
2 OA NO.1203/2024 PUNJAB GRAMIN BANK VS AJAIB SINGH
Documents executed:- Loan Agreements, Demand Promissory notes, Letters of undertaking all dated 04.02.2016, which are Annexures A4 to A6, A9 to A11 and A14 to A16 to this OA; Jamabandi along with its translation of year 2013-14, which is Annexure A18 to this OA; Revival Letters dated 30.11.2018, which are Annexures A19, A21 and A23 to this OA; Balance and Security Confirmation Letters dated 25.11.2021, which are Annexures A20, A22 and A24 to this OA; Notice along with its translation dated 06.09.2023, which is Annexure A25 to this OA and Accounts Statements, which are Annexures A26 to A28 to this OA.
3 OA NO.1203/2024 PUNJAB GRAMIN BANK VS AJAIB SINGH
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 all 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. 11. In the result, the application is allowed declaring that the defendant is liable to pay to the applicant a total sum of Rs.31,87,238.00 (Rupees Thirty One Lacs Eighty Seven Thousand Two
4 OA NO.1203/2024 PUNJAB GRAMIN BANK VS AJAIB SINGH
Hundred Thirty Eight Only) with costs, current and future simple interest @08.00%p.a. in all the loan accounts 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 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 19.05.2025. 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: 22.04.2025 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the defendant is liable to pay the outstanding loan amount of Rs.31,87,238.00 to the applicant.
Whether interest should be granted at the claimed rate of 13.00% or a reduced rate deemed just and appropriate.
2 provisions across 2 enactments
Punjab Gramin Bank
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
