Allowed

Punjab National Bank v. Kuldeep Das

DRT16 Jun 2025OA/1321/2024

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an application by Punjab National Bank for recovery of Rs. 21,19,526.46 p from the defendant who had defaulted on a KCC loan. The Tribunal granted the bank permission to recover the amount with simple interest at 8% p.a. from the properties under execution proceedings.

What did the court decide?

Recovery of Rs.21,19,526.46 p with simple interest @08.00%p.a. declared; authorized recovery from hypothecated properties under SARFAESI Act.

Punjab National Bank versus Kuldeep Das — Banking and Recovery | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1321/2024 PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 03.09.2024

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DATE OF DECISION: 16.06.2025

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Punjab National Bank, a corporate body, and a nationalized bank constituted under the provisions of the Banking Companies (Acquisition & Transfer of Undertakings) Act 5 of 1970 had its head office at Plot No.4, Sector-10, Dwarka, New Delhi-110075 and amongst others a branch at Hakiman Street, Nabha, Patiala through its constituted attorney and Principal Officer Sh. Mithun Chakravarti, Manager presently Posted at Circle SASTRA Centre Patiala. ……..Applicant Versus Sh. Kuldeep Das S/o Sh. Hari Chand R/o House No.57, Village Dharoki, Tehsil Nabha, District Patiala, Punjab 147201.

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….……Defendant

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Advocates:

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Present Ms. Parmeet Kaur, Advocate proxy for Sh. Manish Singla, Advocate for Applicant Defendant is ex parte

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FINAL ORDER

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Present Original Application was instituted by the applicant bank under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, against the defendant for recovery of Rs.21,19,526.46p (Rupees Twenty One Lacs Nineteen Thousand Five Hundred Twenty Six & Forty Six Paise Only). The Original Application has been filed through Sh. Mithun Chakravarti, Manager of the applicant bank, who is competent to institute the Original Application vide General Power of Attorney dated 04.02.2019, which is Annexure A1 to this OA.

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2 OA NO.1321-2024 PUNJAB NATIONAL BANK VS KULDEEP DAS

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The brief facts of the OA that the defendant had approached the applicant for the grant of KCC Limit of Rs.15.00 Lacs vide Loan Application dated 18.11.2015, which is Annexure A2 to this OA. 3. The applicant sanctioned the KCC Limit of Rs.15.00 Lacs vide Sanction letter, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendant. 4. Defendant had mortgage his immovable properties i.e. total land measuring 29K-16M situated at Village Dharoki, Hadbast no.193, Tehsil Nabha, District Patiala, Punjab vide Declaration 4(1) dated 03.12.2015, which is Annexure A8 to this OA. Documents executed:- Hypothecation agreement, Letter of Undertaking, Letter of consent, (Revised), Declaration regarding agriculture land all dated 05.01.2016, which are Annexures A4 to A7 to this OA; Balance and security confirmation letter dated 19.07.2018& 19.06.2021,which are Annexures A9 & A10 to this OA; Notice dated 20.03.2023, which is Annexure A11 to this OA and Statement of Account with certificate, which is Annexure A12 to this OA. 5. The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs.21,19,526.46p, which is recoverable and the defendant were served recall notices but they did not repay the outstanding amount, therefore, the applicant bank requested to accept the application and to issue Recovery Certificate accordingly. 6. The defendant was served notices to appear before this Tribunal but no one appeared on behalf of defendant and he was proceeded exparte on 21.02.2025. 7. In support of the OA, affidavit of Sh. Mithun Chakravarti, Manager, Punjab National Bank, h as been filed. 8. Ld. proxy counsel for applicant present has not advanced any argument. Perused record

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3 OA NO.1321-2024 PUNJAB NATIONAL BANK VS KULDEEP DAS

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In view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexures A1 to A12 to this OA, it is proved that the 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.21,19,526.46P (Rupees Twenty One Lacs Nineteen Thousand Five Hundred Twenty Six & Forty Six Paise Only) along with interest from the defendant, from the date of filing of the present Original Application till realization of the account.

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In so far as pendent elite and future rate of interest is concerned, the applicant bank in relief clause has claimed interest @9.90%p.a. along with penal interest @2.00%p.a. with half yearly rests from 19.06.2024 till the realization.

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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.21,19,526.46p (Rupees Twenty One Lacs Nineteen Thousand Five

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4 OA NO.1321-2024 PUNJAB NATIONAL BANK VS KULDEEP DAS

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Hundred Twenty Six & Forty Six Paise Only) 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 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.

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Any other application pending stands disposed of.

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Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 10.07.2025.

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Copy of this order be given Dasti to the applicant bank 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: 16.06.2025.

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(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Punjab National Bank v. Kuldeep Das

Case brief

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Punjab National Bank v. Kuldeep Das

Case brief

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