Allowed

Punjab National Bank v. Sh. Lakhbir Kaur and Others

DRT1 Nov 2025OA/1326/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application for recovery of Rs. 22.25 lakhs against three respondents. The court confirmed the defendants' liability for the principal amount and adjusted interest rates to 8% p.a. uniformly, permitting enforcement via mortgaged assets or personal attachment.

What did the court decide?

Recovery Certificate issued; Defendants ordered to pay Rs. 22,25,373 with simple interest @8% p.a. from filing till realization.

Punjab National Bank versus Sh. Lakhbir Kaur and Others — Banking and Recovery | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1326/2024

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 10.11.2024

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DATE OF DECISION: 01.11.2025

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Punjab National Bank, a body corporate and nationalized Bank under the provisions of The Banking Companies (Acquisition and Transfer of Undertakings) Act of 1970 with its Head Office at Plot No. 4, Sector10, Dwarka, New Delhi-110075 and amongst other a Branch Office at Fatehabad, Tehsil Khadur Sahib, District Tarn Taran (Punjab) through its Constituted Attorney and Senior Manager Sh. Gurnam Singh Son of Sh. Harbachan Singh posted at Punjab National Bank, Circle Sastra, Amritsar.

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……..Applicant Versus

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Smt. Lakhbir Kaur W/o Sh. Sukhdev Singh R/o Village Kaler Dhai Wala, P.O. Johal Dhai Wala, Sub-Tehsil Goindwal Sahib, District Tarn Taran, Punjab – 143407.

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Sh. Amandeep Singh S/o Sh. Sukhdev Singh R/o Village Kaler Dhai Wala, P.O. Johal Dhai Wala, Sub-Tehsil Goindwal Sahib, District Tarn Taran, Punjab - 143407.

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Sh. Ramandeep Singh S/o Sh. Sukhdev Singh R/o Village Kaler Dhai Wala P.O. Johal Dhai Wala, Sub-Tehsil Goindwal Sahib, District Tarn Taran, Punjab- 143407.

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….……Defendants

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Advocates:

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Argued by Sh. KHS Bath, Advocate for the applicant

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Defendants already ex parte

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts & Bankruptcy Act, 1993, against the defendants for recovery of Rs.22,25,373.00p (Rupees Twenty Two Lacs Twenty Five Thousand Three Hundred Seventy Three Only). The Original Application has been filed through Sh. Gurnam

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2 OA NO.1326/2024

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PUNJAB NATIONAL BANK VS SMT.LAKHBIR KAUR AND OTHERS

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Singh, Senior Manager, of the applicant, who is competent to institute the Original Application vide Power of attorney dated 21.12.2015, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendants had approached the applicant for the grant of KCC Limit of Rs. 9.00 Lacs Lacs vide Loan applications dated 01.02.2012, which is Annexure A3 to this OA and term loan of Rs. 1.00 Lac to repay debt of Private Lender vide loan application dated 22.02.2012, which is Annexure A6 to this OA.

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The applicant sanctioned KCC Limit of Rs. 9.00 Lacs vide memorandum of sanction dated 22.02.2012, which is Annexure A4 to this OA and Term Loan of Rs.1.00 Lac vide Memorandum of sanction dated 02.03.2012, which is Annexure A6 to this OA.

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Defendants had mortgaged his immovable properties i.e. Land measuring 24Kanal (16 Kanal in the name of defendant no. 1 and 8 Kanal in the name of defendant nos. 2 and 3) situated in Village Kaler Dhai Wala, Sub Tehsil Khadur Sahib, District Tarn Taran Punjab vide Registered Mortgaged deed bearing vasika 1136 dated 14.02.2016, along with its translation which is Annexure A8 to this OA. Documents executed:- Collector rates 2024-25, which is Annexure A1 to this OA; Hypothecation agreement dated 22.02.2012 & 08.03.2012, which are Annexures A5 & A7 to this OA; Balance Security Confirmation Letters, all dated 03.12.2014, 08.11.2017, 30.10.2020, 25.09.2023, 28.01.2015, 08.01.2018, 02.01.2021 & 30.12.2023, which are Annexures A9 to A16 to this OA; Legal notice dated 16.02.2021, which is Annexure A17 to this OA and loan accounts statements, which are Annexures A18 to A19 to this OA. 5. The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in loan accounts there was a debit of Rs.22,25,373.00p, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

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3 OA NO.1326/2024

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PUNJAB NATIONAL BANK VS SMT.LAKHBIR KAUR AND OTHERS

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The defendants were served notices to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte on 03.09.2025. 7. In support of the OA, affidavit of Sh. Gurnam Singh, Senior Manager, Punjab National Bank, has been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned counsel that 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 A19 to this OA, it is proved that the defendants approached applicant for availing of the loan facilities which were granted to them and for that they had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loans as per terms and conditions of the agreement between the parties. Subsequently, accounts of the defendants were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.22,25,373.00p (Rupees Twenty Two Lacs Twenty Five Thousand Three Hundred Seventy Three Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the accounts.

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In so far as pendent lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @ 10.30% p.a. with 2% penal interest with half yearly rests in KCC & interest @ 10.05% p.a. with 2% penal interest with half yearly rests in Term Loan from 24.02.2024 till the realization. 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 loans and prevalent market rates of interest which have gone drastically downhill in yester years, while exercising the discretion vested in this Tribunal, this

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OA NO.1326/2024

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PUNJAB NATIONAL BANK VS SMT.LAKHBIR KAUR AND OTHERS

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Tribunal deems it just and appropriate to grant uniform simple interest @08.00%p.a. in both 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.

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.22,25,373.00p (Rupees Twenty Two Lacs Twenty Five Thousand Three Hundred Seventy Three Only) jointly and severally, with costs, current and future simple interest @08.00%p.a. in both 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 mortgaged properties/hypothecated assets 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 12.11.2025. 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: 01.11.2025 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Punjab National Bank v. Sh. Lakhbir Kaur and Others

Case brief

What is this about?

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Punjab National Bank v. Sh. Lakhbir Kaur and Others

Case brief

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