The Debt Recovery Tribunal allowed an original application filed by Punjab Gramin Bank against Jasbir Singh for recovery of Rs. 23,78,439. In default proceedings, the bank was granted uniform simple interest at 8.00% p.a.
Recovery Certificate issued; declared liable to pay Rs. 23,78,439.00 plus 8.00% p.a. simple interest from filing date.
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.1377/2024
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 25.11.2024
DATE OF DECISION: 21.04.2025
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 (Pb) and having its branches at different places including at BO. Kirtowal, Tehsil Patti, District Tarn Taran(Punjab) through its Authorized Representative Sh. Balram.
……..Applicant
Versus
Sh. Jasbir Singh S/o Sh. Mukhtar Singh, R/o Village Sabhran, Tehsil Patti, District Tarn Taran, Punjab
….……Defendant
Advocates:
Argued by Sh. Ankit Kaushal, Advocate for the applicant Defendant is ex parte
FINAL ORDER
2 OA NO.1377/2024 PUNJAB GRAMIN BANK VS JASBIR SINGH
3 OA NO.1377/2024 PUNJAB GRAMIN BANK VS JASBIR SINGH
Annexures A1 to A11 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 applicant. 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 bank is entitled to recover a sum of Rs.23,78,439.00 (Rupees Twenty Three Lacs Seventy Eight Thousand Four Hundred Thirty Nine Only) along with interest from the defendant, from the date of filing of the present Original Application till realization of the account.
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 @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.
4 OA NO.1377/2024 PUNJAB GRAMIN BANK VS JASBIR SINGH
till the date of realization of the amount. Accordingly, the applicant bank 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 bank 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 17.05.2025. 15. 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: 21.04.2025. (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
1 issue framed by the court
Whether the applicant bank is entitled to recovery of the outstanding loan amount and interest from the defendant.
2 provisions across 2 enactments
Punjab Gramin Bank
Mridulmesh Kumar Singh
As recorded by the court registry
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