Debts Recovery Tribunal allowed the bank's application for recovery of Rs.24,72,573.07 against defaulting borrowers, granting interest at 8% p.a. and ordering issuance of Recovery Certificate under RDBFI Act, 1993.
Recovery of Rs.24,72,573.07 with 8% p.a. interest; Recovery Certificate issued.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.14/2025
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 02.01.2025
DATE OF DECISION: 29.05.2025
UCO BANK, a body corporate, constituted under the banking Companies (Acquisition & Transfer of Undertakings) Act, 1970 having its head office at Kolkata and branches throughout India and one of its branch office at New Grain Market, Ludhiana through its constituted attorney Sh. Abhisekh Goyal, Senior Manager, UCO Bank, New Grain market Branch, Ludhiana and who is also the principal officer of the plaintiff/applicant Bank.
….……Defendants
Advocates:
Argued by Sh. Ashok Kumar Verma, counsel for the applicant Defendants already ex parte
FINAL ORDER
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Application has been filed through Sh. Abhisekh Goyal, Senior Manager, o f the applicant bank, who is competent to institute the Original Application vide Circular of bank dated 20.07.2012, which is Annexure A1 to this OA.
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Undertaking, Undertaking all dated 06.05.2016, which are Annexures A13 to A18 to this OA; Application for restructuring dated 25.08.2021, which is Annexure A26 to this OA; DP Note, Letter of waiver, Letter of Continuity, Agreement of hypothecation of good to secure demand cash credit all dated 08.03.2019, which are Annexures A21 to A24 to this OA; DP Note, Letter of waiver, Letter of continuity, Agreement of hypothecation of goods to secure a demand cash credit, Agreement with the borrower on rescheduling /rephrasing of term loan all dated 27.08.2021, which are Annexures A27 to A31 to this OA; Recall notice along with postal receipts, which are Annexures A35 to A40 to this OA and Certified of statements of accounts, which are Annexures A41 & A42 to this OA.
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the loan 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 bank is entitled to recover a sum of Rs.24,72,573.07p (Rupees twenty Four Lacs Seventy Two Thousand Five Hundred Seventy Three & Seven Paisa 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.
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 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 accounts from the date of filing of the OA till realization of the amounts 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.24,72,573.07p (Rupees twenty Four Lacs Seventy Two Thousand Five Hundred Seventy Three & Seven Paisa Only) jointly and severally, with costs, current and future simple interest @8.00%p.a. in the loan accounts from the date of filing of OA 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 defendants in execution proceedings if not sold earlier under the
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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 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 13.06.2025. 15. Copy of this order be given dasti to the applicant bank 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: 29.05.2025.
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
1 issue framed by the court
Whether the bank proved its case for recovery of outstanding loan amount as per executed documents.
1 provisions across 1 enactments
UCO Bank
M/s Sat Kartar Interenational
Sh. Paramjit Singh
Mridulesh Kumar Singh
As recorded by the court registry
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