The Debts Recovery Tribunal allowed an application by Punjab National Bank for recovery of Rs.33.45 lakhs from two borrowers who failed to repay housing loans. The Tribunal issued a recovery certificate and ordered future interest at 8% p.a.
Recovery Certificate issued. Defendants liable to pay Rs.33,44,976 plus simple interest @8% 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.1412/2022
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 01.08.2022
DATE OF DECISION: 29.05.2025.
Punjab National Bank, a body corporate constituted under the banking Companies (Acquisition & Transfer of Undertakings) Act, 1970 having the head office at Plot No.4, Sector-10, Dwarka, New Delhi 110075 and branch amongst at Sarabha nagar Ludhiana through General Power of Attorney Holder Sh. Chander Shekhar Manager and Constituted Attorney.
Versus
Second address :18/3 St.No.3, Dhoka Mohalla, Near Baba Thank Singh Chowk, Ludhiana, Punjab.
Advocates:
Argued by Ms. Lovedeep Kaur, Advocate proxy for Ms. Puja Sharma, Advocate for applicant Defendants are ex parte
FINAL ORDER
2 OA NO.1412-2022 PUNJAB NATIONAL BANK VS MOHD. KAMRE ALAM AND ANOTHER
Documents executed:- PAN card of defendant, which is Annexure A4 to this OA; Agreement of housing loan, Letter of Continuity dated 25.03.2015 & 04.06.2015, which are Annexures A5, A11 and A12 to this OA; Letter dated 04.05.2015 for confirming deposit of title deed, which is Annexure A7 to this OA; Receipts of deposit of said title deed dated 05.05.2015, which is Annexure A7A to this OA; CERSAI, which is Annexure A8 to this OA; Balance and security confirmation letters dated 01.09.2016, 30.08.2018 & 01.08.2019, which are Annexures A13 to A16 to this OA; Legal Notice dated 04.03.2016, which is Annexure A17 to this OA; Statement of account, which are Annexures A18 & A19 to this OA; Notice under section 13(2) of SARFAESI dated 02.08.2016, which is Annexure A20 to this OA and Symbolic possession dated 18.02.2017, which is Annexure A21 to this OA.
3 OA NO.1412-2022 PUNJAB NATIONAL BANK VS MOHD. KAMRE ALAM AND ANOTHER
4 OA NO.1412-2022 PUNJAB NATIONAL BANK VS MOHD. KAMRE ALAM AND ANOTHER
@8.75%p.a. along with penal interest @2.00%p.a. in both terms loan with monthly rests from 01.06.2022 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, 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 both 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.
5 OA NO.1412-2022 PUNJAB NATIONAL BANK VS MOHD. KAMRE ALAM AND ANOTHER
Pronounced by me in the open Tribunal .
Dated:29.05.2025
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the applicant bank is entitled to recover the outstanding loan amount with interest from the defaulting borrowers.
What rate of interest should be granted on the outstanding loan accounts.
2 provisions across 2 enactments
Punjab National Bank
Mohammad Kamre Alam
Chandni Khatoon
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
