The Debts Recovery Tribunal allowed the bank's application for recovery of Rs. 1.34 crore against non-appearing defendants. The court awarded uniform simple interest at 8% and directed recovery from mortgaged properties.
Order recovery of Rs. 1,34,07,795 with interest at 8% p.a. Direct sale of mortgaged property and attachment of personal assets.
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.1502/2024
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 27.12.2024
DATE OF DECISION: 29.04.2025
Punjab & Sind Bank, a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Act of 1980 (Act No. 40 of 1980) with its Head Office at 21, Rajindera Place, New Delhi and Branches amongst other places, one at Banga Road, Nawanshahr, District Shaheed Bhagat Singh Nagar through Sh. Mandeep Singh, Chief Manager, Banga Road, Nawanshahr, District Shaheed Bhagat Singh Nagar.
……..Applicant
Versus
Advocates:
Argued by Sh. Dipinder Singh, Advocate for the applicant Defendants are ex parte
FINAL ORDER
2 OA NO.1502/204 PUNJAB AND SIND BANK VS HARJINDER KAUR AND OTHERS
General Power of Attorney dated 11.08.2016 and Authorized Letter dated 18.11.2024, which are Annexures A1 and A2 to this OA.
3 OA NO.1502/204 PUNJAB AND SIND BANK VS HARJINDER KAUR AND OTHERS
Accounts statements with certificate, which are Annexures A29 and A30 to this OA.
4 OA NO.1502/204 PUNJAB AND SIND BANK VS HARJINDER KAUR AND OTHERS
@13.65%p.a. in KCC Limit and interest @14.05%p.a. in Term Loan along with penal interest @2.00%p.a. with half yearly rests from 01.12.2024 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, 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 amount ordered vide this final order. It is ordered accordingly.
5
OA NO.1502/204
PUNJAB AND SIND BANK VS HARJINDER KAUR AND OTHERS
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the applicant proved its case for recovery of loan dues against non-appearing defendants.
Whether the Tribunal could exercise discretion to grant uniform simple interest instead of claimed rates.
Colour shows how this judgement treated each authority
None citedReferred
1 provisions across 1 enactments
Punjab & Sind Bank
Smt. Harjinder Kaur W/o Sh. Kulwinder Singh
Sh. Sandeep Singh S/o Sh. Kulwinder Singh
Sh. Amarjit Singh S/o Sh. Gurmail Singh
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
