The Debts Recovery Tribunal allowed the bank's application for recovery of Rs. 37,79,435. Granted uniform interest at 8% p.a. and ordered issuance of Recovery Certificate.
Defendant declared liable to pay Rs. 37,79,435 with costs and interest @ 8% p.a.; Recovery Certificate issued.
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.1663/2022 PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 20.08.2022
DATE OF DECISION: 09.01.2025
Punjab National Bank, a Body Corporate constituted under the Banking Companies (Acquisition & Transfer of Undertakings) No V of 1980 having its Head Office at Punjab National Bank Plot NO.4, Sector 10, Dwarka, New Delhi through its Attorneys/Authorization Mr. Sunil Kumar, Manager, PNB, Branch Office Bhoa, Pathankot, (Punjab) duly constituted attorney of the applicant duly authorized by the Competent authority of the applicant.
……..Applicant
Versus
Sh. Harbhajan Singh S/o Sh. Puran Singh, R/o House No.167, Village Rajparura, P.O. Sarna, Tehsil and District Pathankot.
….……Defendant
Advocates:
Argued by Sh. Bharat Kawal, Advocate proxy for Sh. Kulbhushan Singh Manhas, Advocate for Applicant Defendants is ex parte
FINAL ORDER
2
Loan Application dated 08.07.2014 & 04.08.2014, which is Annexure A2 and A2/B to this OA.
3
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 @08.00%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. 11. In the result, the application is allowed declaring that the defendant is liable to pay to the applicant a total sum of
4
Rs.37,79,435.00p (Rupees Thirty Seven Lacs Seventy Nine Thousand Four Hundred Thirty Five Only) with costs, current and future simple interest @08.00%p.a. in the loan account 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 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 applicant 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.
1 issue framed by the court
Whether the defendant is liable to repay the outstanding loan amount along with interest.
2 provisions across 2 enactments
Punjab National Bank
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
