Allowed

Punjab National Bank v. Sh.Ravinder Kumar Chaudhary Alias Ravinder Chaudhary Alias Ravinder Kumar and Others

DRT25 Apr 2025OA/202/2024

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an original application filed by Punjab National Bank against three respondents for recovery of a housing loan dues of Rs. 25,83,465 along with interest. The respondents appeared ex parte. The Tribunal granted 8% per annum simple interest and directed issuance of a Recovery Certificate.

What did the court decide?

Declaration of liability to pay ₹25,83,465 with 8% p.a. simple interest; Recovery Certificate issued; liberty for execution of sale of mortgaged assets.

Punjab National Bank versus Sh.Ravinder Kumar… — Contract and Commercial Disputes | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.202/2024

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PRESIDED OVER BYMRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 05.02.2024

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DATE OF DECISION: 25.04.2025

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Punjab National Bank, a body corporate and a Nationalized Bank, duly constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act V of 1970 having its Head Office at Plot No.4, Sector-10, Dwarka, New Delhi-110075 and interalia amongst others one of its branch Office Sastra Centre, Circle Office, 2^nd Floor, SCO 43, Phase II, Sector-54, SAS Nagar (Mohali), Punjab-160055 through its Constituted Attorney Sh. Subhash Chandra, Senior Manager.

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……..Applicant

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Versus

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1. Sh. Ravinder Kumar Chaudhary @ Ravinder Chaudhary @ Ravinder Kumar S/o Sh. Virbhan Chaudhary, resident of H. No. 744, Mona Aero Duplex, Swastik Vihar, Zirakpur Patiala Highway, Bhabat, Zirakpur, District SAS Nagar-140603. 2^nd Address : H. No. 2919, Near NTC School, Ward no. 14, Rajpura, District Patiala, Punjab-140401.

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1. Smt. Sunita Chaudhary W/o Sh. Ravinder Chaudhary, resident of H. No. 744, Mona Aero Duplex, Swastik Vihar, Zirakpur Patiala Highway, Bhabat, Zirakpur, District SAS Nagar-140603. 2^nd Address : H.No. 2919, Near NTC School, Ward no. 14, Rajpura, District Patiala, Punjab-140401.

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1. Sh. Parvesh Chaudhary S/o Sh. Ravinder Chaudhary, resident of H.No. 744, Mona Aero Duplex, Swastik Vihar, Zirakpur Patiala Highway, Bhabat, MC Zirakpur, District SAS nagar-140603 2^nd Address : H.No. 2919, Near NTC School, Ward no. 14, Rajpura, District Patiala, Punjab-140401.

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………. Defendants

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2 OA NO.202/2024 PUNJAB NATIONAL BANK VS RAVINDER KUMAR CHAUDHARY @ RAVINDER CHAUDHARY @ RAVINDER KUMAR AND OTHERS

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Advocates: Argued by Sh. R. K. Bansal, Advocate for the applicant Defendants are ex parte

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, against the defendants for recovery of Rs.25,83,465.00 (Rupees Twenty Five Lacs Eighty Three Thousand Four Hundred Sixty Five Only). The Original Application has been filed through Sh. Subhash Chandra, Senior Manager of the applicant, who is competent to institute the Original Application vide General Power of Attorney dated 28.07.2011, which is Annexure A1 to this OA. 2. The brief facts of the OA are that the defendants had approached the applicant for grant of Housing Loan of Rs.09.50 Lacs and further approached the applicant bank its enhancement upto Rs. 15.50 Lacs vide Loan Application dated 10.01.2018, which is Annexure A9 to this OA. 3. The applicant sanctioned Housing Loan of Rs.09.50 Lacs vide Sanction Letter and Offer Letter both dated 13.01.2015, which are Annexures A2 & A3 to this OA and further sanctioned its enhancement upto Rs. 15.50 Lacs vide Sanction Letter dated 23.01.2018, which is Annexure A10 to this OA and the terms and conditions were duly accepted by the defendants. 4. Defendant no.2 had mortgaged his immovable properties i.e. Residential Plot measuring 04M-01Sarsahi situated at Hpuse No.744, Swastik Vihar, Village Bhabat, Hadbast No.234, Zirakpur, District SAS Nagar vide Equitable Mortgage of Sale Deed bearing vasika no. 5474 dated 05.09.2013 along with its translation, which are Annexures A6 & A7 to this OA. Documents executed:- Terms and conditions of sanction and Agreement of Overdraft Facility for housing loan Borrowers dated 02.02.2015, which are Annexures A4 & A5 to this OA; Letter of

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3 OA NO.202/2024 PUNJAB NATIONAL BANK VS RAVINDER KUMAR CHAUDHARY @ RAVINDER CHAUDHARY @ RAVINDER KUMAR AND OTHERS

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continuity dated 09.06.2015, which is Annexure A8 to this OA; Agreement of Overdraft Facility for housing Loan Borrowers and Acknowledgement Letter dated 23.01.2018, which are Annexures A11 & A12 to this OA; Letter of continuity dated 27.08.2018, which is Annexure A13 to this OA; Balance & Security Confirmation Letters dated 30.12.2017 and 15.12.2020, which are Annexures A14 & A15 to this OA; Recall Notice with postal receipts dated 01.07.2019, which are Annexures A16 & A17 to this OA; Demand Notice with postal receipts dated 06.07.2019, which are Annexures A18 & A19 to this OA and Statement of Account with certificate, which is Annexure A20 to this OA.

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The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs.25,83,465.00, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

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The defendants were served notices to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte on 16.04.2025.

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In support of the OA, affidavit of Sh. Subhash Chandra, Senior Manager, Punjab National Bank has been filed. 8. Heard arguments and perused record.

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It was argued by learned counsel that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexures A1 to A20 to this OA, it is proved that the defendants approached applicant for availing of the loan facility which was granted to them and for that they had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties.

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4 OA NO.202/2024 PUNJAB NATIONAL BANK VS RAVINDER KUMAR CHAUDHARY @ RAVINDER CHAUDHARY @ RAVINDER KUMAR AND OTHERS

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Subsequently, account of the defendants was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.25,83,465.00 (Rupees Twenty Five Lacs Eighty Three Thousand Four Hundred Sixty Five Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the account.

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In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @9.90%p.a. along with penal interest @2.00%p.a. with monthly rests from 01.02.2024 till the realization.

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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 @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.

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.25,83,465.00 (Rupees Twenty Five Lacs Eighty Three Thousand Four Hundred Sixty Five Only) jointly and severally, 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 defendants in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the applicant still remain

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OA NO.202/2024 PUNJAB NATIONAL BANK VS RAVINDER KUMAR CHAUDHARY @ RAVINDER CHAUDHARY @ RAVINDER KUMAR AND OTHERS

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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.

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Any other application pending stands disposed of. 13. Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 22.05.2025. 15. Copy of this order be given dasti to the applicant 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.

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Pronounced by me in the open Tribunal . Dated: 25.04.2025

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(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Punjab National Bank v. Sh.Ravinder Kumar Chaudhary Alias Ravinder Chaudhary Alias Ravinder Kumar and Others

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Sh.Ravinder Kumar Chaudhary Alias Ravinder Chaudhary Alias Ravinder Kumar and Others

Case brief

What is this about?

What did the court decide?

What the court decided

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