Bank Recovery Tribunal allowed a DBT Application filed by UCO Bank against two borrowers for recovery of Rs.24,37,039 along with 8% p.a. interest, holding the documentary evidence proved the liability. Application was disposed of ex-parte.
Recovered sum with simple interest @8%p.a.; Relief to recover via sale of mortgaged/personal assets under SARFAESI Act.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.2129/2022 PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 05.11.2022
DATE OF DECISION: 03.01.2025
UCO BANK, a body corporate constituted under the Banking Companies Acquisition & Transfer of Undertakings Act,1970 having its head office at 10, B.T.M., Sarni, Kolkata and one of its branches known at Haibowal Kalan, Branch Ludhiana through it constituted attorney Sh. Rashpal Singh Branch Manager UCO BANK, Haibowal Kalan, Branch Ludhiana who is also the principal Officer of the applicant.
……..Applicant
Versus
….……Defendants
Advocates:
Argued by Sh. Anup Prajapati, Advocate proxy for Sh. Ashok Kumar Verma, Advocate for the applicant Defendants are ex-parte
FINAL ORDER
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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 applicant. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. 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.24,37,039.00p (Rupees Twenty Four Lacs Thirty Seven Thousand Thirty Nine 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.
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 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 defendants are liable to pay to the applicant a total sum of Rs.24,37,039.00p (Rupees Twenty Four Lacs Thirty Seven Thousand Thirty Nine only) jointly and severally, with costs, current and future simple interest @8.00%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,
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Dated: 03.01.2025.
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
1 issue framed by the court
Whether the recovery of Rs.24,37,039 from defendants as per Evidence is legal and enforceable under Section 19 RDBFI Act?
2 provisions across 2 enactments
UCO Bank
Sh. Tejpal Singh
Sh. Gurvinder Singh
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
