The Tribunal allowed the applicant's original application for recovery of a loan of Rs. 29,15,638/- admitting the evidence was unrebutted. It granted uniform simple interest at 8% p.a. instead of claimed rates.
Recovery of Rs. 29,15,638/- plus costs and future simple interest at 8% p.a. from filing date till realization, enforceable via sale of properties.
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.2154/2022
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 27.12.2022
DATE OF DECISION: 25.09.2025
State Bank of India Erstwhile known as State Bank of Patiala, a body corporate constituted under The State Bank of India Act, 1955 (23 of 1955) having its Corporate Centre at State Bank Bhawan, Madame Cama Road, Nariman Point Mumbai and having one of its Local Head Office at Sector 17 Chandigarh, including one such Branch at Kalajhar, District Patiala through its Branch Manager Smt. Monika Jindal.
……..Applicant
Versus
Sh. Joginder Singh son of Sh. Gurnam Singh R/o Village Sadarpur, Tehsil and District Patiala, (Punjab).
….……Defendant
Advocates:
Argued by Sh. Rishab Gupta, proxy for Sh. Gaurav Singla, Advocate for the applicant
None for Defendant
FINAL ORDER
2 OA/2154/2022 STATE BANK OF INDIA VS SH. JOGINDER SINGH
framed in exercise of the power conferred by sub-section 3 of the section 50 of the State Bank of India Act, 1955, with previous sanction of the Central Government.
Documents executed: - Gazette notification dated 20.03.2017, which is Annexure A1 to this OA; Hypothecation agreements, which are Annexure A6 and A7 to this OA; Revival letters dated 25.01.2019 and 20.01.2022, which are Annexures A10 and A11 to this OA; Legal notice dated 22.07.2022, along with postal receipt and translation, which are Annexures A12 and A12A , to this OA; Statements of Accounts along with account closure enquiry reports which are Annexures A13 and A14 to this OA.
3 OA/2154/2022 STATE BANK OF INDIA VS SH. JOGINDER SINGH
therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.
4 OA/2154/2022 STATE BANK OF INDIA VS SH. JOGINDER SINGH
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 loans 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 both the loan account from the date of filing of the OA till realization of the amounts ordered vide this final order. It is ordered accordingly. 11. In the result, the application is allowed declaring that the defendant iss liable to pay to the applicant a total sum of Rs.29,15,638.00p (Rupees Twenty Nine Lakh Fifteen Thousand Six Hundred Thirty Eight Only) with costs, current and future simple interest @08.00%p.a. in both the loan account from the date of filing of OA till the date of realization of the amounts. 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.
12. Any other application pending stands disposed of. 13. Issue Recovery Certificate accordingly.
5 OA/2154/2022 STATE BANK OF INDIA VS SH. JOGINDER SINGH
Pronounced by me in the open Tribunal.
Dated: 25.09.2025.
(MRIDULESH KUMAR SINGH)
Presiding Officer,
DRT-III, Chandigarh
2 issues framed by the court
Whether the defendant is liable to pay the outstanding loan amount to the applicant.
What is the appropriate rate of future interest to be granted while exercising discreti on.
3 provisions across 3 enactments
State Bank of India
MRIDULESH KUMAR SINGH
As recorded by the court registry
2 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
