The DRT allowed the State Bank of India's application for recovery of Rs. 69.39 Lakhs, permitting future interest at 8% p.a., and directed issuance of a Recovery Certificate against the defendant who failed to appear.
Recovery Certificate issued for Rs. 69.39 Lakhs plus future simple interest at 8% p.a.; execution proceedings deferred to Recovery Officer.
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.24/2025
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 02.01.2025
DATE OF DECISION: 19.12.2025
State Bank of India a body corporate constituted under the State Bank of India Act, 1955 having its Corporate Office at Madame Cama Road, Nariman Point, Mumbai and one of its Local Head Office at Sector 17A, Chandigarh, having branches all over India and one of its branches situated at SARB, 3rd Floor, Administrative Office Building, Fountain Chowk, Civil Lines, Ludhiana through Sh. Vinod Kumar Lakhanpal, Chief Manager.
……..Applicant
Versus
Sh. Navdeep Singh Sohal S/o. Sh. Baldev Singh R/o House No. 2-L, BRS Nagar, Ludhiana.
….……Defendant Advocates:
Argued by Ms. Lovedeep Kaur, Advocate proxy for Ms. Puja Sharma, Advocate for Applicant
Defendant already ex parte
FINAL ORDER
2 OA/24/2025 STATE BANK OF INDIA Vs. NAVDEEP SINGH SOHAL
Defendant also hypothecated Car Namely FORTUNER SIGMA 4(AT) bearing Engine No. 1GDA611107, Chasis no. MBJBA3FS600830894~0322, Temporary Registration no. T0322HP7266B and Registration no. PB10HY0900 vide loan cum hypothecation agreement dated 10.05.2022, which is Annexure A10 to this OA; Temporary Registration certificate of vehicle dated 16.03.2022, which is Annexure A11 to this OA and Tax Invoice dated 16.03.2022, which is Annexure A11A to this OA.
Documents executed: Loan Agreement for home top up loan and Consent letter dated 20.11.2021, which are Annexures A4 & A7 to this OA; Consent letter dated 10.03.2022, which is Annexure A12 to this OA ; Statement of accounts with interest calculation sheet and certificate, which are Annexures A13 to A16 to this OA; Demand Notice dated 03.05.2023 u/s 13(2) of SARFAESI Act, which is Annexure A17 to this OA; Symbolic Possession Notice dated 10.07.2023, which is Annexure A18 to this OA; and Legal Notice dated 11.01.2024, which is Annexure A19 to this OA. 5. The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in loan accounts there was a debit of Rs.69,39,168.32, which is recoverable and the defendant was served recall notices but he did not repay the outstanding amount,
3 OA/24/2025 STATE BANK OF INDIA Vs. NAVDEEP SINGH SOHAL
therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.
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/hypothecated assets, undertaking of the defendant, quantum of loans and prevalent market rates of interest which have gone drastically downhill in yester
4 OA/24/2025 STATE BANK OF INDIA Vs. NAVDEEP SINGH SOHAL
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 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/24/2025
STATE BANK OF INDIA Vs. NAVDEEP SINGH SOHAL
2 issues framed by the court
Whether the applicant is entitled to recovery of the outstanding loan amount with interest from the defendant.
Whether the Tribunal can modify the claimed interest rate on the basis of its discretion.
2 provisions across 2 enactments
State Bank of India
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
