Application for recovery of Rs. 50.59 Lacs under RDB Act allowed defendants declared liable to pay applicant amount with costs interest. Recovery certificate issued order uploaded.
Application allowed declaring defendants liable to pay Rs. 50,59,551.00 jointly and severally with costs and 8% simple interest. 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.267/2024
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 01.03.2024
DATE OF DECISION: 21.11.2025
Kotak Mahindra Bank Ltd., (in which ING Vysya Bank Ltd stands amalgamated and the name of IVBL has been changed to Kotak Mahindra Bank Ltd. (KMBL) pursuant to the order issued by Reserve Bank of India under sub section 4 of Section 44A of Banking Regulation Act, 1949, sanctioning the scheme of amalgamation effective from 31.03.2015, as communicated by RBI vide its letter no.DBR.No.PSBD.14527/16.01.136/2014-15 March 31-2015 and order issued by RBI vide letter no. DBR/PSBD/14476/16.01.136/2014-15 dated 31st March 2015), thus the applicant is a banking company, carrying on the banking business under the Companies Act, 1956 and having its Registered Office at 27BKC, C27, G Block, Bandra Kurla Complex, Bandra(E), Mumbai and branches at different places one in Thakkarpura, District Tarn Taran, Punjab, through Sh. Munish Sharma, Authorized Officer of Applicant.
……..Applicant
Versus
Advocates:
Argued by Sh. Yogesh Kumar, Advocate proxy for Sh. Sumeet Sehgal, Advocate for Applicant
Defendants already ex parte
FINAL ORDER
2 OA NO. 267/2024 KOTAK MAHINDRA BANK LIMITED VS. SMT. NARINDER KAUR AND OTHERS
against the defendants for recovery of Rs.50,59,551.00p (Rupees Fifty Lacs Fifty Nine Thousand Five Hundred Fifty One Only). The Original Application has been filed through Sh. Munish Sharma, Manager o f the applicant, who is competent to institute the Original Application as per Delegation of Powers vide Board Resolution dated 31.08.2023, which is Annexure A1 to this OA.
3 OA NO. 267/2024 KOTAK MAHINDRA BANK LIMITED VS. SMT. NARINDER KAUR AND OTHERS
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
4 OA NO. 267/2024 KOTAK MAHINDRA BANK LIMITED VS. SMT. NARINDER KAUR AND OTHERS
assets, 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.
12. Any other application pending stands disposed of.
Pronounced by me in the open Tribunal .
Dated: 21.11.2025
(MRIDULESH KUMAR SINGH)
Presiding Officer,
DRT-III, Chandigarh
3 issues framed by the court
Whether the defendant borrowed amount from the applicant and executed loan agreement.
Whether the defendant allowed the interest to go past the stipulated date of repayment and makes necessary repayment in future.
Whether the applicant is entitled to recover the outstanding amount of Rs. 50.59 Lacs with interest.
2 provisions across 2 enactments
Kotak Mahindra Bank Ltd.
Smt. Narinder Kaur W/o Sh. Sarabjit Singh
Sh. Sawinder Singh S/o Sh. Sarabjit Singh
Sh. Gulvinder Singh S/o Sh. Teja Singh
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
