The DRT allowed the bank's application for recovery. The court declared the respondents liable to pay the principal amount with a uniform simple interest rate of 8% per annum from the date of filing the application till realization.
Recovery of Rs.44,56,986.00 plus costs and uniform simple interest @8% p.a. with issuance of Recovery Certificate.
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.290/2023
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 31.12.2022
DATE OF DECISION: 17.01.2025
Bank of India, a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act No.V of 1970, having its Head Office at “Star House”, C-5, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai-400051 and Branch Office amongst other places, at Nawanshahr District S.B.S. Nagar (Punjab), through its duly constituted attorney Sh. Ashok Kumar, presently posted as Chief Manager, at Garha Branch, District Jalandhar (Punjab).
……..Applicant
Versus
Advocates:
Argued by Sh. Anil Malhotra, Advocate proxy for Ms. Meena Malhotra, Advocate for the applicant Sh. Dinesh Nagar, Advocate for Defendants (through VC)
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FINAL ORDER
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Deeds of guarantee all dated 29.03.2019, which are Annexures A7 to A20 to this OA; True photocopy of A cknowledgements of debts dated 07.12.2020, which are Annexures A21 & A22 to this OA; True photocopy of Legal Notice dated 16.07.2022, along with postal receipt, which are Annexures A23 to A27 to this OA and Copies of Statement of Account along with Certificate under Banker’s Book Evidence Act, which are Annexures A28 & A29 to this OA.
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parties. Subsequently, accounts of the defendants were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.44,56,986.00p (Rupees Forty Four Lacs Fifty Six Thousand Nine Hundred Eighty Six Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the accounts.
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 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 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.
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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.
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the applicant is entitled to recovery of the outstanding loan amount from the respondents.
What rate of interest should be granted pending and future interest in the loan accounts.
1 provisions across 1 enactments
Bank of India
Sh. Surinder Singh
Sh. Harcharan Singh
Sh. Gurdev Singh
Sh. Kulwinder Singh
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
