Allowed

Punjab National Bank v. Ms. Pooja Sharma and Another

DRT17 Apr 2025OA/490/2024

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an application by Punjab National Bank against two defendants. Finding satisfactory documentary evidence of the loan and default, the order declares the defendants jointly and severally liable to repay the outstanding sum with simple interest at 8% per annum from the date of filing.

What did the court decide?

Recovery of Rs.47,97,738.20/- jointly and severally with 8% p.a. simple interest; entitlement to recover via sale of mortgaged or personal assets as per SARFAESI Act.

Punjab National Bank versus Ms. Pooja Sharma and Another — Banking and Recovery | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.490/2024

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PRESIDED OVER BYMRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 22.03.2024

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DATE OF DECISION: 17.04.2025

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Punjab National Bank, a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Head Office at Plot No.4, Sector-10, Dwarka, New Delhi110075 and one of its Branch Situated at Banga Dana Mandi, Distt. SBS Nagar, Punjab through its Attorney Holder Sh. Ankur Rawat, Authorized Officer presently posted at Punjab National Bank, Circle Sastra Centre, Kapurthatla, Punjab -144602 as an Authorized Officer of the Applicant.

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……..Applicant

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Versus

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Ms. Pooja Sharma W/o Devki Nandan, R/o Happowal Road Banga, Nawan Shahar Banga, Punjab -144505

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Sh. Devki Nandan S/o Sh. Sham Sunder, R/o Adarsh Nagar, Banga, Punjab.

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………. Defendants

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Advocates:

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Argued by Sh. Sahaj Punj, Advocate proxy for Sh. Iqbal Mohammed, Advocate for the applicant Defendants are ex parte

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, against the defendants for recovery of Rs.47,97,738.20p (Rupees Fourty Seven Lacs Ninety Seven Thousand Seven Hundred Thirty Eight and Paise Twenty Only). The Original Application has been filed through Sh. Ankur Rawat, Authorized Officer of the applicant, who is competent to institute the Original Application

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2 OA NO.490/2024

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PUNJAB NATIONAL BANK VS POOJA SHARMA AND ANOTHER

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vide General Power of Attorney dated 14.11.2016, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendant no.1 had approached the applicant for grant of Housing Loan of Rs.40.00 Lacs vide Loan Application dated 10.06.2013, which is Annexure A2 to this OA. 3. The applicant sanctioned Housing Loan of Rs.40.00 Lacs vide Sanction Letter dated 14.06.2013, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants. 4. Defendant no.1 had mortgaged her immovable properties i.e. total Land measuring 10 Marla situated at Village Khatkar Khurd Tehsil Banga, Distt. SBS Nagar vide Equitable Mortgage of Transfer Deed bearing vasika no.262 dated 30.04.2013 with its translation, which is Annexure A6 to this OA. Documents executed:-Agreement for Housing Loan and Guarantee Agreement dated 14.06.2013, which are Annexures A4 to A5 to this OA; Title Search Report dated 07.06.2013, which is Annexure A7 to this OA; Affidavit dated 05.06.2013, which is Annexure A8 to this OA; Application cum Sanction and Supplementary Agreement dated 20.07.2021, which are Annexures A9 to A10 to this OA; Balance cum Security Confirmation dated 18.05.2016, 28.05.2021 & 28.06.2018, Which are Annexures A11 to A13 to this OA; Demand Notice dated 14.09.2023, which is Annexure A14 to this OA; Account statement , which is Annexure A15 to this OA and Bank Certificate dated 08.2.2024, which is Annexure A16 to this OA. 5. The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs.47,97,738.20p, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

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3 OA NO.490/2024

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PUNJAB NATIONAL BANK VS POOJA SHARMA AND ANOTHER

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The defendants were served notices to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte on 03.04.2025. 7. In support of the OA, affidavit of Sh. Ankur Rawat, Authorized Officer, Punjab National Bank h as been filed. 8. Heard arguments and perused record. 9. It was argued by learned proxy counsel that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexures A1 to A16 to this OA, it is proved that the defendants approached 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.47,97,738.20p (Rupees Fourty Seven Lacs Ninety Seven Thousand Seven Hundred Thirty Eight and Paise Twenty 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.

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In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @10.25%p.a. along with penal interest @2.00%p.a. with monthly rests from 01.02.2024 till the realization. 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

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4 OA NO.490/2024

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PUNJAB NATIONAL BANK VS POOJA SHARMA AND ANOTHER

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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.
11. In the result, the application is allowed declaring that the
defendants are liable to pay to the applicant a total sum of
Rs.47,97,738.20p (Rupees Fourty Seven Lacs Ninety Seven Thousand
Seven Hundred Thirty Eight and Paise Twenty Only) jointly and
severally, with costs, current and future simple interest @08.00%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, 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 defendants.
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.
14. Parties to appear before Learned Recovery Officer of this
Tribunal on 16.05.2025.
15. Copy of this order be given dasti to the applicant and be sent to
defendants through registered/speed post and this order be also
uploaded on the official website of this Tribunal and record be
consigned.
Pronounced by me in the open Tribunal. Dated: 17.04.2025 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

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OA NO.490/2024

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PUNJAB NATIONAL BANK VS POOJA SHARMA AND ANOTHER

Punjab National Bank v. Ms. Pooja Sharma and Another

Case brief

What is this about?

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Punjab National Bank v. Ms. Pooja Sharma and Another

Case brief

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