The Debts Recovery Tribunal allowed an application filed by Punjab National Bank for recovery of Rs.23,37,151.00 as dues from an Education Loan account. The Tribunal issued a Recovery Certificate and awarded simple interest at 08.00% p.a.
Recovery of Rs.23,37,151.00 with simple interest at 08.00% p.a. and 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.494/2024 PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 02.04.2024
DATE OF DECISION: 17.02.2025
Punjab National Bank, a body corporate constituted under Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970 having its Head Office at Plot No.4, Sector10, Dwarka, New Delhi (110075) (here in after referred to as “the Bank”) and having Branches throughout India amongst others a branch Office at Massinghan, District Patiala Punjab through Sh. Gurcharan Singh, Senior Manager, Authorized Representative Circle Sastra Center Punjab National Bank being the principle Officer of the applicant. ……..Applicant Versus Sh. Nachhattar Singh S/o Sh. Mata Ram R/o Village Maggar Sahib, P.O. Massinghan, District Patiala Punjab-147111.
….……Defendant
Advocates: Argued by Ms. Anuradha Gupta, Advocate for the applicant (through VC) Defendants is ex parte
FINAL ORDER
2
3
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 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. 11. In the result, the application is allowed declaring that the defendant is liable to pay to the applicant a total sum of Rs.23,37,151.00p (Rupees Twenty Three Lacs Thirty Seven Thousand One Hundred Fifty one Only) with costs, current and future simple
4
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 defendant in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the 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.
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
3 issues framed by the court
Whether the defendant is liable to repay the outstanding loan amount of Rs.23,37,151.00?
Whether to grant interest equal to the claimed rate or a reduced uniform rate?
Whether to issue a Recovery Certificate against the defendant?
2 provisions across 2 enactments
Punjab National Bank
Sh. Nachhattar Singh
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
