The Debts Recovery Tribunal allowed an original application by Punjab National Bank for recovery of a loan of Rs. 36.84 lakhs. The court held the legal heirs of the deceased borrower liable to repay the principal amount along with reduced simple interest.
Recovery Certificate issued; Legal heirs directed to pay Rs. 36,84,409/- with simple interest at 8% p.a.
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.607/2024 PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 08.05.2024
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) and inter alia one of the Branch Office at Grain Market, Jagraon, (now Sherpura road, Jagraon) District Ludhiana (Punjab) represented through its General Power of Attorney Holder Mr. Navin Kumar Bansal, Senior Manager of the applicant presently posted at Circle SASTRA Centre, 5, Ferozepur Road, Near Wave Mall, Ludhiana.
……..Applicant Versus
Sh. Hakam Singh S/o Sh. Sher Singh, (since deceased) through his legal heirs
All residents of H.No. 22, Village Bahadarke, Tehsil Jagraon, District Ludhiana.
….……Defendants
Advocates:
Argued by Sh. Sachin Rana, Advocate proxy for Sh. Amrit Singh Kang, Advocate for the applicant Defendants is ex parte
FINAL ORDER
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Hundred Nine Only). The Original Application has been filed through Mr. Navin Kumar Bansal, Senior Manager o f the applicant bank, who is competent to institute the Original Application vide General Power of Attorney, which is Annexure A1 to this OA.
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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 legal heirs of deceased defendant no.1 i.e. 1(a), 1(b) and 1(c), 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
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date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the application for recovery of loan dues is maintainable and admissible in law.
Whether the legal heirs of the deceased borrower are liable to repay the outstanding loan amount.
1 provisions across 1 enactments
Punjab National Bank
Jamana Bai W/o Hakam Singh
Surjit Singh S/o Hakam Singh
Raminder Singh S/o Hakam Singh
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
