Allowed

Punjab National Bank v. Smt. Balbir Kaur and Another

DRT21 Nov 2025OA/635/2024

Case brief

AI extract

What is this about?

The Tribunal allowed the applicant's application for recovery of Rs.21,50,005.00p outstanding from two borrowers. It granted uniform simple interest at 8% p.a. and directed issuance of a Recovery Certificate for enforcement against mortgaged and personal assets under SARFAESI.

What did the court decide?

Recovery of Rs.21,50,005.00p jointly and severally with simple interest @8% p.a. from filing date; issuance of Recovery Certificate.

Punjab National Bank versus Smt. Balbir Kaur and Another — Banking and Recovery | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.635/2024

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 22.04.2024

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DATE OF DECISION: 21.11.2025

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Punjab National Bank, a body corporate, constituted under the Banking Companies (Acquisition &Transfer of Undertakings) Act 1970, having its Head Office at Plot No-4, Sector-10, Dwarka, New Delhi-110075 and the successor of Oriental Bank of Commerce, by Scheme of Amalgamation of Oriental Bank of Commerce dated 04.03.2020, passed by the Central Government under section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act 1980, having one of its Branch office at Kariam, Nawanshahr through Sh. Ankur Rawat, Senior manager, Circle Sastra Centre, Kapurthala, Principal Officer, General Attorney of the Bank.

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……..Applicant

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Versus

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Smt. Balbir Kaur W/o Sh. Satnam Singh R/o VPO Hansron Tehsil Nawanshahr District, SBS Nagar, Punjab.

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Sh. Harvinder Singh S/o Sh. Satnam Singh R/o VPO Hansron Tehsil Nawanshahr District, SBS Nagar, Punjab.

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….……Defendants

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Advocates:

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Argued by Sh. P. S. Sobti, Advocate for Applicant

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Defendants already 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 & Bankruptcy Act 1993, against the defendants for recovery of Rs.21,50,005.00p (Rupees Twenty One Lacs Fifty Thousand Five Only). The Original Application has been filed through Sh. Ankur Rawat, Senior Manager of the applicant, who is competent to institute the Original Application vide

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2 OA NO. 635/2024 PUNJAB NATIONAL BANK VS SMT.BALBIR KAUR AND ANOTHER

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Power of attorney dated 04.11.2016, which is Annexure A2 to this OA.

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The brief facts of the OA are that the defendants had approached the applicant for the grant of KCC Limit of Rs.15.00 Lacs vide Loan application dated 06.06.2012, which is Annexure A3 to this OA.

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The applicant sanctioned the KCC Limit of Rs.15.00 Lacs vide Sanction letter dated 18.06.2012, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants. 4. Defendant no.1 had mortgaged his immovable property i.e. Land measuring15K-12M situated at Village Karyam, Tehsil and District Nawanshahr, Punjab vide Mortgage Deed bearing vasika no. 1527 dated 18.06.2012, along with translation, which are Annexures A5 and A5A to this OA; Fard jamabandi along with its translation, which are Annexures A6 and A6A to this OA. Documents executed :- Gazette Notification dated 04.03.2020 of amalgamation of Oriental Bank of Commerce with Punjab National Bank, which is Annexure A1 to this OA; Agreement of Hypothecation dated 19.06.2012, which is Annexure A4 to this OA; Notice dated 19.07.2023, which is Annexure A7 t o this OA; Balance Confirmation dated 01.01.2014, 28.09.2015, 29.12.2017, 09.12.2020 & 04.10.2023, which are Annexures A8 to A12 to this OA and Statement of account along with Certificate, which is Annexure A13 to this OA.

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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.21,50,005.00p, 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. 635/2024 PUNJAB NATIONAL BANK VS SMT.BALBIR KAUR 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 04.08.2025.

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In support of the OA, affidavit of Sh. Ankur Rawat, Senior manager, Punjab National Bank, has been filed.

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Heard ex-parte arguments and perused record.

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It was argued by learned 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 A13 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.21,50,005.00p (Rupees Twenty One Lacs Fifty Thousand Five Only) 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 pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @10.05%p.a. with 2% penal interest with half yearly rests from 20.06.2023 till the realization.

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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/hypothecated 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

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4 OA NO. 635/2024 PUNJAB NATIONAL BANK VS SMT.BALBIR KAUR AND ANOTHER

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@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.21,50,005.00p (Rupees Twenty One Lacs Fifty Thousand Five Only) jointly and severally, with costs, current and future simple interest @8.00%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 03.12.2025. 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: 21.11.2025 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Punjab National Bank v. Smt. Balbir Kaur and Another

Case brief

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Punjab National Bank v. Smt. Balbir Kaur and Another

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