The Debts Recovery Tribunal allowed the appellant bank's application for recovery of Rs. 23.73 lacs advanced as a home loan and OD limit. The court granted uniform interest at 7.65% p.a. and ordered the issuance of a Recovery Certificate.
Recovery Certificate to be issued; Defendants liable to pay Rs. 23,73,525 along with interest and costs.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.756/2022 PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 25.03.2022
DATE OF DECISION: 22.01.2025
Punjab National Bank, a body corporate constituted under Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970 having its Head Office at Plot No.4, Sector 10, Dwarka, New Delhi 110075 and branch office amongst others at Branch office Bhai Gurdas Institute of Management (BGIMIT) Sangrur (Punjab National Bank) Circle Sastra 2nd floor, BSNL Building Sangrur (Punjab) through its general power of attorney holder Sh. Gurmeet Singh posted as Senior Manager of the applicant Bank.
……..Applicant
Versus
Advocates:
Argued by Sh. P.K. Khurana, Advocate for applicant Advocate None for defendant No.1 & 2 Defendant No.3 is ex parte
FINAL ORDER
Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, against the defendants for recovery of Rs.23,73,525.00p (Rupees Twenty Three Lacs Seventy Three Thousand Five Hundred Twenty Five only). The Original Application has been filed through Sh. Gurmeet Singh Senior Manager of the applicant, who is competent to institute the Original Application vide Power of Attorney dated 27.03.2008, which is Annexure A1 to this OA.
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Documents executed :-Agreement for housing loan, Agreement for guarantee D-1, Acceptance letters, Undertaking containing a clause for unconditional cancellation limit, Proposed Guarantee of loans, Consent Clause, Agreement for of Facility for housing loan all dated 24.10.2014, which are Annexures A5 to A6, A8 to A12 to this OA; Agreement for guarantee D-1 dated 08.06.2015, which is Annexure A7 to this OA; Letter of communications dated 07.11.2020 & 11.02.2021, which is Annexure A13 to this OA; Notice under section 13(2) dated 12.08.2021, which is Annexure A14 to this OA; Balance & security confirmation letters dated 23.10.2017 & 22.10.2020, which is Annexure A15 to this OA and statements of accounts along with certificate banker’s books evidence, which is Annexure A16 to this OA. 5. The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in both the loan accounts there was a debit of Rs.23,73,525.00p, 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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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 @7.65%p.a. in both 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. 11. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.23,73,525.00p (Rupees Twenty Three Lacs Seventy Three Thousand Five Hundred Twenty Five only) jointly and severally, with costs, current and future simple interest @7.65%p.a. in both the loan accounts 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.
Punjab National Bank
Sh. Naresh Kumar
Smt. Sunidhi Naresh
Sh. Aman Kumar
Mridulesh Kumar Singh
As recorded by the court registry
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