Debts Recovery Tribunal allowed the applicant bank's original application for recovery of Rs. 1.1 crore against borrowers and guarantors proceeding ex-parte for issuance of recovery certificate.
Recovery certificate issued; Applicants entitled to recover Rs. 1,10,60,892.40p with interest.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.879/2025
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 25.06.2025
DATE OF DECISION: 28.11.2025
Equitas Small Finance Bank Limited, having its Registered Office at: 4th Floor, Phase II, Spencer Plaza, No. 769, Mount Road, Anna Salai, Chennai, Tamil Nadu, India-600002 having Regional Office at:- Equitas Small Finance Bank Ltd. BP8, Kaushailya Tower, 1st Floor, Main Road, West Patel Nagar, New Delhi -110008 and Branch Office at: Equitas Small Finance Bank Ltd., SCO-12, Deerghayu Ayuverdic Center, Deerghayu Commercial Complex, Tripuri Chowk, Patiala, Punjab147001 through its Authorized Representative Sh. Amandeep Singh.
……..Applicant Versus
Advocates:
Argued by: Ms. Ashima, Advocate proxy for Sh. Abhishek Garg, Advocate for Applicant
Defendants already ex-parte
FINAL ORDER
2 OA NO.879/2025 EQUITAS SMALL FINANCE BANK LIMITED VS MULTANI OIL MILLS AND OTHERS
Amandeep Singh, Authorized Representative of the applicant, who is competent to institute the Original Application Power of Attorney 22.02.2024, which is Annexure A1 to this OA.
3 OA NO.879/2025 EQUITAS SMALL FINANCE BANK LIMITED VS MULTANI OIL MILLS AND OTHERS
Defendant no. 2 had mortgaged his immovable property i.e. All that Piece and Parcel of Property Shop No. 1, 3, 4, 5, 6 (MC No 3419/2), Measuring 61.69 Sq. Yards, situated at Sanori Adda, Sanori Gate, Patiala, Punjab-147001 through equitable mortgage. Memorandum of deposit title deeds dated 10.02.2023 and 30.05.2023 and supplementary memorandum of mortgage by deposit of title deeds dated 29.11.2023, which is Annexure A9 (Colly) to this OA.
Documents executed: Facility agreement dated 20.11.2023, along with KYC documents, which is Annexure A6 to this OA; Deed of guarantee dated 25.01.2023, 30.05.2023 & 29.11.2023, which is Annexure A8(Colly) to this OA; Loan recall notice dated 01.02.2025, which is Annexure A10(Colly) to this OA; Notice dated 17.03.2025 u/s 13(2) of SARFAESI Act, which is Annexure A11(Colly) to this OA and Statement of accounts along with certificate, which is Annexure A12(Colly) to this OA.
4 OA NO.879/2025 EQUITAS SMALL FINANCE BANK LIMITED VS MULTANI OIL MILLS AND OTHERS
Annexures A1 to A12 (Colly) to this OA, it is proved that the defendants approached applicant for availing of the loan facilities which were granted to them and for that they had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loans as per terms and conditions of the agreement between the parties. Subsequently, accounts 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.1,10,60,892.40p (Rupees One Crore Ten Lacs Sixty Thousand Eight Hundred Ninety Two & Paise Forty Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the accounts.
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 loans 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 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.
5 OA NO.879/2025 EQUITAS SMALL FINANCE BANK LIMITED VS MULTANI OIL MILLS AND OTHERS
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 mortgaged property/hypothecated assets 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.
Pronounced by me in the open Tribunal .
Dated: 28.11.2025
(MRIDULESH KUMAR SINGH)
Presiding Officer, DRT-III, Chandigarh
1 issue framed by the court
Whether the debt recovery tribunal is empowered to allow the original application for recovery of loan amount and issue recovery certificate.
1 provisions across 1 enactments
Equitas Small Finance Bank Limited
M/S Multani Oil Mills
Sh. Ganesh Munjal
Smt. Suman Munjal
Mridulesh Kumar Singh
As recorded by the court registry
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