Debts Recovery Tribunal allowed an application under Section 19 RDBFI Act, 1993, directed legal heir and guarantor to pay outstanding dues of Rs.37,83,395.12p with interest at 8% p.a., and issued a Recovery Certificate.
Direction to pay Rs.37,83,395.12p with interest @8% p.a.; issuance of Recovery Certificate; liberty to recover from mortgaged or personal assets.
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.899/2024
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 08.07.2024
DATE OF DECISION: 25.03.2025
Bank of India, a body corporate and a nationalized Bank undEr the provisions of the Banking Companies (Acquisition and Transfer of Undertakings) Act of 1970 with its Head Office at Bank of India, “Star House”, C-5, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai400051 and amongst others a branch at Raekot and District Ludhiana, Punjab through Sh. Vipul Goyal, Branch Manager, Principal Officer and Authorized Signatory of Applicant Bank.
……. Applicant
Versus
Resident of Village Jalal Diwal, Tehsil Raekot and District Ludhiana, Punjab.
………. Defendants
Advocates:
Argued by Ms. Seerat Sharma, Advocate proxy for Sh. Pankaj Beri, Advocate for the applicant Defendants are ex-parte
FINAL ORDER
Three Hundred Ninety Five and Paise Twelve Only).
2
ORIGINAL APPLICATION NO.899/2014 BANK OF INDIA VS
LATE SH. MAHINDER SINGH AND ANOTHER
The Original Application has been filed through Sh. Vipul Goyal, Branch Manager o f the applicant, who is competent to institute the Original Application vide Authority Letter dated 21.06.2024, which is
Annexure A1 to this OA.
Documents executed: - D.P. Notes, Hypothecation-Cum-Loan Agreement, Agreements, Letters of Declaration, Undertaking and Authorities & Deeds of Guarantee all dated 18.07.2012, which are Annexures A4 to A8 & A11 to A14 to this OA; Notice dated 24.06.2024 along with postal receipts, which is Annexure A16 to this OA Statements of Accounts duly certified, which are Annexures A17 & A18 to this OA.
3
ORIGINAL APPLICATION NO.899/2014 BANK OF INDIA VS
LATE SH. MAHINDER SINGH AND ANOTHER
4
ORIGINAL APPLICATION NO.899/2014 BANK OF INDIA VS LATE SH. MAHINDER SINGH AND ANOTHER
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 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 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
ORIGINAL APPLICATION NO.899/2014 BANK OF INDIA VS
LATE SH. MAHINDER SINGH AND ANOTHER
Pronounced by me in the open Tribunal . Dated: 25.03.2025
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the application for recovery of dues from the legal heir and guarantor is maintainable.
What rate of interest should be granted for the loan accounts.
1 provisions across 1 enactments
Bank of India
Sh. Jagroop Singh
Sh. Rajinderpal
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
