In an ex-parte application for debt recovery, the Tribunal allowed the applicant's claim for Rs.58,22,359.00 against defaulting borrowers. The Court fixed interest at 8% p.a. and authorized execution against mortgaged and personal assets under the SARFAESI Act.
Declaration of liability to pay Rs.58,22,359.00 with interest and issuance of Recovery Certificate.
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.932/2025
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 18.07.2025.
DATE OF DECISION: 12.09.2025
Indian Bank, a body corporate and the successor of Allahabad Bank, by scheme of Amalgamation of Allahabad Bank into Indian Bank vide notification no.G.S.R.156(E) darted 04.03.2020, passed by the Central Government under section 9 of the banking companies (Acquisition & transfer of Undertakings) Act, 1970(5 of 1970) having its corporate office, Indian Bank, 254-260, Avvai Shanmugam Salai, Royapettah, Chennai-600014 and branches at various places including one of its branch at Royal Estate, Zirakpur, District SAS Nagar, Mohali, Punjab through authorized attorney of Sh. Aman Passi, Manager.
…….Defendants
Advocates:
Argued by Sh. Virender Kumar, Advocate for Applicant Defendants already ex parte
FINAL ORDER
2 OA NO.932/2025 INDIAN BANK Vs SH.PARMINDER SINGH AND OTHERS
Manager, who is competent to institute the Original Application vide authority letter dated 10.07.2025, which is Annexure A1 to this OA.
Documents executed : - Valuation of the property, which is Annexure A-AA to this OA; Notification dated 04.03.2020, which is Annexure A-AB to this OA; DP Note, Hypothecation agreement, Affidavit by borrower all dated 20.03.2015, which are Annexures A4 to A6 to this OA; Bank notice dated 30.01.2021, which is Annexure A8 to this OA and Account statement & along with certificate of Banker’s Book of Evidence Act, which is Annexure A9 to this OA.
3 OA NO.932/2025 INDIAN BANK Vs SH.PARMINDER SINGH AND OTHERS
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 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 date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.
4 OA NO.932/2025 INDIAN BANK Vs SH.PARMINDER SINGH AND OTHERS
12. Any other application pending stands disposed of .
Pronounced by me in the open Tribunal . Dated: 12.09.2025
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the applicant was entitled to recover the outstanding loan amount from the defendants.
What rate of interest should apply pendente lite and in the future.
1 provisions across 1 enactments
Indian Bank
Sh. Parminder Singh
Sh. Jarnail Kaur
Sh. Kesar Singh
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
