The Delhi-based DRT allowed a bank application to recover Rs. 26.24 lakhs from a defaulter who failed to repay a KCC loan. The Tribunal allowed the recovery and ordered a Recovery Certificate.
Recovery Certificate issued; defendant ordered to pay Rs. 26,24,897.63p plus interest at 8% p.a.; recovery authorized 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.987/2023 PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 10.08.2023
DATE OF DECISION: 18.01.2025
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 Delhi110075 and having its branch offices throughout India having one of its Branch office situated at Punjab National Bank SASTRA Circle SCO No. 43 2nd floor, sector-54, phase-2, Mohali Punjab, represented through its Chief Manager cum principal officer GPA Holder Sh. Maninder Pal Singh, who is Scale IV Officer.
……..Applicant Versus
Sh. Manoj Kumar S/o Sh. Ram, R/o Near Swami Parmanand College VPO Jaula Kalan, SAS Nagar Punjab-140501.
….……Defendant
Advocates:
Argued by Sh. Abhay Gupta, Advocate for Applicant (through VC) Defendants is ex parte
FINAL ORDER
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Conferencing ) 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 A12 to this OA, it is proved that the defendant approached applicant for availing of the loan facility which was granted to him and for that he had executed all the relevant documents in favour of the bank. The defendant failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendant was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.26,24,897.63p (Rupees Twenty Six Lacs Twenty Four Thousand Eight Hundred Ninety Seven and Paise sixty three Only) along with interest from the defendant, from the date of filing of the present Original Application till realization of the account.
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 defendant, 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.
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current and future simple interest @08.00%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 defendant in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendant. 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 28.02.2025. 15. Copy of this order be given Dasti to the applicant bank and be sent to defendant 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: 18.01.2025
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
1 issue framed by the court
Whether the defendant is liable to repay the outstanding loan amount of Rs.26,24,897.63p to the applicant bank.
2 provisions across 2 enactments
Punjab National Bank
Sh. Manoj Kumar
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
