The Debts Recovery Tribunal allowed an ex-parte transfer application filed by Punjab National Bank against two defendants for the recovery of a loan of Rs. 22,85,290.05 along with interest at 8% p.a..
Debt of Rs. 22,85,290.05 declared recoverable with simple interest at 8% p.a.; Recovery Certificate issued; liberty to execute against mortgaged or personal assets.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
TRANSFER APPLICATION NO.8/2024
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 26.03.2024
DATE OF DECISION: 01.03.2025
Punjab National Bank, a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having the Head Office at Plot No. 4, sector 10, Dwarka, New Delhi110075 and a branch amongst at Chabhal Kalan, through Recovery Vertical at Circle Sastra, Amritsar, Punjab through Sh. Arun Kumar, Manager, Principal Officer and duly Constituted Attorney of the Applicant Bank.
……..Applicant Versus
………Defendants
Advocates:
Argued by Ms. Natasha, Law Officer of the Applicant Defendants are ex parte.
FINAL ORDER
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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 @8.00%p.a. in the loan account from the date of filing of the TA till realization of the amount ordered vide this final order. It is ordered accordingly.
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Hundred Ninety and Paisa Five Only) with costs, current and future simple interest @8.00%p.a. in the loan account from the date of filing of TA 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.
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2 issues framed by the court
Whether the applicant bank is entitled to recover the outstanding loan amount from the defendants jointly and severally.
What rate of simple interest should be granted on the loan account from the date of filing the transfer application.
2 provisions across 2 enactments
Punjab National Bank
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
