Allowed

Bank of India v. Sh. Deepak Kumar Kochar and Another

DRT8 Sept 2026OA/1073/2026

Case brief

AI extract

What is this about?

In an ex-parte proceeding, the Tribunal allowed the Bank of India's application for recovery of a home loan shortfall. It directed the recovery of the principal sum with reduced simple interest at 8% p.a. pending realization, allowing enforcement through sale of mortgaged property or personal assets under the SARFAESI Act.

What did the court decide?

Recovery of Rs.30,68,045.00 with simple interest at 8% p.a. from date of filing; issue of Recovery Certificate; entitlement to attach/sell mortgaged or personal assets.

Bank of India versus Sh. Deepak Kumar Kochar and Another — Banking and Recovery | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1073/2026

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 20.07.2026

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DATE OF DECISION: 08.09.2026

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Bank of India, a body Corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Head Office at “Star House”, C-5, G-Block, 2^nd Floor, Bandra Kurla Complex, Bandra (East) Mumbai - 400051 and one of its branches at Partap Singh Wala, District Ludhiana, through Sh. Ajay Singh, Chief Manager, Asset Recovery Branch, Zonal Office, Rakh Bagh, Ludhiana its Principal Officer and Constituted Attorney.

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……..Applicant

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Versus

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Sh. Deepak Kumar Kochar S/o Sh. Sham Kumar Kochar,

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Smt. Jyoti Bala W/o Sh. Deepak Kumar Kochar,

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Both R/o House No.61, Victoria Enclave, Baloke, District Ludhiana.

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…….. Defendants

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Advocates:

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Argued by Sh. R.V. Mehra, Advocate for the applicant (through VC) None for defendants (Already ex-parte vide order dated 02.09.2026).

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts & Bankruptcy Act 1993, against the defendants for recovery of Rs.30,68,045.00 (Rupees Thirty Lacs Sixty Eight Thousand and Forty Five Only). The Original Application has been filed through Sh. Ajay Singh, Chief Manager of the applicant, who is competent to institute the Original Application vide Power of Attorney, dated 20.01.2024, which is Annexure A1 to this OA.

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2 OA NO.1073/2026

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BANK OF INDIA VS SH. DEEPAK KUMAR KOCHAR AND ANOTHER

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The brief facts of the OA are that the defendants approached the applicant for grant of Home Loan for construction house of Rs.25,00,000.00 vide Housing Loan Application, dated 25.02.2020, which is Annexure A2 to this OA.

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The applicant sanctioned the Home Loan for construction house of Rs.25,00,000.00 vide Sanction Letter, dated 20.03.2020, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants.

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Defendant no. 1 mortgaged h is Immovable Property i.e.,

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Residential Plots measuring 252.77 square yards, as per Jamabandi for the year 2015-2015, situated at Village Ladian Kalan, Hadbast No. 105, Tehsil and District Ludhiana, vide Registered Sale Deed bearing vasika no. 2019-20/101/1/11719, dated 02.12.2019, along with its translation and The relevant pages of oral assent register, dated 28.05.2020, which are Annexures A13 to A15 to this OA.

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Documents executed: Demand Promissory Note, Bearer Letter, Agreement for Home Loan, Composite Document L-516, Declaration to be obtained from the borrower, Letter of declaration, undertaking & authority, Letter of installment, Repo Based Lending Rate Agreement, Affidavit cum undertaking, all dated 28.05.2020, which are Annexures A4 to A12 to this OA; Notice u/s 13(2), dated 16.07.2024, along with postal receipts, which are Annexures A16 & A17 to this OA; Legal Notice, dated 13.04.2026, along with postal receipts, which are Annexures A18 to A20 to this OA; Acknowledgement of Debt/Securities, dated 03.05.2023, which is Annexure A21 to this OA; Statement of Account along with certificate, which is Annexure A22 to this OA.

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The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in the loan account there was a debit of Rs.30,68,045.00, which is recoverable and the defendants were served recall notices but they did not repay the

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3 OA NO.1073/2026 BANK OF INDIA VS SH. DEEPAK KUMAR KOCHAR AND ANOTHER

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outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

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The defendants were served summons to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte vide order dated 02.09.2026.

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In support of the OA, affidavit of Sh. Ajay Singh, Chief Manager, Bank of India has been filed. 8. Heard ex-parte arguments and perused record.

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It was argued by learned counsel for applicant through video 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 A22 to this OA, it is proved that the defendants approached applicant for availing of loan facility which was 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 loan as per terms and conditions of the agreement between the parties. Subsequently, loan account was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.30,68,045.00 (Rupees Thirty Lacs Sixty Eight Thousand and Forty Five Only), along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the amount. 10. In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @11.50%p.a., with penal interest @2% with monthly rests, till the realization.

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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 loan and prevalent market rates of interest which have gone drastically downhill in yester years, while

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4 OA NO.1073/2026

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BANK OF INDIA VS SH. DEEPAK KUMAR KOCHAR AND ANOTHER

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exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant simple interest @8.00%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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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant sum of Rs.30,68,045.00 (Rupees Thirty Lacs Sixty Eight Thousand and Forty Five Only), jointly and severally, with costs, current and future simple interest @8.00%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 mortgaged property of defendant no. 1 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. 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 19.09.2026. 15. Copy of this order be given dasti to the applicant and be sent to defendants 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: 08.09.2026 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Bank of India v. Sh. Deepak Kumar Kochar and Another

Case brief

What is this about?

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Bank of India v. Sh. Deepak Kumar Kochar and Another

Case brief

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