Allowed

Indian Bank v. Smt. Amneet Kaur and Another

DRT8 Sept 2026OA/1117/2025

Case brief

AI extract

What is this about?

The DT-III allowed the bank's original application for recovery of Rs. 29,67,055.00 outstanding as a housing loan. The Tribunal exercised discretion to award interest at 08% p.a. and ordered issuance of a Recovery Certificate and sale of mortgaged property.

What did the court decide?

Recovered sum of Rs. 29,67,055.00 with interest at 08% p.a., costs, and insertion of Recovery Certificate; sale of mortgaged property directed.

Indian Bank versus Smt. Amneet Kaur and Another — Contract and Commercial Disputes | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO. 1117/2025

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 16.08.2025

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DATE OF DECISION: 08.09.2026

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Indian Bank (erstwhile Allahabad Bank) on the basis of Amalgamation Scheme dated 04.03.2022, a Body Corporate constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970 having its Corporate Office at 254-260, Avvai Shanmugam Salai, Royapettah, Chennai, Tamil Nadu- 600014 and having its Zonal Office at Ludhiana and amongst other Branches, a Branch at Link Road, Ludhiana, Punjab through its Branch Manager, Sh. Sushil Kumar duly constituted and Authorized Signatory

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……..Applicant

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Versus

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Smt. Amneet Kaur, W/o Sh. Pardeep Kumar, R/o Village Mangli Neechi, Near Shyam Karyana Store, Ramgarh, Ludhiana, Punjab- 141123

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Sh. Pardeep Kumar, S/o Sh. Karam Chand, R/o Village Mangli Neechi, Near Shyam Karyana Store, Ramgarh, Ludhiana, Punjab- 141123

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……….Defendants

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Advocates:

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Argued by Sh. Sukhvinder Singh Chaudhary, Advocate proxy for Sh. S.K. Dhir, Advocate for applicant (through VC)

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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 and Bankruptcy Act, 1993, against the defendants for recovery of Rs. 29,67,055.00 (Rupees Twenty Nine Lacs Sixty Seven Thousand Fifty Five Only). The Original Application has been filed through Sh. Sushil Kumar, Branch Manager

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2 OA NO. 1117/2025 INDIAN BANK VS. AMNEET KAUR AND ANOTHER

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of the applicant, who is competent to institute the Original Application vide Authority Letter dated 31.07.2025, which is Annexure A1 to this OA. 2. The brief facts of the OA are that defendants approached the applicant for grant of Housing Loan of Rs. 18.00 Lacs vide Loan Application dated 17.11.2015, which is Annexure A2 to this OA. 3. The applicant sanctioned Housing Loan of Rs. 18.00 Lacs vide Sanction Letter dated 22.11.2015, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants. 4. Defendant no. 1 mortgaged her immovable property i.e. Plot measuring 1000 Square Feet situated at Plot no. A-74, 2^nd Floor, Golden Leaf, Village Bilga, Tehsil and District Ludhiana, Punjab vide Sale Deed dated 25.03.2019 along with its translation, which is Annexure A8 to this OA.

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Documents executed: Tripartite Agreement dated 21.11.2015, which is Annexure A4 to this OA; DP Note and Guarantee Agreement, both dated 23.11.2015, which are Annexure A5 and A6 to this OA; Letters dated 10.02.2020 and 04.05.2021, which are Annexure A7 and A9 to this OA; AOD dated 04.05.2021, which is Annexure A10 to this OA; Demand Notice dated 14.09.2022, which is Annexure A11 to this OA; Possession Notice dated 22.11.2022, which is Annexure A12 to this OA and Statement of Account, which is Annexure A13 to this OA. 5. The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs. 29,67,055.00, which is recoverable and the defendants were served recall notice but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly. 6. 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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3 OA NO. 1117/2025 INDIAN BANK VS. AMNEET KAUR AND ANOTHER

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7. In	support of the OA, affidavit ofSh.	Sushil Kumar, Branch
Manager,	Indian Bankhas been filed.

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Heard ex-parte arguments and perused record. 9. It was argued by learned proxy counsel (through VC) that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case.

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From the perusal of all the Annexure A1 to A13 to this OA, it is proved that the defendants approached applicant for availing of the 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, account of the defendants was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.29,67,055.00 (Rupees Twenty Nine Lacs Sixty Seven Thousand Fifty 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.

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In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @9.70%p.a. with monthly rests from the date of institution of application 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 exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant 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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4 OA NO. 1117/2025 INDIAN BANK VS. AMNEET KAUR AND ANOTHER

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a sum of Rs.29,67,055.00 (Rupees Twenty Nine Lacs Sixty Seven Thousand Fifty Five Only), jointly and severally, with costs, 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 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

Indian Bank v. Smt. Amneet Kaur and Another

Case brief

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Indian Bank v. Smt. Amneet Kaur and Another

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