Debts Recovery Tribunal allowed an ex-parte application for recovery of a business loan debt. The court fixed simple interest at 8% per annum and ordered a Recovery Certificate with liberty to attach assets.
Recovery of Rs.38,55,464.81 with costs and simple interest at 8% p.a., 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.1309/2024
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 05.11.2024
DATE OF DECISION: 28.01.2026
IDFC First Bank Ltd, erstwhile Capital First Limited, inter alia having its Registered Office At KRM Towers, 7th Floor, No. 1, Harrington Road, Chetpet, Chennai-600031 and having its Branch Office at Plot No. 28, Industrial Area, Phase I, Chandigarh through its Authorized Representative Sh. Savinder Singh, Manager Legal.
……….Defendants
Advocates:
Argued by Sh. Abhishek Bhateja, Advocate for Applicant
Defendants already ex parte vide order dated 31.10.2025.
FINAL ORDER
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OA NO.1309/2024 IDFC FIRST BANK LTD. VS JVG ENTERPRISES AND ANOTHER
applicant, who is competent to institute the Original Application vide authority letter dated 10.08.2023, which is Annexure A1 to this OA.
Documents executed : Account statement dated 24.10.2024, which is Annexure A4 to this OA; Demand Notice dated 25.10.2024 and Postal receipts dated 26.10.2024, which are Annexure A5 and A6 to this OA.
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OA NO.1309/2024 IDFC FIRST BANK LTD. VS JVG ENTERPRISES AND ANOTHER
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.38,55,464.81 (Rupees Thirty Eight Lacs Fifty Five Thousand Four Hundred Sixty Four & Paise Eighty One Only) along with interest from the defendants, jointly and severally, 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 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.
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OA NO.1309/2024 IDFC FIRST BANK LTD. VS JVG ENTERPRISES AND ANOTHER
defendants. The applicant is at liberty to enforce the claim through due process of law. 11. Any other application pending stands disposed of. 12. Issue Recovery Certificate accordingly. 13. Parties to appear before Learned Recovery Officer of this Tribunal on 10.02.2026. 14. 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: 28.01.2026. (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the applicant is entitled to recovery of the decretal amount in view of the documentary evidence.
What uniform simple interest rate should be granted in place of the claimed pendent lite rate.
1 provisions across 1 enactments
IDFC First Bank Ltd
JVG Enterprises
Sh. Sanjeev Sinhmar
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
