The Chandigarh Debt Recovery Tribunal allowed an application filed by Indian Bank for recovery of Rs.83,13,324 from M/s Sharma Exports. The Tribunal reduced the claimed interest rate to 8% per annum and directed issuance of a Recovery Certificate.
Direction to defendants to pay Rs.83,13,324 plus simple interest @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. 1335 /2024
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 17.11.2024
DATE OF DECISION: 13.01.2026
Indian Bank, a Body Corporate, constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Act 1970, having its Corporate Office at PB No. 5555, 254-260, Avvai Shanmugam Salai, Royapettah, Chennai and its Branches throughout India and amongst other branches one of its branch office at Bhoura Branch, Ludhiana through its constituted Attorney/Authorized Officer Ms. Sunaina Sharma, Branch Manager, Indian Bank, Boura Branch, Ludhiana who is also the principal officer of the plaintiff/ applicant.
……..Applicant
Versus
………Defendants
2 OA NO. 1335/2024 INDIAN BANK. VS M/S SHARMA EXPORTS AND ANOTHER
Advocates:
Argued by Sh. Ashok Kumar Verma, Advocate the applicant
Defendants already ex-parte vide order dated 06.12.2025
FINAL ORDER
3 OA NO. 1335/2024 INDIAN BANK. VS M/S SHARMA EXPORTS AND ANOTHER
dated 27.12.2019 which is Annexure A12 to this OA; Deposit Voucher dated 16.12.2019 which is Annexure A13 to this OA; Certified Copy of Plaint of Civil Suit filed by defendants, which is Annexure A14 to this OA; Statement of Vipan Sharma defendant no. 1, along with affidavit and Cross Examination, which is Annexure A15 to this OA; Statement of Accounts which are Annexure A16 to A17 to this OA.
4 OA NO. 1335/2024 INDIAN BANK. VS M/S SHARMA EXPORTS AND ANOTHER
with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the accounts.
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 mortgaged properties/hypothecated assets, 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 both the loan accounts from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.
5 OA NO. 1335/2024 INDIAN BANK. VS M/S SHARMA EXPORTS AND ANOTHER
12. Any other application pending stands disposed of . 13. Issue Recovery Certificate accordingly.
Pronounced by me in the open Tribunal .
Dated:13.01.2026
(MRIDULESH KUMAR SINGH)
Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the Recovery Tribunal is justified in allowing the application for recovery of outstanding loan dues.
Whether the interest rate claimed by the applicant should be modified by the Tribunal.
1 provisions across 1 enactments
Indian Bank
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
