Respondents were declared liable to pay Union Bank of India a sum of Rs. 1.94 crores with debt equivalent interest at 07.15%p.a. Recovery certificate was issued for sale of mortgaged properties.
Declared joint and several liability for Rs. 1,94,76,837.00 with interest at 07.15%p.a. Ordered issuance of Recovery Certificate and permission to sell assets.
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.1454/2025
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 18.09.2025
DATE OF DECISION: 18.02.2026
Union Bank of India, a Body Corporate Constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Central Office at 239, Vidhan Bhavan Marg, Nariman Point, Mumbai–400021 and one of its Branch Office at Asset Recovery Branch, Karlras Building, B-XV-295/C. Nr. Oswal Street, Miller Ganj, G.T. Road, Ludhiana Punjab through its Branch Manager Sh. Nikhil.
….……Defendants
Advocates:
Argued by Sh. Karan Singla, Advocate for Applicant (through VC) Defendants already ex parte vide order dated 06.01.2026
FINAL ORDER
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OA NO.1454/2025 UNION BANK OF INDIA VS. JAGTAR SINGH AND OTHERS
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OA NO.1454/2025 UNION BANK OF INDIA VS. JAGTAR SINGH AND OTHERS
amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.
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/hypothecated assets, undertaking of the defendants, quantum of loan and prevalent
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OA NO.1454/2025 UNION BANK OF INDIA VS. JAGTAR SINGH AND OTHERS
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 @07.15%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.
12. Any other application pending stands disposed of.
Pronounced by me in the open Tribunal .
Dated:18.02.2026.
(MRIDULESH KUMAR SINGH)
Presiding Officer, DRT-III, Chandigarh
3 issues framed by the court
Whether the applicant is entitled to recover the principal amount along with interest from the respondents jointly and severally.
Whether the Tribunal should grant the claimed penal interest or modify the rate of interest.
Whether a Recovery Certificate should be issued to the applicant.
2 provisions across 2 enactments
Union Bank of India
Sh. Jagtar Singh
Sh. Baldev Singh
Smt. Daljit Kaur
Smt. Harjinder Kaur
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
