Allowed

Punjab Gramin Bank v. Sh. Jasvir Singh since deceased through his Lrs

DRT24 Mar 2026OA/163/2026

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an Original Application filed by Punjab Gramin Bank against the legal heirs of a deceased borrower for recovery of Rs. 65,69,774/-. The court modified the interest rate to 8% per annum and ordered recovery from mortgaged and personal assets.

What did the court decide?

Recovery of Rs. 65,69,774/- with interest @ 8% p.a. from filing date till realization, executable against mortgaged or personal assets.

Punjab Gramin Bank versus Sh. Jasvir Singh since deceased… — Execution and Attachment | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.163/2026

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 23.01.2026

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DATE OF DECISION: 24.03.2026

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Punjab Gramin Bank, a body corporate constituted under the Regional Rural Bank Act 1976, Act No. 21 of 1976 having its Head office, at Markfed Road Kapurthala, Punjab and having its branches at different places including one at Shambhu, Teshil Rajpura, District Patiala, Punjab through its Constituted Attorney/Senior Manager Sh. Anoop Kumar

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……..Applicant

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Versus

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Sh. Jasvir Singh S/o Sh. Hardev Singh, since deceased through his legal heir:

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1 (a) Smt. Kashmir Kaur W/o Sh. Jasvir Singh, R/o Village Harpalan, PO Lohsimbli, Tehsil Rajpura, District Patiala, Punjab-140417

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…….Defendant

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Advocates:

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Argued by Sh. Bhushan Bhatia, Advocate for the applicant (through VC)

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Defendant already ex-parte vide order dated 20.03.2026

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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 defendant for recovery of Rs.65,69,774/- (Rupees Sixty Five Lacs Sixty Nine Thousand Seven Hundred and Seventy Four Only). The Original Application has been filed through Sh. Anoop Kumar , Senior Manager o f the applicant, who is competent to institute the Original Application vide Power of Attorney of Bank Official dated 09.01.2017, which is Annexure A1 to this OA.

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The brief facts of the OA that Sh. Jasvir Singh (now deceased and husband of the defendant) approached the applicant for the grant of Credit Facilities of Rs.26.00 Lacs (KCC Limit of Rs. 15.00 Lacs, Term

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2 OA/163/2026 PUNJAB GRAMIN BANK VS. JASVIR SINGH SINCE DECEASED THROUGH HIS LRS

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Loan of Rs. 10.00 Lacs and Debt Swap of Rs. 1.00 Lacs) vide various application for agriculture loan all dated 03.07.2015, which are Annexure A2(Colly) to this OA.

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The applicant sanctioned Credit Facilities of Rs.26.00 Lacs (KCC Limit of Rs. 15.00 Lacs, Term Loan of Rs. 10.00 Lacs and Debt Swap of Rs. 1.00 Lacs) vide various Sanction Letters dated 08.07.2015, which are Annexure A3(Colly) to this OA and the terms and conditions were duly accepted by Late Sh. Jasvir Singh,husband of the defendant. 4. Late Sh. Jasvir Singh (husband of defendant) mortgaged his immovable property i.e. Land measuring 30Bigha-0Biswa vide Hadbast No. 392, comprised in the revenue estate of Village Harpalan, SubTehsil Ghanaur, Tehsil Rajpura, District Patiala, Punjab vide Mortgage Deed dated 09.07.2015 which is Annexure A5(Colly) to this OA. Documents executed: Loan Agreements in Kisan Cash Credit, Agri Term Loan & Debt Swap, all dated 09.07.2015 which are Annexure A4(Colly) to this OA; Legal Notice dated 14.05.2024 which is Annexure A6 to this OA; Balance and Security Confirmation Letter dated 22.05.2018, 10.09.2020, 27.01.2023 which are Annexures A7 to A7/2 to this OA; Statement of account along with certificate dated 22.01.2026 which is Annexure A8 to this OA; Death Certificate dated 04.03.2021 which is Annexure A9 to this OA; 5. The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in all the loan accounts there was a debit of Rs.65,69,774/- which is recoverable and the defendant was served recall notice but she did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly. 6. The defendant was served notice to appear before this Tribunal but no one appeared on behalf of defendant and she was proceeded ex-parte vide order dated 20.03.2026.

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3 OA/163/2026 PUNJAB GRAMIN BANK VS. JASVIR SINGH SINCE DECEASED THROUGH HIS LRS

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In support of the OA, affidavit of Sh. Anoop Kumar, Punjab Gramin Bank, has been filed.

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Heard ex-parte arguments and perused record. 9. It was argued by learned counsel 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 A9 to this OA, it is proved that Late Sh. Jasvir Singh (now deceased and husband of defendant) approached applicant for availing of the loan facility which was granted to him and for that he had executed all the relevant documents in favour of the bank. Late Sh. Jasvir Singh (now deceased and husband of defendant) 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.65,69,774/- (Rupees Sixty Five Lacs Sixty Nine Thousand Seven Hundred and Seventy Four Only) along with interest from the defendant, from the date of filing of the present Original Application till realization of the accounts. 10. In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @11.50% on KCC with yearly rests and @12.00% on KGC with half yearly rests with penal interest @2% p.a. from 21.01.2026 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/hypothecated assets, undertaking of the defendant, 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

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4 OA/163/2026 PUNJAB GRAMIN BANK VS. JASVIR SINGH SINCE DECEASED THROUGH HIS LRS

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@8.00%p.a. all 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 defendant is liable to pay to the applicant a total sum of Rs.65,69,774/- (Rupees Sixty Five Lacs Sixty Nine Thousand Seven Hundred and Seventy Four Only) 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 amounts. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of hypothecated assets/mortgaged properties of the defendant 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 defendant. The applicant is at liberty to enforce the claim through due process of law.

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12. Any other application pending stands disposed of.

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Issue Recovery Certificate accordingly.

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Parties to appear before Learned Recovery Officer of this Tribunal on 16.04.2026.

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Copy of this order be given dasti to the applicant and be sent to defendant through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned.

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Pronounced by me in the open Tribunal.

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Dated: 24.03.2026.

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(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Punjab Gramin Bank v. Sh. Jasvir Singh since deceased through his Lrs

Case brief

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Punjab Gramin Bank v. Sh. Jasvir Singh since deceased through his Lrs

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