Debts Recovery Tribunal allowed the applicant, Union Bank of India, in an ex-parte original application for recovery of ₹29,14,882 from the defendant. The recovery certificate was issued with interest @08% p.a. invoking discretionary power to lower claimed rates.
Recovery certificate issued directing defendant to pay ₹29,14,882 with costs and interest @08% p.a.
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. 1683/2025
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 05.12.2025
DATE OF DECISION: 29.06.2026
Union Bank of India, a Body Corporate Constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970 having its Central office at 239, Vidhan Bhawan Marg, Nariman Point, Mumbai – 400021 and inter alia a branch office at Manauli, Block Kharar, District Mohali – 140306, through its Branch Manager/Authorized Officer, Ms. Monica Kaul.
.…..Applicant
Sh. M ohit S/o Sh. Sham Babu, Prop. M K Enterprises, Village Rampur Kalan, Opposite Government Public School, Derabassi, Zirakpur, Punjab 140603.
Second Address: Sh. Mohit S/o Sh. Sham Babu R/o Flat No. D-503, Maya Garden, Phase-1, VIP Road, Zirakpur, SAS Nagar Mohali, Punjab 140603.
………. Defendant
Advocates:
Argued by Sh. J.S. Sehgal, Advocate for Applicant
None for Defendant (Already ex parte vide order dated 24.06.2026)
FINAL ORDER
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OA/1683/2025 UNION BANK OF INDIA VS SH. MOHIT
Documents executed : Hypothecation (Goods) Agreement dated 09.02.2024, which is Annexure A4 to this OA; Demand Promissory Note dated 09.02.2024, which is Annexure A5 to this OA; Interest Agreement (for EBLR Based Loans) dated 09.02.2024, which is Annexure A8 to this OA; Letter of Continuity dated 09.02.2024, which is Annexure A9 to this OA; AD-02A dated 09.02.2024, which is Annexure A10 to this OA; Notice and Postal Receipts dated 19.09.2025, which are Annexures A11 to A14 to this OA; Statement of Account with certificate, which are Annexures A15 & A16 to this OA.
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OA/1683/2025 UNION BANK OF INDIA VS SH. MOHIT
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OA/1683/2025
UNION BANK OF INDIA VS SH. MOHIT
accounts from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly. 11. In the result, the application is allowed declaring that the defendant is liable to pay to the applicant a total sum of Rs.29,14,882.00 (Rupees Twenty Nine Lacs Fourteen Thousand Eight Hundred Eighty Two Only) with costs, current and future simple interest @08.00%p.a. in both the loan accounts 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 hypothecated assets of 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.
12. Any other application pending stands disposed of.
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
1 issue framed by the court
Whether the applicant is entitled to recovery of the outstanding loan including adjusted and future interest.
2 provisions across 2 enactments
Union Bank of India
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
