Allowed

Punjab National Bank v. Sh. Pardeep Singh

DRT25 May 2026OA/1725/2025

Case brief

AI extract

What is this about?

The Tribunal allowed an Original Application by Punjab National Bank against two defendants for recovery of Rs. 21,71,311.74. Being satisfied with the documentary evidence, the court decreed the recovery of the principal, costs, and simple interest at 8% p.a., and directed the issuance of a Recovery Certificate.

What did the court decide?

Decree for recovery of Rs. 21,71,311.74, costs, and simple interest @8.00% p.a. with direction to issue Recovery Certificate.

Punjab National Bank versus Sh. Pardeep Singh — Contract and Commercial Disputes | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1725/2025

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 08.12.2025

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DATE OF DECISION: 25.05.2026

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Punjab National Bank, a Body Corporate constituted under Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Head Office at Plot No. 4, Sector 10, Dwarka, New Delhi - 110075 and Branch Office: Humayunpur Branch, Block and Tehsil Dera Bassi, District Mohali, Punjab - 140501 through its General Power of Attorney Holder Sh. Kulwant Singh, Authorized Signatory of the Applicant Bank.

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……..Applicant

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Versus

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Sh. Pardeep Singh S/o Sh. Karnail Singh, R/o Village VPO Tasimbly, Block & Tehsil Dera Bassi, District Mohali, Punjab140501.

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Smt. Harjinder Kaur W/o Sh. Karnail Singh, R/o Village VPO Tasimbly, Block & Tehsil Dera Bassi, District Mohali, Punjab140501.

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……..Defendants

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Advocates:

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Argued by Sh. Sourabh Bhoria, Advocate for Applicant (through VC) None for Defendants (Already ex-parte vide order dated 21.05.2026).

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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 defendants for recovery of Rs.21,71,311.74 (Rupees Twenty One Lacs Seventy One Thousand Three Hundred Eleven and Paise Seventy Four Only). The Original Application has been filed through Sh. Kulwant Singh, Authorized Signatory of the applicant, who is competent to institute the Original Application vide General Power of Attorney dated 27.07.2015, which is Annexure A1 to this OA.

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2 OA/1725/2025

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PUNJAB NATIONAL BANK VS SH. PARDEEP SINGH AND ANOTHER

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The brief facts of the OA are that the defendants approached the applicant for grant of Kisan Cash Credit Facility of Rs.10,00,000.00 vide Application form for Agricultural Credit dated 06.01.2016, which is Annexure A2 to this OA; 3. The applicant sanctioned the Kisan Cash Credit Facility of Rs.10,00,000.00 vide Sanction Letter dated 06.01.2016, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants.

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Defendants mortgaged their Immovable Properties i.e, total Land measuring 13 Bighas 02 Biswas situated at Village Tasimbli, Tehsil Dera Bassi, District S.A.S. Nagar vide Simple Mortgaged Deed bearing vasika no. 162 dated 11.01.2016, which is Annexure A6 to this OA; Documents executed: Agreement of Hypothecation, Letter of Undertaking, both dated 13.01.2016, which are Annexures A4 & A5 to this OA; Balance and Security Confirmation Letter dated 17.08.2017, 12.05.2020, 28.04.2023, which is Annexure A7 to this OA; Legal Notice dated 07.08.2015 along with postal receipt, which is Annexure A8 to this OA; Statement of Account along with Certificate Under Banker’s Books of Evidence, which is Annexure A9 to this OA. 5. The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs.21,71,311.74, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly. 6. The defendants were served summons to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte vide order dated 21.05.2026. 7. In support of the OA, affidavit of Shri Kulwant Singh, Authorized Signatory, Punjab National Bank has been filed. 8. Heard ex-parte arguments and perused record.

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3 OA/1725/2025 PUNJAB NATIONAL BANK VS SH. PARDEEP SINGH AND ANOTHER

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It was argued by learned counsel for applicant through video conferencing, that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case.

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From the perusal of all the Annexures A1 to A9 to this OA, it is proved that the defendants approached applicant for availing of the loan facility which was granted to them and for that they had executed all the relevant documents in favour of the applicant. The defendants 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.21,71,311.74 (Rupees Twenty One Lacs Seventy One Thousand Three Hundred Eleven and Paise Seventy Four Only), along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the amount. 10. In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @11.50%p.a. with monthly rests with penal interest @2.00%p.a. 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

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instant case including nature of the mortgaged properties/hypothecated assets, 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 simple interest @8.00% 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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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.21,71,311.74 (Rupees Twenty One Lacs Seventy One Thousand

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4 OA/1725/2025

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PUNJAB NATIONAL BANK VS SH. PARDEEP SINGH AND ANOTHER

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Three Hundred Eleven and Paise Seventy Four Only), jointly and severally, 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 amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of mortgaged properties of the defendants 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 defendants. The applicant is at liberty to enforce the claim through due process of law. 12. Any other application pending stands disposed of. 13. Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 16.06.2026. 15. 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: 25.05.2026 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Punjab National Bank v. Sh. Pardeep Singh

Case brief

What is this about?

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Punjab National Bank v. Sh. Pardeep Singh

Case brief

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