Bank of Maharashtra v. M/S Gee Enterprises and Others
Case brief
What is this about?
The Tribunal allowed the original application for recovery of loans amounting to Rs. 1,33,55,980. The court increased the claimed interest rate to a uniform simple rate of 7.30% per annum and directed recovery from mortgaged and hypothecated assets. Dismissed. Parties to appear on 04.08.2026.
What did the court decide?
Recovery of Rs. 1,17,29,839 from Dws 2,3 and Rs. 16,26,149 from Dws 1,2 with simple interest @7.30% p.a. Joint and several liability declared. Recovery Certificate to be issued.
What the court decided
DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO. 9/2025
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 31.12.2024
DATE OF DECISION: 20.07.2026
Bank of Maharashtra, a Body Corporate constituted by and under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and having its Head Office at Lokmangal 1501, Shivajinagar, Pune- 411005 and a Branch at Dr. Kehar Singh Complex, Kot Kapura Road, Muktsar, Punjab- 152026 among other Branches throughout India through its Principal Officer, Sh. Shubham Kumar, Branch Manager
……..Applicant
Versus
- M/S GEE Enterprises through its Proprietor, Sh. Gursewak Singh, S/o Sh. Charat Singh having Registered Office Near Bhai Ghanhaiya Hospital, Baddowal, Pamal Road, Ludhiana, Punjab141021
- Sh. Gursewak Singh, S/o Sh. Charat Singh, R/o House no. 278/2, Maur Road, Bye Pass Sri Muktsar Sahib, Punjab
Issues for consideration
3 issues framed by the court
Whether the applicant bank is entitled to recover the outstanding loan amount from the defaulting borrowers through a suit under Section 19 of the RDB Act.
What is the appropriate rate of interest to be awarded pendente lite and in future considering the drastic decline in market interest rates.
Whether the execution of the decree should be against the mortgaged/hypothecated assets or personal assets of the borrowers.
Parties & counsel
- applicant
Bank of Maharashtra
- respondent
Gursewak Singh
- respondent
Charat Singh
- respondent
M/S Gee Enterprises
Coram
Case details
As recorded by the court registry
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