Allowed

Punjab National Bank v. Sh. Ravinder Singh and Another

DRT9 Apr 2026OA/2057/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the Punjab National Bank's application for recovery of Rs.59.84 lacs granted as an Object Grant Card. The Tribunal ordered recovery jointly and severally and adjusted the requested rate of interest.

What did the court decide?

Recovery Card issued for principal sum of Rs.59,84,832.00 plus costs and simple interest at 08% p.a. Recovery to be effected through sale of hypothecated or personal assets.

Punjab National Bank versus Sh. Ravinder Singh and Another — Consumer Protection | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.2057/2022

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 08.12.2022

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DATE OF DECISION: 09.04.2026

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The Punjab National Bank, a body corporate, constituted under the 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 at Raikot, Ludhiana, (Punjab) through its General Power of Attorney Holder Sh. Ravinder Kumar, Senior Manager of the Applicant.

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……..Applicant Versus

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Sh. Ravinder Singh S/o Sh. Ajmer Singh, R/o H. No. 665, Village Lohat Baddi, Tehsil Raikot, District, Ludhiana.

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Sh. Darshan Singh S/o Sh. Bhag Singh, R/o H. No. 439, Village Kalsiya, Tehsil Raikot, District, Ludhiana.

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……..Defendants

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Argued by:

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Ms. Richa Nodal Officer for the applicant

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None for Defendants (Already ex-parte vide order dated 30.01.2026)

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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.59,84,832.00 (Rupees Fifty Nine Lacs Eighty Four Thousand Eight Hundred and Thirty Two Only). The Original Application has been filed through Mr. Ravinder Kumar, Senior Manager of the applicant, who is competent to institute the Original Application vide General Power of Attorney dated 05.06.1997, which is Annexure 1 to this OA.

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The brief facts of the OA are that the Defendant no.1 approached the applicant for grant of OGC Limit of Rs.30.00 Lacs vide

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OA/2057/2022

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PUNJAB NATIONAL BANK VS SH. RAVINDER SINGH AND ANOTHER

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Application form for OGC facility dated 23.09.2013, which is Annexure A2 to this OA;

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The applicant sanctioned the OGC Limit of Rs.30.00 Lacs vide Sanction Letter dated 01.10.2013, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants. Defendant no. 2 stood as guarantor. 4. Defendant no.1 mortgaged his immovable property i.e., Total Land measuring 35 Bigha 00 Biswa as per Jamabandi for the year 2005-2006 situated at Village Lohat Baddi, Tehsil Raikot, District Ludhiana vide Registered Mortgaged Deed No.2390 dated 01.10.2013 registered with the office of Sub- Registrar Raikot along with translation, which is Annexure A6 to this OA;

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Documents executed: Agreement for Hypothecation of existing and future crops/moveable assets/live stock to secure a cash credit account of Oriental Green Card, Agreement of Guarantee, both dated 11.10.2013, which are Annexures A4 & A5 to this OA; Balance & Security Confirmation Letter dated 07.10.2016, 04.07.2019, 31.03.2020, which is Annexure A7 to this OA; Legal Notice dated 02.06.2022, 10.11.2022 along with postal receipts, which is Annexure A8 to this OA; Statement of Account along with certificate, 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 the loan account there was a debit of Rs.59,84,832.00 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 30.01.2026. 7. In support of the OA, affidavit of Mr. Ravinder Kumar, Senior Manager, Punjab National Bank, h as been filed. 8. Heard ex-parte arguments and perused record.

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OA/2057/2022 PUNJAB NATIONAL BANK VS SH. RAVINDER SINGH AND ANOTHER

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It was argued by Nodal Officer of applicant 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 bank. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, loan account of the defendants was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.59,84,832.00 (Rupees Fifty Nine Lacs Eighty Four Thousand Eight Hundred and Thirty Two Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the account. 10. In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @10.50%p.a. with half yearly rests from 01.10.2022 till the realization. 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 hypothecated assets/mortgaged property, 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 @08.00%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.59,84,832.00 (Rupees Fifty Nine Lacs Eighty Four Thousand Eight

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OA/2057/2022 PUNJAB NATIONAL BANK VS SH. RAVINDER SINGH AND ANOTHER

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Hundred and Thirty Two Only) jointly and severally, with costs, current and future simple interest @08.00%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 hypothecated assets/mortgaged property of the defendant no.1 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 29.04.2026. 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: 09.04.2026

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(MRIDULESH KUMAR SINGH)

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Presiding Officer, DRT-III, Chandigarh

Punjab National Bank v. Sh. Ravinder Singh and Another

Case brief

What is this about?

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Punjab National Bank v. Sh. Ravinder Singh and Another

Case brief

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