DRT allowed State Bank of India's OA against Sukhraj Singh, declaring him liable to pay Rs.31,19,138 with costs and simple interest at 08% p.a. from filing until realization.
Recovery Certificate issued; Defendant liable to pay principal plus costs and 08% simple interest from filing date until realization.
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.367/2023
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 07.02.2023
DATE OF DECISION: 08.01.2026
State Bank of India, a body corporate, constituted under the State Bank of India Act, 1955, and having Central Office at Madam Cama Road, Nariman Point, Mumbai and one of its Local Head Office at Sector 17-A, Chandigarh and one of its Branch at Nawanshahar Road, Banga, District SBS Nagar, Punjab through its Branch Manager Smt. Kirandeep.
……..Applicant Versus Sh. Sukhraj Singh son of Sh. Kuldip Singh resident of Jandiala, Tehsil Banga, District SBS Nagar, Punjab.
…….Defendant
Advocates:
Argued by Ms. Richa Indal, Advocate for the applicant (through VC) Defendant already ex-parte vide order dated 26.07.2024
FINAL ORDER
2 OA/367/2023 STATE BANK OF INDIA VS. SUKHRAJ SINGH
3 OA/367/2023 STATE BANK OF INDIA VS. SUKHRAJ SINGH
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 @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.
4 OA/367/2023 STATE BANK OF INDIA VS. SUKHRAJ SINGH
Hundred Thirty Eight Only) 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/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. 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 22.01.2026. 15. 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. Pronounced by me in the open Tribunal . Dated: 08.01.2026. (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the applicant is entitled to recover the outstanding loan amount from the defendant.
Whether to reduce the standard interest rate to 08% p.a. considering market rates.
2 provisions across 2 enactments
State Bank of India
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
