Dr. Tribunal allowed an Original Application filed by Central Bank of India for recovery of dues of Rs. 30.60 Lakhs from a defaulting borrower after an ex parte hearing. Tribunal granted a Recovery Certificate and ordered future interest at 8% p.a.
Recovery of Rs. 30,60,306 with costs and 8% p.a. interest granted; Recovery Certificate issued.
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. 459/2026
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 19.03.2026
DATE OF DECISION: 16.07.2026
Central Bank of India, a Nationalised Bank, constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act No. V of 1970 having its Central Office at Central Bank of India, Chander Mukhi, Nariman Point, Mumbai-400021; having its Zonal Offices and Regional Offices all over India and amongst others having, inter alia, one of its Regional Office at K. P. Complex, Near Hotel Park Plaza, Ludhiana-141001; and having branches all over India and, inter alia, one of its Branches at Brown Road Branch, District Ludhiana represented through Sh. Satchida Nanda Mohanty, Senior Manager, presently posted at Brown Road Branch, Ludhiana and Holder of Power of Attorney; authorised to sign and file legal proceedings on behalf of the Applicant Bank.
…..Applicant
Sh. Yogesh Passi S/o Sh. Satpal Passi, House Number 609/53, Near Bus Stand, Sham Nagar, Ludhiana-141001.
2nd Address: House No. 1, Block B-1, Near Tarsem Lal Hospital, Vivek Vihar, Jassian, Ludhiana-141001.
………. Defendant
Advocates:
Argued by Sh. Aman Sharma, Advocate for Applicant (through VC) None for Defendant (Already ex parte vide order dated 01.07.2026)
FINAL ORDER
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OA/459/2026 CENTRAL BANK OF INDIA VS SH. YOGESH PASSI
Thousand Three Hundred Six Only). The Original Application has been filed through Sh. Satchida Nanda Mohanty, Senior Manager, of the applicant, who is competent to institute the Original Application vide General Power of Attorney in favour of Sh. Satchida Nanda Mohanty dated 13.02.2020, which is Annexure A1 to this OA.
Thereafter, the defendant again approached the applicant for grant of Housing Loan for Repair & Renovation of Rs.3.00 Lacs vide Loan Application dated 01.08.2023, which is Annexure A7 to this OA. 3. The applicant sanctioned the Housing Loan of Rs.25.00 Lacs vide Sanction Letter dated 24.02.2023, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendant.
Thereafter, the applicant sanctioned the Housing Loan for Repair & Renovation of Rs.3.00 Lacs vide Sanction Letter dated 14.08.2023, which is Annexure A8 to this OA.
Documents executed : Loan Agreement dated 24.02.2023, which is Annexure A4 to this OA; Supplementary Agreement dated 24.02.2023, which is Annexure A5 to this OA; Declaration and Undertaking dated 24.02.2023, which is Annexure A6 to this OA; Letter of Interest Variation dated 24.02.2023, which is Annexure A6A to this OA; Loan Agreement dated 14.08.2023, which is Annexure A9 to this OA; Supplementary Agreement dated 14.08.2023, which is Annexure A10
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OA/459/2026 CENTRAL BANK OF INDIA VS SH. YOGESH PASSI
to this OA; Letter of Interest Variation dated 14.08.2023, which is Annexure A11 to this OA; Letter of Authority, which is Annexure A12 to this OA; Statement of Loan Accounts, which are Annexures A13 & A14 to this OA; Legal Demand Notice dated 21.11.2025, which is Annexure A15 to this OA; Postal Receipt of Legal Notice dated 21.11.2025, which are Annexures A16 & A17 to this OA.
From the perusal of all the Annexures A1 to A17 to this OA, it is proved that the defendant approached applicant for availing of the loan facilities, which were granted to him and for that he had executed all the relevant documents in favour of the bank. The defendant failed to pay back the loans as per terms and conditions of the agreement between the parties. Subsequently, both the accounts of the defendant were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of
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OA/459/2026 CENTRAL BANK OF INDIA VS SH. YOGESH PASSI
Rs.30,60,306.00 (Rupees Thirty Lac Sixty Thousand Three Hundred Six Only) along with interest from the defendant, from the date of filing of the present Original Application till realization of the amount. 10. In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @8.15% p.a. in Housing Loan and @8.05% in Housing Loan for Repair & Renovation along with 2%p.a. penal interest with monthly rests from 07.03.2026 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 mortgaged property, 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 simple interest @08.00%p.a. in both the loan accounts 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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OA/459/2026 CENTRAL BANK OF INDIA VS SH. YOGESH PASSI
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 31.07.2026 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:16.07.2026
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
1 issue framed by the court
Whether the applicant was entitled to recovery of the outstanding loan amount of Rs. 30,60,306.00 from the defendant.
1 provisions across 1 enactments
Central Bank of India
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
