The Tribunal allowed the applicant's Original Application for recovery of Rs. 45,60,561.00 outstanding against the respondents for home and top-up loans. The court granted interest at 8.00% p.a. and issued a Recovery Certificate.
Declaration of liability to pay Rs. 45,60,561.00 jointly and severally with 8.00% p.a. interest; 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.47/2026
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 08.01.2026
DATE OF DECISION: 04.05.2026
State Bank of India, a Body Corporate, constituted under the State Bank of India Act, 1955, having its Corporate Office at Madam Cama Road, Nariman Point, Mumbai and one of its Local Head Office at sector 17, Chandigarh and Branches all over India including one SBI, SARB at SCO no. 15, First and Second Floor, Madhya Marg, Sector 7, Chandigarh, through its Chief Manager, Sh. Varun Kumar
……..Applicant
…….. Defendants
Advocates:
Argued by Ms. Sonia Gupta, Advocate for applicant
None for defendants (already ex-parte vide order dated 29.04.2026)
2 OA NO. 47/2026 STATE BANK OF INDIA VS. JASJEET KAUR AND ANOTHER
FINAL ORDER
3 OA NO. 47/2026 STATE BANK OF INDIA VS. JASJEET KAUR AND ANOTHER
31.03.2022 and Memo of Deposit dated 29.04.2022, which are Annexure A12 and A13 to this OA.
Documents executed: Loan Agreement and Undertakings, both dated 14.07.2020, which are Annexure A4 and A5 to this OA; Tripartite Agreement dated 14.07.2020, which is Annexure A8 to this OA; Loan Agreement dated 29.04.2022, which is Annexure A11 to this OA; Confirmation Letter dated 30.04.2022, which is Annexure A14 to this OA; Legal Notice dated 26.11.2025, which is Annexure A15 to this OA; Notice u/s 13(2) of SARFAESI Act, 2002 dated 04.12.2025 which is Annexure A16 to this OA and Statement of accounts, which is Annexure A17 to this OA.
From the perusal of all the Annexure A1 to A17 to this OA, it is proved that the defendants approached applicant for availing of the loan facilities which were 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 loans as per terms and conditions of
4 OA NO. 47/2026 STATE BANK OF INDIA VS. JASJEET KAUR AND ANOTHER
the agreement between the parties. Subsequently, loan accounts were classified as NPA. From the documentary evidence brought on record, it is proved that applicant bank is entitled to recover a sum of Rs.45,60,561.00 (Rupees Forty Five Lacs Sixty Thousand Five Hundred Sixty One 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.
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 defendants, quantum of loans 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 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. 11. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.45,60,561.00 (Rupees Forty Five Lacs Sixty Thousand Five Hundred Sixty One Only), jointly and severally, with costs, current and future simple interest @8.00% p.a. in both the loan accounts 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 property 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.
5 OA NO. 47/2026 STATE BANK OF INDIA VS. JASJEET KAUR AND ANOTHER
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 25.05.2026. 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: 04.05.2026
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the defendants are liable to the applicant for recovery of outstanding loan dues including interest.
What is the appropriate rate of interest to be granted on the loan accounts.
3 provisions across 3 enactments
State Bank of India
Smt. Jasjeet Kaur
Sh. Kanwaldeep Singh
MRIDULESH KUMAR SINGH
As recorded by the court registry
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