The DRT allowed the bank's original application for recovery of ₹54,82,253.00. The court ordered repayment with 8% simple interest and directed execution against mortgaged properties under SARFAESI Act.
Recovery of ₹54,82,253.00 with 8% p.a. simple interest; Recovery via sale of mortgaged properties under SARFAESI Act.
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.458/2024
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 20.03.2024
DATE OF DECISION: 28.08.2026
Kotak Mahindra Bank Ltd., a Cooperate Body constituted under the Banking Companies Act V of 1970 having its Registered Office at 27, BKC, C 27, G Block, Bandra Kurla Complex, Bandra East, Mumbai and having one of its Branch Office at SCO no. 153-155, Sector 9C, Chandigarh through its Senior Manager, Sh. Munish Sharma
……..Applicant
Versus
….……Defendants
Advocates:
Argued by Sh. Sukhvinder Singh, Advocate for applicant
None for defendants (already ex-parte vide order dated 24.08.2026)
FINAL ORDER
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KOTAK MAHINDRA BANK LTD. VS. JAGRAJ SINGH AND OTHERS
Documents executed: Amalgamation Scheme dated 01.04.2015, which is Annexure A1 to this OA; DP Note, Take Delivery Letter, Hypothecation Agreement, Consent Letters, Letter of Authorization, Undertaking and Guarantee, all dated 20.10.2012, which are Annexure A5 to A11 and A14 to this OA; Legal Notice dated 20.02.2024 along with postal receipts, which is Annexure A15 to this OA and Statement of Account with interest chart, which are Annexure A16 and A17 to this OA.
From the perusal of all the Annexures A1 to A17 to this OA, it is proved that defendant nos. 1 and 2 approached applicant for
3 OA/458/2024
KOTAK MAHINDRA BANK LTD. VS. JAGRAJ SINGH AND OTHERS
availing of the loan facility which was granted to them. Defendant no. 3 stood as guarantor. Defendants 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, 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. 54,82,253.00 (Rupees Fifty Four Lacs Eighty Two Thousand Two Hundred Fifty Three 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 properties/hypothecated assets, 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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OA/458/2024
KOTAK MAHINDRA BANK LTD. VS. JAGRAJ SINGH AND OTHERS
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.
Pronounced by me in the open Tribunal .
Dated: 28.08.2026
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
Kotak Mahindra Bank Ltd.
Sh. Jagraj Singh
Sh. Hardeep Singh
Smt. Karamjit Kaur
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
