Allowed

Punjab National Bank v. Sh. Amrik Singh

DRT11 Aug 2026OA/529/2026

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal, Chandigarh examined an Original Application filed by Punjab National Bank against Amrik Singh for recovery of Rs. 36,82,266.00 dues. The defendant appeared via ex-parte order. The Tribunal allowed the application, directed recovery of the principal amount along with 8% simple interest, and issued a Recovery Certificate.

What did the court decide?

Recovery of principal amount Rs. 36,82,266.00 with costs and simple interest @ 8% p.a. Grant of Recovery Certificate.

Punjab National Bank versus Sh. Amrik Singh — Execution and Attachment | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.529/2026

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 04.04.2026

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DATE OF DECISION: 11.08.2026

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Punjab National Bank, a Body Corporate constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970 having its Head Office at Plot no. 4, Sector 10, Dwarka, New Delhi- 110075 and having its Branch Offices at different places throughout India inter alia, one Branch Office at Village Dhilwan, Tehsil and District Kapurthala, Punjab through its Principal Officer, Sh. Lovepreet Singh, Manager duly Constituted Attorney by Punjab National Bank

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……..Applicant

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Versus

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Sh. Amrik Singh, S/o Sh. Harbans Singh, R/o Village Jatike, Post Office Bhandal Bet, Tehsil and District Kapurthala, Punjab

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….……Defendant

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Advocates:

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Argued by Sh. Jaswinder Singh Bagga, Advocate for applicant None for defendant (already ex-parte vide order dated 07.08.2026)

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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 defendant for recovery of Rs. 36,82,266.00 (Rupees Thirty Six Lacs Eighty Two Thousand Two Hundred Sixty Six Only). The Original Application has been filed through Sh. Lovepreet Singh, Manager of the applicant, who is competent to institute the Original Application vide GPA dated 25.07.2024, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendant approached the applicant for grant of KCC Limit of Rs. 20.00 Lacs vide Loan Application dated 25.07.2011, which is Annexure A2 to this OA.

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2 OA NO. 529/2026 PUNJAB NATIONAL BANK VS. AMRIK SINGH

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The applicant sanctioned KCC Limit of Rs. 20.00 Lacs vide Sanction Letter dated 25.07.2011, which is Annexure A3 to this OA and the terms and condition were duly accepted by the defendant. 4. The defendant mortgaged his immovable property i.e. Land measuring 34K 10M situated at Village Jatike, Hadbast no. 55, Tehsil and District Kapurthala, Punjab vide Mortgage Deed bearing vasika no. 1812 dated 29.07.2011, which is Annexure A8 to this OA. Documents executed: Hypothecation Agreement, Letter of Undertaking and Consent Letter, all dated 08.08.2011, which are Annexure A4 to A6 to this OA; Affidavit of no Encumbrance dated 28.07.2011, which is Annexure A7 to this OA; Revenue Fard, which is Annexure A9 to this OA; Account Statement with certificate, which are Annexure A10 and A11 to this OA; Acknowledgments dated 28.05.2014, 23.01.2017, 22.10.2020, 26.07.2022 and 25.07.2025, which are Annexure A12 to A16 to this OA; Notice dated 28.11.2019, which is Annexure A17 to this OA; Legal Notice dated 06.09.2018, which is Annexure A18 to this OA and Valuation Report, which is Annexure A19 to this OA. 5. The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account, there was a debit of Rs. 36,82,266.00, which is recoverable and the defendant was served recall notice but he did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly. 6. The defendant was served summons to appear before this Tribunal, but no one appeared on behalf of the defendant and he was proceeded ex-parte on 07.08.2026. 7. In support of the OA, affidavit of Sh. Lovepreet Singh, Senior Manager, Punjab National Bank has been filed. 8. Heard ex-parte arguments and perused record.

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3 OA NO. 529/2026 PUNJAB NATIONAL BANK VS. AMRIK SINGH

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It was argued by learned counsel 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 Annexure A1 to A19 to this OA, it is proved that the defendant approached applicant for availing of the loan facility which was 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 loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendant was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.36,82,266.00 (Rupees Thirty Six Lacs Eighty Two Thousand Two Hundred Sixty Six Only) along with interest from the defendant, from the date of filing of the present Original Application till realization of the amount.

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In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @9.00%p.a. plus @2% penal interest w.e.f. 01.04.2025 till the realization.

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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 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 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 defendant is liable to pay to the applicant a total sum of

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4 OA NO. 529/2026 PUNJAB NATIONAL BANK VS. AMRIK SINGH

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Rs.36,82,266.00 (Rupees Thirty Six Lacs Eighty Two Thousand Two Hundred Sixty Six 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 mortgaged property 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 27.08.2026. 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: 11.08.2026 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Punjab National Bank v. Sh. Amrik Singh

Case brief

What is this about?

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Punjab National Bank v. Sh. Amrik Singh

Case brief

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