The Debts Recovery Tribunal allowed an Original Application filed by State Bank of India against Sh. Vikram Singh for recovery of Rs. 22,02,047.00. The court reduced the claimed interest rate to 8% per annum while awarding a Recovery Certificate.
Recovery of Rs. 22,02,047.00 with simple interest at 8% p.a. and issuance of Recovery Certificate.
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. 538/2026
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 06.04.2026
DATE OF DECISION: 27.08.2026
State Bank of India, a Body Corporate, constituted under the State Bank of India Act, 1955 and having its Corporate Office at Madam Cama Road, Nariman Point, Mumbai, carrying on its business of banking in India and abroad and having its Local Head Office at Sector 17-A, Chandigarh and Branch Office at State Bank of India, AMCC, Patiala, Sheranwala Gate, Tehsil and Distt. Patiala through its Chief Manager, Sh. Khushwant Singh.
……..Applicant Versus
Sh. V ikram Singh son of Sh. Jaswinder Singh, resident of Village Sarala Kalan, Tehsil Rajpura, District Patiala, Punjab.
.……Defendant
Advocate:
Argued by Sh. Maninderpal Singh, Advocate proxy for Sh. Gurinderjit Singh, Advocate for the applicant.
None for Defendant (already ex parte vide order dated 24.08.2026)
FINAL ORDER
Present Original Application was instituted by the applicant bank under Section 19 of the Recovery of Debts and Bankruptcy Act 1993, against the defendant for recovery of Rs.22,02,047.00 (Rupees Twenty Two Lac Two Thousand Forty Seven only). The Original Application has been filed through Sh. Khushwant Singh, Chief Manager , of the applicant bank, who is competent to institute the Original Application.
2 OA/538/2026 STATE BANK OF INDIA VS SH. VIKRAM SINGH
3 OA/538/2026 STATE BANK OF INDIA VS SH. VIKRAM SINGH
From the perusal of all the Annexures A1 to A13 to this OA, it is proved that the defendant approached applicant for availing of the Term Loan, 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.22,02,047.00 (Rupees Twenty Two Lac Two Thousand Forty Seven 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 @9.00% p.a. plus 2.00% p.a. penal interest from 21.03.2026 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 hypothecated asset, 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. 11. In the result, the application is allowed declaring that the defendant is liable to pay to the applicant a total sum of Rs.22,02,047.00 (Rupees Twenty Two Lac Two Thousand Forty Seven 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.
4 OA/538/2026 STATE BANK OF INDIA VS SH. VIKRAM SINGH
Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of hypothecated asset 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 11.09.2026 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: 27.08.2026 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
1 issue framed by the court
Whether the applicant bank is entitled to recovery of the outstanding loan amount as declared in the impugned order?
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
