DR Tribunal allowed the bank's application for recovery of Rs. 37.36 lakhs from borrowers and guarantor. The decree claims principal with adjusted interest at 8% p.a. pending execution under the SARFAESI Act.
Recovery of Rs. 37,36,969.68 with 8% p.a. interest; Execution via 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.654/2025
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 21.05.2025
DATE OF DECISION: 28.08.2026
Bank of India, a Body Corporate Constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act No. V of 1970, having its Head Office at "Star House" C-5, Block-G, Bandra Kurla Complex, Bandra (East), Mumbai - 400051 and Branch Office amongst other places at New Patiala Area, District Patiala through Sh. Ashutosh Ahirwar, Branch Manager, Authorized by Applicant Bank.
Versus
…….. Defendants
Advocates:
Argued by Ms. Lovedeep Kaur, Advocate proxy for Ms. Puja Sharma, Advocate for the applicant
None for defendants (Already ex-parte vide order dated 24.08.2026).
FINAL ORDER
2 OA NO.654/2025 BANK OF INDIA VS SH. DHARMINDER SINGH AND ANOTHER
Rs.6,00,000.00 and Agriculture Overdraft Limit of Rs.9,00,000.00 vide Application form for Agricultural Credit and BOI Star Mortgage Loan Application, both dated 13.04.2016, which are Annexures A2 & A9 to this OA.
Documents executed: Demand Promissory Notes, Letters of declaration undertaking and authority, Hypothecation cum Loan Agreement, Agreements (L-516), Deed of Guarantee, all dated 13.04.2016, which are Annexures A4 to A8, A10 to A12 to this OA; Acknowledgement of Debt/Security, dated 26.02.2019, which is Annexure A15 to this OA; Legal Notice, dated 03.05.2025, along with postal receipts, which is Annexure A16 to this OA; Statement of Accounts along with certificate, which are Annexures A17 & A18 to this OA.
3 OA NO.654/2025 BANK OF INDIA VS SH. DHARMINDER SINGH AND ANOTHER
From the perusal of all the Annexures A1 to A18 to this OA, it is proved that the defendant no. 1 a pproached applicant for availing of loan facilities which were granted to him, defendant no. 2 stood as guarantor 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 the agreement between the parties. Subsequently, loan accounts were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.37,36,969.68 (Rupees Thirty Seven Lacs Thirty Six Thousand Nine Hundred Sixty Nine and Paise Sixty Eight 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
4 OA NO.654/2025 BANK OF INDIA VS SH. DHARMINDER SINGH AND ANOTHER
exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform 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.
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 10.09.2026. 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: 28.08.2026 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
1 issue framed by the court
Whether the application under Section 19 RDB Act 1993 for recovery of outstanding agricultural loan dues should be allowed.
2 provisions across 2 enactments
Bank of India
Sh. Dharminder Singh
Sh. Nahar Singh
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
