Debts Recovery Tribunal allowed the bank's application for recovery of Rs. 29,81,841. ordered simple interest at 8% p.a. and authorized recovery via sale of hypothecated assets or attachment of personal property.
Recovery of Rs. 29,81,841.00 with simple interest at 8% p.a. via sale of hypothecated machinery or attachment of personal assets.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO. 672/2026
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 02.05.2026
DATE OF DECISION: 23.06.2026
State Bank of India, a Body Corporate, constituted under the State Bank of India Act No XXIII of 1955 , having its Corporate Office at Madam Cama Road, Nariman Point, Mumbai having one of its Local Head Office situated at Sector 17- B, Chandigarh and having one of its RBO – IV Jalandhar, Punjab and having one of its branches, situated at State Bank of India - AMCC Branch at Phagwara, District – Kapurthala, Doaba, Punjab, filed through its Authorized Officer cum Chief Manager, Sh. Naresh Kumar Rattan, Scale - IV Officer.
……..Applicant Versus
Sh. Resham Singh S/o Sh. Gulzar Singh R/o Village – Pandrawal, Chak Dana, PO – Urapar, District – Shaheed Bhagat Singh Nagar, Doaba, Punjab - 144422.
.……Defendant
Advocate:
Argued by Sh. Ankit Kaushal, Advocate proxy for Sh. Navpreet Singh, Advocate for the applicant
None for Defendant (already ex parte vide order dated 20.06.2026)
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.29,81,841.00 (Rupees Twenty Nine Lacs Eighty One Thousands Eight Hundred Forty One only). The Original Application has been filed through Sh. Naresh Kumar Rattan, Chief Manage r, of the applicant bank, who is competent to institute the Original Application vide Gazette Notification for Signing the OA dated 31.08.2005, which is Annexure A1 to this OA.
2
OA/672/2026 STATE BANK OF INDIA VS SH. RESHAM SINGH
3
OA/672/2026 STATE BANK OF INDIA VS SH. RESHAM SINGH
4
OA/672/2026 STATE BANK OF INDIA VS SH. RESHAM SINGH
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.
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 08.07.2026 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: 23.06.2026 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether applicant bank was entitled to recovery of dues from defendant for default in repayment of term loan.
What appropriate interest rate should be granted considering market conditions.
Colour shows how this judgement treated each authority
SARFAESI Act, 2002Referred¶26
1 provisions across 1 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
