Allowed

Punjab National Bank v. Sh. ravinder singh

DRT25 Jun 2026OA/724/2026

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the bank's application for recovery of dues amounting to Rs.20.43 lakhs. While acknowledging the bank's prima facie claim, the court exercised its discretion to enhance the interest rate to 8% per annum from the filing date and directed enforcement through the sale of mortgaged property or personal assets.

What did the court decide?

Ordered recovery of Rs.20,43,729.07 plus simple interest @8% p.a. from filing date. Directed recovery via sale of mortgaged property under SARFAESI Act or sale of personal assets.

Punjab National Bank versus Sh. ravinder singh — Banking and Recovery | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO. 724/2026

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 15.05.2026

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DATE OF DECISION: 25.06.2026

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Punjab National Bank, a Body Corporate, constituted under the Banking Companies (Acquisition & Transfer of undertakings) Act of 1970, having its Head Office at Plot No.4, Sector 10, Dwarka, New Delhi, 110075 and its Branch Office at Punjab National Bank, BO- VPO Chaunta, District Ludhiana-141126, through Its Authorized Representative, Sh. Rishav Singh Maini, Senior Manager, Punjab National Bank, Branch Office VPO Chaunta, District Ludhiana-141126.

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……..Applicant Versus

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Sh. Ravinder Singh S/o Sh. Kuldeep Singh R/o Village Miani, PO Chaunta, Sub Tehsil Kum Kalan, District Ludhiana-141126.

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.……Defendant

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Advocate:

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Argued by Sh. Kamal, Advocate proxy for Sh. Rehan Chaudhary, Advocate for the applicant

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None for Defendant (already ex parte vide order dated 23.06.2026)

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FINAL ORDER

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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.20,43,729.07 (Rupees Twenty Lacs Forty Three Thousand Seven Hundred Twenty Nine and Paise Seven only). The Original Application has been filed through Sh. Rishav Singh Maini, Senior Manager , of the applicant bank, who is competent to institute the Original Application vide General Power of Attorney dated 26.05.2025 executed by the Applicant Bank in favour of Sh. Rishav Singh Maini, which is Annexure A1 to this OA.

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OA/724/2026 PUNJAB NATIONAL BANK VS SH. RAVINDER SINGH

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The brief facts of the OA are that the defendant approached the applicant for the grant of KCC Limit of Rs.15.00 Lacs vide Loan Application dated 10.10.2016, which is Annexure A2 to this OA.

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The applicant sanctioned the KCC Limit of Rs.15.00 Lacs vide Sanction Letter dated 10.10.2016, which is Annexure A3 to this OA and terms and conditions were duly accepted by the defendant. 4. Defendant mortgaged his agricultural land measuring 39Kanal19Marla situated at Village Maini, Hadbast no.18, Tehsil Kum Kalan, District Ludhiana, Punjab, vide Declaration under Section 4(1) of the Punjab Agriculture Credit Operations and Miscellaneous Provisions (Banks) Act, 1978, which is Annexure A4 to this OA. Documents executed : Hypothecation Agreement dated 10.10.2016, which is Annexure A5 to this OA; Balance Confirmation Letters dated 08.04.2019, 03.02.2022 and 02.01.2025, which are Annexure A6 to this OA; Legal Notice dated 27.04.2025 along with postal receipts, which is Annexure A7 to this OA; Statement of Accounts, which is Annexure A8 to this OA. 5. The account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account, there was a debit of Rs.20,43,729.07 (Rupees Twenty Lacs Forty Three Thousand Seven Hundred Twenty Nine and Paise Seven only), which is recoverable and the defendant was served recall notices 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 and no one appeared on behalf of defendant. Hence, he was proceeded ex-parte on 23.06.2026. 7. In support of the OA, affidavit of Sh. Rishav Singh Maini, Senior Manager, Punjab National Bank, has been filed. 8. Heard ex parte arguments and perused record. 9. It was argued by learned proxy 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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OA/724/2026 PUNJAB NATIONAL BANK VS SH. RAVINDER SINGH

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From the perusal of all the Annexures A1 to A8 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.20,43,729.07 (Rupees Twenty Lacs Forty Three Thousand Seven Hundred Twenty Nine and Paise 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 @11.00% p.a. plus 2.00% p.a. penal interest with yearly rests from 11.10.2025 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 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 Rs.20,43,729.07 (Rupees Twenty Lacs Forty Three Thousand Seven Hundred Twenty Nine and Paise 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. Accordingly, the applicant shall be

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OA/724/2026 PUNJAB NATIONAL BANK VS SH. RAVINDER SINGH

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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 10.07.2026 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: 25.06.2026 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Punjab National Bank v. Sh. ravinder singh

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Punjab National Bank v. Sh. ravinder singh

Case brief

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