Allowed

Idbi Bank Limited v. Ms. Paramjeet Kaur and Another

DRT24 Jul 2026OA/769/2026

Case brief

AI extract

What is this about?

The Tribunal allowed an ex-parte application filed by IDBI Bank Ltd. for recovery of a home loan dues classified as NPA. The defendants were declared liable to pay the principal amount with simple interest at 8% p.a., who in execution proceedings under the SARFAESI Act.

What did the court decide?

Declaration of joint and several liability to pay Rs.32,08,724.74 with simple interest at 8% p.a.; Recovery Certificate issued.

Idbi Bank Limited versus Ms. Paramjeet Kaur and Another — Banking and Recovery | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.769/2026

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 22.05.2026

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DATE OF DECISION: 24.07.2026

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IDBI Bank Limited i.e. a company within the meaning of the Companies Act, 2013 incorporated under the provisions of company Act, 1956 and Banking Company within the meaning of Section 5(c) of the Banking Regulation Act, 1949 and having its Head Office at IDBI Tower, WTC Complex Cuffe Parade, Mumbai - 400005 and its Branches at various places including Office at IDBI Bank Limited, SCF No. 58, Phase-3-B-2, S.A.S. Nagar (Mohali), Punjab, through its Branch Head, Sh. Azad Singh, working at Mohali Branch, Punjab.

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……..Applicant

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Versus

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Ms. Paramjeet Kaur D/o Sh. Mohinder Pal Singh, R/o H. No. 1422/16, Phase-11, Sector - 65, S.A.S. Nagar, Mohali, Punjab - 160062.

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Smt. Rajinder Kaur W/o Sh. Mohinder Pal Singh, R/o H. No. 1422/16, Phase-11, Sector - 65, S.A.S. Nagar, Mohali, Punjab. - 160062.

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……. .Defendants

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Advocates:

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Argued by Sh. Gurnam Singh, Advocate proxy for Sh. T.S. Sudan, Advocate for the applicant (through VC)

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None for Defendants (Already ex-parte vide order dated 22.07.2026).

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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 & Bankruptcy Act 1993, against the defendants for recovery of Rs.32,08,724.74 (Rupees Thirty Two Lacs Eight Thousand Seven Hundred Twenty Four and Paise Seventy Four Only). The Original Application has been filed through

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2 OA NO.769/2026 IDBI BANK LTD. VS MS. PARAMJEET KAUR AND ANOTHER

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Sh. Azad Singh, Branch Head of the applicant, who is competent to institute the Original Application vide Authority Letter, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendants approached the applicant for grant of Home Loan of Rs.30,00,000.00 vide Loan Application Form dated 13.03.2023, which is Annexure A2 to this OA. 3. The applicant sanctioned the Home Loan of Rs.29,30,000.00 vide Offer Letter dated 20.03.2023, which is Annexure A3 to this OA and terms and conditions were duly accepted by the defendants.

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Defendant no.1 mortgaged her Immovable Property i.e., Residential Flat measuring 1050 Square Feet at Flat No. B-211, 6^th Floor, Sukhmani Enclave, Sector – 127, Chajju Majra, Hadbast No. 33, Tehsil Kharar, SAS Nagar, Mohali, Punjab as per Jamabandi for the year 2017-2018 vide Sale Deed bearing Document No. 202324/15/1/61 dated 03.04.2023, along with its translation and Memorandum of Deposit of Title Deed dated 03.04.2023, which are Annexures A13 to A15 to this OA.

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Documents executed: Home Loan Agreement, dated 20.03.2023, which is Annexure A4 to this OA; Power of Attorney, Undertaking, Declaration, Declaration and Undertaking, Undertaking cum Indemnity Bond, Affidavit, Undertaking cum Indemnity, all dated 27.03.2023, which are Annexures A5 to A11 to this OA; Disbursement Request dated 26.03.2023, which is Annexure A12 to this OA; Recall Notice dated 20.03.2025, along with postal receipts, which are Annexures A16 & A17 to this OA; Statement of Account along with certificate, which are Annexures A18 to A20 to this OA.

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The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in the loan account there was a debit of Rs.32,08,724.74, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

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3 OA NO.769/2026 IDBI BANK LTD. VS MS. PARAMJEET KAUR AND ANOTHER

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The defendants were served summons to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte vide order dated 22.07.2026. 7. In support of the OA, affidavit of Sh. Azad Singh, Branch Head, IDBI Bank Ltd. has been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned proxy counsel for applicant through video conferencing that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexures A1 to A20 to this OA, it is proved that the defendants approached applicant for availing of loan facility which was granted to them and for that they had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, loan account was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.32,08,724.74 (Rupees Thirty Two Lacs Eight Thousand Seven Hundred Twenty Four and Paise Seventy Four 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.

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In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @8.10%p.a. with penal interest @2% from 21.03.2026 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 defendants, quantum of loan and prevalent market rates of interest which have gone drastically downhill in yester years, while

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4 OA NO.769/2026 IDBI BANK LTD. VS MS. PARAMJEET KAUR AND ANOTHER

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exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant simple interest @8.00%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 defendants are liable to pay to the applicant sum of Rs.32,08,724.74 (Rupees Thirty Two Lacs Eight Thousand Seven Hundred Twenty Four and Paise Seventy Four Only), jointly and severally, with costs, current and future simple interest @8.00%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 defendant no. 1 i n 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 defendants. The applicant is at liberty to enforce the claim through due process of law.

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12. Any other application pending stands disposed of . 13. Issue Recovery Certificate accordingly.

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Parties to appear before Learned Recovery Officer of this Tribunal on 10.08.2026.

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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.

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Pronounced by me in the open Tribunal . Dated: 24.07.2026

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(MRIDULESH KUMAR SINGH) Presiding Officer,

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DRT-III, Chandigarh

Idbi Bank Limited v. Ms. Paramjeet Kaur and Another

Case brief

What is this about?

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Idbi Bank Limited v. Ms. Paramjeet Kaur and Another

Case brief

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