Allowed

Punjab National Bank v. Smt. Jasmail Kaur and Another

DRT18 Aug 2026OA/849/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application under Section 19 RDBFA. The court decreed a sum of Rs. 63.44 lakhs jointly and severally against the respondents, adjusted the interest rate to 8% p.a., and authorized recovery through asset sale.

What did the court decide?

Decree of Rs. 63,44,576.00 with costs and simple interest @ 8% p.a.; recovery via sale of mortgaged/hypothecated assets.

Punjab National Bank versus Smt. Jasmail Kaur and Another — Banking and Recovery | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO. 849/2022

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 03.06.2022

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DATE OF DECISION: 18.08.2026

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Punjab National Bank constituted under Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Head Office at Plot no. 4, Sector 10, Dwarka, New Delhi- 110075 and inter alia, a Branch Office at Circle Sastra, Ludhiana West through its Attorney and Principal Officer, Sh. Ramesh Kumar Aggarwal, Dy. Manager, Branch Office, Circle Sastra, Ludhiana, West

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……..Applicant

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Versus

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Smt. Jasmail Kaur, W/o Sh. Maghar Singh, R/o VPO Halwara, Tehsil and District Ludhiana, Punjab- 141107

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Sh. Inderjit Singh, S/o Sh. Maghar Singh through Legal Heir:

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A. Smt. Jasmail Kaur, W/o Sh. Maghar Singh (Mother), R/o VPO Halwara, Tehsil and District Ludhiana, Punjab- 141107

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………Defendants

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Advocates:

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Argued by Sh. R.S. Bhatia, Advocate for applicant (through VC) None for defendants (already ex-parte vide order dated 11.08.2026)

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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 and Bankruptcy Act, 1993, against the defendants for recovery of Rs. 63,44,576.00 (Rupees Sixty Three Lacs Forty Four Thousand Five Hundred Seventy Six Only). The Original Application has been filed through Sh. Ramesh Kumar Aggarwal, Deputy Manager of the applicant, who is competent to institute the Original Application vide Power of Attorney dated 24.09.2013, which is Annexure A1 to this OA.

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The brief facts of the OA are that defendant no. 1 and defendant no. 2 (since deceased)approached the applicant for grant of OGC Facility of Rs. 25.00 Lacs vide Loan Application dated 27.02.2012.

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2 OA NO. 849/2022

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PUNJAB NATIONAL BANK VS. JASMAIL KAUR AND ANOTHER

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The applicant sanctioned Home Loan of Rs. 25.00 Lacs vide Sanction Letter dated 27.02.2012, which is Annexure A3 to this OA and the terms and conditions were duly accepted by defendant no. 1 and defendant no. 2 (since deceased). 4. Defendant no. 1 mortgaged her immovable property i.e. Land measuring 24K 04M 06S situated at Village Halwara, Tehsil Rai Kot, District Ludhiana, Punjab vide Mortgage Deed bearing vasika no. 5909 dated 02.03.2012 along with its translation, which are Annexure A5 and A6 to this OA.

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Defendant no. 1 hypothecated her Rabi/Kharif crop/assets/livestock vide Hypothecation Agreement dated 06.03.2012, which is Annexure A4 to this OA. Documents executed: Government of India Notification regarding Merger dated 04.03.2020, which is Annexure A2 to this OA; Notice dated 21.04.2017 along with its translation, which is Annexure A7 to this OA and Statement of Account, which is Annexure A8 to this OA. 5. The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs. 63,44,576.00 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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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 11.08.2026. 7. In support of the OA, affidavit of Sh. Ramesh Kumar Aggarwal, Deputy Manager, Punjab National Bank, h as been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned counsel (through VC) that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case.

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From the perusal of all the Annexure A1 to A8 to this OA, it is proved that defendant no. 1 and defendant no. 2 (since deceased) approached applicant for availing of the loan facility which was granted to them and for that they had executed all the relevant documents in

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¶25

OA NO. 849/2022

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PUNJAB NATIONAL BANK VS. JASMAIL KAUR AND ANOTHER

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favour of the applicant. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendants was classified as NPA. Defendant nos. 1 and 2A. are the same person. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs. 63,44,576.00 (Rupees Sixty Three Lacs Forty Four Thousand Five Hundred Seventy Six Only) along with interest from all 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 @10.50%p.a. with monthly rests from 05.03.2022 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/hypothecated assets, undertaking of the defendants, 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 defendants are liable to pay to the applicant a total sum of Rs.63,44,576.00 (Rupees Sixty Three Lacs Forty Four Thousand Five Hundred Seventy Six 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 and hypothecated assets of defendant no. 1 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

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4 OA NO. 849/2022

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PUNJAB NATIONAL BANK VS. JASMAIL KAUR AND ANOTHER

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attac appli 12.	hment and sale of cant is at liberty to en Any other applicat	personal assets force the claim th ion pending sta	of defendant no. 1. The rough due process of law. nds disposed of.
13.	Issue Recovery Certi	ficate accordingly	.
14.	Parties to appear	before Learned	Recovery Officer of this
Tribu	nal on 02.09.2026.
15.	Copy of this order b	e given dasti to th	e applicant and be sent to
defen	dants through regis	tered/speed post	and this order be also
uploa consi	ded on the official gned.	website of this	Tribunal and record be
Pron	ounced by me in th	e open Tribunal.
Date	d: 18.08.2026	(MRI	DULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Punjab National Bank v. Smt. Jasmail Kaur and Another

Case brief

What is this about?

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Punjab National Bank v. Smt. Jasmail Kaur and Another

Case brief

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What did the court decide?

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