4 OA/ 887/2026 STATE BANK OF INDIA VS SH. INDER MOHAN SINGH AND OTHERS 7. In support of the OA, affidavit of Ms. Upasana, Chief Manager, State Bank of India, h as been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned proxy counsel for applicant 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 A23 to this OA, it is proved that defendant no. 1 through its Proprietor, defendant no. 2 approached applicant for availing of the loan facility, which was granted to them. Defendant no. 3 is the builder and developer of the project where defendant nos. 1 & 2 bought an apartment. The defendants had executed all the relevant documents in favour of the applicant. The defendant nos. 1 and 2 failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, the account of defendant nos. 1 and 2 was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs. 27,76,153.22 (Rupees Twenty Seven Lac Seventy Six Thousand One Hundred Fifty Three and Paise Twenty Two Only), along with interest from the defendant nos. 1 & 2, jointly and severally, from the date of filing of the present Original Application till realization of the amount. The defendant no. 3 be directed to cancel the allotment and remit all amounts back to the applicant, received by it in respect of the apartment as per agreement. 10. In so far as pendent elite and future rate of interest is concerned, the applicant has claimed interest @8.80% p.a. plus 2.00% penal interest with monthly rests from 10.06.2026 till the realization. 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 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
