DRT allowed bank's recovery application for Rs.39,67,295 on agricultural loans. Tribunal fixed interest at 8% p.a. despite original claim and authorized recovery via sale of mortgaged assets under SARFAESI or attachment.
Recovery of Rs.39,67,295 with interest @8% p.a. via sale of mortgaged property or attachment of personal assets.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.968/2022
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 30.05.2022
DATE OF DECISION: 16.03.2026
HDFC Bank Ltd, a banking company, carrying on the banking business under the Banking Regulation Act 1949, incorporated under The Companies Act, 1956 having its Registered Office at HDFC Bank House, Senapati Bapat Marg, Lower Parel Mumbai 400013, whereas branch office amongst other places on at Sardulgarh Branch, District Mansa (Punjab) ‘’through Ms. Pooja Arora, Senior Manager (Agri Legal), HDFC Bank Ltd., Ludhiana Branch, District Ludhiana (Punjab)
being Power of Attorney Holder of the Applicant.
(since deceased) through his legal heirs/legal representative as under:
Advocates:
Argued by Sh. Anup Prajapati, Advocate proxy for Sh. Saurabh Bhardwaj, Advocate for applicant
Defendant nos. 2 and 3 already ex parte vide order dated 19.11.2024 Legal Heirs of deceased defendant no. 1 ex-parte vide order dated 06.02.2026.
2 OA/968/2022 HDFC BANK LIMITED Vs SH. JAGWINDER SINGH THROUGH HIS LEGAL HEIR AND OTHERS
FINAL ORDER
3 OA/968/2022 HDFC BANK LIMITED Vs SH. JAGWINDER SINGH THROUGH HIS LEGAL HEIR AND OTHERS
to A10 to this OA; Legal Notice dated 14.03.2022 along with postal receipts, which is Annexure A13 to this OA; Statement of accounts with certificate, which are Annexures A14 to A16 to this OA.
They failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, accounts of the were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of
4 OA/968/2022 HDFC BANK LIMITED Vs SH. JAGWINDER SINGH THROUGH HIS LEGAL HEIR AND OTHERS
Rs.39,67,295.00 (Rupees Thirty Nine Lacs Sixty Seven Thousand Two Hundred Ninety Five Only), along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the accounts.
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 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 uniform simple interest @08.00%p.a. in both the loan accounts from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.
5 OA/968/2022 HDFC BANK LIMITED Vs SH. JAGWINDER SINGH THROUGH HIS LEGAL HEIR AND OTHERS
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the applicant is entitled to recover the outstanding loan amount as per the agreement.
Whether uniform simple interest should be granted given the drastic downturn in market interest rates.
5 provisions across 5 enactments
HDFC Bank Ltd
Sh. Jagwinder Singh via Legal Heirs
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
