Debts Recovery Tribunal allowed an ex-parte application filed by HDFC Bank against a borrower for recovery of a defaulted loan amount with interest, permitting recovery from mortgaged and personal assets.
Recovery of principal amount of Rs. 31,56,764.07 with simple interest at 8% per annum from the date of filing of the application till realisation.
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DEBTS RECOVERY TRIBUNAL-2, CHANDIGARH, PRESIDED OVER BY M.M. DHONCHAK
ORIGINAL APPLICATION NO. 1653/2022 DATE OF INSTITUTION: 12.09.2022 DATE OF DECISION: 17th DAY OF NOVEMBER, 2023
HDFC Bank limited, having its registered office at Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, having its Branch at Hissar, Haryana, also at HDFC Bank House, Plot No. 28, Industrial Area, Phase-1, Chandigarh, through its Authorised Representative, Sh. Jatinder Mishra
…..Applicant
Versus
Sh. Samsher Singh s/o Sh. Surat Singh r/o Ghirai, Tehsil Hansi, District Hisar, Haryana-125033
…..Defendant
Argued by: Sh. Amit Rishi counsel for the applicant bank Defendant ex parte vide order dated 22.09.2023
FINAL ORDER
Present Original Application was instituted by the applicant bank under Section 19(1) of the Recovery of Debts and Bankruptcy Act, 1993 (hereinafter referred to as ‘the Act’ for brevity), against the defendant for recovery of Rs.31,56,764.07/- (Rupees Thirty One Lac Fifty Six Thousand Seven Hundred Sixty Four and Seven Paisa Only) . It has been filed through Sh. Jatinder Mishra, Authorised Representative of the applicant bank stated to be competent to institute the Original Application vide Power of Attorney dated 16.12.2020, Annexure-A1 (copy).
OA/1653/2022 HDFC BANK LIMITED Vs SAMSHER SINGH AND OTHERS 2
The documents related to mortgage are as under:
i. Registered mortgage deed dated 23.06.2015, Annexure-A9 (copy).
ii. Letter dated 23.06.2015 to the Tehsildar, Hansi, for entry/mutation of the mortgaged property along with nonencumbrance certificate, Annexure-A11 (colly) (copy).
OA/1653/2022 HDFC BANK LIMITED Vs SAMSHER SINGH AND OTHERS 3
accounts becoming irregular and those being classified as NPA. The applicant bank recalled entire outstanding amount vide notice dated 09.08.2022 along with original postal receipt, Annexure-A11 (colly) (copy), but to no avail .
It is further the case of the applicant bank that after adjusting debit and credit entries in the loan accounts, a sum of Rs.31,56,764.07/- (Rupees Thirty One Lac Fifty Six Thousand Seven Hundred Sixty Four and Seven Paisa Only) , is recoverable against the defendant as per statements of accounts, certified under Bankers’ Books Evidence Act, 1891 along with certificates, AnnexuresA12 and A13 (colly) (copy).
Since the defendant did not repay the outstanding amount, therefore, the applicant bank preferred the present Original Application for issuance of Recovery Certificate.
OA/1653/2022 HDFC BANK LIMITED Vs SAMSHER SINGH AND OTHERS 4
loan facilities which were granted to him. It is further clear that the defendant had executed all the relevant documents as stated above in favour of the applicant bank. Unfortunately, the defendant failed to pay back the loan as per terms and conditions of the agreement executed between the parties. From the documentary evidence brought on record, it is proved that applicant bank is entitled to recover a sum of Rs.31,56,764.07/- (Rupees Thirty One Lac Fifty Six Thousand
Seven Hundred Sixty Four and Seven Paisa Only) from the defendant.
This Tribunal is of the considered opinion that sometimes in appropriate cases the prerogatives of mercy and magnanimity are the brightest jewels in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including the Pandemic Covid-19 affecting businesses, nature of the mortgaged property, purpose of loan, i.e. agricultural expenses and purchase of vehicle, present conditions of economy based on agriculture, quantum of loan, prevalent market rates of interest which have gone drastically downhill in yesteryears, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @8% per annum from the date of filing of the OA till realisation of the amount ordered vide this order. It is ordered accordingly.
OA/1653/2022 HDFC BANK LIMITED Vs SAMSHER SINGH AND OTHERS 5
of Rs.31,56,764.07/- (Rupees Thirty One Lac Fifty Six Thousand Seven Hundred Sixty Four and Seven Paisa Only) with current and future simple interest @8% per annum w.e.f. 12.09.2022 , till the date of realisation of the amount. Accordingly, the applicant bank shall be at liberty to recover aforesaid amount from the sale of mortgaged/hypothecated property of the defendant in execution proceedings, if not sold earlier under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 or otherwise. If the dues of the bank still remain unsatisfied, the applicant bank shall be at liberty to recover the same by attachment and sale of personal assets of the defendant. However, the applicant bank is at liberty to enforce the claim through due process of law.
Pronounced in the open Tribunal (M.M. Dhonchak) Presiding Officer DRT-2, Chandigarh
1 issue framed by the court
Whether the defendant is liable to repay the outstanding loan amount claimed by the applicant bank.
1 provisions across 1 enactments
HDFC Bank Limited
M.M. Dhonchak
As recorded by the court registry
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