The tribunal allowed an application filed by H.D.F.C. Bank Ltd. for recovery of debt against three borrowers and a guarantor. The court decreed the principal amount with simple interest at 8% per annum.
Recovery of Rs. 36,71,682 along with simple interest at 8% per annum from the filing date of the application till realization.
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DEBTS RECOVERY TRIBUNAL-2, CHANDIGARH, PRESIDED OVER BY M.M. DHONCHAK
ORIGINAL APPLICATION NO. 1656 of 2022 DATE OF INSTITUTION: 12.09.2022 DATED THE 18th DAY OF MAY, 2023
H.D.F.C. Bank Limited , a Banking Company, carrying on the banking business under the Banking Regulation Act, 1949, incorporated under the Companies Act, 1956 and having its registered office at HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai-400013, whereas Branch at Shahpur, District Hisar, Haryana, through Sh. Jatinder Mishra, Assistant Manager (Legal), Regional Office, HDFC Bank Limited, Regional Office, Bank House, Chandigarh, being Power of Attorney holder of the applicant Bank
.......Applicant Bank
Versus
Argued by: Sh. Saurabh Bhardwaj counsel for the applicant bank Defendants ex parte vide order dated 02.02.2023
FINAL ORDER
Present Original Application was instituted by the applicant bank under Section 19(1) of the Recovery of Debts Due to Banks and
OA/1656/2022 HDFC BANK LTD. Vs HAWA SINGH AND OTHERS 2
Financial Institutions Act, 1993 (hereinafter referred to as ‘the Act’ for brevity) , against defendants for recovery of Rs.36,71,682/(Rupees Thirty Six lacs Seventy One Thousand Six Hundred and
Eighty Two only) . The OA has been filed through Sh. Jatinder Mishra, Assistant Manager (Legal) 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/1656/2022 HDFC BANK LTD. Vs HAWA SINGH AND OTHERS 3
District, Hisar and Gawar, Sub-Tehsil Balsamand, District Hisar, Haryana fully detailed in para No. 5(v) of the Original Application.
The documents relating to mortgage are as under:
i. Declarations dated 01.08.2016 and 02.08.2016 under section 4(1) of the Haryana Agriculture Credit Operation and Miscellaneous Provisions (Banks) Act, 1973, Annexures-A7 and A8 (copy).
ii. Request letters dated 01.08.2016 and 02.08.2016 to the Tehsildar, Hisar, for entry/mutation of mortgage property Annexure-A9 (colly) (copy).
It is further the case of the applicant bank that after adjusting debit and credit entries in loan accounts a sum of Rs.36,71,682/(Rupees Thirty Six lacs Seventy One Thousand Six Hundred and Eighty Two only) is recoverable against defendants as per statements of accounts dated 12.07.2022 Annexures-A12 and A13 (copy) certified under Bankers’ Book Evidence Act.
Since the defendants did not repay the outstanding amount, therefore, the applicant bank preferred the present Original Application for issuance of Recovery Certificate.
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OA/1656/2022 HDFC BANK LTD. Vs HAWA SINGH AND OTHERS 5
yearly rests and @13% in term loan facility with half yearly rests, respectively.
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 mortgage property, purpose of loan, i.e. agricultural, 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 realization of the amount ordered vide this order. It is ordered accordingly.
Rs.36,71,682/- (Rupees Thirty Six lacs Seventy One Thousand Six Hundred and Eighty Two only) with current and future simple interest @8% per annum w.e.f. 12.09.2022 , till the date of realization of the amount. The liability of the defendants shall be joint as well as several. Accordingly, the applicant bank shall be at liberty to recover aforesaid amount from the sale of mortgaged/ hypothecated properties of defendants in execution proceedings, if not sold earlier under the provisions of the Securitization 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
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personal assets of the defendants. The applicant bank is at liberty to enforce the claim through due process of law.
Announced in the open Tribunal (M.M. Dhonchak) Presiding Officer DRT-2, Chandigarh
1 issue framed by the court
Whether the applicant bank is entitled to recover the outstanding dues from the defendants.
1 provisions across 1 enactments
H.D.F.C. Bank Limited
Sh. Hawa Singh
Sh. Beer Singh
Sh. Balbir Singh
M.M. Dhonchak
As recorded by the court registry
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