Original application filed by HDFC Bank Limited under Section 19(1) of RDDBFI Act, 1993 for recovery of Rs. 20,00,283.61/- from borrowers. Tribunal adjudicated evidence ex parte and granted uniform simple interest at 7% per annum.
Recovery of Rs. 20,00,283.61/- with simple interest @7% per annum w.e.f. 15.09.2022; Issuance of Recovery Certificate.
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DEBTS RECOVERY TRIBUNAL-2, CHANDIGARH, PRESIDED OVER BY M.M. DHONCHAK
ORIGINAL APPLICATION NO.1705/2022
DATE OF INSTITUTION: 15.09.2022
DATE OF DECISION: 6th DAY OF JUNE, 2023
HDFC Bank Limited , having its Registered Office at Senapati Bapat Marg, Lower Parel-(West), Mumbai-400013, also at Plot No. 28, HDFC Bank House, Industrial Area, Phase-1, Chandigarh, through its Authorised Representative, Lavi Chaudhary
…..Applicant Bank
Versus
…..Defendants
Argued by: Ms Dipti Toni proxy counsel for Sh. Gagandeep Toni counsel for the applicant bank Defendants ex parte vide order dated 03.02.2023
FINAL ORDER
Present Original Application was instituted by the applicant
bank under Section 19(1) of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (hereinafter referred to as ‘the Act’ for brevity), against the defendants for recovery of
Rs.20,00,283.61/- (Rupees Twenty lacs Two Hundred Eighty Three and Sixty One Paisa Only) . It has been filed through Lavi
OA/1705/2022 HDFC Vs SUNALI GULSHAN AND ANOTHER
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Chaudhary, authorised representative of the applicant bank stated to be competent to institute the Original Application vide Power of Attorney dated 16.10.2021, Annexure-A1 (copy).
It is further the case of the applicant bank that after adjusting debit and credit entries in the loan account, a sum of Rs.20,00,283.61/- (Rupees Twenty lacs Two Hundred Eighty Three and Sixty One Paisa Only) is recoverable against the defendants as per statement of account, Annexure-A4 (copy) certified under Bankers’ Books Evidence Act.
OA/1705/2022 HDFC Vs SUNALI GULSHAN AND ANOTHER
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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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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, purpose of loan, i.e. purchase of vehicle, quantum of loan, prevalent market rates of interest which have gone drastically downhill in yesteryears and defendant No. 1 being a lady, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @7% per annum from the date of filing of the OA till realisation of the amount ordered vide this order. It is ordered accordingly.
OA/1705/2022 HDFC Vs SUNALI GULSHAN AND ANOTHER
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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 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
3 issues framed by the court
Whether the bank is entitled to recover the outstanding loan amount of Rs. 20,00,283.61/- from the defendants.
Whether the banking interest rate claimed of 7.91% per annum should be modified by the Tribunal.
Whether the defendants are liable to pay simple interest from the date of filing of the original application.
1 provisions across 1 enactments
HDFC Bank Limited
Sunali Gulshan Dua
Softouch Hygiene Products
M.M. DHONCHAK
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
