Debts Recovery Tribunal allowed the bank's application for recovery of Rs. 33.13 lakhs from a defaulting personal loan borrower, granting 9% simple interest from the date of filing.
Recovery certificate issued for Rs.33,13,293.78 with simple interest @9% p.a. w.e.f. 22.09.2022 up to realization from defendant's assets.
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DEBTS RECOVERY TRIBUNAL-2, CHANDIGARH, PRESIDED OVER BY M.M. DHONCHAK
ORIGINAL APPLICATION NO.1823/2022
DATE OF INSTITUTION: 22.09.2022
DATE OF DECISION: 10th DAY OF JULY, 2023
HDFC Bank , is a body incorporated under the name and title as HDFC Bank Ltd under the provisions of the Companies Act 1956 and is having its Registered Office at Senapati Bapat Marg, Lower Parel (West), Mumbai-400013 and one of its Branches amongst others at Retail Loan Service Centre HDFC Bank Limited, Gurgaon and one of its Local Controlling Office at Plot No. 28, HDFC Bank House, Industrial Area, Phase 1, Chandigarh, through its Principal Officer and Constituted Attorney Ms Samandeep Sekhon, Legal Manager, Posted at HDFC Bank, Industrial Area, Phase 1, Chandigarh
…..Applicant Bank
Versus
Sh. Randhir Singh Thakur S/o Sh. Arun Kumar Thakur R/o House No. 370, Street No. 2, Naya Gaon, Krishna Kunj, Bondsi, Gurgaon, Haryana
2nd Address: M/s Oriental Craft Limited, Plot No. 80-P, EHTP, Sector
34, Near Hero Honda Crossing, Khandas, Gurgaon-122001
…..Defendant
Argued by: Ms Khushpreet Bains, Legal Manager for the applicant bank Defendant ex parte vide order dated 09.02.2023
OA/1823/2022 HDFC BANK Vs RANDHIR SINGH THAKUR 2 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 defendant for recovery of Rs.24,61,968.93/- (Rupees Twenty Four lacs Sixty One Thousand Nine Hundred Sixty Eight and Ninety Three Paisa Only) . It has been filed through Ms Samandeep Kaur Sekhon, Authorised Representative of the applicant bank stated to be competent to institute the Original Application vide Power of Attorney dated 03.11.2021, Annexure-P/A (copy).
OA/1823/2022 HDFC BANK Vs RANDHIR SINGH THAKUR 3 dated 05.08.2022 and legal notice dated 06.08.2022 along with postal receipts, Annexure-A4 (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 account, a sum of Rs.33,13,293.78/(Rupees Thirty Three lacs Thirteen Thousand Two Hundred Ninety Three and Seventy Eight Paisa Only) is recoverable against the defendant as per statement of account dated 06.08.2022, Annexure-A3 (copy), duly certified under Bankers’ Books Evidence Act.
Since the defendant did not repay the outstanding amount, therefore, the applicant bank preferred the present Original Application for issuance of Recovery Certificate.
OA/1823/2022 HDFC BANK Vs RANDHIR SINGH THAKUR 4 approached the applicant bank for availing of the loan facility which was 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.33,13,293.78/- (Rupees Thirty Three lacs Thirteen Thousand Two Hundred Ninety Three and Seventy Eight 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, purpose of loan, i.e. personal use, quantum of loan and 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 @9% per annum from the date of filing of the OA till realisation of the amount ordered vide this order. It is ordered accordingly.
OA/1823/2022 HDFC BANK Vs RANDHIR SINGH THAKUR 5 11. In the result, the Original Application is allowed with costs declaring that the defendant is liable to pay to the applicant bank a sum of Rs.33,13,293.78/- (Rupees Thirty Three lacs Thirteen Thousand Two Hundred Ninety Three and Seventy Eight Paisa Only) with current and future simple interest @9% per annum w.e.f. 22.09.2022 , 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. 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
2 issues framed by the court
Whether the debtor is liable to repay the outstanding loan amount.
What rate of interest the debtor shall pay on the outstanding amount.
2 provisions across 2 enactments
HDFC Bank
Randhir Singh Thakur
M.M. Dhonchak
As recorded by the court registry
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