The Tribunal allowed the Original Application filed by HDFC Bank for recovery of Rs. 32,65,889. It granted relief without hearing defendants, ordered payment with reduced simple interest, and issued a Recovery Certificate.
Defendants to pay Rs. 32,65,889 with simple interest at 7% p.a.; issuance of Recovery Certificate.
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DEBTS RECOVERY TRIBUNAL-2, CHANDIGARH, PRESIDED OVER BY M.M. DHONCHAK
ORIGINAL APPLICATION NO. 1946 of 2022
DATE OF INSTITUTION: 25.10.2022
DATE OF DECISION: 10th DAY OF JULY, 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 amongst the other places at Kaithal Branch, District Kathal Haryana, through Sh. Jatinder Mishra, Assistant Manager (Agri. Legal), HDFC Bank Limited, Regional Office, Plot No. 28, Industrial Area, Phase-I, Chandigarh, being Power of Attorney holder of the Bank
.......Applicant Bank
Versus
......Defendants
Argued by: Ms Khushpreet Bains, Legal Manager for the applicant bank Defendants ex parte vide order dated 06.06.2023
FINAL ORDER
OA/1946/2022 HDFC BANK Vs VIRENDER SINGH AND OTHERS 2
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.32,65,889/- (Rupees Thirty Two Lacs Sixty Five Thousand Eight Hundred and Eighty Nine Only) . The OA has been filed through Sh. Jatinder Mishra, Assistant Manager (Agri. 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/1946/2022 HDFC BANK Vs VIRENDER SINGH AND OTHERS 3
The documents relating to the mortgage are as under:
i. Registered mortgage deed dated 18.06.2015, Annexure-A9 (copy). ii. Request letter dated 18.06.2015 to the Tehsildar, Uchana, for entry/mutation of mortgaged property, Annexure-A10 (copy).
It is further the case of applicant bank that after adjusting debit and credit entries in loan accounts, a sum of Rs.32,65,889/(Rupees Thirty Two Lacs Sixty Five Thousand Eight Hundred and Eighty Nine Only) is recoverable against defendants as per statements of accounts dated 16.07.2022, certified under Bankers’ Book Evidence Act and memorandums of interest, Annexures-A13 and A14 (copy).
Since the defendants did not repay the outstanding amount, therefore, the applicant bank preferred the present Original Application for issuance of Recovery Certificate.
OA/1946/2022 HDFC BANK Vs VIRENDER SINGH AND OTHERS 4
OA/1946/2022 HDFC BANK Vs VIRENDER SINGH AND OTHERS 5
sanction letters dated 03.06.2015, Annexures-A3 and A4 (copy), rates of interest have been mentioned @12% in cash credit facility with half yearly rests and @16% per annum 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 mortgaged 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 and defendant No. 3 being a female, 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 realization of the amount ordered vide this order. It is ordered accordingly.
Rs.32,65,889/- (Rupees Thirty Two Lacs Sixty Five Thousand Eight Hundred and Eighty Nine Only) with current and future simple interest @7% per annum w.e.f. 25.10.2022 , till the date of realisation 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 property 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
OA/1946/2022 HDFC BANK Vs VIRENDER SINGH AND OTHERS
6
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
2 issues framed by the court
Whether to grant uniform interest on the recovered debt amount.
Whether the ex parte relief granted to the applicant is just and appropriate.
1 provisions across 1 enactments
H.D.F.C Bank Limited
Sh. Virender Singh S/o Sh. Suresh Kumar
Sh. Surender Singh S/o Sh. Suresh Kumar
Smt. Roshni Devi
M.M. DHONCHAK
As recorded by the court registry
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