Recovery Tribunal allowed an original application filed by HDFC Bank Ltd against a borrower for recovery of dues of Rs.28.49 lakhs. The court adjusted interest rates to 10% per annum uniform simple interest across all accounts and directed the issuance of a Recovery Certificate.
Recovery of Rs.28,49,918.63 with 10% simple interest; Issuance of Recovery Certificate.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.2002/2022
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 26.08.2022
DATE OF DECISION: 12.09.2023
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 at Retail Loan Service Center, HDFC Bank Ltd., Third Floor, B-21-14570, GT Road, Dholewal Chowk, Adjoining Gulzar Motors, Ludhiana 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 Sh. Rajendra Prasad, Legal Manager, posted at HDFC Bank, Industrial Area, Phase 1, Chandigarh
……..Applicant
Versus
Sh. Sunny Sharma S/o Sh. Satish Kumar Sharma, R/o H.No.568, Sector 39, Urban Estate, Chandigarh Road, Ludhiana (Punjab)
2nd Address : C/o M/s Ess Kay Impex, 65 Mohindra Enclave, Behind Hari Om Mandir, Moti Nagar Ludhiana (Punjab)
.……Defendant
Advocates:
Argued by Sh. K.P.S. Dhillon, counsel for the applicant Defendant is ex-parte
FINAL ORDER
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Manager, o f the applicant bank, who is competent to institute the Original Application vide Copy of Resolution dated 03.11.2021, which is Annexure P/A to this OA.
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The Tribunal is of the considered opinion that sometimes in appropriate cases the prerogative of mercy is the brightest jewel in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including nature of the mortgaged property, undertaking of the defendant, quantum of loans and prevalent market rates of interest which have gone drastically downhill in yester years, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @10.00%p.a. in
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all the loan accounts from the date of filing of the OA till realization of the amounts ordered vide this final order. It is ordered accordingly. 11. In the result, the application is allowed declaring that the defendant is liable to pay to the applicant a total sum of Rs.28,49,918.63p (Rupees Twenty Eight Lacs Forty Nine Thousand Nine Hundred Eighteen and Sixty Three Paisa only), with costs, current and future simple interest @10.00%p.a. in all the loan accounts from the date of filing of OA till the date of realization of the amounts. Accordingly, the applicant bank shall be entitled to recover aforesaid amount from the sale of hypothecated/mortgaged properties of the defendant in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the bank still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendant. The applicant is at liberty to enforce the claim through due process of law.
Dated: 12.09.2023
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
Order dictated, signed and pronounced by me in the open Tribunal.
Dated: 12.09.2023
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
1 issue framed by the court
Whether the adjudicating authority is empowered to grant a uniform rate of simple interest on loan accounts instead of the claimed rates.
2 provisions across 2 enactments
HDFC Bank Ltd
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
