The tribunal allowed the debtor relief treaty (DRT) application filed by HDFC Bank Ltd. for recovery of a loan. Since defendants were absent, the tribunal confirmed the debt applicable and adjusted interest rates to 10% simple interest per annum.
Decree for recovery of Rs. 1,33,85,073.00 with interest at 10% p.a.; issuance of Recovery Certificate.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.2/2023
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 28.12.2022
DATE OF DECISION: 13.10.2023 HDFC Bank Ltd, 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, Maharashtra, whereas branch office amongst the other places on at “Sultanpur Lodhi Branch, District Kapurthala, Punjab through Sh. Harminder Pal Singh, Senior Manager (Agri. Legal) HDFC Bank Ltd., Regional Office, Chandigarh (UT) being Power of Attorney holder of the Applicant Bank ……..Applicant Versus 1. Sh. Gurdeep Singh S/o Sh. Satnam Singh, R/o Village Lohian Shahjahanpur, Tehsil Sultanpur Lodhi, District Kapurthala, Punjab144629 (Borrower) 2. Sh. Mangat Singh S/o Sh. Mahinder Singh, R/o Village Lohian Shahjahanpur, Tehsil Sultanpur Lodhi, District Kapurthala, Punjab- 144629 3. Sh. Surjit Singh S/o Sh. Satnam Singh, R/o Village Lohian Shahjahanpur, Tehsil Sultanpur Lodhi, District Kapurthala, Punjab144629 4. Sh. Gurnam Singh S/o Sh. Gurdeep Singh, R/o Village Lohian Shahjahanpur, Tehsil Sultanpur Lodhi, District Kapurthala, Punjab144629
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(Guarantors)
….……Defendants
Advocates:
Argued by Sh. Saurabh Bharadwaj, counsel for the applicant Defendants are ex-parte
FINAL ORDER
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A) Land measuring 66 Kanal 08 Marla situated at Village Shahjahanpur, Hadbast No.20, Tehsil Sultanpur Lodhi, District Kapurthala, Punjab; and
B) Land measuring 20 Kanal 06 Marla situated at Village Dalla, Hadbast No.21, Tehsil Sultanpur Lodhi, District Kapurthala, Punjab; vide Declaration u/s 4(1) dated 23.02.2017, which is Annexure A7 to this OA.
Documents executed:- D.P. Note, Letter of Continuity, Agreement for Overdraft/Cash Credit Cum Guarantee cum Hypothecation dated 24.02.2017, which are Annexures A4 to A6 to this OA; Letter of Acknowledgment of Debts dated 24.12.2019, which is Annexure A8 to this OA; Legal Notice along with postal receipts dated 15.12.2022, which is Annexure A9 to this OA and Statement of account duly certified under Banker’s Book Evidence Act, 1891, which is Annexure A10 to this OA.
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granted to them and for that they had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendants was classified as NPA. From the documentary evidence brought on record, it is proved that applicant bank is entitled to recover a sum of Rs.1,33,85,073.00 (Rupees One Crore Thirty Three Lacs Eighty Five Thousand and Seventy Three only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the account.
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 defendants, 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 the loan account from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.
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defendants 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 defendants. The applicant is at liberty to enforce the claim through due process of law. 12. Any other application pending stands disposed of. 13. Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 21.10.2023. 15. Copy of this order be given dasti to the applicant bank and be sent to defendants through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned.
Pronounced by me in the Open Tribunal.
Dated: 13.10.2023
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
1 issue framed by the court
Whether the applicant bank is entitled to recovery of the outstanding loan amount along with interest from the defendants jointly and severally.
3 provisions across 3 enactments
HDFC Bank Ltd
Sh. Gurdeep Singh
Sh. Mangat Singh
Sh. Surjit Singh
Sh. Gurnam Singh
Smt. Inderjit Kaur
Mridulesh Kumar Singh
As recorded by the court registry
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