The Debt Recovery Tribunal allowed the bank's application for recovery of Rs.30,28,648.66p as outstanding loan dues. The court granted uniform simple interest at 9.51%p.a. and directed the issuance of a recovery certificate.
Allow original application, declare liability, grant recovery certificate and recover Rs.30,28,648.66p with interest @9.51%p.a.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.2078/2022
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 18.08.2022
DATE OF DECISION: 21.12.2023 HDFC Bank Limited, having its Registered Office at Senapati Bapat Marg, Lower Parel (West), Mumbai-400013 and also at Plot No.28, HDFC Bank House, Industrial Area, Phase 1, Chandigarh through its authorized Representative Sh. Rajendra Prasad. ……..Applicant Versus 1. Sh. Gurvinder Singh S/o Sh. Pirtha Singh, R/o Village Padhri Kalan, P.O. Sur Singh, Chak Road, Tehsil Tarn Taran-143302 (Borrower) 2. Sh. Pritha Singh S/o Sh. Dalkar Singh, R/o Village Padhri Kalan, P.O. Sur Singh, Chak Road, Tehsil Tarn Taran-143302 (Co-Borrower) ………Defendants Advocates: Argued by Ms. Dipti Toni, counsel proxy for Sh. Gagandeep Toni, counsel for the applicant Defendants are ex-parte FINAL ORDER 1. Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, against the defendants for recovery of Rs.30,28,648.66p (Rupees Thirty Lacs Twenty Eight Thousand Six Hundred Forty Eight and Paisa Sixty Six only). The Original Application has been filed through Sh. Rajendra Prasad, Legal Manager of the applicant bank, who is competent to institute the Original Application
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vide Board Resolution dated 16.10.2021, which is Annexure A1 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 defendants, quantum of loan 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 @9.51%p.a. in
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all the loan accounts from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly. 11. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.30,28,648.66p (Rupees Thirty Lacs Twenty Eight Thousand Six Hundred Forty Eight and Paisa Sixty Six only) jointly and severally, with costs, current and future simple interest @9.51%p.a. in all the loan accounts from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant bank shall be entitled to recover aforesaid amount from the sale of hypothecated/mortgaged properties of the 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 30.12.2023. 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: 21.12.2023 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
3 issues framed by the court
Whether the applicant bank is entitled to recover the outstanding loan amount of Rs.30,28,648.66p from the defendants jointly and severally.
Whether the rate of 9.51%p.a. as interest should be granted on the loan accounts.
Whether a recovery certificate should be issued against the defendants.
2 provisions across 2 enactments
HDFC Bank Limited
Sh. Gurvinder Singh
Sh. Pritha Singh
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
