Allowed

Hdfc Bank v. Nivedita Das Lahon

DRT14 Jun 2023OA/436/2022

Case brief

AI extract

What is this about?

A Debt Recovery Tribunal allowed an application filed by HDFC Bank for issuance of a Recovery Certificate against borrowers and co-borrowers who failed to repay term loans and a Working Capital Term Loan extended for commercial equipment, including interest and costs.

What did the court decide?

Issue of Recovery Certificate for Rs. 68,51,168.11 with interest and costs; Charge on hypothecated vehicles kept alive.

Hdfc Bank versus Nivedita Das Lahon — Contract and Commercial Disputes | DRT (2023)

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O.A. a36l2022roRT€urah.ti

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IN THE DEBTS RECOVERY^{TRIBUNAL,GUWAHATI}

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(North Eastern Region)

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(Tribunal of Assam, Nagaland, Meghalaya,^{Manipur, Mizoram,Arunachal Pradesh& Tripura)} Before Sh Shiv Sharan Dubev.^{PresidinoOfficer}

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O.A. No. 436/2022

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ln the matisr of -

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HDFC Bank Limited Rukminrgaon Branch, A.P.Tower, 3d Floor, G.S.Road, Guwahati-78'1022, District^{Kamrup (Metro), Assam}

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Applicant

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Vs.

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Nibedita Das Lahon D/o Nandi Nath Das New Market, Talukdar^ComPlex Sonapur, Above SBI^Sonapur,

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District- Kamrup,^Assam-782402

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Pranab Lahon S/o Nagen Lahon New Market, Talukdar^ComPlex Sonapur, Above SBI^SonaPur, Distric! Kamrup, As safi-7^82402.

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Defendants

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Presence of the^counsel

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Mr Mukesh Sharma, Ms Ellora Bharali, Ms. Manisha Jaiswal, Advocates

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For the Defendants None (Ex-parte)

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Dated :^'14.06.2023

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JUDGMENT

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This is an application^{under section 19 olthe Recoveryof Debts ouetoBanks} and Financial lnstitutions^{Act, 1993 filedby the HDFC Bank Limited,Rukminigaon} Branch, A.P.Tower, 3d^{Floor, G.S.Road, Guwahati-781022, District- Kamrup (Metro)'} Assam, with a Vayer^{toissueRecovery Certificatefor the sum of Rs'} 68,51,'t68.'11^{(RupeesSixty EightLacaFifty One Thousand OnsHundredSixty} Eight And Paisa^{Eloven) only as on 17.10.2022against the defendantswith} pendenteliteandfutureinterestatcontractualrateswithmonthlyreststillrealization along with cost^{and other relief.}

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Sh" 3i^a,4-)t l4l &61 :r P.lrkingdn^| DRT Guwahali

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O A 436/2022loRl-Guwahali

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A few facts^{giving riseto the present applicationareas under.}

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The Defendant No.l is^{the Borrower and the Oefendant No.2is the Co-Borrower'} The Defendant No. 1 and^{2 vide loan applicationdated 04.12.2019 applied for financial} assistance for^{purchasing a commercial equipment beforethe Applicant Bankand after} considering the said^{applicationthe Applicant Bankon 27.12.2019had sanctioned a} sum of Rs.22,46,880/-^{(Rupees TwentyTwo Lacs Forty Six Thousand EightHundred} Eighty only) as^{Term Loan to the Defendantswhichwas disbursedon 31 12 2019 for} purchasing the said commercial^{equipmentwith the interest charged at 12 5'lo/o p'a'} calculated on^{daily productat monthly rests and in caseof defaull,thebank shallbe} entitled to charge^{an additional interest} @^{2% per monthor such rate as may be} specilied by the^{bankfrom time to time. Theaforesaid Term Loanwas repayable in 47} equated monthly^{installmentsof Rs.60,714^ (Rupees Sixty Thousand SevenHundred} Fourteen) only commencing^{from 05.02.20201o 05.12.2023'}

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ln connection with^{the sanctionof the aforesaidTerm Loan of Rs 22,46,880/-} (Rupees Twenty Two Lacs Forty^{Six Thousand Eight Hundred Eighty only) sanctioned} by the Applicant Bank^{and availedof by theDefendants, an Agreementfor Loan and} Guarantee dated 27.12.2019^{was signed and execuled by theDefendants in favour of} the Applicant Bank^{as securityfor repaymentof the loan facility, therebyagreeingto all} lhe terms and conditions laid^{down in lhe said Agreementand alsohypothecatedthe} equipment^{(more specificallydescribed in Schedule-A(i)of the OA) in favour of the} Applicant Bank.

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ln connection^{with the sanctionof the aforesaidTerm Loan of Rs 22'46'880/-} (Rupees Twenty Two Lacs^{Forty Six Thousand Eight Hundred Eighty only) sanctioned} by the Applicant^{Bank,the Defendant No. 1 and 2 had signed and executed an} lrrevocable Power^{of Attorney dated27 12.2019'}

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ln terms of the^{Government of lndia "EmergencyCredit LineGuarantee Scheme} ("ECLGS") the Applicant^{vide SanclionedLetter dated 25'09'2020 had sanctioned} Guarantee^{Emergencl Credit Line(GECL)by way of working capital Term Loan of} RS.4,4O,OOO.OO^{(RupeesFour Lacs Forty Thousand) onlyto the LTD Defendants with} the rate of interesl @^{8.25 % per annum The aforesaidTerm Loan was repayablein 48}

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S [".] d*^pr, , ]'* l]jctl'n Pre6idinq Oflicbr^{I '-} DRT, Guwahati

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O A^{,r362022/DRT€0.hati}

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Months from the date of disbursement after^{the expiryof the moratorium period. The} Defendants were^provided moratorium of 12 months^{on principal amount, duringwhich} interest will continue to accrue and become^payable during the moratorium^period. ln order to secure the said GECL facility, the Defendants had executed a Facility cum Hypothecation Agreement and a Declaralion Cum Undertaking both dated 25.09.2020, in favour of the Applicant Bank. The aforesaid GECL loan was disbursed through the GECL Account No.8832092 standing in the name of Oefendant No.1.

¶30

The Defendanl No. 1 and 2 vide another toan application daied 28.10.2021 applied for tinancial assistance for purchasing a commercial equipment before the Applicant Bank and after considering the said application the Applicant Bank on 30.12.2021 had sanctioned a sum of Rs.53,72,481/- (Rupees Fifty Three Lacs Seventy Two Thousand Four Hundred Eighty One only) as Tem Loan to the Defendants which was disbursed on 31.10.2021 for purchasing the said commercial equipment with the interest charged at 9.03% p.a. calculated on daily product at monthly rests and in case of default, the bank shall be entitled to charge an additional interest @ 2olo per month or such rate as may be specified by the bank from lime to time. The aforesaid Term Loan was repayable in 46 equated monthty installments of Rs.1,3B,6iO/_ (Rupees One Lac Thirty Eight Thousand Six Hundred Ten) onty commencing from OS.O1.2O22 to 05.10.2025.

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ln connection with the sanclion of the aforesaid Term Loan of Rs.53,22,4g1lsanctioned by the Applicant Bank and availed of by lhe Oefendants, an Agreement for Loan and Guarantee dated 30.10.2021 was signed and executed by the Defendants in favour of the Applicant Bank as security for repayment of the loan facility, thereby agreeing to all lhe terms and conditions laid down in the said Agreement and also hypothecated lhe equipment (more specificalty described in Schedule-A(ii) of the OA) in favour of the Applicant Bank.

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ln conneclion with the sanclion of the aforesaid Term Loan of Rs.53,72,481/(Rupees Fifty Three Lacs Seventy Two Thousand Four Hundred Eighty One only) sanctioned by the Applicant Bank, the Defendant No. 'l and 2 had signed and executed an lrrevocable Power of Attorney dated 30.10.2021.

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SLirl"aa,L,.J," ,,-",*Mltllt⁽ DRT, Gumhed \

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O A. 436/202zoRI4uw.hati

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The Defendants had availed of^{the said loan facilitiesfrom the ApplicantBank,} but have not^paid lhe loan amount^{as perthe terms and conditions as agreed upon with} the Applicant Bank, inspite^{of repeated demands and requests by the ApplicantBank.} As the defendants failed^{to repay the loanamount, the said accounts became NPA on} 09.03.2022. After the^{accounts became NPA the applicantbank issued notices for} repayment of the due amounl,^{but the defendants have neither chosenfor repaymentof} the remaining installment^{in the term loan accountsnor approachedto the applicant} bank for seltling the^{loan accounts.}

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The applicant bank thus^{became constrained to file the presentOriginal} Application for the recovery of^{Rs. 68,51,168.11 (RupeesSixty Eight Lacs Fifty One} Thousand One Hundrod^{Sixty Eight And Paisa Eleven) only as on 17.10 2022} along with interest and^{costof the application.}

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After riling of the OA the^{Tribunal issued notices upon the defendants through} registered^post and^{the applicant bank flled service reporton 09 01 2023 and brought} on record the^{postal receipts alongwith track consignment reportlt is observedthat} the summons have nol^{been servedupon the defendants.Thereafter theTribunal} ordered^{paper publicationof notice uponthe defendantsand the applicantbank} issued notices to^{the defendants on 28.01.2023throughPaper Publicationin two} newspapers namely^{"Dainik Asom"and 'Timesof lndia"Even after issuanceof} notices upon the^{defendantsthroughpaperpublicationalso there wasno} representation on^{behalf of the defendants either by the counsel or the personand} hencethedefendanlsweremadesetex-pa'teon17'o3.2023andtheirrighttofile writtenstatementcumevidenceonaffidavitwasclosedandthematterwaspostedfor hearing on behatf^{of the applicantbank'}

¶38

Supporting^{the claim of the applicant bank Sri Pranial Bhuyan'OeputyManager} & Authorized^{Signatory of the Applicant Bank hasfiled evidence on affidavitcoupled} with the^{security documentsmalkedas Exhibit-P' ExhibitAW-1/1 to AW-1/13} supporting the^{claim of the aPplicant bank'}

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Heard the leamed^{counsel for the applicant bank who prayedfor issuanceof}

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Slr^isl444^D-t P""rdi"sJ*J%l)9 ORT, Guwahati

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O A a36/2022lDRl€u*ahali

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Recovery Certificate^{against the defendanls as perpleadings madein the Application,} supported by evidence^{on affidavit of their witnesswho affirmed on oathlhe execution} of the security and other^{documents by the defendantsand also execulionof their own} documents relied^{upon, which have been marked exhibits.}

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Considering the^{facts and circumstancesof the case, I am of the considered} view that the documents^{filed by theapplicant bankare supportingtheclaimof the} applicant bank and establishing^{theliability of the defendants.lt is proved that the} defendants are^{liable to pay to the applicantbankthe claim madein the Original} Application. The^{loans were obtained and documentshave beenexecutedon} 27.12.2019, 25.09.2020^{& 30.10.2021. The accountsbecame NPA on 09 03 2022} andtheOAhasbeenfiledonO2.ll2022.Hence,theOAisfiledwellwithintheperiod of limitation and^{this Tribunal havinga jurisdiction to adjudicate the Original} Application.

¶44

Considering the^{unchallenged/unrebutted versionof Sri Pranial Bhuyan' the} applicant's^{witness and all the documents marked as exhibits, including duly cefiified} copy of the^{statement of accountalongwith interest calculation sheet maintained by} the applicant^{Bank in it's regular course of business, I hold that the appllcantis entitled} to^get the Recovery^{Certificate as prayed for'}

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ln the result, lhe^{present Original ApplicationNo 436 of 2022 is allowed with} cost as under^:-

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The defendants^{No. 1 & 2 are jointlyand severally liable to pay to the}

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i) applicant bank^{a sumof Rs' 68,51,16s'11(RupeesSixty Eight Lacs Fifty} One Thousand^{One HundredSixty EightAnd Paisa Eleven) onlywith} pendentelite and^{future interest} @12^{51% p awithmonthly restsfrom} 18.10.2022 till^{the date of full paymenurealizationand also cost of the}

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aPPlication.

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ii) The^{charge of the certificated amount be keptalive on hypothecatedVehicles'} i.e. (i)^{Model JCB3DX-BACKHOELOADER'Chassis} No. HAR3DXSULO2721319^{Engine NoHOO246687;'Registration} No. AS 01^{LC 9826, (ii) ModelJCB JS225-EXCAVATOR'ChassisNo'}

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.Sl".,lsla-,ta-)."1"1 P.€lidmoffc.i t4 | elr? I^u DRT, Guwahati

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o.A. a35/2022lDRf.c ihati

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PUNJN22AAM2960614 Engine No. H0030639,^{RegistrationNo. NA as}

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described in Schedule-A of the OA^{till the amount is realized in full.}

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iii) The applicant bank is entitled to^{proceed againstthe secured items towards} recovery of the debts.

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iv) The applicant bank is also entitled to^{proceedagainst the personal assets and} properties of the defendants towards recovery of the dues.

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v) The applicant bank is entitled to the costs of the O.A. which includes the advocate fees of the applicant bank. Applicant is directed to ,ile the cost memo within 2 weeks from today.

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vi) lssue Recovery Certificate accordingly for a sum Rs. 68,51,'168.1'l (Rupoeg Sixty Eight Laca Fifty One Thousand One Hundred Sixty Eight And Paisa El6ven) only in favour of the applicant bank against the defendants No. I & 2.

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vii) Communicate copy of this orderto the concerned parties.

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This order is dictated and corrected by the undeEigned.

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Judgment dated 14b June 2023, signed and pronounced in the Tribunal today

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under my signature.

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Copy of the JudgmenuFinal Order be uploaded in the Tribunal's Website and

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file be consigned to Record Room.

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SL-,r En-^a*J.'.t^r \ll[-6 l2l, I (Shiv Sharan'Dudey;^I ! Presiding Officer ORT, Guwahati.

Hdfc Bank v. Nivedita Das Lahon

Case brief

What is this about?

What did the court decide?

Hdfc Bank v. Nivedita Das Lahon

Case brief

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What did the court decide?

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