Allowed

Hdfc Bank v. Sh Ajaib Singh (Since Deceased)

DRT24 Apr 2023OA/65/2022

Case brief

AI extract

What is this about?

In this order, the Debts Recovery Tribunal allowed an application filed by HDFC Bank for recovery of outstanding loan dues of Rs.26,64,764.64p with interest under Section 19 of the RDB Act. The court adjudicated liability on the respondent parties, including the legal heirs of the deceased primary borrower and the guarantor, and directed the issuance of a recovery certificate and involvement of th

What did the court decide?

Recovery of Rs.26,64,764.64p with interest @11.51% per annum; issuance of recovery certificate; participation of Recovery Officer in sale of hypothecated vehicle; distribution of proceeds as per Secti

Hdfc Bank versus Sh Ajaib Singh (Since Deceased) — Execution and Attachment | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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OA No: 65/2022

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Date of Institution: 12.01.2022 Date of Decision: 24.04.2023

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HDFC Bank, one of its Branches at Retail Loan Service Centre, Building No.30/7, below Hotel Kaysons, The Mall, Ferozepur City.

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……..Applicant

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Sh. Ajaib Singh (since deceased) S/o Sh. Balvir Singh, R/o Shekhwan Near Gurudwara Sahib, Ferozepur (Punjab) – 152002, through his LRs:-

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a) Sh. Rawinder Singh S/o Late Sh. Ajaib Singh.

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b) Smt. Paramjeet Kaur W/o Late Sh. Ajaib Singh.

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Both R/o Shekwan Near Gurudwara Sahib, Ferozepur (Punjab) – 152002.

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Sh. Rawinder Singh S/o Late Sh. Ajaib Singh R/o Shekhwan Near Gurudwara Sahib, Ferozepur (Punjab) – 152002.

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Sh. Jagdeep Singh S/o Sh. Gurcharan Singh R/o Village Bholuwala, Near Gurudwara Sahib, Ferozepur (Punjab) – 152002.

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……….Defendants

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Advocates

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Sh. K.P.S. Dhillon, Counsel for the applicant bank. Defendants – ex parte

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OA for the Recovery of Rs.26,64,764.64p with interest from 22.12.2021.

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ORDER

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HDFC Bank, (Applicant Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.26,64,764.64p with interest against Sh. Ajaib Singh (since deceased through his LRs) and others (defendants).

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Bank’s case is that on 05.04.2018, defendant No.1 and 2 had approached the bank and granted a Commercial Vehicle Loan of

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Rs.29,40,000/- and Rs.4,03,106/- for body making. Further, on 23.09.2020, at the request of defendant No.1 and 2 bank had granted a Emergency Credit Line Guaranteed Scheme (ECLGS) of Rs.4,64,000/under GECL by way of Working Capital Term Loan. Defendant No.3 had stood guarantor. To secure the loan, Defendants had hypothecated the vehicle i.e. TATA LPS 4923 SIGNA, Chassis No.MAT704110J3D13688, Engine No.ISEBE59230408ID63689095, Registration No.PB05AJ8203. The said loan facilities were chargeable at different rate of interest. On 22.12.2021, a sum of Rs.26,64,764.64p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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3. On 06.04.2022, summonses were sent to the defendants by
registered post, which were duly served. However, defendants did not
put in appearance. Vide order dated 02.12.2022, they were proceeded_ex_
parte.
4. In order to prove its case, the Bank has placed on record the
affidavit of Mr. Rajendra Prasad, Legal Manager along with the loan and
security documents and marked them as Exhibit A-1 to A-12.
5. I have perused the evidence on the record. I am of the considered
view that the Bank has proved its case that it had advanced the loan of
Rs.38,07,106/- and on 22.12.2021, a sum of Rs.26,64,764.64p was due.
6. Accordingly, the application of the bank for the recovery of
Rs.26,64,764.64p (Rupees Twenty Six Lacs Sixty Four Thousand Seven
Hundred Sixty Four and Paisa Sixty Four Only) with interest @11.51%
per annum with monthly rests from 22.12.2021, till the date of payment
is hereby allowed with costs. The LRs of defendant No.1 would be liable
to the extent of property inherited by them from Sh. Ajaib Singh
(Deceased).The liability of defendant No.2 and 3 would be joint and

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several. Bank can recover its dues by the sale of hypothecated Vehicle i.e. TATA LPS 4923 SIGNA, Chassis No.MAT704110J3D13688, Engine No.ISEBE59230408ID63689095, Registration No.PB05AJ8203. as well as from the personal movable and immovable property(ies) of the defendant No.2 and 3 only.

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Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 24.05.2023, who is directed to distribute the sale proceeds of the hypothecated Vehicle as per the provisions of Section 19(20-AB) of the Act .

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A Copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties.

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Pronounced in the open court. (A S Narang) Dated: 24.04.2023 Presiding Officer DRT-1, Chandigarh Pankaj

Hdfc Bank v. Sh Ajaib Singh (Since Deceased)

Case brief

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Hdfc Bank v. Sh Ajaib Singh (Since Deceased)

Case brief

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