Debts Recovery Tribunal allowed the Bank's original application for recovery of an outstanding agricultural loan against three defendants, reducing the claimed interest from 12% to 8% per annum pending realization.
Recovery certificate issued; Defendants liable to pay Rs.70,57,490/- with simple interest @8% per annum from date of filing.
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DEBTS RECOVERY TRIBUNAL-2, CHANDIGARH, PRESIDED OVER BY M.M. DHONCHAK
ORIGINAL APPLICATION NO.982/2022
DATE OF INSTITUTION: 30.05.2022
DATE OF DECISION: 26th DAY OF SEPTEMBER, 2023
H.D.F.C. Bank Limited, a Banking Company, carrying on the banking business under the Banking Regulation Act, 1949, incorporated under the Companies Act, 1956 and its registered office at HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai-400013, whereas Branch amongst the other places at "Ellanabad Branch, District Sirsa (Haryana)", through Sh. Jatinder Mishra, Assistant Manager (Agriculture Legal), HDFC Bank Limited, Regional Office, Chandigarh (U.T), being Power of Attorney holder of the applicant bank
…..Applicant Bank
Versus
Argued by: Sh. Jatinder Mishra, Deputy Manager for the applicant bank Defendants ex parte vide order dated 20.04.2023
OA/982/2022 HDFC BANK Vs M/S SANJAY BHURTATWALA AND OTHERS 2
FINAL ORDER
Present Original Application was instituted by the applicant bank under Section 19(1) of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (hereinafter referred to as ‘the Act’ for brevity), against the defendants for recovery of Rs.70,57,490/- (Rupees Seventy Lac Fifty Seven Thousand Four Hundred and Ninety Only) . It has been filed through Sh. Jatinder Mishra, Assistant Manager (Agriculture Legal) of the applicant bank stated to be competent to institute the Original Application vide Power of Attorney dated 16.12.2020, Annexure-A1 (copy).
OA/982/2022 HDFC BANK Vs M/S SANJAY BHURTATWALA AND OTHERS 3
It is further the case of the applicant bank that after adjusting debit and credit entries in the loan accounts, a sum of Rs.70,57,490/- (Rupees Seventy Lac Fifty Seven Thousand Four Hundred and Ninety Only), is recoverable against the defendants as per statements of accounts, certified under Bankers’ Books Evidence Act, 1891, Annexures-A8 to A10 (copy).
Since the defendants did not repay the outstanding amount, therefore, the applicant bank preferred the present Original Application for issuance of Recovery Certificate.
OA/982/2022 HDFC BANK Vs M/S SANJAY BHURTATWALA AND OTHERS 4 defendants, thus, the defendants were proceeded against ex-parte vide order dated 20.04.2023 .
OA/982/2022 HDFC BANK Vs M/S SANJAY BHURTATWALA AND OTHERS 5
15.03.2018 for dropline overdraft-cum-hypothecation-cumguarantee, Annexure-A5 (copy), rate of interest has been mentioned @10% per annum for all the facilities.
OA/982/2022 HDFC BANK Vs M/S SANJAY BHURTATWALA AND OTHERS 6
of the bank still remain unsatisfied, the applicant bank shall be at liberty to recover the same by attachment and sale of personal assets of the defendants. The applicant bank is at liberty to enforce the claim through due process of law.
Pronounced in the open Tribunal (M.M. Dhonchak) Presiding Officer DRT-2, Chandigarh
1 issue framed by the court
Whether the Recovery Debt Tribunal can issue a recovery certificate for an outstanding loan amount proposed recovered from the borrowers under Section 19(1) of the RDBFI Act.
1 provisions across 1 enactments
H.D.F.C. Bank Limited
Sh. Sanjay Bhuratwala
Sh. Prakash Khud
Sh. Ashwani Kumar
M.M. Dhonchak
As recorded by the court registry
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