Allowed

Hdfc Bank Ltd., v. M/s. Svr Enterpises Private Ltd.

DRT30 Nov 2023TA/300/2022

Case brief

AI extract

What is this about?

This Debt Recovery Tribunal allowed a transfer application filed by HDFC Bank Ltd. against multiple defendants. The court found the claim substantiated based on uncontroverted documentary evidence and ordered the recovery of the outstanding amount along with interest.

What did the court decide?

Recovery of Rs. 53,46,117.62 with future and pendentelite interest at 12% (simple) from the date of filing of the transfer application.

Hdfc Bank Ltd., versus M/s. Svr Enterpises Private Ltd. — Banking and Recovery | DRT (2023)

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IN THE DEBT RECOVERY TRIBUNAL –II CHENNAI

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Dated this 30^th day of November, 2023

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PRESENT: SHRI T.RAJESH PRESIDING OFFICER

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TA.No.300 OF 2022

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(Old OA.No.287/2022–DRT-I, Chennai)

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HDFC Bank Ltd., Rep.by its Legal-Manager, Branch office at No.110, Ceebros Building, 4^th Floor, Nelson Manikkam Road, Aminjikarai, Chennai-600029. IFSC Code : HDFC0000441. … APPLICANT.

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Vs.

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M/s. SVR Enterpises Private Ltd., Rep.by its Directors

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Chandrasekhar Reddy D and

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Sreedevi R Plot No.101 Door No.7, VGP Shanthi Nagar 1^st Main Road, Narayanapuram, Pallikaranai, Chennai-600100. Pan No.AATCS0034Q.

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Mr.D.Chandra Sekhar, S/o. Dandu Ravenndra Reddy, Plot No.101 Door No.7 VGP Shanthi,Nagar 1^st Main Road, Narayanapuram, Pallikaranai, Chennai-600100.

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Also at Door No.C139, 1^st Floor Sisdanube APTS, Jayachandran Nagar, Pallikaranai, Chennai-600100. Pan No.AJBPC1563F

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Mrs. Sreedevi Dandu. R, W/o.Ramachandra Reddy Plot No.101 Door No.7, VGP Shanthi Nagar 1^st Main Road, Narayanapuram, Pallikaranai, Chennai-600100.

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Also at Door No.C139 1^st Floor Sisdanube APTS, Jayachandran Nagar, Pallikaranai, Chennai-600100. Pan No.AWRPP8360M. … DEFENDANTS Counsel for Applicant : M/s.D.Sathyaraj. Defendants : Exparte.

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ORDER

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The above Transfer Application is filed under section 19 of the Recovery of Debt and Bankruptcy Act seeking recovery of Rs.53,46,117.62 with further interest from the date of filing of the OA

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and also by allowing the same to be recovered from the defendants jointly and severally.

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The above original application is filed before DRT-I and stood transferred to this Tribunal and renumbered as above.

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The case of the applicant can be encapsulated as follows:-

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The 1^st defendant being the borrower and defendants 2 and 3 being the co-borrowers had applied for and availed a ARC Unsecured loan for Rs.40,00,000/- from the applicant.

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It is also stated that the above facilities were availed after execution of necessary loan documents by defendants obliging them to repay the amount promptly and regularly, without fail.

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Even though the defendants had obliged themselves to repay the amount promptly and regularly, they failed to do so resulting defaults in the account and the same being declared as NPA.

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The applicant’s officials had on many occasions approached the defendants requesting them to regularize the account and despite the same no effort was made by the defendants to get the account regularized over to pay back the amount. Even as no repayment was made despite repeated request, the applicant had on 24.03.2022 caused issue a lawyer notice requiring repayment of the amount due in the account.

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It is also the case of the applicant that despite repeated reminders and requests, the defendants had failed to make the repayment forcing the applicant to file this OA seeking recovery of the amount due in the account with further interest and cost.

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Even as the defendants failed to enter appearance they were set exparte on 25.05.2023.

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The applicant had let in evidence through AW1 who had sworn to a Proof Affidavit in terms of the pleadings in the OA and also produced Exhibits A1 to A9 and got the same marked.

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Heard the counsel for the applicant and considered the contention as taken in the OA in the light of documentary evidence proof affidavit. The following issues arise for consideration in this matter.

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i) Whether the applicant had succeeded in proving the OA claim?

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ii) What orders are to be passed?

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Both these issues are gone into and decided together.

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The case put forth by the applicant in the Application remains unrebutted as defendant did not choose to adduce any defense evidence. The evidence tendered by the applicant remains uncontroverted and undisputed. The evidences put forth by the applicant were found admissible. From the statement of accounts as produced by the applicant, it is evident that the amount as claimed in the OA is outstanding in the account, which the applicant is entitled to get recovered from the defendants and their assets. The claim of the applicant is well within the period of limitation and there is no Capitalization of penal interest. Since OA claim is arrived calculating

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interest at agreed rate same is not revisited. However pendentelite and

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future interest is awarded at @12% (simple).

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In view of the finding as entered above

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i) TA.No.300/2022 stands allowed. ii) Applicant is permitted to recover an amount of Rs. 53,46,117.62 (Rupees Fifty Three Lakhs Forty Six Thousand One Hundred Seventeen and Sixty Two paisa only)being the total due with future and pendentelite interest @ 12% (simple) from the date of filing of the TA till realization from the defendants after giving credit to all the amount recovered and received during the pendency of the TA

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iii) A Recovery Certificate is to be drawn and issued to the recovery officer to enable recovery of the amount as per the above terms.

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iv) Applicant is allowed to realize cost of the proceedings for which cost memo is to be filed in 7 days’ time from the date of receipt of the copy of the order.

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Communicate a copy of the order to the parties concerned in terms of

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Section 19(21)(i) of the RDB Act, read with Rule 16 of DRT (Procedure) Rules, 1993.

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(Dictated to PA, transcribed by him, corrected, signed and pronounced by me in the Open Court, this 30^th day of November, 2023)

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Sd./- (T. RAJESH) PRESIDING OFFICER DRT-II, CHENNAI

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Hdfc Bank Ltd., v. M/s. Svr Enterpises Private Ltd.

Case brief

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Hdfc Bank Ltd., v. M/s. Svr Enterpises Private Ltd.

Case brief

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