Allowed

Hdfc Bank Ltd., v. Mr.G.Balakumar

DRT30 Nov 2023TA/323/2022

Case brief

AI extract

What is this about?

The Tribunal allowed a transfer application under Section 19 of the RDB Act for recovery of a business loan. The court found the claim substantiated as the defendant appeared exparte and evidence was uncontroverted, ordering recovery of the principal with interest against the defendant's assets.

What did the court decide?

Payment of Rs.14,08,895.67 with interest at 15.25%; sale of schedule properties if proceeds are insufficient; issuance of Recovery Certificate.

Hdfc Bank Ltd., versus Mr.G.Balakumar — Company and Corporate | DRT (2023)

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IN THE DEBT RECOVERY TRIBUNAL –II CHENNAI Dated this 30^th day of November, 2023

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PRESENT: SHRI T.RAJESH PRESIDING OFFICER

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TA.No.323 OF 2022 (Old OA.No.203/2019–DRT-I, Chennai)

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HDFC Bank Ltd., No.128, Nelson Manickam Road, East West Centre, Ground Floor, Aminjikarai, Chennai-600029. IFSC Code : HDFC0000441 PAN No.AAACH2702H

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And also having office at “CEEBROS” 110, 4^th Floor, Nelson Manickam Road Aminjikarai, Chennai-600029. Rep.by its Authorized Signatory Mr. T.Mahendiran.

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… APPLICANT.

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Vs.

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Mr.G.Balakumar, S/o. Gurunathan, PAN No. BVLPB2125G, 12/3, Govindhan Street, DRO Colony, K.Pudhur Opp. to Marry Ann School, Madurai-625007.

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Having permanent address at Plot No.2/790, Jankit Nagar, Kadachanenthal, Near RC School, Near GAS Company, Madurai-625007. Counsel for Applicant : Mr.T.K.M.Sai Krishnan. Defendant : Exparte. ……

… DEFENDANT.

ORDER

The above Transfer Application is filed under section 19 of the Recovery of Debt and Bankruptcy Act seeking recovery of Rs.14,08,895.67 with further interest from the date of filing of the TA and also by allowing the same to be recovered from the defendants and his assets.

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The above original application is filed before the 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 defendant being the borrower had applied for and availed a business loan from the applicant to the tune of Rs.15,00,000/-.

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It is also stated that the above facilities were availed after execution of

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necessary loan documents by the defendant on 16.02.2018 obliging himself to repay the amount promptly and regularly, without fail in 36 monthly installments of Rs.52,182/- arrived at by calculating interest @15.25%.

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Even though the defendant had obliged himself to repay the amount promptly and regularly, he 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 defendant requesting him to repay the account and despite the same, no

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effort was made by the defendant to get the account regularized over to pay back the amount. Since no repayment was made despite the request, the applicant had on 25.02.2019 cause to issue a lawyer notice

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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

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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 defendant failed to enter appearance, he was set exparte on 11.03.2020.

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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 and 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 defendants remain exparte. 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 defendant and his assets (including the schedule mentioned property). The claim of the applicant is well within the period of limitation and there is no Capitalization of penal interest. Since the facility is a commercial one the agreed rate is allowed. 12. In view of the finding as entered above

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i) TA.No.323 OF 2022 stands allowed.

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ii) Applicant is permitted to recover an amount of Rs. 14,08,895.67 (Rupees Fourteen Lakhs Eight Thousand Eight Hundred Ninety Five and Sixty Seven paisa only) with future and pendentelite interest @15.25 % from the date of filing of the TA till realization after giving credit to all the amount recovered and received during the pendency of the TA.

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iii) The schedule properties to be proceeded against and sold and if the sale proceeds are not sufficient the defendants

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and their other assets are liable to be proceeded against.

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iv) 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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v) 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 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. Mr.G.Balakumar

Case brief

What is this about?

What did the court decide?

Hdfc Bank Ltd., v. Mr.G.Balakumar

Case brief

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