Allowed

Hdfc Bank v. Harjinder Singh

DRT29 Aug 2024OA/104/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal considered an application for recovery of dues from borrowers and a guarantor. The court held the application time-barred against the borrowers but allowed it against the mortgagor, permitting recovery via the mortgaged property.

What did the court decide?

Recovery of Rs.55,48,409/- with interest from Respondent 2 via sale of mortgaged property and issuance of Recovery Certificate.

Hdfc Bank versus Harjinder Singh — Banking and Recovery | DRT (2024)

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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: 104 of 2022 Date of Institution: 10.01.2022 Date of Decision: 29.08.2024

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HDFC Bank Ltd., Talwandi Sabo, District Bathinda, Punjab.

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……..Applicant Vs.

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Harjinder Singh S/o Sh. Samunder Singh, R/o H. No.806, Village Ramtirath Jaga, Tehsil Talwandi Sabo, District Bathinda, Punjab151302.

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Samunder Singh S/o Sh. Nand Singh, R/o H. No.806, Village Ramtirath Jaga, Tehsil Talwandi Sabo, District Bathinda, Punjab151302.

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Gobind Singh S/o Sh. Gurdev Singh, R/o H. No.564, Village Ramtirath Jaga, Tehsil Talwandi Sabo, District Bathinda, Punjab. ……….Defendants

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Advocates

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Sh. Saurabh Bhardwaj, Counsel for the applicant bank. Defendants- Ex parte. OA for the Recovery of Rs.55,48,409/- with interest from the date of filing the present application i.e. 10.01.2022.

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ORDER

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HDFC Bank Ltd., (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.55,48,409/- with interest against Harjinder Singh And Others (defendants).

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Bank’s case is that on 20.12.2014, it had granted Cash Credit Limit of Rs.35.30 lacs and Term Loan of Rs.6.34 lacs, totaling Rs.41.64, to the defendant nos.1 and 2 for agricultural purpose. Defendant no.3 stood as guarantor. To secure the loan, Defendant no.2 had mortgaged

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his immovable property i.e. Agriculture land admeasuring 72Kanal 00Marla, situated at Village Ram Tirth Jaga, Tehsil Talwandi Sabo, District Bathinda, Punjab (fully detailed in para No.3A of the application). The Cash Credit Limit was chargeable to interest @12% per annum with half yearly rests and Term Loan was chargeable to interest @16% per annum with half yearly rests. On 28.10.2021, a sum of Rs.55,48,409/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 31.03.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 14.11.2022, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Mr. Harminder Pal Singh, Branch Manager along with the loan and security documents and marked them as Exhibit A-1 to A-14. 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 Cash Credit Limit of Rs.35.30 lacs and Term Loan of Rs.6.34 lacs, totaling Rs.41.64 and on 28.10.2021, a sum of Rs.55,48,409/- was due i.e. Rs.47,97,179 in CC Limit and Rs.7,51,230/- in Term Loan. 5(a). The loan was given by the bank in the year 2014 and the present OA was filed in the year 2022. Accordingly, the OA against defendant nos.1 and 3 is time barred and the same is hereby dismissed against defendant nos.1 and 3. Since, defendant no.2 had created the mortgage, the OA against defendant no.2 on the basis of creation of mortgage is within time.

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Accordingly, the application of the bank for the recovery of Rs.55,48,409/- (Rupees Fifty Five Lacs Forty Eight Thousand Four Hundred Nine Only) with interest @12% per annum with half yearly rests in Cash Credit Limit and @16% per annum with half yearly rests in Term Loan facility from the date of filing the present application i.e. 10.01.2022, till the date of payment is hereby allowed with costs against defendant no.2 only. Bank can recover its dues by the sale of mortgaged property, fully detailed in para No.3A of the application as well as from the personal movable and immovable property(ies) of the defendant no.2 only.

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Pending IAs, if any, stand disposed of.

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Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 01.10.2024 , who is directed to distribute the sale proceeds of the mortgage property and standing crops 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: 29.08.2024 Presiding Officer DRT-1, Chandigarh

Hdfc Bank v. Harjinder Singh

Case brief

What is this about?

What did the court decide?

Hdfc Bank v. Harjinder Singh

Case brief

What is this about?

What did the court decide?

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