The Debt Recovery Tribunal allowed the bank's application for recovery of a commercial loan defaulting (approx. Rs. 52 lakh) against three respondents, ordering payment with 6% annual interest.
Recovery of Rs. 52,17,415.53 with 6% simple interest from 05.01.2023 till realization, along with issuance of Recovery Certificate.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
DEBTS RECOVERY TRIBUNAL-2, CHANDIGARH, PRESIDED OVER BY M.M. DHONCHAK
ORIGINAL APPLICATION NO.1143/2023
DATE OF INSTITUTION: 05.01.2023 DATE OF DECISION: 17th DAY OF JANUARY, 2024
H.D.F.C. Bank Limited, having its registered office at HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013 and also at Plot No. 1-15, Sector 101, Alpha IT City, SAS Nagar, Mohali, through its Authorised Representative, Ms Samandeep Kaur Sekhon
….. Applicant
Versus
….. Defendants
Argued by: Ms Dipti Toni proxy counsel for Sh. Gagandeep Toni, Advocate for the applicant bank Defendants ex parte vide order dated 22.09.2023
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
OA/1143/2023 HDFC BANK Vs GURU NANAK CONSTRUCTION CO AND OTHERS 2
Rs.52,17,415.53/(Rupees Fifty Two Lakh Seventeen Thousand Four Hundred Fifteen and Fifty Three Paisa Only). It has been filed through Ms Samandeep Kaur Sekhon, Authorised Representative of the applicant bank stated to be competent to institute the Original Application vide Resolution of Board dated 16.10.2021, Annexure-A1 (copy).
OA/1143/2023 HDFC BANK Vs GURU NANAK CONSTRUCTION CO 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.52,17,415.53/(Rupees Fifty Two Lakh Seventeen Thousand Four Hundred Fifteen and Fifty Three Paisa Only), is recoverable against the defendants as per statements of accounts, duly certified under Bankers’ Books Evidence Act, 1891, Annexures-A8 and A9 (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/1143/2023 HDFC BANK Vs GURU NANAK CONSTRUCTION CO AND OTHERS 4
were granted to them. It is further clear that the defendants had executed all the relevant documents as stated above in favour of the applicant bank. Unfortunately, the defendants failed to pay back the loan as per terms and conditions of the agreement executed between the parties. From the documentary evidence brought on record, it is proved that applicant bank is entitled to recover a sum of Rs.52,17,415.53/- (Rupees Fifty Two Lakh Seventeen Thousand Four Hundred Fifteen and Fifty Three Paisa Only) from the defendants.
This Tribunal is of the considered opinion that sometimes in appropriate cases the prerogatives of mercy and magnanimity are the brightest jewels in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including the Pandemic Covid-19 affecting businesses, purpose of loan, i.e. purchase of commercial vehicles make TATA SIGNA 2823 K BS VI and TATA SIGNA 2823 TK, quantum of loan and prevalent market rates of interest which have gone drastically downhill in yesteryears and defendant No. 3 being a female, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @6% per annum from the date of filing of the OA till realisation of the amount ordered vide this order. It is ordered accordingly.
OA/1143/2023 HDFC BANK Vs GURU NANAK CONSTRUCTION CO AND OTHERS 5
Pronounced in the open Tribunal (M.M. Dhonchak) Presiding Officer DRT-2, Chandigarh
1 issue framed by the court
Whether the defendants are liable to repay the outstanding commercial loan sanctioned by the applicant bank.
1 provisions across 1 enactments
H.D.F.C. Bank Limited
Guru Nanak Construction Company
Sh. Kuldeep Singh
Ms Manpreet Kaur
M.M. Dhonchak
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
