Allowed

Hdfc Bank v. Shri Ramandeep Singh

DRT20 Nov 2024OA/115/2022

Case brief

AI extract

What is this about?

In this application under the RDB Act, the Debts Recovery Tribunal upheld the bank's claim for recovery of an outstanding vehicle loan installment. The court directed joint and several liability of the defendants and authorised recovery through the sale of hypothecated vehicle or personal property.

What did the court decide?

Recovery of Rs.25,28,186/- with interest allowed; Recovery Certificate issued; Defendants jointly and severally liable.

Hdfc Bank versus Shri Ramandeep 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: 115 of 2022 Date of Institution: 12.01.2022 Date of Decision: 20.11.2024

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HDFC Bank, having its Branch Office at Retail Loan Service Centre, The Mall, Fourth Floor, Mall Road, Ludhiana, Punjab.

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……..Applicant

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Vs.

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Shri Ramandeep Singh son of Shri Lakhvir Singh, resident of Sedha Singh Wala, Near Bajakhana Road, Faridko151205, Punjab.

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Shri Khushdeep Singh son of Lakhvir Singh, resident of Sedha Singh Wala, Near Bajakhana Road, Faridko151205, Punjab.

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……….Defendants

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Advocates:

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Adv. KPS Dhillon, Counsel for the applicant bank. Defendants ex parte .

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OA for the Recovery of Rs.25,28,186/- with interest @ 9.07% per annum with monthly rests from the date of filing.

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ORDER

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HDFC Bank (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs. 25,28,186/- with interest against Shri Ramandeep Singh and another (defendants).

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Bank’s case is that on 30.0.2017, it had granted a Vehicle Loan of Rs.30,90,152/- to the defendants for purchase of a vehicle i.e. Bharat Benz Truck. To secure the loan, Defendants had hypothecated the

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vehicle bearing Registration No. RJ07-GD-0687, in favour of the bank. The loan was chargeable to interest @ 9.07% per annum with monthly rests. Defendants did not make the payment as per the repayment schedule. On 02.12.2021, a sum of Rs.25,28,186/- 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 28.10.2022, 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. Rajendra Prasad, Legal Manager along with the loan and security documents and marked them as Exhibit A-1 to A-5. 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 vehicle loan of Rs.30,90,152/- and on 02.12.2021 a sum of Rs.25,28,186/- was due.

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Accordingly, the application of the bank for the recovery of Rs.25,28,186/- (Rupees Twenty Five Lacs Twenty Eight Thousand One Hundred Eighty Six only) with interest @ 9.07 % per annum with monthly rests from the date of filing, till the date of payment is hereby allowed with costs. The liability of all the defendants would be joint and several. Bank can recover its dues by the sale of hypothecated vehicle, fully detailed in para No.3-A of the application as well as from the personal movable and immovable property(ies) of the defendants. 7. Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly.

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Parties are directed to appear before Recovery Officer on 20.12.2024, who is directed to distribute the sale proceeds of the hypothecated property as per the provisions of Section 19(20-AB) of the Act . 10. A Copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties. Pronounced in the open court. (A S Narang) Presiding Officer DRT-1, Chandigarh Manoj Dated: 20.11.2024

Hdfc Bank v. Shri Ramandeep Singh

Case brief

What is this about?

What did the court decide?

Hdfc Bank v. Shri Ramandeep Singh

Case brief

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What did the court decide?

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