The Debt Recovery Tribunal allowed the bank's application for recovery of Rs.41.73 lakhs from borrowers and guarantor. The Tribunal imposed uniform simple interest at 8% p.a. and directed the issuance of a Recovery Certificate.
Directing recovery of Rs.41,73,225 plus 8% simple interest via sale of mortgaged property; issuing 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-III, CHANDIGARH
ORIGINAL APPLICATION NO.1230/2022
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 01.07.2022
DATE OF DECISION: 25.07.2024
HDFC Bank Ltd. a banking company, carrying on the banking business under the Banking Regulation Act, 1949, incorporated under The Companies Act, 1956 and having its Registered Office at HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai 400013 and branch office amongst other places one at DCM Complex Malout, Distt. Sri Muktsar Sahib, Punjab, through Sh. Parampreet Singh Kahlon, Assistant Manager holder of an Attorney from the applicant bank.
……..Applicant Versus
….……Defendants
Advocates: Argued by Sh. J.S. Sehgal, Advocate for the applicant Defendants are ex-parte FINAL ORDER
2
Rs.41,73,225.00 (Rupees Forty One Lacs Seventy Three Thousand Two Hundred Twenty Five only). The Original Application has been filed through Sh. Parampreet Singh Kahlon, Assistant Manager of the applicant bank, who is competent to institute the Original Application vide General Power of Attorney dated 16.12.2020, which is Annexure A1 to this OA.
3
there was a debit of Rs.41,73,225.00, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant bank requested to accept the application and to issue Recovery Certificate accordingly.
4
of the defendants, quantum of loan and prevalent market rates of interest which have gone drastically downhill in yester years, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @8.00%p.a. in both the loan accounts from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly. 11. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.41,73,225.00 (Rupees Forty One Lacs Seventy Three Thousand Two Hundred Twenty Five only) jointly and severally, with costs, current and future simple interest @8.00%p.a. in both the loan accounts from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant bank shall be entitled to recover aforesaid amount from the sale of hypothecated/mortgaged properties of the defendants in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the bank still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law.
Pronounced by me in the open Tribunal . Dated: 25.07.2024
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the bank is entitled to recover the outstanding loan amount from the borrowers and guarantor.
Whether the Tribunal may modify the rate of interest claimed by the bank.
2 provisions across 2 enactments
HDFC Bank Ltd.
Sh. Sarmel Singh
Sh. Saraj Singh
Sh. Nihal Singh
Sh. Sukhwinder Singh
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
