The DRT allowed the bank's application for recovery of Rs. 59,22,303.27 plus interest against defendants who failed to repay a cash credit facility, allowing simple interest at 8% p.a.
Recovery of Rs. 59,22,303.27 plus simple interest at 8% p.a. from date of OA till realization via sale of properties.
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.1282/2023 PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 07.10.2023
DATE OF DECISION: 15.07.2024
HDFC Bank Ltd., incorporated under the Companies Act, 1956 and Bank within the meaning of the Banking Regulation Act, 1949 and having its Registered Office at HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013 and its Regional Office at HDFC Bank Ltd., Bank House, Plot No.I-15, Sector 101 Alpha, IT City, Mohali, Punjab-160062 and having one of its branch office at Killon Wali, District Muktsar (Punjab), through its Authorised Signatory Sh. Pulkit Khanna
……..Applicant
Versus
….……Defendants
Advocates:
Argued by Sh. Abhinav Singla, Advocate proxy for Sh. Ankur Jindal, Advocate for the applicant Defendants are ex-parte
FINAL ORDER
2
vide Power of Attorney dated 26.10.2023, which is Annexure A1 to this OA.
3
The Tribunal is of the considered opinion that sometimes in appropriate cases the prerogative of mercy is the brightest jewel in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including nature of the mortgaged property, undertaking 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 the loan account from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.
4
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the applicant bank is entitled to recovery of the outstanding loan amount from the defendants.
What rate of interest should be granted in the loan account from the date of filing of the OA till realization.
1 provisions across 1 enactments
HDFC Bank Ltd.
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
