Allowed

Hdfc Bank v. Tasaduq Ahmad Wani

DRT14 Aug 2024OA/1494/2022

Case brief

AI extract

What is this about?

TheDebts Recovery Tribunal allowed the bank’s application under Section 19 of the RDB Act for recovery of Rs.24,11,595 with interest. The court found the debt proven and issued a recovery certificate, directing distribution of sale proceeds under Section 19(20-AB).

What did the court decide?

Allowed recovery of Rs.24,11,595 with interest @12% p.a.; recovered sale of mortgaged property and personal assets enforced.

Hdfc Bank versus Tasaduq Ahmad Wani — Contract and Commercial Disputes | 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: 1494 of 2022 Date of Institution: 25.07.2022 Date of Decision: 14.08.2024

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HDFC Bank Ltd., branch office amongst other places one at Anantnag, State J & K.

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……..Applicant Vs.

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Tasaduq Ahmad Wani S/o Zahoor Ahmad Wani, r/o Litter Shishter, Distt. Pulwama-192301.

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Nazir Ahmad Lone S/o Ghulam Muhi Uddin Lone, R/o 123, Achhan Distt. Pulwama-192301.

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……….Defendants

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Advocates

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Sh. Sumeet Sehgal, Counsel for the applicant bank. Defendants- Ex parte.

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OA for the Recovery of Rs.24,11,595/- with interest @12% per annum with half yearly rests from the date of filing the present application i.e. 25.07.2022.

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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.24,11,595/- with interest against Tasaduq Ahmad Wani And Others(defendants).

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Bank’s case is that on 14.11.2015, it had granted Overdraft/ Cash Credit of Rs.15.00 lacs to defendant no.1 for agricultural purpose. Defendant no.2 stood as guarantor. To secure the loan, Defendant no.1 had mortgaged his immovable property (fully detailed in para No.3A of the application). The loan was chargeable to interest @12% per annum with half yearly rests. On 15.12.2021, a sum of Rs.24,11,595/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 11.08.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not

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put in appearance.Vide_order dated 21.07.2023, they were proceeded_ex parte.
4. In order to prove its case, the Bank has placed on record the
affidavit of Mr. Jatinder Mishra, Assistant Manager along with the loan and security documents and marked them as Exhibit A-1 to A-12.
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 loan of
Rs.15.00 lacs and on 15.12.2021, a sum of Rs.24,11,595/- was due.
6. Accordingly, the application of the bank for the recovery of
Rs.24,11,595/- (Rupees Twenty Four Lacs Eleven Thousand Five
Hundred Ninety Five Only) with interest @12% per annum with half
yearly rests from the date of filing the present application i.e.
25.07.2022, 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 mortgaged property, fully detailed in para
No.3A 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.
9. Parties are directed to appear before Recovery Officer on
16.09.2024, 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.
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) Dated: 14.08.2024 Presiding Officer DRT-1, Chandigarh

Hdfc Bank v. Tasaduq Ahmad Wani

Case brief

What is this about?

What did the court decide?

Hdfc Bank v. Tasaduq Ahmad Wani

Case brief

What is this about?

What did the court decide?

What the court decided

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