Allowed

Hdfc Bank Limited v. Dalvir Singh and Others

DRT24 Sept 2024OA/189/2024

Case brief

AI extract

What is this about?

The Tribunal allowed the original application filed by HDFC Bank Limited for recovery of Rs.91,69,504.36p from five respondents. The court modified the claimed interest rate to 8% p.a. and directed the issuance of a recovery certificate.

What did the court decide?

Declaration of liability to pay Rs.91,69,504.36p with interest at 8% p.a.; issuance of Recovery Certificate; liberty to enforce claim via sale of assets.

Hdfc Bank Limited versus Dalvir Singh and Others — Specific Performance | DRT (2024)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.189/2024 PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 05.01.2024

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DATE OF DECISION: 24.09.2024

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HDFC Bank Limited, 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 registered office at HDFC Bank Ltd., Bank House, Plot No. I-15, Sector 101 Alpha, IT City, Mohali, District SAS Nagar, Punjab-160062 and having one of its branch office at Sidhwan Bet, Dsitrict Ludhiana (Punjab) through its Authorized Signatory Smt. Pooja Arora.

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……..Applicant

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Versus

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Sh. Dalvir Singh S/o Sh. Balwant Singh, R/o House No. 73, Village Kishanpura Khurd, Tehsil Kot Ise Khan, District Moga, Punjab145058

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Sh. Sukhvir Singh Dhaliwal S/o Sh. Balwant Singh, R/o House No. 73, Village Kishanpura Khurd, Tehsil Kot Ise Khan, District Moga, Punjab-145058

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Sh. Kulvir Singh Dhaliwal S/o Sh. Balwant Singh, R/o House No. 73, Village Kishanpura Khurd, Tehsil Kot Ise Khan, District Moga, Punjab-145058

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Sh. Balwant Singh S/o Sh. Harcharan Singh, R/o House No. 73, Village Kishanpura Khurd, Tehsil Kot Ise Khan, District Moga, Punjab-145058

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Sh. Avtar Singh S/o Sh. Bhagwan Singh, R/o House No. 73, Village Kishanpura Khurd, Tehsil Kot Ise Khan, District Moga, Punjab145058

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….……Defendants

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Advocates:

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Argued by Sh. Abhinav Singla, Advocate proxy for Sh. Ankur Jindal, Advocate for the applicant Defendants are ex-parte

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, against the defendants for recovery of Rs.91,69,504.36p (Rupees Ninety One Lacs Sixty Nine Thousand Five Hundred Four and Paisa Thirty Six only). The Original Application has been filed through Smt. Pooja Arora, Authorized Signatory of the applicant, who is competent to institute the Original Application vide Resolution dated 28.07.2023, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendants had approached the applicant for the grant of Cash Credit Limit (CC-I) of Rs.68.00 Lacs and Cash Credit facility (CC-II) of Rs.15.00 Lacs vide Loan application dated 06.02.2018, which is Annexure A2 to this OA.

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The applicant sanctioned the Cash Credit Limit (CC-I) of Rs.55.00 Lacs and Cash Credit facility ((CC-II) of Rs.15.00 Lacs vide Sanction Letters dated 20.02.2018, which are Annexures A3 & A4 to this OA and the terms and conditions were duly accepted by the defendants.

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Defendant nos.1 to 4 had mortgaged their immovable properties i.e. total land measuring 200K-00M situated at Village Sehabajpura, Hadbast No. 36, Tehsil Jagraon, District Ludhiana (Punjab) vide Declaration u/s 4 (1) dated 1 9.02.2018 along with its Translations, which is Annexure A5 to this OA. Documents executed:- Confirmation Letter by the Counsel of the Bank dated 19.02.2018, which is Annexure A6 to this OA; Agreement for CC-I and Agreement for CC-II both dated 20.02.2018, which are Annexures A7 & A8 to this OA; Statements of accounts of CC-I and CC-II along with Certificate of Computer Application and Data, which are Annexures A9 to A11 to this OA and Legal Notice dated 05.10.2023 along with its translations and postal Receipts sending to Defendants’ no. 1 to 5, which are Annexures A12 to A17 to this OA. 5. The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in both the loan accounts

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there was a debit of Rs.91,69,504.36p, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

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The defendants were served notices to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte on 12.08.2024.

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In support of the OA, affidavit of Smt. Pooja Arora, Authorized Signatory, HDFC Bank Limited has been filed.

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Heard arguments and perused record.

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It was argued by learned proxy counsel that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexures A1 to A17 to this OA, it is proved that the defendants approached applicant for availing of the loan facilities which were granted to them and for that they had executed all the relevant documents in favour of the applicant. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, accounts of the defendants were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.91,69,504.36p (Rupees Ninety One Lacs Sixty Nine Thousand Five Hundred Four and Paisa Thirty Six only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the accounts.

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In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @10.50%p.a. in CC-I and @12.00%p.a. in CC-II with yearly rests from 01.10.2023 till the realization.

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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

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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.91,69,504.36p (Rupees Ninety One Lacs Sixty Nine Thousand Five Hundred Four and Paisa Thirty Six 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 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 applicant 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.

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Any other application pending stands disposed of.

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Issue Recovery Certificate accordingly.

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Parties to appear before Learned Recovery Officer of this Tribunal on 16.10.2024.

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Copy of this order be given dasti to the applicant and be sent to defendants through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned.

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Pronounced by me in the open Tribunal .

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Dated: 24.09.2024

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(MRIDULESH KUMAR SINGH) Presiding Officer,

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DRT-III, Chandigarh

Hdfc Bank Limited v. Dalvir Singh and Others

Case brief

What is this about?

What did the court decide?

Hdfc Bank Limited v. Dalvir Singh and Others

Case brief

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