Allowed

Hdfc Bank v. Amit Kumar

DRT29 Jul 2024OA/1942/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application under Section 19 of the RDB Act for recovery of Rs.34,02,580 with interest against the defendants. The court directed the issuance of a recovery certificate and appearance before the Recovery Officer for distribution of sale proceeds.

What did the court decide?

Recovery of Rs.34,02,580/- with interest allowed; Recovery Certificate issued; Parties directed to appear before Recovery Officer.

Hdfc Bank versus Amit Kumar — 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: 1942 of 2022 Date of Institution: 20.09.2022 Date of Decision: 29.07.2024

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HDFC Bank Ltd., branch office amongst other places one at Sitoguno, Distt. Fazilka, Punjab.

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……..Applicant Vs.

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Amit Kumar S/o Vishnu Dutt, R/o Village Sardarpura, Tehsil Abohar, Distt. Fazilka, Punjab-152116.

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Vikramjeet S/o Vishnu Dutt, R/o Village Sardarpura, Tehsil Abohar, Distt. Fazilka, Punjab-152116.

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……….Defendants

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Advocates

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Sh. J. S. Sehgal, Counsel for the applicant bank.

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Defendants- Ex parte.

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OA for the Recovery of Rs.34,02,580/- with interest @12% per annum with half yearly rests from the date of filing the present application i.e. 20.09.2022.

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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.26,70,958/- with interest against Amit Kumar And Another (defendants).

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Bank’s case is that on 20.10.2015, it had granted CC Limit of Rs.13.35 lacs and Term Loan of Rs.3.80 lacs, totaling Rs.17.15 lacs to defendants for agricultural purpose. To secure the loan, Defendants had mortgaged their immovable property (fully detailed in para No.5(v) of the application). The CC Limit was chargeable to interest @12% per annum with half yearly rests and Term Loan was chargeable to interest @15.50% per annum with half yearly rests. On 01.10.2021, a sum of Rs.34,02,580/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 11.10.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 12.05.2022, 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. Parampreet Singh Kahlon, Assistant Manager along with the loan and security documents and marked them as Exhibit A-1 to A- 16.

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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 CC Limit of Rs.13.35 lacs and Term Loan of Rs.3.80 lacs, totaling Rs.17.15 lacs and on 01.10.2021, a sum of Rs.34,02,580/-was due. 6. Accordingly, the application of the bank for the recovery of Rs.34,02,580/- (Rupees Thirty Four Lacs Two Thousand Five Hundred Eighty Only) with interest @12% per annum with half yearly rests from the date of filing the present application i.e. 20.09.2022, 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.5(v) of the application, as well as from the personal movable and immovable property(ies) of the defendants.

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Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 30.08.2024 , 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 .

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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: 29^th July, 2024 Presiding Officer DRT-1, Chandigarh

Hdfc Bank v. Amit Kumar

Case brief

What is this about?

What did the court decide?

Hdfc Bank v. Amit Kumar

Case brief

What is this about?

What did the court decide?

What the court decided

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