The Tribunal allowed the applicant bank's application for recovery of agricultural loan dues.adjusting interest rates to 8% p.a. and ordering joint and several liability sale of mortgaged property. Defendant appeared ex parte.
Recovery of Rs. 1,68,89,306/- plus simple interest at 8% p.a. from w.e.f. 29.10.2022 till realisation.
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DEBTS RECOVERY TRIBUNAL-2, CHANDIGARH, PRESIDED OVER BY M.M. DHONCHAK
ORIGINAL APPLICATION NO. 1986/2022
DATE OF INSTITUTION: 29.10.2022
DATE OF DECISION: 08th DAY OF JANUARY, 2024
HDFC Bank Limited , a Banking Company, carrying on the Banking business under the Banking Regulation Act, 1949, incorporated under the Companies Act, 1956, having its registered office at HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai-400013 and Branches amongst other places one at Ratia, District Fatehabad, Haryana, through Sh. Jatinder Mishra, Assistant Manager (Agriculture Legal), HDFC Bank Limited, Regional Office, Chandigarh, being Power of Attorney holder of the applicant bank
…..Applicant
Versus
....Defendants
OA/1986/2022 HDFC BANK VS INDERJIT SINGH AND OTHERS 2
Argued by: Sh. Saurabh Bhardwaj counsel for the applicant bank Defendants ex parte vide order dated 10.10.2023
FINAL ORDER
Present Original Application was instituted by the applicant bank under Section 19(1) of the Recovery of Debts due to Banks and Financial Institution Act, 1993 (hereinafter referred to as ‘the Act’ for brevity), against the defendants for recovery of Rs.1,68,89,306/- (Rupees One Crore Sixty Eight Lakh Eighty Nine Thousand Three Hundred and Six Only) . It has been filed through Sh. Jatinder Mishra, Assistant Manager (Agriculture Legal) of the applicant bank stated to be competent to institute the Original Application vide Power of Attorney dated 16.12.2020, Annexure-A1 (copy).
OA/1986/2022 HDFC BANK VS INDERJIT SINGH AND OTHERS 3
The documents relating to the mortgage are as under:
i. Declaration dated 22.02.2019 under section 4(1) of the Haryana Agricultural Credit Operations and Miscellaneous Provisions (Banks) Act, 1973, Annexure-A9 (copy).
ii. Request letter dated 26.02.2019 to the Tehsildar, Ratia, for entry/mutation of mortgaged property, Annexure-A10 (copy).
Annexure-A12 (colly) (copy), but to no avail.
OA/1986/2022 HDFC BANK VS INDERJIT SINGH AND OTHERS 4
It is further the case of the applicant bank that after adjusting debit and credit entries in the loan accounts, a sum of Rs.1,68,89,306/- (Rupees One Crore Sixty Eight Lakh Eighty Nine Thousand Three Hundred and Six Only) , is recoverable against the defendants as per statements of accounts, duly certified under Bankers’ Books Evidence Act, 1891, Annexures-A13, A14 and A15 (colly) (copy).
Since the defendants did not repay the outstanding amount, therefore, the applicant bank preferred the present Original Application for issuance of Recovery Certificate.
OA/1986/2022 HDFC BANK VS INDERJIT SINGH AND OTHERS 5
defendants failed to pay back the loan as per terms and conditions of the agreement executed between the parties. From the documentary evidence brought on record, it is proved that applicant bank is entitled to recover a sum of Rs.1,68,89,306/- (Rupees
One Crore Sixty Eight Lakh Eighty Nine Thousand Three
Hundred and Six Only) from the defendants.
This Tribunal is of the considered opinion that sometimes in appropriate cases the prerogatives of mercy and magnanimity are the brightest jewels in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including the Pandemic Covid-19 affecting businesses, nature of the mortgaged property,
purpose of loan, i.e. agricultural , present conditions of economy based on agriculture, quantum of loan, prevalent market rates of interest which have gone drastically downhill in yesteryears and defendant No. 4 being a female, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @8% per annum from the date of filing of the OA till realisation of the amount ordered vide this order. It is ordered accordingly.
OA/1986/2022 HDFC BANK VS INDERJIT SINGH AND OTHERS 6
Pronounced in the open Tribunal (M.M. Dhonchak) Presiding Officer DRT-2, Chandigarh
3 issues framed by the court
Whether the applicant bank is entitled to recover the outstanding dues from the defendants.
Whether the rate of interest claimed should be modified in view of the pandemic and economic conditions.
Whether the liability of the defendants is joint and several.
1 provisions across 1 enactments
HDFC Bank Limited
Sh. Inderjit Singh
Sh. Jaskaran Singh
Sh. Harmel Singh
Smt. Harprit Kaur
Sh. Navdeep Singh
M.M. DHONCHAK
As recorded by the court registry
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