The Tribunal allowed the bank's application filed under Section 19 of the RDBFI Act for recovery of Rs.36.11 Lacks. Directed respondents to pay principal, costs, and simple interest at 8% p.a., enforceable via SARFAESI Act.
Defendants ordered to pay Rs.36,11,566 plus costs and 8% simple interest p.a. recovery to be enforced under SARFAESI Act.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.3/2024
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 18.11.2023
DATE OF DECISION: 07.09.2024
HDFC Bank Ltd. a banking company, carrying on the banking business under the Banking Regulation Act, 1949, incorporated under The Companies Act, 1956 and having its Registered Office at HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai 400013, whereas its branch as “Nihal Singh Wala Branch, District Moga (Punjab)” through Ms. Pooja Arora, Senior Manager (Agri. Legal), H.D.F.C. Bank Ltd., Ludhiana Branch, District Ludhiana (Punjab) being Power of Attorney holder of applicant bank.
……..Applicant
Versus
(Borrowers)
….……Defendants
Advocates:
Argued by Sh. Anup Prajapati, Advocate proxy for Sh. Saurabh Bhardwaj, Advocate for the applicant Defendants are ex-parte
FINAL ORDER
under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, against the defendants for recovery of
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Rs.36,11,566.00 (Rupees Thirty Six Lacs Eleven Thousand Five Hundred Sixty Six Only). The Original Application has been filed through Ms. Pooja Arora, Senior Manager o f the applicant bank, who is competent to institute the Original Application vide General Power of Attorney dated 16.12.2020, which is Annexure A1 to this OA. 2. The brief facts of the OA are that the defendant no.1 to 2 had approached the applicant bank for the grant of KCC Limit of Rs.45.00 Lacs and Term Loan of Rs.10.00 Lacs vide Loan application dated 05.11.2013, which is Annexure A2 to this OA. 3. The applicant Bank sanctioned the KCC Limit of Rs.33.00 Lacs and Term Loan of Rs.12.00 Lacs vide Sanction Letters dated 15.11.2013, which are Annexures A3 & A4 to this OA and the terms and conditions were duly accepted by the defendants. 4. Defendant No.1 had mortgaged their immovable property i.e. total land measuring 121K-06M detailed as: a. total land measuring 72K-17M detailed situated at Village Samadh Bhai-I, Tehsil Bhaga Purana, District Moga (Punjab), b. total land measuring 48K-09M detailed situated at Village Samadh Bhai-II, Tehsil Bhaga Purana, District Moga (Punjab), vide Registered Mortgaged Deed bearing vasika no.3087 d ated 26.11.2013 along with its translation, which is Annexure A9 to this OA. Documents executed:- D.P. Note, Letter of Continuity, Agreements for Term Loan cum Guarantee cum Hypothecation & Agreement for Over Draft/Cash Credit cum Guarantee cum Hypothecation all dated 26.11.2013, which are Annexures A5 to A8 to this OA; Letter of Acknowledgement of Debts dated 01.07.2019, which is Annexure A10 to this OA; Legal Notice dated 30.08.2023 with postal receipts, which is Annexure A11 to this OA; Accounts Statements with Certificate regarding the Computer System and the genuineness of the statement of account being prepared through Computer System, which is Annexure A12 to this OA.
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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
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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 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.36,11,566.00 (Rupees Thirty Six Lacs Eleven Thousand Five Hundred Sixty 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 bank 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 bank 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.
Pronounced by me in the open Tribunal. Dated: 07.09.2024
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
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1 issue framed by the court
Whether the decree was validly obtained and the application allowed for recovery of debt.
2 provisions across 2 enactments
HDFC Bank Ltd.
Rajwinder Singh S/o Sh. Harjinder Singh
Harjinder Singh S/o Sh. Niranjan Singh
Bhola Singh S/o Sh. Darshan Singh
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
