The Tribunal allowed the creditor's application to recover a sanctioned loan amount plus costs and modified interest from 13% to 8% per annum, ordering recovery from mortgaged properties or personal assets.
Recovery of Rs.21,66,184.06 with future simple interest @8.00% p.a. by sale of mortgaged or personal assets.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.219/2023
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 14.02.2023
DATE OF DECISION: 15.07.2024
HDFC Bank Ltd., 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 Regional Office at HDFC Bank Ltd., 5th Floor, B-21-14570, GT Road, Dholewal Chownk, Ludhiana and having one of its branch at Sardulgarh, District Mansa (Punjab) through its Authorized Signatory Mrs. Pooja Arora
……..Applicant
Versus
Sh. Jagdish Singh S/o Sh. Surjit Singh (alias Sh. Surjeet Singh), R/o H.No.119, Village Taruana 315, Kalanwali, Tehsil and District Sirsa
….……Defendant
Advocates:
Argued by Sh. Abhinav Singla, Advocate proxy for Sh. Ankur Jindal, Advocate for the applicant Defendant is ex-parte
FINAL ORDER
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Later, defendant requested the applicant bank to restructure KCC limit by converting the overdue interest into Term Loan of Rs.89246.00.
Later, on request of the defendant the applicant bank restructured the KCC Limit by converting the overdue interest into fresh TL of Rs.89,246.00.
Documents executed:- Agreement for overdraft/cash credit cum guarantee cum hypothecation, D.P. notes, Letters of continuity for D.P. note, Agreement for Term Loan cum guarantee cum hypothecation all dated 20.02.2014, which are Annexures A5 to A10 to this OA and Statements of accounts with Certificate U/S 2A of The Bankers Book of Evidence Act, which are Annexures A13 to A16 to this OA and Legal notice dated 31.10.2022 with postal receipt, which are Annexures A17 and A18 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 crown of the Judge. Keeping in view the facts and circumstances of the instant case including, 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
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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.
Pronounced by me in the open Tribunal. Dated: 15.07.2024
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
3 issues framed by the court
Whether the defendant is liable to repay the outstanding loan amount along with interest.
Whether the recovery of dues may be enforced through sale of mortgaged or personal assets.
Whether the rate of interest claimed should be modified.
2 provisions across 2 enactments
HDFC Bank Ltd.
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
