Debts Recovery Tribunal allowed an Original Application filed by HDFC Bank for recovery of Rs. 25,23,881.85 from two defendants who failed to repay a vehicle loan. The Tribunal granted a Recovery Certificate and modified the interest rate to 8% per annum.
Recovery Certificate issued; defendants liable to pay Rs. 25,23,881.85 with simple interest @8% per annum.
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DEBTS RECOVERY TRIBUNAL-2, CHANDIGARH, PRESIDED OVER BY M.M. DHONCHAK
ORIGINAL APPLICATION NO.2201/2022
DATE OF INSTITUTION: 28.11.2022 DATE OF DECISION: 16th DAY OF JANUARY, 2024
H.D.F.C. Bank Limited, having its registered office at HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013 and also at Plot No. 28, HDFC Bank House, Industrial Area, Phase-I, Chandigarh, through its Authorised Representative, Ms Samandeep Kaur Sekhon
….. Applicant
Versus
….. Defendants
Argued by: Ms Dipti Toni proxy counsel for Sh. Gagandeep Toni, Advocate for the applicant bank Defendant No. 1 ex parte vide order dated 29.09.2023 Defendant No. 2 ex parte vide order dated 05.01.2024
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 Institutions Act, 1993 (hereinafter referred to as ‘the Act’ for brevity), against the defendants for recovery of Rs.25,23,881.85/- (Rupees Twenty Five Lakh Twenty Three
OA/2201/2022 HDFC BANK Vs AJIT VED PARKASH AND ANOTHER 2
Thousand Eight Hundred Eighty One and Eighty Five Paisa
Only). It has been filed through Ms Samandeep Kaur Sekhon, Authorised Representative of the applicant bank stated to be competent to institute the Original Application vide Resolution of Board dated 16.10.2021, Annexure-A1 (copy).
OA/2201/2022 HDFC BANK Vs AJIT VED PARKASH AND ANOTHER 3
It is further the case of the applicant bank that after adjusting debit and credit entries in the loan account, a sum of Rs.25,23,881.85/- (Rupees Twenty Five Lakh Twenty Three Thousand Eight Hundred Eighty One and Eighty Five Paisa Only), is recoverable against the defendants as per statement of account, duly certified under Bankers’ Books Evidence Act, 1891, Annexure-A4 (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/2201/2022 HDFC BANK Vs AJIT VED PARKASH AND ANOTHER 4
approached the applicant bank for availing of the loan facility which was granted to them. It is further clear that the defendants had executed all the relevant documents as stated above in favour of the applicant bank. Unfortunately, the 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.25,23,881.85/- (Rupees Twenty Five Lakh Twenty Three Thousand Eight Hundred Eighty One and Eighty Five Paisa 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, purpose of loan, i.e. purchase of vehicle make “BB 5428 TT BSVI”, quantum of loan and prevalent market rates of interest which have gone drastically downhill in yesteryears, 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/2201/2022 HDFC BANK Vs AJIT VED PARKASH AND ANOTHER 5
Three Thousand Eight Hundred Eighty One and Eighty Five Paisa Only) with current and future simple interest @8% per annum w.e.f. 28.11.2022 , till the date of realisation of the amount. The liability of the defendants shall be joint as well as several. If the dues of the bank remain unsatisfied, the applicant bank shall be at liberty to recover the same by attachment and sale of hypothecated/personal assets of the defendants. However, the applicant bank is at liberty to enforce the claim through due process of law.
Pronounced in the open Tribunal (M.M. Dhonchak) Presiding Officer DRT-2, Chandigarh
1 issue framed by the court
Whether the Original Application under Section 19(1) of the RDBFI Act 1993 for recovery of debt ought to be allowed against the defendants.
1 provisions across 1 enactments
H.D.F.C. Bank Limited
M.M. DHONCHAK
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
