Allowed

Hdfc Bank Limited v. Daljit Kaur and Others

DRT23 Sept 2024OA/268/2024

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an Original Application filed by HDFC Bank Limited against three defendants ex-parte. The court approved the recovery of the principal amount of Rs. 25,06,898.00 and modified the claimed interest rate from 13-15% to a uniform 8% per annum.

What did the court decide?

Declaration of liability to pay Rs. 25,06,898.00 with 8% simple interest; issuance of Recovery Certificate; authority to sell mortgaged properties.

Hdfc Bank Limited versus Daljit Kaur and Others — Banking and Recovery | DRT (2024)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.268/2024

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PRESIDED OVER BYMRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 20.03.2024

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DATE OF DECISION: 23.09.2024

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HDFC Bank Limited, 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 and branch office amongst other places one at Malout, Distt. Shri Mukatdar Sahib, Punjab, through Sh. Pulkit Khanna, Assistant Manager holder of an attorney from the applicant bank.

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……..Applicant

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Versus

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Smt. Daljit Kaur W/o Sh. Kulvinder Singh, H.No.894, Village Sarawan Bodla, Tehsil Malout, District Shri Mukatsar Sahib-151210.

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Sh. Gurvinder Singh S/o Kulvinder Singh R/o H.No.894, Village Sarawan Bodla, Tehsil Malout, District Shri Mukatsar Sahib-151210.

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Sh. Arshdeep Singh S/o Sh. Didar Singh R/o H.No.880, Village Sarawan Bodla, Tehsil Malout, District Shri Mukatsar Sahib-151210.

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.……Defendants

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Advocates:

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Argued by Sh. Sumeet Sehgal, Advocate proxy for Sh. J.S. Sehgal, Advocate for the applicant Defendants are ex-parte

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, against the defendants for recovery of Rs.25,06,898.00 (Rupees Twenty Five Lacs Six Thousand Eight Hundred Ninety Eight Only). The Original Application has been filed through Sh. Pulkit Khanna, Assistant Manager o f the applicant, who is

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competent to institute the Original Application vide General Power of Attorney dated 16.01.2024, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendants no.1 & 2 had approached the applicant for the grant of Credit Facilities of Rs.21.25 Lacs i.e. CC Limit of Rs.14.95 Lacs and OD Limit of Rs.3.30 Lacs and FDL of Rs.3.00 Lacs vide Loan applications dated 27.01.2022, which is Annexure A2 to this OA.

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The applicant sanctioned the CC Limit of Rs.14.95 Lacs and OD Limit of Rs.3.30 Lacs and FDL of Rs.3.00 Lacs vide Sanction Letters dated 19.02.2022, which are Annexure A3 to A5 to this OA and the terms and conditions were duly accepted by the defendants.

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Defendant No.1 had mortgaged her immovable properties i.e. total land measuring 87K-13M situated at Village Khanwala, H.B. No.260, Tehsil & Distt. Fazilka vide Declaration under Section 4(1) dated 24.02.2022, which is Annexure A9 to this OA. Documents executed:- Agreement for Over Draft/Cash Credit/DOD cum Guarantee cum Hypothecation dated 22.02.2022 & 21.02.2022, which are Annexures A6 to A8 to this OA; Legal Notice along with postal receipts dated 17.11.2023, which is Annexure A10 to A13 to this OA; Statement of Loan Accounts with Certificate regarding the Computer System and the genuineness of the statement of account being prepared through Computer System, which is Annexure A14 to A16 to this OA.

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The loan accounts became irregular and was classified as NPA and after adjusting debit and credit entries in loan accounts there was a debit of Rs.25,06,898.00, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

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The defendants were served notices to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte on 23.08.2024

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In support of the OA, affidavit of Sh. Pulkit Khanna, Assistant Manager, HDFC Bank Limited h as been filed.

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Heard arguments and perused record.

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It was argued by learned proxy counsel that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexures A1 to A16 to this OA, it is proved that the defendants approached applicant for availing of the loan facilities which were granted to them and for that they had executed all the relevant documents in favour of the applicant. The defendants failed to pay back the loans as per terms and conditions of the agreement between the parties. Subsequently, accounts of the defendants were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.25,06,898.00 (Rupees Twenty Five Lacs Six Thousand Eight Hundred Ninety Eight Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the accounts.

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In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed [email protected]%p.a. in CC Limit and [email protected]%p.a. in OD Limit and [email protected]%p.a. in F.D.L. Loan Account with half yearly rests from 02.10.2023 till the realization.

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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 nature of the mortgaged property, undertaking of the defendants, quantum of loans and prevalent market rates of

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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 all 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.

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.25,06,898.00(Rupees Twenty Five Lacs Six Thousand Eight Hundred Ninety Eight Only) jointly and severally, with costs, current and future simple interest @8.00%p.a. in all the loan accounts from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant 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 applicant 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.

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Any other application pending stands disposed of.

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Issue Recovery Certificate accordingly.

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Parties to appear before Learned Recovery Officer of this Tribunal on 15.10.2024.

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Copy of this order be given dasti to the applicant and be sent to defendants through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned.

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Pronounced by me in the open Tribunal.

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Dated: 23.09.2024

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(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Hdfc Bank Limited v. Daljit Kaur and Others

Case brief

What is this about?

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Hdfc Bank Limited v. Daljit Kaur and Others

Case brief

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