Allowed

Hdfc Bank Limited v. Sukhjinder Singh and Others

DRT19 Sept 2024OA/311/2024

Case brief

AI extract

What is this about?

This DRT allowed an original application filed under Section 19 of the RDBFI Act for recovery of Rs.30,87,300.80. After ex-parte proceedings, the adjudication officer granted a Recovery Certificate allowing recovery from mortgaged properties and personal assets, modifying the interest rate to 8% per annum.

What did the court decide?

Recovery Certificate issued directing recovery of Rs.30,87,300.80 with simple interest at 8% p.a. from mortgaged and personal assets.

Hdfc Bank Limited versus Sukhjinder Singh and Others — Banking and Recovery | DRT (2024)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.311/2024 PRESIDED OVER BYMRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 25.01.2024

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DATE OF DECISION: 19.09.2024

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H.D.F.C. Bank Ltd. having its registered Office at Senapati Bapat Marg, Lower Parel (West), Mumbai 400013, Having its Branch office at Baba Bakala, Amritsar, Punjab Also at HDFC Bank House, Plot No. I-15, Sector-101, Alpha, It City, Mohali through its Authorized

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Representative, Sh. Dinesh Kumar.

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……..Applicant

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Versus

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1. Sh. Sukhjinder Singh S/o Sh. Jagir Singh, R/o Kotli Saru Khan Chak Kare Khan, Tarn Taran 143112.

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2. Smt. Jasbir Kaur W/o Sh. Sukhjinder Singh, R/o Kotli Saru Khan Chak Kare Khan, Tarn Taran 143112.

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Sh. Harjot Singh S/o Sh. Sarmail Singh, R/o Hothian, Tarn Taran 143112.

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….……Defendants

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Advocates:

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Argued by Sh. Amit Rishi, 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 bank under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, against the defendants for recovery of Rs.30,87,300.80p (Rupees Thirty Lacs Eighty Seven Thousand Three Hundred And Eighty Paisa Only). The Original Application has been filed through Sh. Dinesh Kumar, Authorized Representative o f the applicant bank, who is competent to institute the Original Application vide Board Resolution dated 28.07.2023, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendant No.1 & 2had approached the applicant for the grant of CC Limit of Rs.23.00 Lacs

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and KCC Limit of Rs.6.00 Lacs vide Loan Application dated 12.04.2016, which is Annexure A2 to this OA. Defendant no.3 stood as guarantor.

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The applicant sanctioned the CC Limit of Rs.22.00 Lacs and DOD Limit of Rs.5.00 Lacs vide Sanction Letters dated 25.04.2016, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants.

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Defendant no.1 had mortgaged his immovable properties i.e. total land measuring 64 Kanal 0 Marla situated at Village Kotli Saru Khan, Hadbast No.134, Tehsil Khadoor Sahib, District Tarn Taran vide Letter to Sub Registrar for registration of Bank’s Charge and Declaration U/s 4(1) d ated 29.04.2016, with its translation, which is Annexure A6 to this OA.

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Documents executed:- Agreement for Cash Credits, Demand Promissory Note, The Copy of Title Search Report all dated 29.04.2016, which are Annexures A4 to A5, & A7 to this OA; Demand Notice dated 03.11.2023 with Postal Receipts, which is Annexure A8 to this OA and Statement of Account all with certificate, which is Annexure A9 to this OA.

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The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in both the loan accounts there was a debit of Rs.30,87,300.80, 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 03.09.2024.

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In support of the OA, affidavit of Sh. Dinesh Kumar, Authorized Representative, HDFC Bank Limited h as been filed. 8. Heard arguments and perused record.

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It was argued by learned counsel that in view of the documentary evidence brought on record which had gone unrebutted,

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the applicant had proved its case. From the perusal of all the Annexure A1 to A9 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 loan 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.30,87,300.80 (Rupees Thirty Lacs Eighty Seven Thousand Three Hundred And Eighty Paisa Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of all 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 interest @12.00%p.a. plus penal interest @16.00%p.a. with half yearly rests from 31.10.2023 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 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 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. 11. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.30,87,300.80 (Rupees Thirty Lacs Eighty Seven Thousand Three Hundred And Eighty Paisa Only) jointly and severally, with costs, current and future simple interest @8.00%p.a. in all the loan accounts

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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. 12. Any other application pending stands disposed of. 13. Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 11.10.2024. 15. 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. Pronounced by me in the open Tribunal . Dated: 19.09.2024.

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

Hdfc Bank Limited v. Sukhjinder Singh and Others

Case brief

What is this about?

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Hdfc Bank Limited v. Sukhjinder Singh and Others

Case brief

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