Allowed

Hdfc Bank v. Messrs. Vaibhav Vaani Cottex

DRT18 Jan 2024OA/416/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application under Section 19 of the RDB Act for recovery of Rs.73 lakhs with interest. The court found the debt proved, ordered joint and several liability on all respondents, and directed recovery via sale of mortgaged properties and hypothecated assets.

What did the court decide?

Recovery of Rs.73,05,672.31 with interest @18% p.a. from 21.01.2022; Recovery Certificate issued; Sale of mortgaged and hypothecated property directed.

Hdfc Bank versus Messrs. Vaibhav Vaani Cottex — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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OA No: 416 of 2022 Date of Institution: 28.02.2022 Date of Decision: 18.01.2024

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HDFC Bank Ltd., Abohar, Punjab and Chandigarh through duly Authorized Officer Sh. Narender Kumar Nanda, Recovery Manager, HDFC Bank House, Plot No.28, Second Floor, Industrial Area, Phase-I, Chandigarh.

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……..Applicant

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Vs.

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Messrs. Vaibhav Vaani Cottex, a Sole Proprietary Film, through its Proprietor Sh. Vivek Periwal S/o Sh. Mahabir Parshad Periwal, Shop No.2508, Mandi No.1, Abohar-152116, District Fazilka, Punjab.

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Sh. Vivek Periwal S/o Sh. Mahabir Parshad Periwal, Sole Proprietor Messrs. Vaibhav Vaani Cottex, in his individual capacity as Proprietor-cum-Guarantor, Shop No.2508, Mandi No.1, Abohar-152 116, District Fazilka, Punjab.

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Also at: House No.1169, Street No.5, 7^th Crossing, Near Circular Road, Abohar-152 116, District Fazilka, Punjab.

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Sh. Mahabir Parshad S/o Sh. Mool Chand Periwal, in his individual capacity as Guarantor and also as Karta of Messrs. Mahabir Parshad- HUF, Proprietor of Messrs. Madhhurima Enterprises, Shop No.2568, Mandi No.1, Abohar-152 116, District Fazilka, Punjab.

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Also at: House No.1169, Street No.5, 7^th Crossing, Near Circular Road, Abohar-152 116, District Fazilka, Punjab.

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Smt. Kamlesh Periwal W/o Sh. Mahabir Parshad Periwal, in her individual capacity as Mortgagor-cum-Guarantor. Also at: House No.1169, Street No.5, 7^th Crossing, Near Circular Road, Abohar-152 116, District Fazilka, Punjab.

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Smt. Vibha Periwal W/o Sh. Vivek Periwal, Mortgagor-cumGuarantor, R/o House No.169, Street No.5, 7^th Crossing, Near Circular Road, Abohar-152 116, District Fazilka, Punjab.

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M/s Madhurima Enterprises, A Proprietorship Firm, Through its Proprietor Mr. Mahabir Parshad Pariwal HUF Through its Karta Mr. Mahabir Parshad Pariwal, Having its Place of Business at Mandi No.1 Abohar, Punjab 152116.

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……….Defendants

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Advocates

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Sh. Vijay Sharma, Counsel for the applicant bank. Defendants- Ex parte.

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OA for the Recovery of Rs.73,05,672.31p with interest @18% per annum with monthly rests from 20.01.2022.

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ORDER

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HDFC Bank Ltd., (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.73,05,672.31p with interest against Messrs. Vaibhav Vaani Cottex And Others (defendants).

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Bank’s case is that on 19.11.2010, it had granted Cash Credit Facility of Rs.14.00 lacs to defendant no.1 through its proprietor defendant no.2 for business purpose. Defendant nos.2 to 6 stood as guarantors. Thereafter, at the request of defendants, the said credit facility was enhanced/renewed from time to time and lastly, on 27.03.2019, the said credit facility of Rs.50.00 lacs were renewed. To secure the loan, Defendant nos.4 and 5 had mortgaged their immovable property i.e. Residential House No.1169, comprising in Khasra No.330(222-2) having area 50’ X 40’ (Or 222.2 sq. yds.), situated at Street No.5, Crossing-7, Ward No.25, Near Circular Road, Abohar-152 116, District Fazilka, Punjab (fully detailed in para No.5.14 of the application). The said loan facility was chargeable to different rate of interest with monthly rests. On 20.01.2022, a sum of Rs.73,05,672.31p

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was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 14.03.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 27.01.2023, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Mr. Narender Kumar Nanda, Authorized Representative along with the loan and security documents and marked them as Exhibit A-1 to A-48.

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I have perused the evidence on the record. I am of the considered view that the Bank has proved its case that it had advanced the loan of Rs.50.00 lacs and on 20.01.2022, a sum of Rs.73,05,672.31p was due.

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Accordingly, the application of the bank for the recovery of Rs.73,05,672.31p (Rupees Seventy-Three Lacs Five Thousand Six Hundred Seventy-Two And Paisa Thirty One Only) with interest @18% per annum with monthly rests from 21.01.2022, till the date of payment is hereby allowed with costs. The liability of all the defendants would be joint and several. Bank can recover its dues by the sale of mortgaged property i.e. Residential House No.1169, comprising in Khasra No.330(222-2) having area 50’ X 40’ (Or 222.2 sq. yds.), situated at Street No.5, Crossing-7, Ward No.25, Near Circular Road, Abohar-152 116, District Fazilka, Punjab (fully detailed in para No.5.14 of the application) and hypothecated goods/stocks, as well as from the personal movable and immovable property(ies) of the defendants.

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Pending IAs, if any, stand disposed of.

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Recovery Certificate be issued accordingly.

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Parties are directed to appear before Recovery Officer on 19.02.2024 , who is directed to distribute the sale proceeds of the mortgage property and hypothecated assets/goods as per the provisions of Section 19(20-AB) of the Act . 10. A Copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties. Pronounced in the open court. (A S Narang) Dated: 18.01.2024 Presiding Officer DRT-1, Chandigarh

Hdfc Bank v. Messrs. Vaibhav Vaani Cottex

Case brief

What is this about?

What did the court decide?

Hdfc Bank v. Messrs. Vaibhav Vaani Cottex

Case brief

What is this about?

What did the court decide?

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