Allowed

Hdfc Bank Limited v. Yadwinder Singh and Others

DRT1 Oct 2024OA/572/2024

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the bank's Original Application ex-parte, declaring the primary borrowers and guarantor jointly and severally liable to repay the outstanding loan amount with modified interest rates. The order authorized recovery from hypothecated properties or personal assets.

What did the court decide?

Declared defendants liable to pay Rs.20,27,212 with interest @8% p.a.; issued Recovery Certificate; authorized recovery from mortgaged properties or personal assets.

Hdfc Bank Limited versus Yadwinder Singh and Others — Execution and Attachment | DRT (2024)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.572/2024

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PRESIDED OVER BYMRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 31.03.2024

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DATE OF DECISION: 01.10.2024 H.D.F.C. Bank Ltd., a Banking company, Carrying on banking business under the Banking Regulation Act, 1949, incorporated under The Companies Act, 1956 & having its Registered Office at HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai 400013,whereas its branch at “Patran, District Patiala (Punjab)” through Ms. Pooja Arora, Senior Manager(Agriculture Legal), H.D.F.C. Bank Ltd., Ludhiana Branch, District Ludhiana (Punjab) being Authorized Officer of the applicant. ……..Applicant Versus 1. Sh. Yadwinder Singh S/o Sh. Surjit Singh, R/o Village Brass Bras, Tehsil Patran, District Patiala (Punjab)-147105 2. Sh. Nirbhai Singh S/o Sh. Surjit Singh, R/o Village Brass Bras, Tehsil Patran, District Patiala (Punjab)-147105 3. Sh. Surjit Singh S/o Sh. Wazir Singh, R/o Village Brass Bras, Tehsil Patran, District Patiala (Punjab)-147105 4. Sh. Sukhjinder Singh S/o Sh. Yadwinder Singh, R/o H.No.49, Village Brass Bras, Part-1, H.B.No.130, Tehsil Samana, District Patiala (Punjab)-147105 .……Defendant

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Advocates: Argued by Sh. Saurabh Bharadwaj, Advocate for the Applicant Defendants are ex-parte FINAL ORDER 1. Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts Due to Banks and Financial

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Institutions Act, 1993, against the defendants for recovery of Rs.20,27,212.00p (Rupees Twenty Lacs Twenty Seven Thousand Two Hundred Twelve Only). The Original Application has been filed through Ms. Pooja Arora, Senior Manager o f the applicant, who is 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 defendant No.1 to 3 had approached the applicant bank for the grant of CC Limit of Rs.20.00 Lacs and Term Loan Limit of Rs.10.00 Lacs vide Loan Applications dated 26.12.2014, which is Annexure A2 to this OA. Defendant no.4 stood as guarantor.

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The applicant sanctioned the CC Limit of Rs.20.00 Lac and Term Loan Limit of Rs.10.00 Lacs vide Sanction Letters dated 07.01.2015, which are Annexures A3 & A4 to this OA and the terms and conditions were duly accepted by the defendants. 4. Defendant no.3 had mortgaged his immovable properties i.e. total land measuring 52 Kanal 00 Marla situated at Village Brass, Tehsil Patran, District Patiala (Punjab) vide Letter to Sub Registrar for Registration of Bank’s Charge bearing vasika No.890-A and Declaration u/s 4(1) both d ated 08.01.2015, which is Annexure A8 to this OA. Documents executed:- D.P. Note with Letter of Continuity, Agreement for Term Loan cum Guarantee Cum Hypothecation, Agreement for Overdraft /Cash Credit cum Guarantee Cum Hypothecation all dated 08.01.2015, which are Annexures A5 to A7 to this OA; Legal Notice dated 02.03.2024 with Postal Receipts, which is Annexure A9 to this OA and Statement of Accounts with certificate, which is Annexure A10 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.20,27,212.00p, which is recoverable and the defendants were served recall notices but they did not repay the

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outstanding amount, therefore, the applicant bank 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 24.09.2024. 7. In support of the OA, affidavit of Ms. Pooja Arora, Senior Manager, HDFC Bank Limited h as been filed. 8. Heard ex parte arguments and perused record. 9. It was argued by learned counsel that in view of the documentary evidence brought on record which had gone unrebutted, the applicant bank had proved its case. From the perusal of all the Annexure A1 to A10 to this OA, it is proved that the defendants approached applicant bank 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 bank. 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 bank is entitled to recover a sum of Rs.20,27,212.00p (Rupees Twenty Lacs Twenty Seven Thousand Two Hundred Twelve 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 @11.00%p.a. plus penal interest @2.00%p.a. rests from 02.03.2024 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

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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 bothl 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.20,27,212.00p (Rupees Twenty Lacs Twenty Seven Thousand Two Hundred Twelve Only) jointly and severally, with costs, current and future simple interest @8.00%p.a. in both the loan accounts from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant bank 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 bank 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 22.10.2024.

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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: 01.10.2024.

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

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Hdfc Bank Limited v. Yadwinder Singh and Others

Case brief

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Hdfc Bank Limited v. Yadwinder Singh and Others

Case brief

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