Allowed

Hdfc Bank Limited v. Kuldeep Singh and Others

DRT21 Oct 2024OA/585/2024

Case brief

AI extract

What is this about?

The DRT-III, Chandigarh allowed an Original Application by HDFC Bank Ltd. for recovery of Rs.78.53 lakhs from borrowers and a guarantor. After an ex-parte hearing and uncontradicted documentary evidence, the court granted recovery with adjusted interest at 8.00% p.a. and directed issuance of a Recovery Certificate.

What did the court decide?

Debt of Rs.78,53,050.00 declared recoverable with simple interest @8.00% p.a. Recovery Certificate issued; recovery from sale of hypothecated properties authorized.

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

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.585/2024

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 03.05.2024

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DATE OF DECISION: 21.10.2024

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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 (West), Mumbai 400013, whereas one of its Branch Office at Bhikhiwind, District Tarn Taran (Punjab)” through Sh. Dinesh Kumar, Deputy Manager (Agriculture Legal), HDFC Bank Ltd., Regional Office, Mohali, District Mohali (Punjab) being Power of Attorney holder of the applicant.

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……..Applicant

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Versus

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Sh. Kuldeep Singh S/o Sh. Balkar Singh, R/o H. No.85, Village Chungh, Tehsil Patti, District Tarn Taran (Punjab)-143401.

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Sh. Manjit Singh S/o Sh. Balkar Singh, R/o H. No.85, Village Chungh, Tehsil Patti, District Tarn Taran (Punjab)-143401.

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Sh. Gurcharan Singh S/o Sh. Kuldeep Singh, R/o H. No.85, Village Chungh, Tehsil Patti, District Tarn Taran (Punjab)-143401.

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Sh. Gurjant Singh S/o Sh. Kuldeep Singh, R/o H. No.85, Village Chungh, Tehsil Patti, District Tarn Taran (Punjab)-143401.

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Sh. Ranbir Singh S/o Sh. Roop Singh, R/o Village Viram, Tehsil Patti, District Tarn Taran (Punjab)-143401.

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……..Defendants

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Advocates:

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Argued by Sh. Anup Prajapati, Advocate proxy for Sh. Saurabh Bhardwaj, Advocate for Applicant Defendants are ex-parte

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FINAL ORDER

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Present Original Application was instituted by the applicant

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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.78,53,050.00 (Rupees Seventy Eight Lakh Fifty Three Thousand And Fifty Only). The Original Application has been filed through Sh. Dinesh Kumar, Deputy Manager o f the Applicant, who is competent to institute the Original Application vide General Power of Attorney dated 17.01.2024, which is Annexure A1 to this OA.

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The brief facts of the OA are that the Defendant No. 1 to 4 had approached the applicant for the grant of KCC Limit of Rs.50.00 Lacs and Term Loan of Rs.10.00 Lacs vide Loan Application dated 03.12.2012, which is Annexure A2 to this OA. Defendant no.5 stood as guarantor

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The applicant sanctioned the CC Limit of Rs.48.00 Lacs and Term Loan of Rs.10.00 Lacs vide Sanction Letters dated 12.12.2012, which are Annexures A3 & A4 to this OA.

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Defendant No. 1 to 4 had mortgaged their immovable property i.e. Total land measuring 176K-00M detailed as:-

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a. land measuring 146K-16M situated at Village Chungh, Tehsil Patti, District Tarn Taran (Punjab)

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b. l and measuring 29K-4M situated at Village Algo (1), Tehsil Patti, District Tarn Taran (Punjab) vide Registered Mortgaged Deed bearing vasika no.2683 d ated 30.01.2013 and Application for Charge dated 31.01.2013 along with their translations, which are Annexures A9 & A10 to this OA.

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Documents executed:-D.P. Notes with letters of continuity, Agreement for Secured Term Loan cum Guarantee cum Hypothecation Deed & Agreement for Secured Overdraft/Cash Credit cum Guarantee cum Hypothecation Deed all dated 31.01.2013, which are Annexures A5 to A8 to this OA; Legal Notice dated 31.08.2023 along with postal receipts, which is Annexure A11 to this OA and Statement of Account for CC Limit along with Certificate, which is Annexure A12 to this OA. 5. The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in both loan accounts there was a debit of Rs.78,53,050.00, which is recoverable and the

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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 17.10.2024

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In support of the OA, affidavit of Sh. Dinesh Kumar, Deputy 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 A12 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.78,53,050.00 (Rupees Seventy Eight Lakh Fifty Three Thousand And Fifty 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 interest @11.00%p.a. along with penal interest @2%p.a. with rests from 11.04.2024 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 of the defendants, quantum of loan 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 both 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.78,53,050.00 (Rupees Seventy Eight Lakh Fifty Three Thousand And Fifty 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 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. 13. Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 01.11.2024. 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: 21.10.2024 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Hdfc Bank Limited v. Kuldeep Singh and Others

Case brief

What is this about?

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Hdfc Bank Limited v. Kuldeep Singh and Others

Case brief

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