Allowed

Hdfc Bank v. Manzoor Ahmed Lone

DRT25 Apr 2024OA/67/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application for recovery of Rs.41,84,794/- by the bank against the mortgagor principal debtor. The court ruled that while the suit against the guarantor was time-barred, recovery against the mortgagor was valid based on the mortgage. A recovery certificate was issued, directing sale of the mortgaged property.

What did the court decide?

Recovery of Rs.41,84,794/- with interest allowed against defendant no.1; direction to sell mortgaged property and distribute proceeds.

Hdfc Bank versus Manzoor Ahmed Lone — Contract and Commercial Disputes | 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: 67 of 2022 Date of Institution: 10.01.2022 Date of Decision: 25.04.2024

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HDFC Bank Ltd., branch amongst other places one at Lal Chowk, Anantnag, Distt. Srinagar, Jammu And Kashmir.

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……..Applicant

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Vs.

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Manzoor Ahmed Lone S/o Ghulam Mohiuddin Lone, R/o 46, Village Reban Gund Behram, PO Yoripora, Tehsil and Distt. Shopian-192232.

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Mohd. Yousf Reshi S/o Ghulam Ahmed Reshi, R/o Village Reban Gund Behram, PO Yaripora, Tehsil and Distt. Shopian-192232.

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……….Defendants

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Advocates

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Sh. Sumeet Sehgal, Counsel for the applicant bank. Defendants- Ex parte .

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OA for the Recovery of Rs.41,84,794/- with interest @12% per annum with half yearly rests from 10.01.2022.

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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.41,84,794/- with interest against Manzoor Ahmed Lone And Another (defendants).

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Bank’s case is that on 17.11.2012, it had granted CC Limit of Rs.15.00 lacs to defendant no.1 for agricultural purpose. Defendant no.2 stood as guarantor. To secure the loan, Defendant no.1 had mortgaged his land admeasuring 8K-13M under Khewat No.74, Khata No.202 and Khasra No.234, situated at Hatipora Naidgund, Tehsil and Distt. Kulgam (fully detailed in para No.3A of the application). The loan was chargeable to interest @12% per annum with half yearly rests. Thereafter, on 17.01.2017, Term Loan facility of Rs.5,59,943/- was

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granted to defendant no.1. On 01.04.2021 and 29.10.2021, a sum of Rs.41,84,794/-was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 05.05.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 03.02.2023, 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. Jatinder Mishra, Assistant Manager along with the loan and security documents and marked them as Exhibit A-1 to A-15. 5. 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 facilities of Rs.20,59,943/- and on 01.04.2021, a sum of Rs.29,53,438/was due in CC Limit and on 29.10.2021, a sum of Rs.12,31,356/- was due in Term Loan Account, totaling Rs.41,84,794/-.

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5(a). The loan was given by the bank in the year 2012 and the present OA was filed in the year 2022. Accordingly, the OA against defendant no.2 is time barred. Since, defendant no.1 had created the mortgage, the OA against defendant no.1 on the basis of creation of mortgage is within time. 6. Accordingly, the application of the bank for the recovery of Rs.41,84,794/- (Rupees Forty One Lacs Eighty Four Thousand Seven Hundred Ninety Four Only) with interest @12% per annum with half yearly rests from 10.01.2022, till the date of payment is hereby allowed with costs against defendant no.1. Bank can recover its dues by the sale of mortgaged property i.e. land admeasuring 8K-13M under Khewat No.74, Khata No.202 and Khasra No.234, situated at Hatipora Naidgund,

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Tehsil and Distt. Kulgam (fully detailed in para No.3A of the application) only.

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Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 28.05.2024 , who is directed to distribute the sale proceeds of the mortgage property and standing crops 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.

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Pronounced in the open court. (A S Narang) Dated: 25.04.2024 Presiding Officer DRT-1, Chandigarh

Hdfc Bank v. Manzoor Ahmed Lone

Case brief

What is this about?

What did the court decide?

Hdfc Bank v. Manzoor Ahmed Lone

Case brief

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