Allowed

Idfc First Bank Ltd. v. Amritpal Singh and Another

DRT10 Dec 2024OA/762/2024

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the Original Application filed by IDFC First Bank Ltd. against two defendants for recovery of Rs. 44,13,966.35 plus interest. The defendants appeared ex-parte. The court granted simple interest at 8% per annum instead of the claimed rate.

What did the court decide?

Declaration of liability to pay Rs. 44,13,966.35 p with future simple interest @ 8% p.a.; Issuance of Recovery Certificate.

Idfc First Bank Ltd. versus Amritpal Singh and Another — Money Laundering | DRT (2024)

¶1

DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

¶2

ORIGINAL APPLICATION NO.762/2024

¶3

PRESIDED OVER BYMRIDULESH KUMAR SINGH

¶4

DATE OF INSTITUTION: 17.05.2024

¶5

DATE OF DECISION: 10.12.2024

¶6

IDFC First Bank Ltd. Erstwhile Capital First Ltd. inter alia having its Registered Office at KRM Towers, 7^th Floor, No.1, Harrington Road, Chetpet Chennai 600031 and having its branch office at Plot No.28 Industrial Area, Phase-1, Chandigarh through Authorized Representative Sh. Savinder Sigh, Manager Legal.

¶7

……..Applicant

¶8

Versus

¶9

Sh. Amritpal Singh S/o Sh. Subegh Singh R/o Khewat Khatauni No.67/111, Khasra No.67, Min (1-8), Situated at Rakba Village, Mehmudpur Jattan, Tehsil and Distt., Patiala, Punjab-147001.

¶10

IInd Address: PO Bahadurgarh, New Mehmudpur Jattan, Patiala-147021.

¶11

Sh. Arashdeep Singh S/o Sh. Amritpal Singh R/o Khewat Khatauni No.67/111, Khasra No.67, Min (1-8), Situated at Rakba Village, Mehmudpur Jattan, Tehsil and Distt., Patiala, Punjab-147001.

¶12

IInd Address : PO Bahadurgarh, New Mehmudpur Jattan, Patiala-147021.

¶13

….……Defendants

¶14

Advocates:

¶15

Argued by Sh. Abhishek Bhateja, Advocate for the applicant (through VC) Defendants is ex-parte

¶16

FINAL ORDER

¶17

Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts Due to Banks and Financial

¶18

¶19

Institutions Act, 1993, against the defendants for recovery of Rs.44,13,966.35p (Rupees Forty Four Lacs Thirteen Thousand Nine Hundred Sixty Six And Paise Thirty Five Only). The Original Application has been filed through Sh. Savinder Sigh, Manager Legal o f the applicant, who is competent to institute the Original Application vide Authority Letter dated 10.08.2023, which is Annexure A1 to this OA.

¶20

The brief facts of the OA are that the defendants had approached the applicant for the grant of Term Loan of Rs.30.00 Lacs vide Loan application dated 03.10.2017, which is Annexure A2 to this OA.

¶21

The applicant sanctioned Term Loan of Rs.15.00 Lacs vide Sanction Letter dated 27.10.2017, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants.

¶22

Defendants had mortgaged their immovable property i.e. total Plot measuring 400 Sq. yards comprised in Khewat Khatauni No.67/111, Khasra No.67, Min (1-8) situated at Vakya Mahmudpur Jatan, Tehsil and District Patiala vide Equitable Mortgage of Title Deed bearing vasika no.1963 dated 17.05.2014 along with its translation filed in compliance of the order dated 12.11.2024 vide diary no.19174 dated 09.12.2024.

¶23

Documents executed:- Mortgage Loan Agreement dated 27.10.2017, which is Annexure A4 to this OA; Demand Notice dated 18.05.2018, which is Annexure A5 to this OA; Statement of Account along with Certificate under the Bankers Book Evidence Act, which is Annexure A6 to this OA; Recall Notice dated 29.04.2024, which is Annexure A7 to this OA.

¶24

The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs.44,13,966.35p, 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.

¶25

¶26

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 07.11.2024.

¶27

In support of the OA, affidavit of Sh. Savinder Sigh, Manager Legal, IDFC First Bank Ltd. h as been filed.

¶28

Heard arguments and perused record.

¶29

It was argued by learned counsel through Video Conferencing 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 A7 to this OA, it is proved that the defendants approached applicant for availing of the loan facility which was granted to her 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, account of the defendants was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.44,13,966.35p (Rupees Forty Four Lacs Thirteen Thousand Nine Hundred Sixty Six And Paise Thirty Five Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the account. 10. In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed future interest @24.00%p.a. from 27.04.2024 till the realization.

¶30

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 @08.00%p.a. in

¶31

¶32

the loan account from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.

¶33

In the result, the application is allowed declaring that the defendants is liable to pay to the applicant a total sum of Rs.44,13,966.35p (Rupees Forty Four Lacs Thirteen Thousand Nine Hundred Sixty Six And Paise Thirty Five Only) jointly and severally, with costs, current and future simple interest @08.00%p.a. in the loan account 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 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.

¶34

Any other application pending stands disposed of.

¶35

Issue Recovery Certificate accordingly.

¶36

Parties to appear before Learned Recovery Officer of this Tribunal on 24.01.2025.

¶37

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.

¶38

Pronounced by me in the open Tribunal .

¶39

Dated: 10.12.2024

¶40

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

Idfc First Bank Ltd. v. Amritpal Singh and Another

Case brief

What is this about?

What did the court decide?

Idfc First Bank Ltd. v. Amritpal Singh and Another

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Punjab National Bank versus Messrs Onkar Hp Centre and Another

Punjab National Bank versus Amrik Singh and Others

Punjab National Bank versus Raghvir Singh

Axis Bank Ltd. versus Sikha Jain

Punjab National Bank versus Kanwaljit Kaur

Punjab National Bank versus Messrs Dhillon Automobiles and Another