Allowed

Hdfc Bank v. M/S Evolve Entertainment and Marketing Solutions Pvt. Ltd.

DRT15 Mar 2024OA/768/2023

Case brief

AI extract

What is this about?

The tribunal allowed the applicant bank's application for the recovery of Rs. 38,41,286.43 with interest against the defendants for default in loan repayment, granting a recovery certificate based on proven evidence.

What did the court decide?

Application for recovery of Rs. 38,41,286.43 with interest allowed; recovery certificate issued; directions to Recovery Officer for distribution of sale proceeds.

Hdfc Bank versus M/S Evolve Entertainment and Marketing… — Insolvency and Bankruptcy | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-II, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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OA No: 768/2023

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Date of Institution: 25.04.2023

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Date of Decision: 15.03.2024

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HDFC Bank Limited at Plot Nos. 1-15, Sector 101, ALPHA IT City, SAS Nagar, Mohali

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……..Applicant

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Vs.

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M/s Evolve Entertainment and Marketing Solutions Private Limited, through its Director, Ms Sapna M Vats, Unit No.528, Sector-48, Sohna Road, Gurgaon, Haryana-122001

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Ms Sapna M Vats D/o Harbans Lal Malik, Tower 5, Sohna Road, Sector-72, PO Badshahpur, Near Badshahpur Chowk, Gurgaon, Haryana-122001

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……….Defendants

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Advocates

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Ms Dipti Toni proxy counsel for Sh. Gagandeep Toni, Counsel for the applicant bank. Defendants- ex parte

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OA for the Recovery of Rs.38,41,286.43/- with interest @9.25% per annum with monthly rests from 25.04.2023.

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ORDER

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HDFC Bank Limited (Applicant Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.38,41,286.43/- with interest against M/s Evolve Entertainment and Marketing Solutions Private Limited and another (defendants).

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Bank’s case is that on 28.02.2020, it had granted CC Limit of Rs.35,00,000/- and Term Loan under ECLGS Scheme of Rs.7,00,000/on 20.08.2020, to the defendants for business purpose. Defendant No.2 also stood as guarantor. The loans were chargeable to interest @15.50% per annum for CC Limit and @8.25% per annum for Term Loan. On 29.03.2023, a sum of Rs.38,41,286.43/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 24.05.2023, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 06.10.2023, 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. Kabir Chopra, Manager Legal along with the loan and security documents and marked them as Exhibit A-1 to A-12. 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 loans of Rs.35,00,000/- and Rs.7,00,000/- and on 29.03.2023, a sum of Rs.38,41,286.43/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.38,41,286.43/- (Rupees Thirty Eight Lakh Forty One Thousand Two Hundred Eighty Six and Forty Three Paisa Only) with interest @9.25% per annum with monthly rests from 25.04.2023, 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 the hypothecated/personal movable and immovable property(ies) of the defendants. 7. Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 19.04.2024, who is directed to distribute the sale proceeds 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: 15.03.2024 Presiding Officer DRT-2, Chandigarh (Additional charge)

Hdfc Bank v. M/S Evolve Entertainment and Marketing Solutions Pvt. Ltd.

Case brief

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Hdfc Bank v. M/S Evolve Entertainment and Marketing Solutions Pvt. Ltd.

Case brief

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