Single judge of the DRT- Pune accepted ex parte evidence due to defendants absence. Ordered recovery of adjusted principal plus future interest at 9% p.a. denied penal interest and specific relief on hypothecated assets.
Recovery of reduced principal sum with future interest at 9% p.a. from filing date; issuance of Recovery Certificate.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
Presented on: 09.10.2019 Registered on: 18.05.2022 Decided on: 05.06.2024 Duration: Y M D 4 7 27
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer)
ORIGINAL APPLICATION No.826/2022
HDFC Bank Ltd.,
A Banking Company incorporated under the Companies Act, 1956 having its Registered Office at HDFC Bank House, C.S. No.6/242, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013 and having one of its Offices at Department for Special Operations, Peninsula Business Park, B Wing, 4th Floor, Lower Parel (W) Mumbai – 400 013.
… Applicant
Versus
a) Registered Office at – Survey No.613/614 (P), Plot No.11, Ganga Dham Society, Bibwewadi, Pune – 411 037.
b) Showroom address at – 80/2/3,
(OA No.826/2022)
Page 1 of 7
[KAUR]
Jaimala Business Court, Next to Kumar Meadows, Manjri, Hadapsar, Pune – 412 307.
Through its Partners
…Defendants
APPEARANCES
For the Applicant Mr. Yogesh R Hirve - Advocate For Defendants None
TOTAL CLAIM AMOUNT –Rs.1,85,94,573.33Ps
JUDGMENT
(Delivered on 5th June, 2024)
(OA No.826/2022)
Page 2 of 7
[KAUR]
Defendant No.1, a Partnership Firm is principal borrower, engaged in business of dealers of Hyundai Cars and its Spare Parts. Defendant 2 to 5 are the Partners of defendant No.1 and guarantors to the loan advanced to defendant No.1 by the applicant Bank.
In the year 2017, defendant No.1 approached the applicant Bank and requested for grant of Inventory Funding (AUIF) for its business requirement. After due consideration, the applicant Bank on 9th March, 2017 sanctioned and disbursed Inventory Funding (AUIF) of Rs.3,00,00,000/- (Rupees Three Crores) and Inventory Funding (AUIF) – Adhoc of Rs.1,00,00,000/- (Rupees One Crore), total Rs.4,00,00,000/- (Rupees Four Crores) to defendant No.1.
Further, defendant No.1 passed the Resolution in the Board of Director’s Meeting on 31st March, 2017 and authorized its Partner, Mr. Akshay Shah for executing loan documents. Accordingly, the defendant No.1 through its Partner executed necessary loan transaction and security documents in favour of the applicant Bank as set out in paragraph No.5.7 of the Original Application.
Further, defendant Nos.2 to 5 stood as guarantors and
(OA No.826/2022)
Page 3 of 7
[KAUR]
executed Letter of Continuing Guarantee in the favour of the applicant bank. Further, defendant No.1 executed Letter of Hypothecation and created first charge on Stocks and Book Debts in favour of the applicant bank.
Defendant No.1 through its Partners signed and executed the necessary loan and security documents on 29th July, 2017 in favour of the applicant Bank. Defendant Nos.2 to 5 stood as executed guarantors in their personal capacity and executed Supplemental Letter of Continuing Guarantee in favour of the applicant Bank.
(OA No.826/2022)
Page 4 of 7
[KAUR]
As defendants failed and neglected to regularize the loan accounts, the applicant Bank issued Recall Notice dated 26th September, 2019 and called upon the defendants to pay the outstanding amount. Despite service of Notice, defendants failed and neglected to comply with the demand in the said Notice.
Hence, this application is filed
(OA No.826/2022)
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[KAUR]
reliefs as claimed.
Hence, I pass the following order:-
ORDER
(OA No.826/2022)
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[KAUR]
Rs.1,84,87,574/- (Rupees One Crore Eighty-Four Lakhs Eighty-Seven Thousand Five Hundred and Seventy-Four only) with future interest @9% per annum from the date of filing of the Original Application i.e. 9th October, 2019 till payment/realization of the amount mentioned in this operative order.
(C) Issue Recovery Certificate. (D) The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant and defendants.
Sd/(Dilip G Murumkar) Place : Pune Presiding Officer Date: 05.06.2024 Debts Recovery Tribunal, Pune
(OA No.826/2022)
Page 7 of 7
[KAUR]
1 issue framed by the court
Whether the applicant Bank is entitled to recovery of outstanding dues and future interest from the defaulting borrowers and guarantors.
HDFC Bank Ltd.
M/s Neel Motors LLP
Mr. Akshay Sunil Shah
Mr. Sunil Sarojbhai Shah
Mr. Kushal Sunil Shah
Mrs. Isha Akshay Shah
Dilip G Murumkar
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
