Allowed

Hdfc Bank Ltd. v. Sh. Jai Dev Suhag

DRT22 Aug 2024OA/975/2023

Case brief

AI extract

What is this about?

The DRT allowed the bank's application for recovery of Rs. 32.46 lakhs. The Tribunal held that the defendant failed to repay dues under a credit card and cash loan agreement. It granted a uniform simple interest rate of 8% p.a. instead of the claimed higher rate. A recovery certificate was issued.

What did the court decide?

Recovery of Rs. 32,46,100.40 with current and future simple interest @8.00%p.a., coercive recovery through sale of assets, and issuance of recovery certificate.

Hdfc Bank Ltd. versus Sh. Jai Dev Suhag — Contract and Commercial Disputes | DRT (2024)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.975/2023

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PRESIDED OVER BYMRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 02.08.2023

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DATE OF DECISION: 22.08.2024

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HDFC Bank Ltd., having its registered office at Senapati Bapat Marg, Lower Parel-(West), Mumbai-400013 having Regional Office at: Plot No.1-15, Sector 101, Mohali, Punjab through its Authorised

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Representative Mr. Kabir Chopra

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……..Applicant Versus

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Sh. Jai Dev Suhag S/o Parma Nandsuhag R/o House No.61, VPO Mattan Hail Tehsil Jhajjar, Haryana-124103

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Also At: H.no.928, Ward No.2, Mattan Hel, Jhajjar Near Pol Pana, 124106

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….……Defendant

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Advocates:

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Argued by Sh. Amit Rishi, Advocate for the applicant Defendant is ex-parte

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FINAL ORDER

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Present Original Application was instituted by the applicant bank under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, against the defendants for recovery of Rs.32,46,100.40p (Rupees Thirty Two Lacs Forty Six Thousand One Hundred and Forty Paise Only). The Original Application has been filed through Mr. Kabir Chopra , Authorised Representative of the applicant bank, who is competent to institute the Board Resolution vide dated 17.10.2020, which is Annexure A1 to this OA. 2. The brief facts of the OA are that the defendant had approached the applicant bank for the grant of Credit Facility (Credit Card) vide Credit Card Application Form along with checklist and most important document dated 19.10.2016, which is Annexure A2 to this OA.

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The applicant Bank sanctioned the Credit Card Facility and issued 3 credit cards having credit limit of Rs.5.29 lacs, Rs.4.41 Lacs, Rs.2.50 Lacs and HDFC Jumbo Cash Loan of Rs.5,27,013.68P and the terms and conditions were duly accepted by the defendant vide Most important terms and conditions and credit card Member agreement, which is Annexure A3 to this OA.

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Documents executed:-Schedule of Charges, which is Annexure A4 to this OA; Demand Notice dated 18.01.2023along with Postal Receipt, which is Annexure A5 to this OA and Statements of credit cards along with Banker Book of Evidence dated 30.11.2022, which is Annexure A6 to this OA.

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The accounts of credit cards and Loan account became irregular and were classified as NPA and after adjusting debit and credit entries, there was a debit of Rs.32,46,100.40p, which is recoverable and the defendant was served recall notice but he did not repay the outstanding amount, therefore, the applicant bank requested to accept the application and to issue Recovery Certificate accordingly.

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The defendant was served notice to appear before this Tribunal but no one appeared on behalf of defendant and he was proceeded exparte on 16.07.2024.

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In support of the OA, affidavit of Mr. Kabir Chopra , Authorised Representativ e, HDFC Bank Ltd., has been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned counsel that in view of the documentary evidence brought on record which had gone unrebutted, the applicant bank had proved its case. From the perusal of all the Annexures A1 to A6 to this OA, it is proved that the defendant approached applicant bank for availing of the credit card facilities and Jumbo Cash Loan, which was granted to him and for that he had executed all the relevant documents in favour of the bank. The defendant failed to pay back the amount/dues as per terms and conditions of the agreement between the parties. Subsequently,

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accounts of credit cards and Jumbo Cash Loan of the defendant were classified as NPA. From the documentary evidence brought on record, it is proved that applicant bank is entitled to recover a sum of Rs.32,46,100.40p (Rupees Thirty Two Lacs Forty Six Thousand One Hundred and Forty Paise Only) along with interest from the defendant, from the date of filing of the present Original Application till realization of the dues.

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In so far as pendent elite and future rate of interest is concerned, the applicant bank in relief clause has claimed interest @1.50%p.m. along with penal interest @2%p.a. from 01.04.2021 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, 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 @8.00%p.a.(@0.67%p.m.) in the credit cards and Jumbo cash loan account from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.

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In the result, the application is allowed declaring that the defendant is liable to pay to the applicant a total sum of Rs.32,46,100.40p (Rupees Thirty Two Lacs Forty Six Thousand One Hundred and Forty Paise Only), with costs, current and future simple interest @8.00%p.a.(@0.67%p.m.) in the credit cards and Jumbo Cash Loan account from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant bank shall be entitled to recover aforesaid amount from the sale of personal assets of the defendant. 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.

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Issue Recovery Certificate accordingly.

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Parties to appear before Learned Recovery Officer of this Tribunal on 13.09.2024.

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Copy of this order be given dasti to the applicant bank and be sent to defendant through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned.

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Pronounced by me in the open Tribunal.

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Dated: 22.08.2024

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

Hdfc Bank Ltd. v. Sh. Jai Dev Suhag

Case brief

What is this about?

What did the court decide?

Hdfc Bank Ltd. v. Sh. Jai Dev Suhag

Case brief

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