Allowed an Original Application under the RDBFI Act seeking recovery of Rs.25.46 lakhs secured by mortgaged properties. The Tribunal granted recovery with simple interest at 8% per annum instead of the claimed higher rate.
Recovery of Rs.25,46,304.98 with simple interest at 8% p.a.; directed 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.
DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.979/2024 PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 30.07.2024
DATE OF DECISION: 17.12.2024
HDFC Bank Ltd., a Banking Company, incorporated and registered under the Companies Act, 1956 having its Registered Office at HDFC bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai400013, and one of its Branch Office amongst others at Jandiala Road, Tarn Taran, being represented through its duly authorized Sh. Satish Bhardwaj, Senior Manager, Department for Special Operations, HDFC Bank Ltd. Shop No.2 & 3, Sector 3, Channi Himmat, Jammu.
……..Applicant
Versus
….……Defendants
Advocates:
Argued by Sh. Satish Kumar Arora, Advocate for the applicant (through VC) Defendants are ex-parte
FINAL ORDER
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Documents executed:-Master Facility Agreement, Letter of Continuity Guarantee and Amendment Agreement dated 09.03.2017, which are Annexures A4 to A6 to this OA; Memorandum recording past transactions of creation of mortgage by delivery of title deeds dated 10.03.2017, which is Annexure A7 to this OA; Amendment Agreement dated 26.03.2018, which is Annexure A15 to this OA; Addendums dated 29.02.2020 & 15.03.2021, which are Annexures A16 & A17 to this OA; Notice dated 15.07.2024 which is Annexure A18 to this OA; Notice U/s 13(2) dated 21.11.2023 which is Annexure A19 to this OA and Statement of Account with certificate, Memorandum of Interest and Valuation Report which are Annexures A20 to A22 to this OA.
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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.
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
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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. in 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.
Tribunal on 31.01.2025.
Pronounced by me in the open Tribunal .
Dated: 17.12.2024.
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the claim for recovery of the outstanding loan amount is establishable on the admitted documents.
Whether the Tribunal has the discretion to reduce the claimed rate of interest.
HDFC Bank Ltd.
M/s Nav Trading Co.
Sh. Harjinder Singh
Sh. Surinder Bir Singh
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
