Allowed

Hdfc Bank Limited v. the Ishwar Mining and Industrial Corporation Private Limited

DRT24 Dec 2024TA/403/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by HDFC Bank for recovery of a loan of approximately Rs. 23.90 lakhs supported by pendent lite and future interest at 12% per annum against non-appearing respondents.

What did the court decide?

Directed respondents to pay Rs. 23,90,037.90 with interest @12% p.a. and costs within 30 days; recovery from sale of hypothecated vehicle or other assets.

Hdfc Bank Limited versus the Ishwar Mining and Industrial… — Banking and Recovery | DRT (2024)

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T.A. No.403 of 2023

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Debts Recovery Tribunal-I, Delhi 4th floor, Jeevan Tara Building, Parliament Street, New Delhi

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Presiding Officer: Shri Govind Ballabh Sharma

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T.A. No. 403 of 2023

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HDFC Bank Limited Plot No.31, Najafgarh Industrial Area Tower A, Ist Floor, Shivaji Marg, Moti Nagar, New Delhi-110015 Applicant

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Versus

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The Ishwar Mining & Industrial Corporation Pvt.Ltd. Through its director Sh.Sanjeev Bhaskar

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At: 212, Ground Floor, Okhla Industrial Estate Phase III, New Delhi-110020

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Also at:

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260, Ritambhara Building Tribhuwan Complex, Ishwar Nagar West Mathura Road, South Delhi-110065

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Also at:

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Charankamal, 7, Ishwar Nagar Mathura Road, New Delhi-110065

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Sh.Sanjeev Bhaskar At: 212, Ground Floor, Okhla Industrial Estate Phase III, New Delhi-110020

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Also at:

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260, Ritambhara Building Tribhuwan Complex, Ishwar Nagar West Mathura Road, South Delhi-110065

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Also at:

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Charankamal, 7, Ishwar Nagar Mathura Road, New Delhi-110065

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Also at:

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House No.7, Ishwar Nagar East Mathura Road, Delhi-110065

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Defendants

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T.A. No.403 of 2023

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Present: Ms Kashika Singla, Counsel for the applicant bank

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Date of Institution: 06.11.2021

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Date of Pronouncement: 24.12.2024

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FINAL ORDER

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This original application has been filed by the applicant bank on 06.11.2021 through Ms. Sampurna Gupta, authorized representative of the applicant bank under Section 19 of Recovery of Debts and Bankruptcy Act 1993 against the defendants for recovery of a sum of Rs.23,90,037.90 (Rupees Twenty Three Lacs Ninety Thousand Thirty Seven & paisa Ninety only) as on 23.10.2021 together with pendentelite and future interest @18.00% per annum with monthly rest from date of filing of O.A. till the date of realization and costs.

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The brief facts of the case are that at the request of defendants vide loan application dated 13.12.2017, the applicant bank sanctioned Vehicle loans of Rs.33,20,358/(Rupees Thirty Three lacs Twenty Thousand Three Hundred Fifty Eight only) @7.96% interest on 16.12.2017 and Rs.6,00,000/- (Rupees Six Lacs only) on 22.06.2019 @14.25% to be repayable in 63 and 91 equated monthly instalments of Rs.48,105/- and Rs.10,250/- for purchasing Skoda Superb car approved through Board Resolutions dated 14.12.2017 and 17.06.2019 from the applicant bank.

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That in order to avail the said Car Loan facilities, the defendant no.1 submitted Loan Application Form and executed Term Loan Agreement for Hypothecation of Vehicle namely

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5d-

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T.A. No.403 of 2023

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Skoda Superb B6 2.0 TDI having Registration No.DL11CB1080, Chasis No. TMBBKKNP8HA301030 and Engine No.CRG100697 on 16.12.2017 and hypothecated the vehicle in favour of the applicant bank duly recorded in RTO records as per website of Vahan and Car Info Application.

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It has been submitted by the applicant bank that after availing the aforesaid loan facilities, the defendants failed to comply with the terms and conditions and despite several requests and reminders, the defendants failed to regularize the account. The applicant bank served legal notice dated 23.10.2021 to the defendants recalling the loan facility and called upon to repay the outstanding amount along with interest but neglected by the defendants. Hence, the applicant bank has approached this Tribunal for recovery of their dues.

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Notices of this O.A. were issued to the defendants and despite proper service, the defendants have chosen to absent from the proceedings and none appeared on behalf of defendants, hence proceed ex-parte. As per order dated 03.06.2024, the defendants have been proceeded ex-parte as not appeared before the Tribunal and even no written statement, evidence and affidavit of assets have been filed by the defendants.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Ms Sampurna Gupta, authorized representative of the applicant bank who has proved the documents such as Board Resolution dated 17.10.2020 Exhibit AW1/1, Loan Application Forms Exhibit AW1/2(colly), Loan Agreements Exhibit AW1/3(colly), Hypothecation of Equipment and Vehicles as per RTO Records Exhibit AWQ1/4(colly), Legal Notice with Postal Receipts Exhibit AW1/5(colly), Delivery

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T.A. No.403 of 2023

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Reports Exhibit AW1/6(colly), Certified Statement of Account under Bankers Books of Evidence Act Exhibit AW1/7(colly).

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The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant bank is based on the documents and the same have been duly proved.

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The case filed by the applicant bank gone unrebutted and there is no question of disbelieving the case of the applicant bank and the applicant bank has proved its case beyond reasonable doubts.

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As per the provision of Section 19(20) of the Recovery of Debts Due to Banks and Financial Institution Act, 1993 which is analogous to Section 34 of CPC, on filing of the suit/claim, the contract between the parties comes to an end and the Court/Tribunal has a discretion to award the same depending upon the circumstances of each case. Same principle has been laid down by the Hon'ble Apex Court in the case of Central Bank of India Vs. Ravindra & Others. Taking stock of all the circumstances and keeping in view that there is a drastic fall in rates of interest globally and domestically, I am of the opinion that interest of justice will be served if the interest at the rate of 12% p.a. is awarded.

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In the light of the above discussions and documents on record, the Original Application deserves to be allowed.

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T.A. No.403 of 2023

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ORDER

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I, allow this OA and direct the defendants to pay to the applicant bank within 30 days, jointly or severally, a sum of Rs.23,90,037.90 (Rupees Twenty Three Lacs Ninety Thousand Thirty Seven & paisa Ninety only) as on 23.10.2021 along with pendentelite and future interest @12.00% per annum with monthly rest and costs from filing of this 0.A., failing which the aforesaid amount shall be recovered from sale of hypothecated Skoda Superb B6 2.0 TDI having Registration No.DL11CB1080, Chasis No. TMBBKKNP8HA301030 and Engine No.CRG100697 and in case of shortfall, the same shall bP recovered from the sale of movable and immovable assets of the defendants.

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(II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

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(III) Parties are directed to appear before the Recovery Officer, DRT I, Delhi on 24.02.2025.

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(IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

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(GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI

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(Dictated and pronounced in open court) Dated: 24.12.2024

Hdfc Bank Limited v. the Ishwar Mining and Industrial Corporation Private Limited

Case brief

What is this about?

What did the court decide?

Hdfc Bank Limited v. the Ishwar Mining and Industrial Corporation Private Limited

Case brief

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