Allowed

Hdfc Bank Ltd. v. Mr.P. Kamaraj

DRT27 Mar 2024TA/691/2023

Case brief

AI extract

What is this about?

InТА No.691 of 2023, the Debts Recovery Tribunal allowed an application by HDFC Bank Ltd for issuance of a Recovery Certificate under the RDB Act for an unpaid personal loan, awarding future and pendente lite interest at 8% per annum against the respondents.

What did the court decide?

Issuance of a Recovery Certificate for Rs. 16,79,350.77 with future and pendente lite interest at 8% simple per annum.

Hdfc Bank Ltd. versus Mr.P. Kamaraj — Contract and Commercial Disputes | DRT (2024)

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BEFORE THE DEBTS RECOVERY TRIBUNAL –II AT CHENNAI

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Dated this 27^th day of March, 2024

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PRESENT: SHRI T. RAJESH

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PRESIDING OFFICER

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TA No.691 of 2023

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(Originally filed before DRT-I Chennai as OA No.139 of 2020 and thereafter transferred to this Tribunal and renumbered as TA No.691 of 2023)

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HDFC BANK LTD No.128, Nelson Manickam Road East West Centre, Ground Floor Aminjikarai, Chennai-600029

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Also at

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“CEEBROS”

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110, 4^th Floor, Nelson Manickam Road Aminjikarai, Chennai-600029 Rep.by its Authorized Signatory Mr. Alagar Veerabadran ….Applicant

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Versus

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Mr.P. Kamaraj S/o. Pappukunju No.9/97 A2, Muthazhagappa Road Naddanikkottai North, Peravurani Near Teachers colony Pattukottai-614804

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Mr. Latha Kamaraj W/o Late P Kamaraj No.9/97 A2, Muthazhagappa Road Naddanikkottai North, Peravurani Near Teachers colony Pattukottai-614804 ….Defendants

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Counsel for the Applicant Bank : M/s T.K.M. Sai Krishnan Counsel for Defendants : Ex-parte

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FINAL ORDER

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The Application is filed under Section 19(1) of the Recovery of Debt And Bankruptcy Act, 1993 seeking for issuance of a Recovery Certificate for Rs.16,79,350.77p (Rupees Sixteen Lakhs Seventy Nine Thousand Three Hundred Fifty and Seventy Seven paisa only) due in Credit Facility of Personal loan availed by the defendants.

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The above TA was originally filed before DRT-I and got transferred to this Tribunal and renumbered as above.

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The Applicant contents that a credit facility of Rs. 15,90,195/- was availed by the original defendant as a personal loan. The facility was availed by agreeing to repay the same with interest in 60 EMIs of Rs.35,213/- .

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The Applicant further contents that despite availing the credit facility by obliging to pay back the amount, the defendant failed in compliance of the same and all the efforts of the Applicant to make the defendants pay back the amount, including issuance of a legal notice on 11.4.2019 failed forcing the Applicant to file this Application.

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Since the borrower who was originally arrayed as defendant expired his legal heir is impleaded in his place and served. As there was no appearance, she was called absent and set ex-parte on 15.9.2022.

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The Applicant let in evidence through AW1, filed proof affidavit in conforming with pleading and got marked Ext A1 to A5.

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Heard, the following issues arise for consideration: -

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(i) Whether the Applicant had proved the TA claim?

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(ii) What orders are to be passed?

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Both these issues are decided together.

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The Applicant evidence remained un-rebutted and hence proved. The documents produced by the Applicant are found to be admissible and are sufficient to prove TA claim. Hence the Applicant is to be found entitled for the TA claim. The TA claim is made within limitation and there is no capitalization of penal interest. Since the TA claim is arrived at by calculating interest at agreed rate, which on the higher side, pendente lite and future interest is awarded at 8% per annum (simple).

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In view of the above, the following order is passed: -

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(a) TA No.691 of 2023 stands allowed.

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(b) Applicant is permitted to recover an amount of Rs. 16,79,350.77p (Rupees Sixteen Lakhs Seventy Nine Thousand Three Hundred Fifty and Seventy Seven paisa only) with future and pendente lite interest @ 8% simple P.A from the date of filing of the OA/TA till realization, after giving credit to all the amount recovered and received during the pendency of the OA/TA, from the defendants only by proceedings against the assets or estate any devolve upon her from her husband deceased P K Kamaraj.

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(c) A Recovery Certificate is to be drawn and issued to the recovery Officer to enable recovery of the as per the above terms.

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(d) Applicant is allowed to realize cost of the proceeding for which cost memo is to be filed in 7 days’ time from the date of receipt of the copy of the order.

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Communicate a copy of the order to the parties concerned in terms of section

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19(21)(i) of the RDB Act, read with Rule 6 of DRT (Procedure) Rules, 1993.

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(Dictated to PS, transcribed by him, corrected, signed and pronounced by me in the Open court, this the 27^th day of March, 2024)

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Sd/- (T.RAJESH) PRESIDING OFFICER DRT-II, CHENNAI

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Hdfc Bank Ltd. v. Mr.P. Kamaraj

Case brief

What is this about?

What did the court decide?

Hdfc Bank Ltd. v. Mr.P. Kamaraj

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

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