Allowed

Hdfc Bank v. Kathiresan Kailasappan

DRT22 Mar 2024TA/77/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the application filed by HDFC Bank Ltd. for issuance of a Recovery Certificate. The court held the claim was proved, not time-barred, and directed issuance of a certificate for Rs. 1.04 crore with 10% interest.

What did the court decide?

Application allowed; Recovery Certificate issued for Rs. 1.04 crore with 10% p.a. simple interest.

Hdfc Bank versus Kathiresan Kailasappan — Banking and Recovery | DRT (2024)

¶1

IN THE DEBT RECOVERY TRIBUNAL –II CHENNAI Dated this 22^nd day of March, 2024

¶2

PRESENT: SHRI T.RAJESH PRESIDING OFFICER

¶3

T.A.No.77 of 2022

¶4

(Old OA.No.146/2022 -DRT-I, Chennai)

¶5

HDFC Bank Ltd., No.128, Nelson Manickam Road, East West Centre, Ground Floor, Aminjikarai, Chennai – 600 029. IFSC Code: - HDFC0000441, PAN No: AAACH2702H. And Also Having Office at: No.49/50, Nelson Towers, 2^nd Floor, Nelson Manickam Road, Aminjikarai, Chennai – 600 029. Represented by its Authorised Signatory. … Applicant.

¶6

Vs.

¶7

Mr.SPK Kathiresan Kailasappan, S/o.Kailasappan, PAN No.BBGPK5489R, Door No.542/1, Kailasappan Thotam, Selandikavundanputhur, Devambadi Village, Pollachi Taluk, Coimbatore District, Near Karupurian Temple, Coimbatore – 642 005.

¶8

Mr.Ganesan Kailasappan, S/o.Kailasappan, PAN No.BTBPG0932N, SPK Thottam, Sellandigoundanputhur, Devambadi Village, Pollachi Taluk, Coimbatore – 642 005.

¶9

¶10

Mr.Karpagacibikrishnan Ganesan, S/o.Ganesan, PAN No.DWSPK0435A, SPK Thottam, Sellandigoundanputhur, Devambadi Village, Pollachi Taluk, Coimbatore – 642 005.

¶11

Mrs.Vasanthi Kathiresan, W/o.Kathiresan, Door No.542/1, Kailasappan Thotam, Selandikavundanputhur, Devambadi Village, Pollachi Taluk, Coimbatore District, Near Karupurian Temple, Coimbatore – 642 005.

¶12

Mr.Kalicharan Chinnasamy, S/o.Chinnasamy, Door No.6/77, Sellandigoundanputhur, Devambadi Village, Pollachi Taluk, Coimbatore – 642 005. … Defendants.

¶13

Counsel for Applicant : Mr.T.K.M.Saikrishnan. Defendants : Exparte.

¶14

ORDER

¶15

The Application is filed Under Section 19 (1) of the Recovery of Debts And Bankruptcy Act, 1993 seeking for issuance of a Recovery Certificate for Rs.1,04,18,045.11 due in the Cash Credit and Term Loan facilities availed by the defendants.

¶16

The Applicant contends that a Cash Credit limit of Rs.60,00,000/- and Term Loan of Rs.25,00,000/- was availed by the defendants for

¶17

¶18

agricultural purpose. It is also stated that the facilities are secured by

¶19

mortgage of schedule mentioned properties.

¶20

The Applicant further contends that despite availing the credit facility by obliging to pay back the amount, the defendants failed in compliance of the same and all the efforts of the Applicant to make the defendants pay back the amount failed forcing the Applicant to file this Application.

¶21

Summons was taken out and as the 5^th defendant failed to enter appearance, he was set exparte on 01.02.2023. Even though defendants 1 to 4 entered appearance through their counsel, as they did not file reply statement and did not enter appearance, they were also set exparte on 01.02.2023.

¶22

The Applicant let in evidence through AW1, filed proof affidavit in confirmation with the pleadings and got marked Exhs.A1 to A14.

¶23

Heard. The following issues arise for consideration:

¶24

i) Whether the Applicant had proved the TA claim?

¶25

ii) What orders are to be passed?

¶26

Both these issues are decided together.

¶27

The Applicant’s evidences remain un-rebutted and hence proved. The documents produced by the Applicant are found to be admissible and are sufficient to prove the TA claim. Hence the Applicant is found

¶28

¶29

to be entitled for the TA claim. The TA claim is made within limitation

¶30

and there is no capitalization of penal interest. Since the claim is arrived at by calculating interest at agreed rate which is on the higher side, pendentelite and future interest is awarded @10% p.a. (simple).

¶31

In view of the above:

¶32

i) TA No.77 of 2022 stands allowed.

¶33

ii) Applicant is permitted to recover an amount of Rs.1,04,18,045.11 (Rupees One Crore Four Lakhs Eighteen Thousands Forty Five and Paise Eleven Only/-) with future and pendentelite interest @10% p.a. (simple) from the date of filing of the TA till realization from the defendants jointly, severally, personally and also from their assets including the sale of schedule mentioned properties after giving credit to all the amounts recovered and received during the pendency of the TA.

¶34

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

¶35

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

¶36

¶37

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

¶38

Section 19(21)(i) of the RDB Act, read with Rule 16 of DRT (Procedure) Rules, 1993.

¶39

(Dictated to PA, transcribed by him, corrected, signed and pronounced by me in the Open Court, this 22^nd day of March, 2024)

¶40

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

¶41

Hdfc Bank v. Kathiresan Kailasappan

Case brief

What is this about?

What did the court decide?

Hdfc Bank v. Kathiresan Kailasappan

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Syndicate Bank versus Sanswe Dairy and Two Others

City Union Bank Limited versus M/s. Sri Balaji Enterprises

Canara Bank versus R Dhandapani and Two Others

Canara Bank versus Mr J Arul

Tamilnad Mercantile Bank Limited versus Sri Simma Associates

Punjab National Bank versus Sathya