The Debts Recovery Tribunal allowed an application filed by HDFC Bank Limited against Suresh Kumar and another for recovery of a debt arising from a vehicle loan facility.
Recovery of Rs.25,53,496.93 with interest @7.90%p.a.; Order for Recovery Certificate
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.1011/2024 PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 13.08.2024
DATE OF DECISION: 26.03.2025
HDFC Bank Limited, having its Registered Office at Senapati Bapat Marg, Lower Parel–(West) Mumbai-400013, having its Branch Office at Rajpura, Patiala Punjab, also at: Plot No.I-15, Sector-101, Alpha IT City, Mohali through its Authorized Representative Sh. Rajender Prasad.
……..Applicant
Advocates:
Argued by Sh. Pahal Singh, Advocate proxy for Sh. Amit Rishi, Advocate for Applicant Defendants are ex parte
FINAL ORDER
2 OA/1011/2024 HDFC BANK LIMITED VS SURESH KUMAR AND ANOTHER
3 OA/1011/2024 HDFC BANK LIMITED VS SURESH KUMAR AND ANOTHER
applicant. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendants was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.25,53,496.93p (Rupees Twenty Five Lacs Fifty Three Thousand Four Hundred Ninety Six & Paise Ninety Three only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the account. 10. In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @7.90%p.a. along with penal interest @2.00%p.a. from 19.07.2024 till the realization. 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 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 @7.90%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. 11. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.25,53,496.93p (Rupees Twenty Five Lacs Fifty Three Thousand Four Hundred Ninety Six & Paise Ninety Three only) jointly and severally, with costs, current and future simple interest @7.90%p.a. in the loan account from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of hypothecated/mortgaged properties of the defendants in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the applicant still remain unsatisfied,
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OA/1011/2024 HDFC BANK LIMITED VS SURESH KUMAR AND ANOTHER
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
HDFC Bank Limited
Suresh Kumar
Deepak Kukreja
MRIDULESH KUMAR SINGH
As recorded by the court registry
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