Recovery Tribunal allowed the Original Application filed by HDFC Bank Ltd. for recovery of dues Rs. 59,34,927.00 from the defendants. The Tribunal fixed simple interest at 8% p.a. and ordered issuance of the Recovery Certificate.
Recovery of Rs. 59,34,927.00 with 8% p.a. simple interest; issuance of Recovery Certificate.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.1025/2024
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 07.08.2024
DATE OF DECISION: 04.01.2025
HDFC Bank Ltd., a banking company, carrying on banking business under the Banking Regulation Act, 1949, incorporated under The Companies Act, 1956 and having its Registered Office at HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai 400013, whereas branch at “Chola Sahib, District Tarn Taran (Punjab)” through Sh. Dinesh Kumar, Deputy Manager (Agri. Legal), HDFC Bank Ltd., Regional Office, Mohali, District Mohali (Punjab) being Power of Attorney holder/ Authorized Officer of the Applicant.
……..Applicant
Versus
Advocates:
Argued by Sh. Anup Prajapati, Advocate proxy for Sh. Saurabh Bharadwaj, Advocate for the applicant Defendants are ex-parte.
FINAL ORDER
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filed through Sh. Dinesh Kumar, Deputy Manager (Agri. Legal) o f the applicant, who is competent to institute the Original Application vide General Power of Attorney dated 17.01.2024, which is Annexure A1 to this OA.
Documents executed:- Agreement for Overdraft/ Cash Credit cum Guarantee cum Hypothecation (CC-I), Agreement for Overdraft/ Cash Credit cum Guarantee cum Hypothecation(CC-II), Agreement for Term Loan cum Guarantee cum Hypothecation all dated 24.06.2022, which are Annexures A6 to A8 to this OA; Legal Notice dated 20.07.2024 along with its translations and postal Receipts, which is Annexure A10 to this OA and CC-I A/c Statement, CC-II A/c Statement, Term Loan A/c Statement along with Certificate regarding the Computer System and the genuineness of the statement of account being prepared through computer system, which are Annexures A11 to A13 to this OA.
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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 all the loan accounts from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.
Pronounced by me in the open Tribunal . Dated: 04.01.2025
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the applicant is entitled to recover the outstanding loan amount of Rs. 59,34,927.00 from the defendants jointly and severally.
Whether the Tribunal can discretionarily determine the rate of interest payable on the outstanding amount.
2 provisions across 2 enactments
HDFC Bank Ltd.
Sh. Mandeep Singh
Smt. Sukhbir Kaur
Smt. Prakash Kaur
Sh. Gurpreet Singh
Mridulesh Kumar Singh
As recorded by the court registry
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