Dr. Debts Recovery Tribunal allowed the applicants original application for recovery of Rs. 23,02,347 from three respondents who defaulted on bank loans. The court resolved interest rates to 8% p.a. and issued a recovery certificate.
Recovery of Rs. 23,02,347 with cost and fixed simple interest at 8% p.a. via Recovery Certificate and sale of mortgaged assets.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.1280/2023 PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 02.11.2023
DATE OF DECISION: 09.01.2025
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 “Sardulgarh”, District Mansa, (Punjab)” through Ms. Pooja Arora, Senior Manager (Agriculture Legal), HDFC Bank Ltd., Ludhiana Branch District Ludhiana, (Punjab), being Power of Attorney holder 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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competent to institute the Original Application vide Power of Attorney dated 16.12.2020, which is Annexure A1 to this OA.
Documents executed:-Agreements for Over Draft/Cash Credit cum Guarantee cum Hypothecation, Agreements for Over Draft/Cash Credit cum Guarantee cum Hypothecation, Agreements for Term Loan cum Guarantee cum Hypothecation all dated 18.02.2020, which are Annexures A6 to A8 to this OA; Letter of acknowledgement of Debts dated 01.10.2022, which is Annexure A10 to this OA; Legal Notice dated 30.08.2023 along with postal receipts, which is Annexure A11 to this OA and CC Limit of All statements dated 28.08.2023, which are Annexures A12 to A14 to this OA.
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| 6. The defendants were served notices to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte on 14.06.2024. |
|---|
| 7. In support of the OA, affidavit ofMs. Pooja Arora, Senior Manager |
| (Agriculture Legal), HDFC Bank Limited,has been filed. |
| 8. Heard arguments and perused record. |
| 9. It was argued by learned proxy counsel that in view of the |
| documentary evidence brought on record which had gone unrebutted, |
| the applicant had proved its case. From the perusal of all theAnnexures |
| A1 to A14to this OA, it is proved that the defendants approached |
| applicant for availing of the loan facilities which were granted to them |
| and for that they had executed all the relevant documents in favour of |
| the applicant. The defendants failed to pay back the loan as per terms |
| and conditions of the agreement between the parties. Subsequently, |
| accounts of the defendants were classified as NPA. From the |
| documentary evidence brought on record, it is proved that applicant is |
| entitled to recover a sum of Rs.23,02,347.00p (Rupees Twenty Three |
| Lacs Two thousand Three Hundred & Forty Seven only) along with |
| interest from the defendants, jointly and severally, from the date of filing |
| of the present Original Application till realization of the accounts. |
| 10. In so far as pendent elite and future rate of interest is concerned, |
| the applicant in relief clause has claimed interest @11.00%p.a. along with penal interest @2.00%p.a. from 29.08.2023 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 @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. |
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(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the applicant is entitled to recovery of the outstanding loan amount from the defendants.
Whether the application should be allowed in the absence of the defendants.
2 provisions across 1 enactments
HDFC Bank Ltd.
Ram Singh S/o Sh. Joginder Singh
Makhan Singh S/o Sh. Joginder Singh
Charanjit Singh S/o Sh. Mahinderjit Singh
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
