Allowed

Hdfc Bank Limited v. Messers Deep Medical Agencies and Others

DRT28 Mar 2025OA/1391/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by HDFC Bank Ltd. for recovery of dues amounting to Rs.29,37,612.67 from a borrower firm and its proprietors. The court directed payment with simple interest at 8% per annum and issuance of a recovery certificate.

What did the court decide?

Declaration that defendants are liable to pay Rs.29,37,612.67 with costs and simple interest at 8% p.a.; issuance of Recovery Certificate.

Hdfc Bank Limited versus Messers Deep Medical Agencies and… — Company and Corporate | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1391/2024 PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 27.11.2024

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DATE OF DECISION: 28.03.2025

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HDFC Bank Ltd., a Banking Company incorporated and registered under the companies act 1956, having its Registered Office at HDFC Bank house, Senapati Bapat Marg, Lower Patel (west), Mumbai 400013 and one of its Branch Office, amongst others, at Dalhousie Road, Pathankot(Punjab), being represented through its duly authorized Sh. Satish Bhardwaj, Senior Manager, Department for Special Operations, HDFC Bank Ltd., Shop no. 2 & 3, Sector 3, Channi Himmat, Jammu180015.

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……..Applicant

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Versus

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M/s Deep Medical Agencies, a proprietorship firm, represented by its proprietor Sh. Sanjeev Kashyap S/o Sh. Bansi Lal having place of business at Shop no. 8,9,10 (FF) Raghunath Bazar, Kali Mata Mandir Road, Pathankot (Punjab)-145001

¶9

Sh. Sanjeev kashyap S/o Sh. Bansi Lal, resident of, House no. 40, near Mobile Tower, Basant Colony, Pathankot (Punjab)-145001

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Sh. Deepak Kashyap S/o Sh. Bansi Lal, resident of House no. 40, near Mobile Tower, Basant Colony, Pathankot (Punjab)-145001

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….……Defendants

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Advocates:

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Argued by Sh. Satish Kumar Arora, Advocate for the applicant Defendants are ex-parte

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, against the defendants for recovery of Rs.29,37,612.67P (Rupees Twenty Nine Lacs Thirty Seven Thousand Six Hundred Twelve and Sixty Seven Paise only). The Original Application has been filed through Sh. Satish Bhardwaj, Senior

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2 OA NO.1391/2024

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HDFC BANK LIMITED VS M/S DEEP MEDICAL AGENCIES AND OTHERS

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Manager of the applicant, who is competent to institute the Original Application vide Board Resolution dated 28.07.2023, which is Annexure A1 to this OA.

¶19

The brief facts of the OA are that the defendant no.1 through defendant no. 2 had approached the applicant for the grant of Cash Credit Limit of Rs.25.00 Lacs vide Loan application form dated 15.01.2022, which is Annexure A2 to this OA. Further, defendant no. 1 through defendant no. 2 had approached the applicant bank for the renewal of CC Limit of Rs. 25.00 Lacs.

¶20

The applicant sanctioned the Cash Credit Limit of Rs.25.00 Lacs vide Sanction Letters dated 01.02.2022, which is Annexure A3 to this OA and further sanctioned the renewal of CC Limit of Rs. 25.00 lacs vide Renewal/Sanction letter dated 08.02.2023, which is Annexure A10 to this OA and the terms and conditions were duly accepted by the defendants.

¶21

Defendants No.2 had mortgaged his immovable property i.e. Commercial shop, constructed over plot measuring 170 sq. ft., First Floor, situated at Chak Hassan, Hadbast no.334, Near Telephone Exchange, Mohalla Preet Nagar, Raghunath Market, Pathankot vide Memorandum of creation of mortgage and Title Deed bearing vasika No. 928 dated 1 9.05.2008 along with its Translations, which are Annexures A9A to A9C to this OA. Documents executed:- Master Facility Agreement, Letter of Continuing Guarantee, Addendum, Deed of Indemnity and Deed of hypothecation all dated 02.02.2022, which are Annexures A4 & A8 to this OA; Power of Attorney dated 08.02.2022, which is Annexure A9 to this OA; Legal Recall Notice with original postal receipts dated 29.10.2024, which is Annexure A11 to this OA; Statements of Account dated 01.10.2024, which is Annexure A12 to this OA; Memoranda Dues

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3 OA NO.1391/2024

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HDFC BANK LIMITED VS M/S DEEP MEDICAL AGENCIES AND OTHERS

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calculation/recoverable Dues dated 08.11.2024, which is Annexure A13 to this OA and Valuation Report of Mortgaged Property dated 03.02.2022, which is Annexure A14 to this OA.

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The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs.29,37,612.67P, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

¶26

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 11.03.2025.

¶27

In support of the OA, affidavit of Sh. Satish Bhardwaj, Senior Manager, HDFC Bank Ltd has been filed.

¶28

Heard arguments and perused record.

¶29

It was argued by learned 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 the Annexures A1 to A14 to this OA, it is proved that the defendants approached applicant for availing of the loan facility which was 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, 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.29,37,612.67P (Rupees Twenty Nine Lacs Thirty Seven Thousand Six Hundred Twelve and Sixty Seven Paise only) along with interest from the defendants, jointly

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4 OA NO.1391/2024 HDFC BANK LIMITED VS M/S DEEP MEDICAL AGENCIES AND OTHERS

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and severally, from the date of filing of the present Original Application till realization of the account.

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In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @9.33%p.a. from 08.11.2024 till the realization.

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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 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.29,37,612.67P (Rupees Twenty Nine Lacs Thirty Seven Thousand Six Hundred Twelve and Sixty Seven Paise only) jointly and severally, with costs, current and future simple interest @8.00%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, it shall be entitled to recover the same by attachment and sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law. 12. Any other application pending stands disposed of .

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5 OA NO.1391/2024

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HDFC BANK LIMITED VS M/S DEEP MEDICAL AGENCIES AND OTHERS

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Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 29.04.2025.

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Copy of this order be given dasti to the applicant and be sent to defendants through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned.

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Pronounced by me in the open Tribunal .

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Dated: 28.03.2025

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(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Hdfc Bank Limited v. Messers Deep Medical Agencies and Others

Case brief

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Hdfc Bank Limited v. Messers Deep Medical Agencies and Others

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