Allowed

Hdfc Bank Limited v. M/sVinod and Company

DRT7 May 2025OA/1/2025

Case brief

AI extract

What is this about?

DRT admitted an application by HDFC Bank Limited for recovery of a debt of approx Rs. 8.29 crores against borrowers and guarantors. The Tribunal allowed the application, declaring the defendants liable to pay the principal amount plus uniform simple interest at 8% p.a., and authorized execution proceedings to sell mortgaged properties.

What did the court decide?

Declaration that defendants are liable to pay Rs. 8,29,35,858.72 plus 8% p.a. simple interest; order to issue Recovery Certificate and proceed for sale of mortgaged properties.

Hdfc Bank Limited versus M/sVinod and Company — Company and Corporate | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1/2025 PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 31.12.2024

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DATE OF DECISION: 07.05.2025

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HDFC Bank Limited, a Banking Company incorporated and registered under the Companies Act 1956 and having its Registered Office at HDFC Bank House, Senapati Bapat Marg, Lower Patel (West), Mumbai400013, Maharashtra and one of its Branch at Millerganj, Ludhiana, Punjab through its duly constituted attorney Sh. Madhur Sharma, HDFC Bank Limited, working as Deputy Vice President, currently posted at HDFC Bank Limited department for special operations, at 5^th Floor, B-21-14570, GT Road, Dholewal Chowk, Adjoining Gulzar Motors, Ludhiana-141008(Punjab)

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……..Applicant Versus

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M/s Vinod and Company, a proprietorship firm, through its proprietor Sh. Vinod Kumar Kapoor, having its place of Business near Gurudwara Baba Deep Singh Ji, Street No.4, Shimlapuri Ludhiana(PB)

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Sh. Vinod Kumar Kapoor S/o Sh. Munshi Ram, having place of Business near Gurudwara Baba Deep Singh Ji, Street No.4, Shimlapuri, Ludhiana(PB)

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2^ndAddress:	Resident at House No.7298/6, Street No.4, Shri
Harikrishan Pub	lic School, Daba Colony, Ludhiana(PB)
3. Sh. Kamal	Kumar Kapoor S/o Sh. Vinod Kumar Kapoor, R/o
Resident at School, Daba	House No.7298/6, Street No.4, Shri Harikrishan Public Colony, Ludhiana(PB)
4. Mrs. Pushpa	Rani W/o Sh. Vinod Kumar Kapoor, Resident at House
No.7298/6,	Street No.4, Shri Harikrishan Public School, Daba
Colony, Ludh	iana(PB)

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2 OA NO.01/2025 HDFC BANK LIMITED VS M/S VINOD AND COMPANY AND OTHERS

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Smt. Savita Rani Kapoor W/o Sh. Kamal Kumar Kapoor, Resident at House No.7298/6, Street No.4, Shri Harikrishan Public School, Daba Colony, Ludhiana(PB)

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………Defendants

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Advocates:

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Argued by Sh. Sumit Batra, 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.8,29,35,858.72p (Rupees Eight Crore Twenty Nine Lacs Thirty Five Thousand Eight Hundred Fifty Eight and Seventy Two only). The Original Application has been filed through Sh. Madhur Sharma, Constituted Attorney the applicant, who is competent to institute the Original Application vide Board Resolution dated 22.11.2023, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendants had approached the applicant for the grant of CC Limit of Rs.411.00 Lacs, Term Loan I of Rs.90.00 Lacs and Term Loan II of Rs.83.80 Lacs vide Loan Application dated 25.08.2021, which is Annexure A2 to this OA and further for its renewal. Thereafter defendants again approached the applicant for LAP Overdraft of Rs.200.00 Lacs vide Loan application dated 30.12.2021, which is Annexure A26 to this OA.

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The applicant sanctioned the CC Limit of Rs.411.00 Lacs, Term Loan I of Rs.90.00 Lacs and Term Loan II of Rs.83.80 Lacs vide Sanction Letter dated 23.12.2021, which is Annexure A3 to this OA and further for its renewal vide sanction Letter dated 15.12.2022. which is Annexure A25 to this OA Thereafter defendants again approached the applicant for LAP Overdraft of Rs.200.00 Lacs vide

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3 OA NO.01/2025

¶20

HDFC BANK LIMITED VS M/S VINOD AND COMPANY AND OTHERS

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Sanction Letter dated 30.12.2021, which is Annexure A27 to this OA and the terms and conditions were duly accepted by the defendants.

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Defendant nos. 3 had mortgage her immovable properties i.e. a. all part and parcel of Residential property bearing no. 7298/6, measuring 100 Sq. yards situated at Street No.4, Baba Deep Singh Gurudwara Wali Gali, Near Harikrishan Public School, Shimlapuri, Ludhiana vide Equitable Mortgaged of Sale deed bearing vasika vasika no.27668 dated 22.02.1991 along with its Translation, which are Annexures A17 and A17T to this OA.

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b. all part and parcel of Commercial property measuring 100 Sq. yards situated at Street No.4, Daba Colony, Near Shree Krishna Mandir Public School, Baba Deep Singh Gurudwara Wali Gali, Shimlapuri, Ludhiana vide Equitable Mortgaged of Sale deed bearing vasika no.6355 dated 08.12.2014 along with its Translation, which are Annexures A18 and A18T to this OA.

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c. all part and parcel of plot measuring 224 Sq. yards situated at Dhandari Kalan, Hadbast No.241, Abadi Aam Colony, Near Punjab National Bank, Surjit Police Station Road, Ludhiana vide Equitable Mortgaged of Sale deed bearing vasika no.2476 dated 25.06.2015 along with its Translation, which are Annexures A19 and A19T to

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this OA

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d. all part and parcel of property measuring 2K-3M situated at Dhandari Kalan, Hadbast No.241, Ludhiana vide Equitable Mortgaged of Sale deed bearing vasika no.18148 dated 18.02.2008 along with its

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Translation, which are Annexures A20 and A20T to this OA

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e. all part and parcel of property measuring 2K-2M situated at Dhandari Kalan, Hadbast No.241, Ludhiana vide Equitable Mortgaged of Sale deed bearing vasika no.18164 dated 18.02.2008 along with its

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Translation, which are Annexures A21 and A21T to this OA

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f. all part and parcel of property measuring 2K-1M situated at Dhandari Kalan, Hadbast No.241, Ludhiana vide Equitable Mortgaged

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4 OA NO.01/2025

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HDFC BANK LIMITED VS M/S VINOD AND COMPANY AND OTHERS

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of Sale deed bearing vasika no.14686 dated 04.10.2006 along with its

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Translation, which are Annexures A22 and A22T to this OA

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g. all part and parcel of House measuring 200 Sq. yards bearing MC No.B-29-552 situated at Dhandari Kalan, Ludhiana vide Equitable Mortgaged of Sale deed bearing vasika no.5590 dated 25.08.2010 along with its Translation, which are Annexures A23 and A23T to this OA

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Documents executed:- Master Facility Agreement, Letter of Hypothecation, Power of Attorney, Consent Letters, Term Loan Agreements and Letter of Continuing and Deed of Indemnity all dated 23.12.2021, which are Annexures A4 to A10 and A13 to this OA; Memorandum of Mortgage dated 30.03.2022, which is Annexure A11 to this OA; Affidavit dated 22.02.2022, which is Annexure A12 to this OA; Valuation Reports dated 16.11.2021 and 17.11.2021, which are Annexures A14 to A16 to this OA; Patwari Reort with its translation, which are Annexures A24 and A24T to this OA; Loan Agreement, Schedule Statement, Customer Request Form, Irrevocable Power of Attorney and Deed of indemnity dated 31.12.2021, which are Annexures A28 to A32 to this OA; Property Vault Register Extract dated 23.02.2022, which is Annexure A33 to this OA; Demand Notice dated 08.05.2024, which is Annexure A34 to this OA and Statements of Accounts, Interest Charge, Foreclosure, Memorandum of Interest with certificate, which are Annexures A35 to A41 to this OA.

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The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in all the loan accounts there was a debit of Rs.8,29,35,858.72p, 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.

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5 OA NO.01/2025

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HDFC BANK LIMITED VS M/S VINOD AND COMPANY AND OTHERS

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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 24.04.2025.

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In support of the OA, affidavit of Sh. Sunil Kalra, Legal Manager, HDFC Bank Limited has been filed.

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Heard arguments and perused record. 9. 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 A41 to 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, all the 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.8,29,35,858.72p (Rupees Eight Crore Twenty Nine Lacs Thirty Five Thousand Eight Hundred Fifty Eight and Seventy Two only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of all the accounts.

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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 @18.00%p.a. in respect of CC Limit and Interest @24.00%p.a in Term Loan and LAP from 19.12.2024 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

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6 OA NO.01/2025

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HDFC BANK LIMITED VS M/S VINOD AND COMPANY AND OTHERS

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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. 11. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.8,29,35,858.72p (Rupees Eight Crore Twenty Nine Lacs Thirty Five Thousand Eight Hundred Fifty Eight and Seventy Two only) jointly and severally, with costs, current and future simple interest @8.00%p.a. in all the loan accounts 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 . 13. Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 26.05.2025. 15. 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. Pronounced by me in the open Tribunal . Dated: 07.05.2025

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

Hdfc Bank Limited v. M/sVinod and Company

Case brief

What is this about?

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Hdfc Bank Limited v. M/sVinod and Company

Case brief

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