The Debts Recovery Tribunal allowed an original application filed by HDFC Bank Ltd. against borrowers for recovery of Rs. 46.99 lakhs. The Tribunal reduced the claimed interest to 8% p.a. and directed issuance of a Recovery Certificate.
Recovery certificate issued directing payment of Rs. 46,99,946.30p with 8% p.a. simple interest from filing date.
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.36/2025 PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 07.01.2025
DATE OF DECISION: 28.05.2025
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 Parel, (West) Mumbai-400013 and one of its branch office amongst others at Sunder Nagar Chowk, Ludhiana (Punjab) being represented through its duly authorized official Sh. Madhur Sharma, Assistant Vice Present Department for special operations HDFC Bank Ltd., 5th Floor, B-21-14570, GT Road, Dholewal Chowk, Adjoining Gulzar Motors, Ludhiana Punjab.
……..Applicant
2. Sh. Sunil Kumar S/o Sh. Sat Pal, R/o E/13/180, Near Green Land School, Aman Nagar, Ludhiana (Punjab)-141001.
Advocates: Argued by Sh. Satish Kumar Arora, Advocate for applicant (through VC) Defendants are ex parte
FINAL ORDER
2 OA NO.36/2025
HDFC BANK LIMITED VS M/S AASHA GARMENTS AND ANOTHER
3 OA NO.36/2025
HDFC BANK LIMITED VS M/S AASHA GARMENTS AND ANOTHER
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.
defendants are liable to pay to the applicant a total sum of
4
OA NO.36/2025
HDFC BANK LIMITED VS M/S AASHA GARMENTS AND ANOTHER
Rs.46,99,946.30p (Rupees Forty Six Lacs Ninety Nine Thousand Nine Hundred Forty Six & Thirty Paisa 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.
Pronounced by me in the open Tribunal .
Dated: 28.05.2025.
(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.
Whether uniform simple interest may be granted in lieu of claimed pendent lite and future interest.
2 provisions across 2 enactments
HDFC Bank Ltd.
M/s Aasha Garments
Sunil Kumar
Mridulesh Kumar Singh
As recorded by the court registry
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