Allowed

Hdfc Bank v. Messers. Concept Enterprises

DRT4 Mar 2025OA/386/2023

Case brief

AI extract

What is this about?

This order allowed an application for recovery of Rs. 2.26 Crores advanced as loans to a partnership firm and its partners. The court found the bank's case proved and directed the issuance of a Recovery Certificate despite defendants appearing ex parte.

What did the court decide?

Recovery of Rs. 2,26,90,246.79 with interest @18% p.a. allowed; Joint and several liability held; Recovery Certificate issued.

Hdfc Bank versus Messers. Concept Enterprises — Company and Corporate | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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OA No: 386/2023 Date of Institution: 18.02.2023 Date of Decision: 04.03.2025

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HDFC Bank Limited, having its branches all over India and a branch at 3^rd Floor, Plot No. 1-15, Alpha IT City, Sector-101, Mohali, Punjab.

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……..Applicant

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Messers. Concept Enterprises, a Partnership Firm, having principal place of business at Umar Colony B, Lane No.3, Lal Bazar Srinagar, Union Territory of Jammu and Kashmir, through its Partners Mr. Ali Mohammad Rangrez, Mr. Ghulam Mohammad Rangrez, Mrs. Hudda Rangrez and Mrs. Amina Rangrez and Mrs. Shafiqa Rangrej.

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Mr. Ali Mohammad Rangrez s/o Mr. Mohammad Sultan Rangrez, Partner, Messers. Concept Enterprises, Umar Colony B, Lane No.3, Lal Bazar Srinagar, Union Territory of Jammu and Kashmir Also at: House No.123, Umar Colony, Nowshera, Lal Bazaar Srinagar, Union Territory of Jammu and Kashmir.

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Mr. Mohammad Yousuf Rangrez s/o Mr. Mohammad Sultan Rangrez, Partner, Messers. Concept Enterprises, Umar Colony B, Lane No.3, Lal Bazar Srinagar, Union Territory of Jammu and Kashmir

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Also at: House No.123, Umar Colony, Nowshera, Lal Bazaar Srinagar, Union Territory of Jammu and Kashmir.

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Mr. Aijaz Ahmed Rangrez s/o Mr. Ali Mohammad Rangrez, Partner, Messers. Concept Enterprises, Umar Colony B, Lane No.3, Lal Bazar Srinagar, Union Territory of Jammu and Kashmir Also at: House No.123, Umar Colony, Nowshera, Lal Bazaar Srinagar, Union Territory of Jammu and Kashmir.

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Mr. Ghulam Mohammad Rangrez s/o Mr. Mohammad Yousuf Rangrez, Partner, Messers. Concept Enterprises, Umar Colony B, Lane No.3, Lal Bazar Srinagar, Union Territory of Jammu and Kashmir.

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Also at: House No.123, Umar Colony, Nowshera, Lal Bazaar Srinagar, Union Territory of Jammu and Kashmir.

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Mrs. Hudda Rangrez w/o Mr. Ghulam Mohammad Rangrez, Partner, Messers. Concept Enterprises, Umar Colony B, Lane No.3, Lal Bazar Srinagar, Union Territory of Jammu and Kashmir Also at: House No.123, Umar Colony, Nowshera, Lal Bazaar Srinagar, Union Territory of Jammu and Kashmir.

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Mrs. Amina Bano Rangrez s/o Mr. Mohammad Yousuf Rangrez, Partner, Messers. Concept Enterprises, Umar Colony B, Lane No.3, Lal Bazar Srinagar, Union Territory of Jammu and Kashmir Also at: House No.123, Umar Colony, Nowshera, Lal Bazaar Srinagar, Union Territory of Jammu and Kashmir.

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Mrs. Shafiqa Rangrej s/o Mr. Ali Mohammad Rangrej, Partner, Messers. Concept Enterprises, Umar Colony B, Lane No.3, Lal Bazar Srinagar, Union Territory of Jammu and Kashmir Also at: House No.123, Umar Colony, Nowshera, Lal Bazaar Srinagar, Union Territory of Jammu and Kashmir.

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……….Defendants

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Advocates

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Sh.Vijay Sharma, Counsel for the applicant bank. Defendants- ex parte .

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OA for the Recovery of Rs.2,26,90,246.79p with interest @18% per annum with monthly rests from 18.02.2023.

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ORDER

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HDFC Bank Limited, (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.2,26,90,246.79p with interest against Messers. Concept Enterprises and others (defendants).

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Bank’s case is that defendant No.1 is a Partnership Firm and defendant Nos.2 to 8 are its partners. On 20.03.2015, it had granted a loan of Rs.180.00 Lacs in the form of C.C Limit, to the defendants, which was duly renewed/enhanced from time to time, for business purpose. On 23.10.2020, it had granted also granted a loan of

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Rs.36,65,633/- in the form of GECL-WCTL to defendant No.1, for Business purpose. To secure the loan, Defendant Nos. 2 and 3 had mortgaged their properties (fully detailed in para No.3A of the application). Defendant Nos. 2 to 8 stood as guarantors. The loans were chargeable to different rates of interest. On 15.02.2023, a sum of Rs.2,26,90,246.79p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 09.03.2023, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 29.02.2024, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Mr. Sunil Kalra, Branch Manager along with the loan and security documents and marked them as Exhibit A-1 to A-43.

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I have perused the evidence on the record. I am of the considered view that the Bank has proved its case that it had advanced the loans under various schemes and on 15.02.2023, a sum of Rs.2,26,90,246.79p was due.

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Accordingly, the application of the bank for the recovery of Rs.2,26,90,246.79p (Rupees Two Crores Twenty Six Lacs Ninety Thousand Two Hundred Forty Six and Seventy Nine Paise Only) with interest @18% per annum with monthly rests from 18.02.2023, till the date of payment is hereby allowed with costs. The liability of all the defendants would be joint and several. Bank can recover its dues by the sale of mortgaged property/hypothecated stocks/book debts/ assets fully detailed in para No.3A of the application as well as from the personal movable and immovable property(ies) of the defendants.

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Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 03.04.2025, who is directed to distribute the sale proceeds of the mortgaged property as per the provisions of Section 19(20-AB) of the Act . 10. A Copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties. Pronounced in the open Court. (A S Narang) Dated: 04.03.2025 Presiding Officer DRT-1, Chandigarh

Hdfc Bank v. Messers. Concept Enterprises

Case brief

What is this about?

What did the court decide?

Hdfc Bank v. Messers. Concept Enterprises

Case brief

What is this about?

What did the court decide?

What the court decided

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