Allowed

Hdfc Bank Ltd. v. Sh. Bikramjeet Singh

DRT28 Feb 2025OA/505/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by HDFC Bank for recovery of Rs.31.27 Lacs from four respondents. The Tribunal found documentary evidence unrebutted, ordered ex-parte disposal, and justified granting 8% simple interest instead of claimed higher rates.

What did the court decide?

Recovery of Rs.31,27,957.16p jointly and severally with 8% p.a. simple interest. Recovery Certificate issued. Authority to recover from sale of mortgaged or personal assets granted.

Hdfc Bank Ltd. versus Sh. Bikramjeet Singh — Banking and Recovery | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.505/2024 PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION:19.03.2024

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DATE OF DECISION: 28.02.2025

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HDFC Bank Limited, having its Registered Office at, Senapati Bapat Marg, Lower Parel (West) Mumbai-400013, having its Branch Office at Kala Sangian, District Kapurthala, Punjab-144623, also at: HDFC Bank Ltd., Plot No., I-15, Sector-101, ALFA IT CITY, Mohali, Punjab-160062 through its Authorized Representative Mr. Dinesh Kumar.

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……..Applicant

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Versus

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Sh. Bikramjeet Singh S/o Sh. Jaswinder Singh, Bussowal, Sultanpur Lodhi, Kapurthala, Punjab-144626.

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Sh. Paramjit Singh S/o Sh. Jaswinder Singh, Bussowal, Sultanpur Lodhi, Kapurthala, Punjab-144626.

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Ms. Jagdish Kaur Bussowal, Sultanpur Lodhi, Kapurthala, Punjab144626

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Sh. Harbhajan Singh S/o Sh. Virsa Singh, Bussowal, Sultanpur Lodhi, Kapurthala, Punjab-144626.

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….……Defendants Advocates: Argued by Sh. Manish Luthra, Advocate proxy for Sh. Iqbal Mohammed, Advocate for the applicant Defendants are ex-parte

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FINAL ORDER 1. 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.31,27,957.16p (Rupees Thirty One Lacs Twenty Seven Thousand Nine Hundred Fifty Seven & Sixteen Paise only). The Original Application has been filed through Mr. Dinesh Kumar, Authorized Representative o f the applicant, who is competent to institute the Original Application vide Power of Attorney dated 25.10.2023, 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 Cash Credit Limit of Rs.25.13 Lacs and Dropline Overdraft facility of Rs.3.37 Lacs vide Loan application form dated 03.12.2020, which is Annexure A2 to this OA. 3. The applicant sanctioned the Cash Credit Limit of Rs.22.00 Lacs and Dropline Overdraft facility of Rs.3.00 Lacs vide Sanction Letters dated 28.12.2020, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants. 4. Defendants No.1 to 3 had mortgaged his immovable properties i.e. total land measuring 72K-13M situated at Village Bussowal, Hadbast no.143, Tehsil Sultanpur Lodhi, District Kapurthala, Punjab vide Declaration under section 4 (1) dated 01.01.2025 along with its Translations, Title Search report & Letter to Sub Registrar for Registration of Bank Charge Letter, which are Annexures A6 to A8 to this OA. Documents executed:- Hypothecation agreements dated 28.12.2020, which are Annexures A4 & A5 to this OA; Affidavit dated 04.01.2021, which is Annexure A9 to this OA; Recall Notice dated 14.11.2023, which is Annexure A10 to this OA and Statement of accounts along with Bank Certificate, which are Annexures A11 to A13 to this OA. 5. The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in both the loan accounts there was a debit of Rs.31,27,957.16p, 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. 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 11.02.2025. 7. In support of the OA, affidavit of Mr. Dinesh Kumar, Authorized Representative, HDFC Bank Ltd has been filed. 8. Heard arguments and perused record.

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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 the Annexures A1 to A13 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, 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.31,27,957.16p (Rupees Thirty One Lacs Twenty Seven Thousand Nine Hundred Fifty Seven & Sixteen Paise 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.

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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 @13.00%p.a. plus penal interest @16.00%p.a. & interest @16.00%p.a. plus penal interest @16.00%p.a. with half yearly rests from 02.10.2023 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 both 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.31,27,957.16p (Rupees Thirty One Lacs Twenty Seven Thousand Nine Hundred Fifty Seven & Sixteen Paise only) jointly and severally,

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with costs, current and future simple interest @8.00%p.a. in both 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 01.04.2025. 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: 28.02.2025

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

Hdfc Bank Ltd. v. Sh. Bikramjeet Singh

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Hdfc Bank Ltd. v. Sh. Bikramjeet Singh

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