The Tribunal allowed the bank's application for recovery of an outstanding loan of approximately Rs. 83.61 lakhs. It discarded the bank's claimed interest rate, exercising discretion to award a uniform simple interest of 8% per annum until realization.
Defendants to pay Rs. 83,61,379 with costs and uniform simple interest at 8% p.a.; Recovery Certificate issued.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.506/2024
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 31.03.2024
DATE OF DECISION: 20.02.2025
HDFC Bank Ltd., a Banking company, carrying on banking business under Banking Regulation Act, 1949, incorporated under The Companies Act, 1956 and having its registered Office at HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai 400013, whereas branch at “Mansa, District Mansa (Punjab)” through Ms. Pooja Arora, Senior Manager (Agri. Legal), HDFC Bank Ltd., Ludhiana Branch District Ludhiana(Punjab) being Power of Attorney holder/ Authorised Officer of the applicant .
……..Applicant
Versus
Advocates:
Argued by Sh. Anup Prajapati, Advocate proxy for Sh. Saurabh Bharadwaj, Advocate for the applicant
Sh. Abhishek Sharma, Advocate proxy for Sh. Vishal Gupta, Advocate for defendant no.1 & 2 (through VC ) Defendants no.3 is ex parte
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FINAL ORDER
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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.
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 defendant, 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 @08.00%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.
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Dated: 20.02.2025
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
3 issues framed by the court
Whether the tribunal was entitled to modify the claimed interest rate from 11.50% to 8% per annum in the decree.
Whether the defendants are liable to pay the outstanding loan amount with interest.
Whether a Recovery Certificate can be issued against the defendants.
HDFC Bank Ltd.
Sh. Dhanwant Singh
Smt. Jagdeep Kaur Grewal
Sh. Sukhwinder Singh
MRIDULESH KUMAR SINGH
As recorded by the court registry
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