Allowed

Hdfc Bank v. Jahangir Ahmad Naikoo

DRT29 Aug 2025OA/52/2022

Case brief

AI extract

What is this about?

The Tribunal allowed an Original Application filed by HDFC Bank Limited for the recovery of Rs.78,04,220 with interest against the defendants, a loan borrower and a guarantor, recognizing the joint and several liability and authorizing the sale of mortgaged land and personal property.

What did the court decide?

Recovery of Rs.78,04,220 with 11% interest allowed; directions issued for sale of mortgaged land and property; parties to appear before Recovery Officer.

Hdfc Bank versus Jahangir Ahmad Naikoo — Contract and Commercial Disputes | 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: 52/2022 Date of Institution: 31.12.2021 Date of Decision: 29.08.2025

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HDFC Bank Limited having its branches all over India and a branch at Shopian Branch, Shopian, Jammu & Kashmir (U.T.)

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……..Applicant

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Vs.

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Jahangir Ahmad Naikoo s/o Sh. Abdul Gani Naikoo, r/o H.No.83, Village Pinjoora Partly, Shopian, Jammu & Kashmir (U.T.)

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Farooq Ahmad Lone s/o Sh. Gh. Hassan Lone, r/o H.No.59, Village Kanipora, Shopian, Jammu & Kashmir (U.T.)

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……….Defendants

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Advocates

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Sh. Saurabh Bhardwaj, Counsel for the applicant bank. Defendants - ex parte vide order dated 18.07.2023 .

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OA for the Recovery of Rs.78,04,220/- with interest @11% per annum with half-yearly rests from 31.12.2021.

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ORDER

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HDFC Bank Limited has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.78,04,220/- with interest against Sh. Jahangir Ahmad Naikoo and another (defendants).

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Bank’s case is that on 19.02.2013, it had granted a loan of Rs.31.75 Lacs to defendant No.1 in the form of C.C. Limit for agricultural purpose. During the Year 2016, as per the directions of Government of India, the interest of the Credit Limit Facilities was converted into FITL Account (Agri. Term Loan) amounting to Rs.10,92,300.21p. To secure the loan, Defendant No.1 had mortgaged his land (fully detailed in para No.3A of the application). Defendant No.2 stood as guarantor. The loan was chargeable to interest @11% per annum with half-yearly rests. On

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29.10.2021, a sum of Rs.78,04,220/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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3. On 26.04.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put
in appearance. Vide order dated 18.07.2023, they were proceeded_ex parte_.
4. In order to prove its case, the Bank has placed on record the
affidavit of Sh. Jatinder Mishra, Assistant Manager along with the loan and security documents and marked them as Exhibit A-1 to A-11.
5. 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 loan of
Rs.31.75 Lacs and on 29.10.2021, a sum of Rs.78,04,220/- was due.
6. Accordingly, the application of the bank for the recovery of
Rs.78,04,220/- (Rupees Seventy Eight Lacs Four Thousand Two Hundred Twenty Only) with interest @11% per annum with half-yearly rests from
31.12.2021, till the date of payment is hereby allowed with costs. The
liability of both the defendants would be joint and several. Bank can recover its dues by the sale of mortgaged land fully detailed in para No.3A of the application as well as from the personal movable and immovable property(ies) of the defendants. 7. Pending IAs, if any, stand disposed of.
8. Recovery Certificate be issued accordingly.
9. Parties are directed to appear before Recovery Officer on
09.10.2025,who is directed to distribute the sale proceeds of the
mortgaged land and standing crops as per the provisions of Section 19(20- AB) of the Act.

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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: 29.08.2025 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Hdfc Bank v. Jahangir Ahmad Naikoo

Case brief

What is this about?

What did the court decide?

Hdfc Bank v. Jahangir Ahmad Naikoo

Case brief

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What did the court decide?

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