Allowed

Hdfc Bank Limited v. Sh. Gagandeep Singh and Others

DRT27 Jun 2025OA/591/2025

Case brief

AI extract

What is this about?

DRT allowed an application by HDFC Bank for recovery of Rs. 20.35 Lakhs plus interest against three defendants jointly and severally. Interest rate fixed at 8% p.a. instead of claimed 12%. Recovery via SARFAESI Act authorized.

What did the court decide?

Recovery of Rs.20,35,057.81 with 8% p.a. simple interest; direction to recover from sale of mortgaged properties or personal assets.

Hdfc Bank Limited versus Sh. Gagandeep Singh and… — Contract and Commercial Disputes | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.591/2025 PRESIDED OVER BYMRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 25.02.2025

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DATE OF DECISION: 27.06.2025

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HDFC BANK LTD., incorporated under the companies act, 1956 and bank within the meaning of the banking regulations Act, 1949 and having its registered office at HDFC BANK HOUSE, Senapati Bapat Marg, Lower Parel, (West)Mumbai-400013 and its regional office at HDFC Bank Ltd., Bank house Plot No.I-15, Sector-101, Alpha, IT city, Mohali District SAS Nagar Punjab-160062 and having one of its branch office at Sangrur-II, District Sangrur, (Punjab) through its authorized signatory Mrs. Pooja Arora.

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……..Applicant

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Versus

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Gagandeep Singh S/o Sh. Roop Singh R/o Village Bhaini Mehraj, Saron Patti, Tehsil and District Barnala-148106.

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Roop Singh Alias Jagroop Singh S/o Sh. Gurdev Singh R/o Village Bhaini Mehraj, Saron Patti, Tehsil and District Barnala-148106.

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Simarjit Singh S/o Sh. Roop Singh R/o Village Bhaini Mehraj, Saron Patti, Tehsil and District Barnala-148106.

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….……Defendants

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Advocates:

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Present by Sh. Arvind Rajotia, Advocate proxy for Sh. Ankur Jindal, Advocate for the applicant Defendants are ex parte

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FINAL ORDER

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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.20,35,057.81p (Rupees Twenty Lacs Thirty Five Thousand Fifty Seven & Eighty One Paise only). The Original Application has been filed through Ms. Pooja Arora, Manager Legal, o f the applicant, who is

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2 OA NO.591-2025

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HDFC BANK LIMITED VS GAGANDEEP SINGH AND OTHERS

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competent to institute the Original Application vide Power of Attorney dated 17.01.2024, 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.14.78 Lacs & Term Loan of Rs.3.25 Lacs vide Loan application dated 17.12.2015, which is Annexure A2 to this OA. 3. The applicant sanctioned the Cash Credit Limit of Rs.14.78 Lacs & Term Loan of Rs.3.25 Lacs vide Sanction letter dated 11.01.2016, which are Annexures A3 & A4 to this OA and the terms and conditions were duly accepted by the defendants. 4. Defendant no.1 had mortgaged their immovable properties i.e. total land measuring 32K-0M situated at Bhaini Mehraj, Sub tehsil Dhanaula, Tehsil and District Barnala Punjab vide Declaration u/s 4(1) dated 01.02.2016, which is Annexure A5 to this OA. Documents executed: Confirmation letter by advocate, Agreement for cash credit facilities, Demand Promissory note, Letter of continuing for DP note all dated 12.02.2016, which are Annexures A6 to A10 to this OA; Statements of accounts along with certificate, which are Annexures A11 to A13 to this OA; Legal notice dated 06.12.2024 with Postal receipts, which are Annexures A14 to A17 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.20,35,057.81p, 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 25.06.2025. 7. In support of the OA, affidavit of Ms. Pooja Arora, branch manager, HDFC Bank Ltd., h as been filed.

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3 OA NO.591-2025 HDFC BANK LIMITED VS GAGANDEEP SINGH AND OTHERS

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Ld. proxy counsel for applicant present has not advanced any argument. Perused record. 9. 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 A17 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.20,35,057.81p (Rupees Twenty Lacs Thirty Five Thousand Fifty Seven & Eighty One 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 @12.00%p.a. with half yearly rests from 06.12.2024 till the realization.

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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

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OA NO.591-2025

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HDFC BANK LIMITED VS GAGANDEEP SINGH AND OTHERS

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Rs.20,35,057.81p (Rupees Twenty Lacs Thirty Five Thousand Fifty

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Seven & Eighty One Paise only) jointly and severally, 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.

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Any other application pending stands disposed of .

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Issue Recovery Certificate accordingly.

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Parties to appear before Learned Recovery Officer of this Tribunal on 17.07.2025.

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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.

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Pronounced by me in the open Tribunal .

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Dated:27.06.2025.

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

Hdfc Bank Limited v. Sh. Gagandeep Singh and Others

Case brief

What is this about?

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Hdfc Bank Limited v. Sh. Gagandeep Singh and Others

Case brief

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What did the court decide?

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