Allowed

Hdfc Bank Ltd. v. Sh. Ajay Kumar

DRT26 Mar 2025OA/604/2024

Case brief

AI extract

What is this about?

In an ex-parte application for recovery of dues totaling Rs.24.07 lakh from defaulter borrowers, the Debt Recovery Tribunal allowed the application. The Tribunal modified the claimed interest rate to 8% per annum and directed the issuance of a Recovery Certificate enforceable under the SARFAESI Act.

What did the court decide?

Recovery Certificate issued; Defendants declared liable to pay Rs.24,07,898.45 plus costs and uniform interest at 8% p.a.

Hdfc Bank Ltd. versus Sh. Ajay Kumar — Execution and Attachment | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.604/2024 PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 09.05.2024

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DATE OF DECISION: 26.03.2025

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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 Tran Taran Punjab, also at-I-15, Sector-101, Alpha It City Mohali Through its authorized representatives Sh. Rajendra Prasad.

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……..Applicant

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Versus

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Sh. Ajay Kumar S/o Sh. Harsh Kumar R/o 569/12, Chonk Kulla Road, Ward No.12, Patti, Tarn Taran, Punjab 143416.

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Also At : Ajay Dairy Farming, Near Chonk Patti, Tarn Taran, Punjab, 143416

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Smt. Nirmla Rani W/o Sh. Harsh Kumar R/o 569/12, Chonk Kulla Road, Ward No.12 Patti, Tarn Taran, Punjab 143416.

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….……Defendants

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Advocates:

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Argued by Sh. Karan Yuvraj, Advocate proxy for Sh. Amit Rishi, Advocate for Applicant (through VC) 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.24,07,898.45p (Rupees Twenty Four Lacs Seven Thousand Eight Hundred Ninety Eight And Paise Forty Five only). The Original Application has been filed through Sh. Rajendra Prasad, authorized signatory o f the applicant, who is competent to institute the Original Application vide Copy of Board Resolution dated 16.10.2021, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendant had approached

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the applicant for the grant of Vehicle Loan of Rs.21,41,830.00 &

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OA/604/2024

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HDFC BANK LIMITED VS AJAY KUMAR AND ANOTHER

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Consumer Durable Limit of Rs. 43,111.00 vide Copy of Application form dated 14.03.2023 & 31.05.2023, which is Annexure A2 to this OA.

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The applicant sanctioned the Vehicle Limit of Rs.21,41,830/- & Consumer Durable Limit of Rs.43,111.00 sand the terms and conditions were duly accepted by the defendants.

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Defendant no.1 had hypothecated his movable properties i.e. a. Innova Crysta 2.4V bearing Engine Number 2GDA573045 Chassis No. MBJAB8EM604431761~1121 and Registration No. PB02EJ4639 vide copy of RC filed vide diary no.4603 dated 26.03.2025. b. Air conditioner bearing model no. CU-AU18ZKY3F. Documents executed: - Agreement for Auto Loan dated 21.03.2023, which is Annexure A3 to this OA Copy of Demand Notice dated 19.03.2024 along with postal receipts, which is Annexure A4 to this OA and Statement of accounts Along with Copy of certificate under Banker Books Evidence, which are Annexures A5 & A6 to this OA.

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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.24,07,898.45p, 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.

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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 03.03.2025.

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In support of the OA, affidavit of Sh. Rajendra Prasad authorized signatory, HDFC BANK Ltd has been filed. 8. Heard arguments and perused record.

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It was argued by learned proxy counsel (through Video Conferencing) 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 A6 to this OA, it is proved

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OA/604/2024 HDFC BANK LIMITED VS AJAY KUMAR AND ANOTHER

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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.24,07,898.45p (Rupees Twenty Four Lacs Seven Thousand Eight Hundred Ninety Eight And Paise Forty Five 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.in Vehicle Limit & interest @22.36%p.a. in CD Limit from 09.05.2024 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.

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.24,07,898.45p (Rupees Twenty Four Lacs Seven Thousand Eight Hundred Ninety Eight And Paise Forty Five 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

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OA/604/2024

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HDFC BANK LIMITED VS AJAY KUMAR AND ANOTHER

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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 24.04.2025.

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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. Pronounced by me in the open Tribunal .

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Dated: 26.03.2025

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

Hdfc Bank Ltd. v. Sh. Ajay Kumar

Case brief

What is this about?

What did the court decide?

Hdfc Bank Ltd. v. Sh. Ajay Kumar

Case brief

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What did the court decide?

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