Allowed

Hdfc Bank Ltd. v. M/S K L Roadlines and Others

DRT30 Apr 2025OA/620/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the bank's application for the recovery of outstanding dues of Rs.61.77 Lakrs from vehicle loan borrowers. The Tribunal directed acknowledgment of debt, current and future interest at 8% p.a., and authorized recovery via asset sale under SARFAESI if dues remain unsatisfied.

What did the court decide?

Recovery of Rs.61,77,241.78 with interest at 8% p.a. from filing date; recovery through sale of mortgaged or personal assets.

Hdfc Bank Ltd. versus M/S K L Roadlines and Others — Company and Corporate | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.620/2023

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 01.05.2023

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DATE OF DECISION: 30.04.2025

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HDFC Bank Limited, having its Registered Office at Senapati Bapat Marg, Lower Patel (West), Mumbai-400013 also at Plot No.I-15, Alpha IT City Sector 101, Mohali (Pb)-160062 through its authorized representative Ms. Khushpreet Bains

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……..Applicant

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Versus

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M/s K L Roadlines, through its proprietor Sh. Sachin Kumar, 1, Jhandian Kalan, Rupnagar-140119

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M/s Chetna Enterprises, through its proprietor Sh. Sachin Kumar, 1, Jhandian Kalan, Rupnagar-140119

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Sh. Sachin Kumar S/o Sh. Krishan Lal, Jhandian Kalan, Jhandian, Rupnagar-140119

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Sh. Kishan Lal S/o Sh. Diwan Chand, Village Jhandian Kalan, PO Jhandian, Tehsil Anandpur Sahib, District Rupnagar-140119

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Sh. Kamal Dev S/o Sh. Ram Loke, BPO Jatoli, Tehsil Anandpur Sahib, Jatauli, District Rupnagar-140117

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Sh. Kulwinder Kumar S/o Sh. Krishan Lal, Jhandian Kalan, Jhandian, Rupnagar-140119

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………Defendants

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Advocates:

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Argued by Ms. Dipti Toni, Advocate proxy for Sh. Gagandeep Toni, Advocate for the 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

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Institutions Act, 1993, against the defendants for recovery of

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2 OA NO.620/2023 HDFC BANK OF LIMITED VS M/S K L ROADLINES AND OTHERS

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Rs.82,91,422.44p (Rupees Eighty Two Lacs Ninety One Thousand Four Hundred Twenty Two and Fourty Four Paise only). The Original Application has been filed through Ms. Khushpreet Bains, authorized representative o f the applicant, who is competent to institute the Original Application vide Board Resolution dated 16.07.2022, 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 15 Vehicle Loans of Rs.2,04,96,370.00 Lacs vide Loan Applications dated 15.06.2019, which are Annexures A2 to A9 to this OA and further approached the applicant for GECL of Rs.37.49 Lacs.

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The applicant sanctioned the 15 Vehicle Loans of Rs.2,04,96,370.00 Lacs and further Sanctioned GECL of Rs.37.49 Lacs vide sanction Letter dated 18.04.2020, which is Annexure A18 to this OA.

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Defendant nos.1 and 2 had hypothecated their movable properties/vehicles detailed as under:-

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(i) vehicle Namely Tata LPT 1618 5L Turbotronn BSIV, bearing chassis no. MAT526056LAA00342, Engine No.5LNGDICR17AZX500021 and Registration No. PB65AX8621

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(ii) vehicle Namely Tata LPT 1618 5L Turbotronn BSIV, bearing chassis no. MAT526056LAA00624, Engine No.5LNGDICR17AZX500204 and Registration No. PB65AY0532

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(iii) vehicle Namely Tata LPT 1618 5L Turbotronn BSIV, bearing chassis no. MAT526056L5A01388, Engine No.5LNGDICR17AZX500287 and Registration No. PB65AX8622

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(iv) vehicle Namely Tata LPT 1618 5L Turbotronn BSIV, bearing chassis no. MAT526056L5A01387, Engine No.5LNGDICR17AZX500332 and Registration No. PB65AX8620

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Documents executed:- Agreement for Loan and Guarantee Agreement all dated 13.07.2018, which are Annexures A10 to A17 to this OA;

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OA NO.620/2023 HDFC BANK OF LIMITED VS M/S K L ROADLINES AND OTHERS

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Facility Agreement and Declaration Cum Undertaking both dated 18.09.2020, which are Annexures A19 and A20 to this OA; Legal Notice dated 01.04.2023 along with postal receipts, which are Annexures A21 to A27 to this OA; Statements of Accounts with certificate, which are Annexures A28 to A43 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 all the loan accounts there was a debit of Rs.82,91,422.44p, 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 29.10.2024.

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In support of the OA, affidavit of Sh. Sunil Kalra, Manager Legal, HDFC Bank Limited 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 A43 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, both the accounts of the defendants were classified as NPA.

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An affidavit was filed by Ms. Khushpreet Bains, Authorized Officer of applicant vide diary no.6428 dated 29.04.2025. It was deposed that out of total 16 Loan accounts

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4 OA NO.620/2023 HDFC BANK OF LIMITED VS M/S K L ROADLINES AND OTHERS

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11 accounts have been closed and only 5 account are pending for recovery .

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From the documentary evidence brought on record, it is proved that after consideration amount received form closure of 11 accounts applicant is entitled to recover a sum of Rs.61,77,241.78p (Rupees Sixty One Lacs Seventy Seven Thousand Two Hundred Fourty One and Seventy Eight Paise only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of both 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 @10.52%p.a. from 03.02.2023 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 all 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.61,77,241.78p (Rupees Sixty One Lacs Seventy Seven Thousand Two Hundred Fourty One and Seventy Eight Paise only) jointly and severally, with costs, current and future simple interest @8.00%p.a. in all 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

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5 OA NO.620/2023 HDFC BANK OF LIMITED VS M/S K L ROADLINES AND OTHERS

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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 23.05.2025. 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: 30.04.2025

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

Hdfc Bank Ltd. v. M/S K L Roadlines and Others

Case brief

What is this about?

What did the court decide?

Hdfc Bank Ltd. v. M/S K L Roadlines and Others

Case brief

What is this about?

What did the court decide?

What the court decided

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