Allowed

Hdfc Bank v. M/S East West Agencies

DRT17 Apr 2025OA/751/2022

Case brief

AI extract

What is this about?

The DRT-I, Chandigarh allowed the applicant bank's OA for recovery of Rs. 90,78,535.68 with interest against the respondents, finding that the loan documents were proved and the debt was due. The court issued a Recovery Certificate and directed the sale of defendants' property.

What did the court decide?

Recovery of Rs. 90,78,535.68 with interest at 8.65% p.a. from 19.04.2022 till payment, plus costs, by sale of defendants' movable and immovable property.

Hdfc Bank versus M/S East West Agencies — Banking and Recovery | 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: 751 of 2022 Date of Institution: 19.04.2022 Date of Decision: 17.04.2025

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HDFC Bank Ltd. having its branches all over India and a branch at Jalandhar, Punjab.

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……..Applicant

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Vs.

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M/s East West Agencies, a partnership firm concern, through its partners Sh. Tejinder Singh Bhatia and Sh. Ravinder Singh Bhatia both sons of Sh. Kalyan Singh having its business address situated at ES-51, Friends Cinema Road, Civil Lines, Jalandhar, Punjab.

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Sh. Tejinder Singh Bhatia s/o Sh. Kalyan Singh r/o H.no. 324, Choti Baradari Part-2, Jalandhar, Punjab.

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Sh. Ravinder Singh Bhatia s/o Sh. Kalyan Singh r/o H.no. 324, Choti Baradari Part-2, Jalandahr, Punjab.

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……….Defendants

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Advocates

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Sh. Sumit Batra, Counsel for the applicant bank. Defendants - ex parte .

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OA for the Recovery of Rs. 90,78,535.68p with interest @8.65% per annum with monthly rests from 19.04.2022.

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ORDER

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HDFC Bank Ltd. (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs. 90,78,535.68p with interest against M/s East West Agencies and others (defendants).

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Defendant no.1 is the partnership concern of Defendant nos. 2 and 3. Bank’s case is that on 07.05.2018, it had granted a CC Limit of Rs.300.00 Lacs to Defendant no. 1 through its partners Defendant nos. 2 and 3 for business purpose. Thereafter, the bank had renewed the said Credit Limit from time to time and lastly on 30.05.2020 Bank had renewed

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the limit for a sum of Rs. 294.00 Lacs as CC Limit to Defendant no. 1 through its partners. The loan was chargeable to interest @8.65% per annum with monthly rests. Defendant nos. 2 and 3 stood as the guarantors. On 28.02.2022, a sum of Rs. 90,78,535.68p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 05.05.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 21.08.2024, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Mr. Sunil Kalra, Legal Manager along with the loan and security documents and marked them as Exhibit A-1 to A-16.

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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.294.00 Lacs and on 28.02.2022, a sum of Rs. 90,78,535.68p was due.

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Accordingly, the application of the bank for the recovery of Rs.90,78,535.68p (Rupees Ninety Lacs Seventy Eight Thousand Five Hundred Thirty Five and Sixty Eight Paise Only) with interest @8.65% per annum with monthly rests from 19.04.2022, till the date of payment is hereby allowed with costs. The liability of all the defendants would be joint and several. Bank can recover its dues by the sale of personal movable and immovable property(ies) of the defendants.

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Pending IAs, if any, stand disposed of.

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Recovery Certificate be issued accordingly.

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Parties are directed to appear before Recovery Officer on 20.05.2025, who is directed to distribute the sale proceeds as per the provisions of Section 19(20-AB) of the Act . 10. 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: 17.04.2025 Presiding Officer DRT-1, Chandigarh

Hdfc Bank v. M/S East West Agencies

Case brief

What is this about?

What did the court decide?

Hdfc Bank v. M/S East West Agencies

Case brief

What is this about?

What did the court decide?

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