The Debts Recovery Tribunal allowed IDFC Bank Ltd.'s ex-parte application for recovery of a principal shortfall and adjudicated the rate of interest going forward, directing the issuance of a recovery certificate.
Recovery certificate issued for Rs.2,87,91,592.74 plus costs and simple interest at 8% p.a. till realization.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.754/2024
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 16.05.2024
DATE OF DECISION: 04.03.2025
IDFC BANK LTD., (Erstwhile Capital First Limited) Inter Alia Having its registered office at KRM Towers 7th Floor, No.1, Harrington Road, Chetpet Chennai 600031 And Having its branch Office at Plot No.28, Industrial Area Phase-1, Chandigarh Through its authorized Representative Sh. Vassu Bhasin, Manager Legal.
……..Applicant
2nd Address : GT Road, Jugiana, Ludhiana Punjab-141020.
3rd Address : R/o House No. B-20, 2913, Gurdev Nagar Pakhowal Road, Ludhiana Punjab-141002.
3rd Address : R/o House No. B-20, 2913, Gurdev Nagar, Pakhowal Road, Ludhiana Punjab-141002.
Advocates:
Argued by Sh. Abhishek Bhateja, Advocate for Applicant (through VC) Defendants are ex parte
2
FINAL ORDER
3
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.
4
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 the loan account from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.
| (MRIDULESH KUMAR SINGH) |
|---|
| Presiding Officer, |
| DRT-III, Chandigarh |
3 issues framed by the court
Whether to allow the recovery application filed under Section 19 of RDDBFI Act.
Whether to determine the rate of interest pending and future interest in a below-market scenario.
Whether to grant a recovery certificate notwithstanding the absence of defendants.
2 provisions across 2 enactments
IDFC Bank Ltd.
Sh. Sumesh Chadha
Smt. Geeta Chadha
Chadha Super Cars Limited
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
