The DRT allowed the bank's application for recovery of outstanding vehicle loan dues, adjudged a reduced sum, and directed recovery from hypothecated or personal assets under the SARFAESI Act.
Recovery of Rs.30,20,795.25 plus interest at 8% p.a. from sale of hypothecated or personal assets.
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.79/2023
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 16.01.2023
DATE OF DECISION: 21.05.2025
HDFC Bank Limited, having its registered office at Senapati Bapat Marg, Lower Parel- (West), Mumbai- 400013 and also at Plot No. 1-15, Sector 101, ALPHA IT City, SAS Nagar, (Mohali) through its authorized representative, Mr. Rajendra Prasad
……..Applicant
Versus
Advocates:
Argued by Ms. Dipti Toni, Advocate for the applicant Defendants are ex parte
FINAL ORDER
2 OA NO.79/2023 HDFC BANK LIMITED VS RAJIV KUMAR AND OTHERS
3 OA NO.79/2023 HDFC BANK LIMITED VS RAJIV KUMAR AND OTHERS
On 19.05.2025 an affidavit filed vide diary no.7643 by Sh. Rajendra Prasad, Authorized Officer of applicant and deposed that out of four accounts Two accounts have been closed. After the adjustment of amount received now total outstanding is Rs.30,20,795.25p (Thirty Lacs Twenty Thousands Seven Hundred Ninety Five and Paise Twenty Five only) as on 23.12.2022 .
From the documentary evidence brought on record, it is proved that applicant bank is entitled to recover a sum of Rs.30,20,795.25p (Thirty Lacs Twenty Thousands Seven Hundred Ninety Five and Paise Twenty 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.
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
4 OA NO.79/2023 HDFC BANK LIMITED VS RAJIV KUMAR AND OTHERS
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 the loan accounts from the date of filing of the OA till realization of the amounts 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 Rs.30,20,795.25p (Thirty Lacs Twenty Thousands Seven Hundred Ninety Five and Paise Twenty Five only) jointly and severally, with costs, current and future simple interest @8.00%p.a. in the loan accounts from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant bank 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 bank 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.
Pronounced by me in the open Tribunal .
Dated: 21.05.2025
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the defendants are liable to repay the outstanding loan amount and interest.
Whether interest rates should be adjusted due to drastic changes in market rates.
2 provisions across 2 enactments
HDFC Bank Limited
Rajiv Kumar
Kanchan Kumari
Amarjit Singh
Deepak Chopra
Mridulesh Kumar Singh
As recorded by the court registry
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