The Debt Recovery Tribunal allowed the bank's application for recovery of outstanding dues. The court ruled the defendants liable to pay Rs.52,47,577.64 plus interest at 8% p.a. and directed the issuance of a recovery certificate.
Recovery certificate directed; defendants ordered to pay Rs.52,47,577.64 jointly and severally with simple interest at 8% p.a.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.808/2024
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 10.06.2024
DATE OF DECISION: 21.02.2025
HDFC BANK LIMITED, having its registered office at Senapati bapat Marg, Lower Parel, (West), Mumbai 400013 Also at: Plot No. I-15, ALPHA IT CITY, SAS NAAGR MOHALI, Through its authorized Representative Mr. Rajendra Prasad.
……..Applicant Versus
………. Defendants
Advocates:
Argued by Ms. Dipti Toni, Advocate proxy for Sh. Gagandeep Toni, Advocate for the applicant Defendants are ex-parte
FINAL ORDER
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Rs.36,42,362.00 vide Loan Applications dated 29.06.2022, which is Annexure A2 to this OA. 3. The applicant sanctioned Two Vehicles Loan of Rs.33,30,159.00 and Rs.36,42,362.00 to this OA. 4. Defendants had hypothecated their movable properties i.e. Two Vehicle namely:(i) SIGNA 2818 55 CAB BSVI bearing Registration no. PB11DA8147, Engine no. 6B6A180D02122B63897052 and Chassis no. MAT819003N2C04488. (ii) TATA LPT 3118 bearing Registration no. PB11DA8247 Engine no.6B6A180D02122D63903034 and Chassis no. MAT775006N1D12223 vide Agreements for loan & Guarantee dated 13.07.2022, which is Annexure A3 to this OA. Documents executed :- Statement of account dated 15.05.2024, which are Annexures A4 & A5 to this OA and Copy of legal notice dated 17.05.2024 along with postal receipts, which are Annexures A6 to A8 to this OA. 5. The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in both loan accounts there was a debit of Rs.52,47,577.64p, 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. 6. The defendants were served notices to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded 28.10.2024. 7. In support of the OA, affidavit of Mr. Rajendra Prasad, Authorized Officer, HDFC BANK LIMITED, has been filed. 8. Heard arguments and perused record. 9. It was argued by learned proxy counsel that in view of the documentary evidence brought on record which had gone unrebutted,
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the applicant had proved its case. From the perusal of all the Annexures A1 to A8 to this OA, it is proved that the defendants approached applicant for availing of the loans facilities which were granted to them and for that they had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loans 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.52,47,577.64p (Rupees Fifty Two Lacs Forty Seven Thousand Five Hundred Seventy Seven & Sixty Four Paise 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. 10. In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @9.76%p.a. from 18.06.2024 till the realization. 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 loans 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 @08.00%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. 11. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.52,47,577.64p (Rupees Fifty Two Lacs Forty Seven Thousand Five Hundred Seventy Seven & Sixty Four Paise Only) jointly and severally, with costs, current and future simple interest @08.00%p.a. in both the
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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 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 26.03.2025. 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: 21.02.2025
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
1 issue framed by the court
Whether the defendants are liable to repay the outstanding loan amount along with interest to the applicant.
1 provisions across 1 enactments
HDFC BANK LIMITED
MRIDULESH KUMAR SINGH
As recorded by the court registry
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