Debts Recovery Tribunal allowed the bank's original application for recovery of Rs. 28.92 Lacs from two defaulting borrowers. It directed the issuance of a Recovery Certificate and fixed a uniform simple interest rate of 8% per annum.
Issuance of Recovery Certificate; direction to respondents to pay Rs. 28,92,288 with 8% simple interest.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.825/2022
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 19.04.2022
DATE OF DECISION: 27.03.2025
HDFC Bank Limited, a banking company, carrying on the banking business under the Banking Regulation Act, 1949, incorporated under the Companies Act, 1956 and having its Registered Office at HDFC Bank House, Senapati Bapat Marg, lower Parel, Mumbai-400013 and Branch Office amongst other places one at Begowal, Distt. Kapurthala, through Sh. Harminder Pal Singh, Manager holder of an attorney from the Applicant.
.. … …..Applicant Versus
1. Sh. Baldev Singh S/o Sh. Darshan Singh R/o H.No.170, Habibwal, Tehsil Bhulath, District Kapurthala-144624.
2. Sh. Joginder Singh S/o Sh. Baldev Singh R/o H.No.170, Habibwal, Tehsil Bhulath, District Kapurthala-144624.
….……Defendants
Advocates:
Argued by Sh. J.S. Sehgal, Advocate for Applicant Defendants are ex parte
FINAL ORDER
dated 16.12.2020, which is Annexure A1 to this OA.
2 OA NO.825/2022 HDFC BANK LIMITED VS BALDEV SINGH AND ANOTHER
and Term Loan of Rs.3.90 Lacs vide Loan Application dated 19.09.2014, which is Annexure A2 to this OA. Further, defendants again approached the applicant for fresh CC limit of Rs.1.00 Lacs vide Retail Agriculture Loan application dated 10.08.2015, which is Annexure A12 to this OA.
3 OA NO.825/2022 HDFC BANK LIMITED VS BALDEV SINGH AND ANOTHER
outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.
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
4 OA NO.825/2022 HDFC BANK LIMITED VS BALDEV SINGH AND ANOTHER
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 @08.00%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.
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
1 issue framed by the court
Whether the defendants are liable to pay the outstanding loan amount to the applicant bank.
1 provisions across 1 enactments
HDFC Bank Limited
Baldev Singh S/o Sh. Darshan Singh
Joginder Singh S/o Sh. Baldev Singh
Mridulesh Kumar Singh
As recorded by the court registry
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