Allowed

Hdfc Bank v. M/S New Era Hybrid Seeds

DRT19 Jun 2025OA/839/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by HDFC Bank for recovery of outstanding loan dues of approximately 1.38 crore rupees with interest against a proprietorship firm and its proprietor and guarantor who appeared ex parte.

What did the court decide?

Recovery of Rs.1,38,11,033.13 with interest at 8.25% per annum from 25.04.2022, costs, and issuance of a recovery certificate for enforcement against mortgaged and personal assets.

Hdfc Bank versus M/S New Era Hybrid Seeds — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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OA No: 839/2022

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Date of Institution: 25.04.2022 Date of Decision: 19.06.2025

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HDFC Bank at Plot No. 28, HDFC Bank House, Industrial Area, PhaseI, Chandigarh

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……..Applicant

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Vs.

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M/s New Era Hybrid Seeds through its Proprietor Sh. Satish Kumar, Mirzapur Road, Hisar, District Hisar, Haryana-125001. Also at: House No.1756, Vinod Nagar, DCM Gate, Hisar, Haryana-125001.

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Sh. Satish Kumar, Proprietor of M/s New Era Hybrid Seeds Mirzapur Road, Hisar, District Hisar, Haryana-125001. Also at: House No.1756, Vinod Nagar, DCM Gate, Hisar, Haryana-125001.

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Smt. Seema Rani, r/o House No.1756, Vinod Nagar, DCM Gate, Hisar, Haryana-125001.

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…….Defendants

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Advocates

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Ms Anu Dhiman proxy counsel for Sh. Gagandeep Toni, Counsel for the applicant bank

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Defendants- ex parte

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OA for the Recovery of Rs.1,38,11,033.13p with interest @8.25% per annum with monthly rests from 25.04.2022. ORDER

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HDFC Bank (Applicant Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.1,38,11,033.13p with interest against New Era Hybrid Seeds and Others (defendants).

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Defendant No. 1 is a Proprietorship firm of defendant No. 2. Bank’s case is that on 21.10.2017, it had granted loans of Rs.80.00 Lacs in the form of Cash Credit Facility and on 20.06.2020, Rs.15,65,200/- in the form of WCTL Facility to defendant Nos. 1 and 2 for business purpose. Defendant No. 3 stood as guarantor. To secure the loans, the defendant No. 2 had mortgaged his property (fully detailed in para No.3A of the application). The loans were chargeable to interest @8.70% per annum with monthly rests. On 04.05.2022, a sum of Rs.1,38,11,033.13p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 02.07.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 09.11.2023, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Ms Samandeep Kaur Sekhon, Authorised Representative along with the loan and security documents and marked them as Exhibit A-1 to A-20. 5. 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 total loan of Rs.95,65,200/- and on 04.05.2022, a sum of Rs.1,38,11,033.13p was due.

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¶22

Accordingly, the application of the bank for the recovery of Rs.1,38,11,033.13p (Rupees One Crore Thirty Eight Lacs Eleven Thousand Thirty Three and Thirteen Paisa Only) with interest @8.25% per annum with monthly rests from 25.04.2022, 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 mortgaged property(ies) fully detailed in para No.3A of the application as well as from the hypothecated assets/stocks/goods/book debts etc. and 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 24.07.2025 , who is directed to distribute the sale proceeds of the mortgage property(ies) as per the provisions of Section 19(20-AB) of the Act .

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A copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties.

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Pronounced in the open Court	(A S Narang)
Dated: 19.06.2025	Presiding Officer
	DRT-2, Chandigarh
	(Additional charge)

Hdfc Bank v. M/S New Era Hybrid Seeds

Case brief

What is this about?

What did the court decide?

Hdfc Bank v. M/S New Era Hybrid Seeds

Case brief

What is this about?

What did the court decide?

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