Debts Recovery Tribunal allowed an Original Application by HDFC Bank Ltd. for recovery of Rs.24.40 Lakhs from borrowers and guarantors. The Tribunal adjusted interest rate to 8% p.a. and ordered issuance of a Recovery Certificate.
Recovery of Rs.24,40,224.00p with 8% per annum simple interest; Recovery Certificate issued for execution proceedings.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.902/2022
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 27.05.2022
DATE OF DECISION: 10.10.2025
HDFC Bank Ltd., a banking company, carrying on 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 whereas Branch Office amongst the other places on at “Sardulgarh Branch, District Mansa (Punjab)” through Pooja Arora, Senior Manager (Agri. Legal), HDFC Bank Ltd., Ludhiana Branch, District Ludhiana (Punjab) being Power of Attorney holder of the applicant.
……..Applicant
Versus
2 OA NO.902/2022 HDFC BANK LIMITED VS SH. KULWANT SINGH AND OTHERS
Advocates:
Argued by, Sh. Saurabh Bhardwaj, Advocate for Applicant Defendants already ex parte
FINAL ORDER
3 OA NO.902/2022 HDFC BANK LIMITED VS SH. KULWANT SINGH AND OTHERS
dated 14.03.2022, along with postal receipts, which is Annexure A11 to this OA and Accounts Statement, which are Annexures A12 to A13 to this OA.
4 OA NO.902/2022 HDFC BANK LIMITED VS SH. KULWANT SINGH AND OTHERS
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 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 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.24,40,224.00p (Rupees Twenty Four Lacs Forty Thousand Two Hundred Twenty Four Only) jointly and severally, with costs, current and future simple interest @8.00%p.a. in both the 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 defendants in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the applicant 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.
5 OA NO.902/2022 HDFC BANK LIMITED VS SH. KULWANT SINGH AND OTHERS
2 issues framed by the court
Whether the Applicant is entitled to recover the outstanding debt of Rs.24,40,224.00p from the defendants jointly and severally.
Whether interest rate requested by the Applicant is acceptable or needs uniformity with Tribunal discretion.
2 provisions across 2 enactments
HDFC Bank Ltd.
Sh. Kulwant Singh
Legal heirs of Late Sh. Bahadur Singh
Sh. Ujagar Singh
MRIDULESH KUMAR SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
