Debt Recovery Tribunal allowed the finance company's original application for recovery of dues. The court reduced the principal claim by deducting penal interest and modified the future interest rate from 18% to 9% per annum before directing payment.
Defendant to pay Rs. 10,41,254/- along with future interest @ 9% per annum and issue of Recovery Certificate.
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.
Presented on .. 01.03.2018 Registered on .. 03.06.2023 Decided on .. 17.06.2025 Duration .. Y—M—D 07--03--16
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 910/2023.
HDFC Bank Limited,
A Banking Company within the meaning of the Banking Regulation Act, 1949 incorporated and duly registered under the provisions of the Companies Act, 1956 and having its registered office at HDFC Bank House, C.S. No. 6/242, Senapati Bapat Marg, Lower Parel (West), Mumbai and branch at – Atul Chambers, 5th Floor, Moledina Road, Opp. Kakde Mall, Pun e 411 001.
… Applicant
Versus
Guddu Mohamed Chinchale, R/o – 13/459, Kadapure Tal, Kulkarni Mala, Ichalkaranji 416 115.
… Defendant
:- Appearances
For Applicant Adv Ankit Kulkarni i/b Adv Abhay Nevagi. For Defendant Ex parte.
Total Claim Amount – Rs.10,66,734/-
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JUDGMENT (Delivered on 17th June, 2025)
As per the loan application dated 12.02.2014 of the defendant, the applicant Bank sanctioned the Cash Credit facility of Rs.10,00,000/- to the defendant for working capital requirement vide Sanction Letter dated 05.03.2014.
In order to secure the aforesaid loan facility, the defendant executed loan and necessary security documents in favour of the applicant Bank along with deed of hypothecation, in favour of the applicant Bank. Thereafter, the said Cash Credit facility was renewed from time to time and lastly it was renewed vide Sanction Letter dated 04.03.2017.
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applicant Bank has classified the account of the defendant as Non Performing Asset in accordance with guidelines of Reserve Bank of India. Therefore, on 13.02.2018, the applicant Bank issued Demand Notice to the defendant. Despite service of Notice, the defendant failed and neglected to pay the outstanding dues of the applicant Bank.
Hence, this application is filed.
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applicant Bank. Therefore, the applicant Bank is entitled for reliefs as claimed.
Hence, I pass the following order.
O R D E R
A} Original Application No. 910/2023 is allowed with proportionate costs.
B} The defendant shall pay to the applicant Bank the sum of Rs.10,41,254/- (Rupees Ten Lakhs Forty One
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Thousand Two Hundred Fifty Four only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 01.03.2018 till full payment/realization of the amount mentioned in this operative order.
Sd/( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 17.06.2025 Debts Recovery Tribunal, Pune.
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2 issues framed by the court
Whether to allow an original application for recovery of bank dues against a defendant who failed to appear.
Whether to modify the claimed future interest rate from 18% per annum to 9% per annum as just and reasonable.
HDFC Bank Limited
Dilip G. Murumkar
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
