Partly allowed

Hdfc Bank Limited v. M/S Anmol Tyres and Others

DRT17 Dec 2025OA/944/2024

Case brief

AI extract

What is this about?

In an Original Application filed under the Recovery of Debts and Bankruptcy Act, 1993, for recovery of dues amounting to over Rs. 2.27 crores, the Debts Recovery Tribunal allowed the application after the parties executed a settlement agreement. A consent decree was passed directing the defendants to pay the settled amount of Rs. 1.65 crores within 80 days, with a liability to pay the outstanding

What did the court decide?

Consent decree passed; Rs. 1.65 Crore to be paid within 80 days; full dues recoverable via SARFAESI Act in case of default.

Hdfc Bank Limited versus M/S Anmol Tyres and Others — Insolvency and Bankruptcy | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.944/2024

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 11.07.2024

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DATE OF DECISION: 17.12.2025

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HDFC Bank Limited, a Banking Company incorporated and registered under the Companies Act, 1956 having its Registered Office at HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai 400013 (hereinafter referred to as "the Bank") and one of its Branch Office at Ground Floor B-21-14570, GT Road, Dholewal Chowk, Adjoining Gulzar Motors, Ludhiana, Punjab-141008 through Sh. Madhur Sharma, Assistant Vice President, presently posted at 5^th Floor, В-21-14570, GT Road, Dholewal Chowk, Adjoining Gulzar Motors, Ludhiana.

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……..Applicant

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Versus

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M/s Anmol Tyres, a proprietorship concern, through its Proprietor Sh. Parminder Singh Makkar, having its place of Business at # 24/1100, Near Preet Dharam Kanda, Grewal Market, Opposite Indian Oil Petrol Pump, G.T. Road, Tajpur Chowk, Ludhiana, Punjab-141007

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Sh. Parminder Singh S/o Sh. Jagdish Singh Makkar, Proprietor M/s Anmol Tyres, having its place of Business at # 24/1100, Near Preet Dharam Kanda, Grewal Market, Opposite Indian Oil Petrol Pump, G.T. Road, Tajpur Chowk, Ludhiana, Punjab141007 2^nd Address: House No. 2470, Sector 32-A, Chandigarh Road, Ludhiana-141010.

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Smt. Kulwant Kaur Makkar W/o Sh. Jagdish Singh, R/o House No. 714, Krishna Colony, Rahon Road, Ludhiana-141001.

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2^nd Address: R/o House No. 2470, Sector 32-A, Chandigarh Road, Ludhiana-141010.

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3^rd Address: R/o House Bearing MC No. B-XXIV-1100, Harcharan Nagar, Ludhiana-141001.

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….……Defendants

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2 OA NO. 944/2024 HDFC BANK LIMITED VS. MESSRS ANMOL TYRES AND OTHERS

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Advocates:

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Present: Sh. C.S. Pasricha, Advocate for Applicant (through VC) Sh. Parminder Singh, Defendant No. 2 in person Defendants Nos. 1 and 3 already ex-parte vide order dated 13.02.2025 FINAL ORDER 1. Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, against the defendants for recovery of Rs.2,27,48,316.40 (Rupees Two Crore Twenty Seven Lacs Forty Eight Thousand Three Hundred Sixteen and Paise Forty Only). The Original Application has been filed through Sh. Madhur Sharma, Assistant Vice President, of the applicant, who is competent to institute the Original Application vide Board Resolution dated 22.11.2023, which is Annexure A1 to this OA. 2. The brief facts of the OA are that the defendant No.1 through its proprietor defendant no. 2 approached the applicant for grant of Cash Credit Limit of Rs.30.00 Lacs vide Loan application dated 27.06.2012, which is Annexure A2 to this OA. Defendant nos. 2 and 3 stood as guarantors. Thereafter, defendant No.1 through its proprietor defendant no. 2 approached the applicant for enhancement of the Limit to Rs.40.00 Lacs vide request letter, which is Annexure A14 to this OA. Thereafter, defendant No.1 through its proprietor defendant no. 2 approached the applicant for enhancement of the Limit to Rs.45.00 Lacs and grant of Fresh Working Capital Demand Loan (WCTL) of Rs.5.00 Lacs. Thereafter, defendant No.1 through its proprietor defendant no. 2 approached the applicant for renewal of the Limit vide request letter dated 19.04.2014, which is Annexure A36 to this OA. Thereafter, defendant No.1 through its proprietor defendant no. 2 approached the applicant for conversion of the CC Limit to Overdraft Against Property (ODAP) vide request letter dated 26.08.2014, which is Annexure A36 to this OA. Thereafter, defendant No.1 through its proprietor defendant no. 2 approached the applicant for grant of Fresh Term Loan vide request letter dated 17.11.2014, which is Annexure A47 to this OA. Thereafter, defendant No.1 through its proprietor

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3 OA NO. 944/2024 HDFC BANK LIMITED VS. MESSRS ANMOL TYRES AND OTHERS

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defendant no. 2 approached the applicant for enhancement of the limit vide request letter, which is Annexure A58 to this OA. Thereafter, defendant No.1 through its proprietor defendant no. 2 approached the applicant for renewal vide request letter, which is Annexure A79 to this OA and thereafter, again approached the applicant for enhancement to Rs.130.00 Lacs vide request letter, which is Annexure A91 to this OA and again for its enhancement to Rs. 140.00 Lacs vide request letter, which is Annexure A94 to this OA. Thereafter, again the defendant No.1 through its proprietor defendant no. 2 approached the applicant for renewal of the limit vide request letter, which is Annexure A106 to this OA and again for its renewal and enhancement by Rs.25.00 Lacs vide request letter, which is Annexure A108 to this OA. Thereafter, again the defendant No.1 through its proprietor defendant no. 2 approached the applicant for renewal of the limit vide request letter, which is Annexure A110 to this OA and again for its renewal vide request letter, which is Annexure A118 to this OA.

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The applicant sanctioned Cash Credit Limit of Rs.25.00 Lacs vide Sanction letter dated 30.06.2012, which is Annexure A3 to this OA and terms and conditions were duly accepted by the defendants. Thereafter, the limit was enhanced by the applicant to Rs.40.00 Lacs vide sanction letter dated 31.05.2013, which is Annexure A15 to this OA. Thereafter, the applicant enhanced the limit to Rs.45.00 Lacs and also sanctioned Fresh Working Capital Demand Loan (WCTL) of Rs.5.00 Lacs vide sanction letter dated 06.03.2014, which is Annexure A25 to this OA. Thereafter, the applicant sanctioned renewal of the limit for Rs.50.00 Lacs vide sanction letter dated 04.06.2014, which is Annexure A37 to this OA. Thereafter, the applicant converted the CC Limit to Overdraft Against Property (ODAP) with enhancement to Rs.65.00 Lacs vide sanction letter dated 30.08.2014, which is Annexure A39 to this OA. Thereafter, the applicant renewed the ODAP Limit along with sanction of Fresh Term Loan of Rs.4.50 Lacs vide sanction letter dated 12.12.2014, which is

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4 OA NO. 944/2024 HDFC BANK LIMITED VS. MESSRS ANMOL TYRES AND OTHERS

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Annexure A48 to this OA. Thereafter, the applicant enhanced the limit to Rs.77.00 Lacs and also converted the limit to CC Limit vide sanction letter dated 04.02.2015, which is Annexure A59 to this OA. Thereafter, the applicant enhanced the limit to Rs.97.00 Lacs vide sanction letter dated 18.06.2015, which is Annexure A69 to this OA. Thereafter, the applicant renewed and enhanced the limit to Rs.107.00 Lacs vide sanction letter dated 28.06.2016, which is Annexure A80 to this OA and again renewed the limit vide sanction letter dated 20.06.2017, which is Annexure A92 to this OA. Thereafter, the applicant enhanced the limit to Rs.140.00 Lacs vide sanction letter dated 10.07.2017, which is Annexure A95 to this OA. Thereafter, again the limit was renewed by the applicant vide sanction letter dated 25.06.2018, which is Annexure A107 to this OA. Thereafter, again the limit was renewed by the applicant vide sanction letter dated 25.06.2018, which is Annexure A109 to this OA and again renewed vide sanction letter dated 18.05.2020, which is Annexure A111 to this OA. Thereafter, the applicant sanctioned Working Capital Term Loan of Rs.29.80 Lacs under GECL vide sanction letter dated 09.06.2020, which is Annexure A112 to this OA. Thereafter, the limit was renewed by the applicant vide sanction letter dated 13.07.2021, which is Annexure A119 to this OA. 4. Defendant no.1 through its proprietor defendant no. 2 hypothecated stock and book debts etc. vide letter of hypothecation dated 30.06.2012, 04.02.2015, which are Annexures A7 and A63 to this OA; Supplementary Letter of Hypothecation dated 31.05.2013, 06.03.2014, 12.12.2014, 18.06.2015, 29.06.2016, 10.07.2017 and 09.06.2020 which are Annexure A19, A29, A53, A73, A84, A99 and A115 to this OA.

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Defendant no. 3 mortgaged her immovable property i.e. all part and parcel of house constructed on plot measuring 200 Sq. Yards Bearing M.C. No. BXXIV-1100 Situated at Taraf Siadan, Hadbast no. 172, Abadi Harcharan Nagar, Tehsil and District Ludhiana, Punjab through equitable mortgage of sale deed bearing vasika no. 21279

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5 OA NO. 944/2024 HDFC BANK LIMITED VS. MESSRS ANMOL TYRES AND OTHERS

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dated 17.01.2012, which are Annexures A10, A10-T to this OA. Memorandum regarding past transitions of creation of mortgage by delivery of title deeds dated 07.08.2012, 03.06.2013, 06.03.2014, 30.08.2014, 12.12.2014, 04.02.2015, 18.06.2015, 29.06.2016, 10.07.2017 and 09.06.2020 which are Annexures A11, A23, A34, A44, A56, A67 , A77, A89, A104 and A117 to this OA; Declaration cum indemnity dated 07.08.2012, 03.06.2013, 06.03.2014, 30.08.2014, 12.12.2014, 04.02.2015, 18.06.2015, 29.06.2016, 10.07.2017 which are Annexures A12, A24, A35, A45, A57, A68, A78, A90, A105 to this OA.

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Documents executed : Demand Promissory, Letter of Continuing Security, Master Facility Agreement, Power of Attorney, Letter of Continuing Guarantee & Deed of indemnity, all dated 30.06.2012, which are Annexures A4 to A6, A8 & A11 to this OA; Demand Promissory Note, Letter of Continuing Security, Supplementary Agreement, Power of Attorney, Supplementary Letter of Continuing Guarantee, Deed of Indemnity, all dated 31.05.2013, which are Annexures A16 to A18, A20 to A22 to this OA; Demand Promissory Note, Letter of Continuing Security, Supplementary Agreement, Power of Attorney, Undertaking Cum Indemnity, Supplementary Letter of Continuing Guarantee, Deed of Indemnity, all dated 06.03.2014, which are Annexures A26 to A28, A30 to A32 to this OA; Demand Promissory Note, Letter Continuing Security, Master Facility Agreement, Letter of Continuing Guarantee, Deed of Indemnity, all dated 30.08.2014, which are Annexures A40 to A44 to this OA; Demand Promissory Note, Letter of Continuing Security, Supplementary Agreement, Term Loan Agreement, Supplementary Letter of Continuing Guarantee, Deed of Indemnity, all dated 12.12.2014, which are Annexures A49 to A52, A54 and A55 to this OA; Demand Promissory Note, Letter of Continuing Security, Master Facility Agreement, Power of Attorney, Letter Continuing Guarantee, Deed of Indemnity, all dated 04.02.2015, which are Annexures A60 to A62, A64 to A66 to this OA; Demand Promissory Note, Letter of

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6 OA NO. 944/2024 HDFC BANK LIMITED VS. MESSRS ANMOL TYRES AND OTHERS

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Continuing Security, Supplementary Agreement, Power of Attorney, Supplementary Letter of Continuing Guarantee, Deed of Indemnity, all dated 18.06.2015, which are Annexures A70 to A72, A74 to A76 to this OA; Demand Promissory Note, Letter Continuing Security, Supplementary Agreement, Power of Attorney, Amendment Agreement, Supplementary Letter Continuing Guarantee, Deed of Indemnity, all dated 29.06.2016, which are Annexures A81 to A83, A85 to A88 to this OA; Amendment Agreement dated 20.06.2017, which is Annexure A93 to this OA; Demand Promissory Note, Letter of Continuing Security, Supplementary Agreement, Power of Attorney, Amendment Agreement, Supplementary Letter of Continuing Guarantee, Deed of Indemnity, all dated 10.07.2017, which are Annexures A96 to A98, A100 to A103 to this OA; Customer Request And SI ECS Debit Authorization Form- Facility Under ECLGS, Facility Agreement, Declaration Cum Undertaking, all dated 09.06.2020, which are Annexures A113, A114, A116 to this OA; Recall notice dated 28.07.2022 along with postal receipts, which is Annexure A120 to this OA; Notice dated 17.08.2022 u/s 13(2) of SARFAESI Act, which is Annexure A121 to this OA and Statement of accounts, which are Annexure A122 to A125 to this OA and Valuation Report dated 15.06.2023, which is Annexure A126 to this OA. 5. The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in loan accounts there was a debit of Rs.2,27,48,316.40, 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. Sh. Vikas Arora, Advocate appeared on behalf of defendants on 03.12.2024 and filed his memo of appearance and was directed to file his Power of Attorney. Later, he filed his Power of Attorney on behalf of defendant no. 2 only. Neither Power of Attorney was filed on

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7 OA NO. 944/2024 HDFC BANK LIMITED VS. MESSRS ANMOL TYRES AND OTHERS

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behalf of defendant nos. 1 and 3 and as no one appeared on their behalf, defendant nos.1 and 3 were proceeded ex-parte vide order dated 13.02.2025. Defendant no. 2 did not file any WS within stipulated period.

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In support of the OA, affidavit Sh. Madhur Sharma, Assistant Vice President, HDFC Bank Limited, has been filed.

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In view of the documentary evidence brought on record, the applicant had proved its case. From the perusal of all the Annexures A1 to A126 to this OA, it is proved that the defendants approached applicant for availing of the loan facilities which were granted to them and for that they had executed all the relevant documents in favour of the applicant. The defendants failed to pay back the loan 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.2,27,48,316.40 (Rupees Two Crore Twenty Seven Lacs Forty Eight Thousand Three Hundred Sixteen and Paise Forty 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.

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In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @18.00%p.a. from 01.04.2024 till the realization.

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An IA No. 1585/2025 was filed by the learned counsel for applicant for issuance of consent decree. The application is signed by the Authorised Officer of the applicant and by the defendant nos. 2 and 3. As per the application for issuance of consent decree, the defendants approached the applicant for settlement of their accounts for an amount of Rs.1.70 Crore against outstanding amount of Rs. 2,83,15,461.14 outstanding as on 30.06.2025 with sacrifice of an amount of Rs. 1,13,15,461.14 on account of settlement. OTS sanction dated 22.08.2025 issued by the applicant to the defendants is also attached with the application. As per the settlement terms between

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8 OA NO. 944/2024

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HDFC BANK LIMITED VS. MESSRS ANMOL TYRES AND OTHERS

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parties, the defendants had paid upfront amount of Rs. 5.00 Lacs and remaining amount of Rs. 1.65 Crore to be paid within 80 days up to 10.11.2025. 11. Heard and perused record.

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In view of above said facts and documentary evidence available on record, the application is allowed accordingly.

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In the result, consent decree is passed in terms of settlement arrived between the parties. In case of default by the defendants to the terms of the settlement and its schedule, the defendants shall be liable to pay to the applicant a total sum of Rs.2,27,48,316.40 (Rupees Two Crore Twenty Seven Lacs Forty Eight Thousand Three Hundred Sixteen and Paise Forty Only) jointly and severally, with costs, current and future simple interest @8.00%p.a. in all 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 the 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.

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14. Any other application pending stands disposed of.

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Issue Recovery Certificate accordingly.

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Parties to appear before Learned Recovery Officer of this Tribunal on 13.01.2026. 17. 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: 17.12.2025.

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(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Hdfc Bank Limited v. M/S Anmol Tyres and Others

Case brief

What is this about?

What did the court decide?

Hdfc Bank Limited v. M/S Anmol Tyres and Others

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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