The Debt Recovery Tribunal allowed an original application filed by HDFC Bank against three defendants for recovery of approximately Rs. 65.21 lakhs. The tribunal quantified the dues and adjusted interest payable.
Direct recovery of Rs. 65,21,585.01p with interest @8% p.a.; consideration amount deducted for one vehicle; authority to enforce via SARFAESI Act.
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.
DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.985/2024
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 31.07.2024
DATE OF DECISION: 20.02.2025
HDFC Bank Limited, having its Registered Office at Senapati bapat Marg, Lower Parel, (West), Mumbai 400013 Also at: Plot No. I-15, ALPHA IT CITY, SAS NAAGR MOHALI, Through its authorized Representative Mr. Rajendra Prasad.
……..Applicant
Versus
Advocates:
Argued by Ms. Dipti Toni, Advocate proxy for Sh. Gagandeep Toni, Advocate for the applicant (through VC) Sh. Dinesh Nagar, Advocate for Defendants
FINAL ORDER
Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, against the defendants for recovery of Rs.65,21,585.01p (Rupees Sixty Five Lacs Twenty One Thousand Five Hundred Eighty Five & One Paise Only). The Original Application has been filed through Mr. Rajendra Prasad, Authorized Officer of the applicant, who is competent to institute the Original Application vide Board Resolution dated 15.04.2023, which is Annexure A1 to this OA.
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An affidavit of Sh. Rajendra Prasad, Authorized Officer has been filed vide diary no. 1368 dated 27.01.2025, it was deposed in the affidavit that there were 04 Loan accounts and out of which 01 was already closed.
From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.65,21,585.01p (Rupees Sixty Five Lacs Twenty One Thousand Five Hundred Eighty Five & One Paise 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.
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 loans and prevalent market rates of interest which have gone drastically downhill in yester years, while exercising
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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.
DRT-III, Chandigarh
1 issue framed by the court
Whether the Original Application under Section 19 of the RDBFI Act, 1993 for recovery of dues is allowable granting interest.
2 provisions across 2 enactments
HDFC Bank Limited
Sh. Bhagwan Dass
Mrs. Madhu Rani
Sh. Rampaul Sharma
Mridulesh Kumar Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
