Allowed

Hdfc Bank Ltd. v. M/s Ajmer Fuelogic Pvt. Ltd.

DRT25 May 2026OA/1118/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an ex-parte application filed by HDFC Bank Ltd. against borrowers and guarantors for recovery of Rs. 24 lakhs. The Tribunal granted uniform interest at 7.50% p.a., authorizing execution through SARFAESI Act or attachment of assets.

What did the court decide?

Legacy liability declared jointly and severally with costs and 7.50% simple interest; Recovery Certificate issued; liberty to attach/sale assets.

Hdfc Bank Ltd. versus M/s Ajmer Fuelogic Pvt. Ltd. — Contract and Commercial Disputes | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO. 1118/2023

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 18.09.2023

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DATE OF DECISION: 25.05.2026

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HDFC Bank is a Body incorporated under the name and title as HDFC Bank Ltd. under the provisions of the Companies Act, 1956 and is having its Registered Office at Senapati Bapat Marg, Lower Parel (West), Mumbai, Maharashtra- 400013 and one of its Branches at Retail Assets, HDFC Bank Ltd., 3^rd Floor, B-21-14570, GT Road, Dholewal Chowk, Adjoining Gulzar Motor, Ludhiana, Punjab through its Principal Officer and Constituted Attorney, Sh. Rajendra Prasad, Legal Manager posted at HDFC Bank, Plot no. 1-15, Sector 101 Alpha, IT City, Mohali, District S.A.S. Nagar, Mohali, Punjab

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…Applicant

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Versus

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M/S Ajmer Fuelogic Pvt. Ltd., Village Kutbewal, Aryian, Р.O. Bhattian, Ludhiana, Punjab through its Directors

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M/S Sukhraj Filling Station, Village Kutbewal, Aryian, P.O. Bhattian, Ludhiana, Punjab, through its Proprietor

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Sh. Sukhrajwinder Singh Gill, S/o Sh. Ajmer Singh Gill, R/o Village Kutbewal, Aryian, P.O. Bhattian, Ludhiana, Punjab (Director of M/S Ajmer Fuelogic Pvt. Ltd. and Proprietor of M/S Sukhraj Filling Station)

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Smt. Rupinder Kaur Gill, W/o Sh. Sukhrajwinder Singh Gill, R/o Village Kutbewal, Aryian, P.O. Bhattian, Ludhiana, Punjab (Director of M/S Ajmer Fuelogic Pvt. Ltd.)

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…..Defendants

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Advocates:

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Argued by Sh. K.P.S Dhillon, Advocate for applicant

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None for defendants (already ex-parte vide order dated 15.04.2026)

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FINAL ORDER

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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. 24,80,184.03 (Rupees

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2 OA/1118/2023 HDFC BANK LTD. VS. M/S AJMER FUELOGIC PVT. LTD. AND OTHERS

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Twenty Four Lacs Eighty Thousand One Hundred Eighty Four and Paise Three Only). The Original Application has been filed through Sh. Rajendra Prasad, Legal Manager, of the applicant, who is competent to institute the Original Application vide Power of Attorney dated 03.11.2021, which is Annexure P/A to this OA.

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The brief facts of the OA are that defendant nos. 1 and 2 approached the applicant for grant of Commercial Loan of Rs. 19.00 Lacs for purchase of commercial vehicle vide Loan Application, which is Annexure A1 to this OA. Thereafter, defendant nos. 1 and 2 approached the applicant for Commercial Loan of Rs. 6.48 Lacs for body making vide Loan Application, which is Annexure A2 to this OA. 3. The applicant sanctioned Commercial Loan of Rs. 19.00 Lacs for purchase of commercial vehicle Vide Loan Agreement dated

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30.06.2022, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants. Thereafter, the applicant sanctioned Commercial Loan of Rs. 6.48 Lacs for body making vide Loan Agreement dated 19.10.2022, which is Annexure A4 to this OA. Defendant no. 3 stood as guarantor and defendant no. 4 has been impleaded in the array of parties being the Director of defendant no. 1.

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Defendant nos. 1 and 2 hypothecated their movable asset namely Tata Ultra T11 BS VI bearing Chassis no. MAT784027N7E12023 and Engine no. 33LNGD06EXX513975 along with its body.

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However, the registration number of the hypothecated vehicle is mentioned NA in the OA as the hypothecated vehicle involved was never registered and no copy of Registration Certificate was ever provided by the defendants.

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Documents executed: Statement of Accounts, which are Annexure A5 and A6 to this OA; Demand/Recall Notice dated 07.07.2023, which is Annexure A7 to this OA and Legal Notice dated 17.07.2023, which is Annexure A8 to this OA.

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The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in the loan accounts, there was a debit of Rs. 24,80,184.03, which is recoverable and the

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3 OA/1118/2023 HDFC BANK LTD. VS. M/S AJMER FUELOGIC PVT. LTD. AND OTHERS

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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.

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The defendants were served summons to appear before this Tribunal, but no one appeared on behalf of the defendants and they were proceeded ex-parte vide order dated 15.04.2026.

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In support of the OA, affidavit of Sh. Rajendra Prasad, Legal Manager, HDFC Bank, has been filed.

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Heard ex-parte arguments and perused record.

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It was argued by learned counsel that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case.

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From the perusal of all the Annexure P/A and A1 to A8 to this OA, it is proved that the defendant nos. 1 and 2 approached applicant for availing of the loan facilities, which were granted to them. Defendant no. 3 stood as guarantor and defendant no. 4 has been impleaded in the array of parties being the Director of defendant no. 1. Defendants had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loans as per terms and conditions of the agreement between the parties. Subsequently, the 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. 24,80,184.03 (Rupees Twenty Four Lacs Eighty Thousand One Hundred Eighty Four and Paise Three Only) along with interest from defendant nos. 1 to 3, jointly and severally, from the date of filing of the present Original Application till realization of the amount.

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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 @7.50%p.a. in Vehicle Loan and @8.00% p.a. in Body Making Loan plus 2% penal interest with monthly rests w.e.f. 08.07.2023 till the realization.

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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

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4 OA/1118/2023 HDFC BANK LTD. VS. M/S AJMER FUELOGIC PVT. LTD. AND OTHERS

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instant case including nature of the hypothecated assets, undertaking of the defendants, quantum of loans 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 simple uniform interest @07.50% 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 defendant nos. 1 to 3 are liable to pay to the applicant a total sum of Rs.24,80,184.03 (Rupees Twenty Four Lacs Eighty Thousand One Hundred Eighty Four and Paise Three Only), jointly and severally, with costs, current and future simple interest @07.50% 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 assets of the defendant nos. 1 and 2 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 defendant nos. 1 to 3. The applicant is at liberty to enforce the claim through due process of law.

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12. 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 16.06.2026.

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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 .

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Dated: 25.05.2026

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(MRIDULESH KUMAR SINGH)

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Presiding Officer,

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DRT-III, Chandigarh

Hdfc Bank Ltd. v. M/s Ajmer Fuelogic Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Hdfc Bank Ltd. v. M/s Ajmer Fuelogic Pvt. Ltd.

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

Coram

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