Allowed

Hdfc Bank v. Sandeep Vasudev Swamy

DRT2 Feb 2026OA/1129/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by HDFC Bank Ltd. against Sandeep Vasudev Swamy for recovery of a personal loan. The defendant was set ex-parte after failing to appear despite summons. The Tribunal found the claim uncontradicted and allowed recovery of ₹29,39,325 plus future interest.

What did the court decide?

Direction to pay ₹29,39,325 with future interest @ 11% p.a. from 08.10.2021; issuance of Recovery Certificate; direction to Recovery Officer to proceed against property.

Hdfc Bank versus Sandeep Vasudev Swamy — Banking and Recovery | DRT (2026)

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ORIGINAL APPLICATION NO.1129 OF 2023

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DEBTS RECOVERY TRIBUNAL No.2, MUMBAI

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PRESIDING OFFICER: HARISH KUMAR KAUSHIK

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ORIGINAL APPLICATION NO.1129 OF 2023

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Date of Institution: 08.10.2021 Date of Decision: 02.02.2026

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TOTAL CLAIM AMOUNT :

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₹ 29,39,325/-

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HDFC BANK LTD.,

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A banking company incorporated and registered under the provisions of the Companies Act, 1956, having one of its office Department for Special Operations, HDFC, Unit No.401 & 402, Peninsula Business Park, B Wing, 4th Floor, Dawn Mills Compound, Ganpat Rao Kadam Marg., Lower Parel (W), Mumbai - 400 013 and its Registered office at HDFC Bank House, Senapati Bapat Marg, Lower Parel (W), Mumbai-400 013 Through Anubhav Sinhs. Authorised Signatory.

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… Applicant

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Versus

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SANDEEP VASUDEV SWAMY, An adult, Indian Inhabitant, having his address at 23rd Floor, A Wing, Marathon Futurex, N M Joshi Marg, Lower Parel East, Mumbai- 400013

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Page 1 of 8

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ORIGINAL APPLICATION NO.1129 OF 2023

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AND ALSO AT: Room no. 2/2 7 B S Deoshi MargGaneshwadi, T F Deonar, Govandi, Mumbai-400088 …Defendant

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APPEARANCES For the Applicant : Ms Muniya Phophale i/b. M/s. PMH Law - Advocate For Defendant : None

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J U D G M E N T

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(1) This is an application initially filed under Section 19(1) of the Recovery of the Debts due to Banks and Financial Institutions Act, 1993 renamed as Recovery of the Debt and Bankruptcy Act, 1993 (for short, ‘the 1993 Act’) to recover ₹34,38,023.14/(Rupees Thirty-Four Lakhs Thirty-Eight Thousand Twenty-Three and paisa Fourteen Only) with future interest @ 11% per annum thereon from the date of presentation of the Original Application i.e. 08.10.2021 till payment/realization.

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The details of the claim amount are as under: -

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S r N N a t u r e o f F a c i l i t y	P r i n c i p a l o / s .	O v e r d u e E M I - I n t e r e	C h e q u e b o u n c i n g c h a r g e s	I n t e r e s t t i l l d a t e o f	P r e p a y m e n t c h a r g e s	P e n d i n g I n s t a l l m e n t	T o t a l A m o u n t
o		s t		p a y m e n t	@ 2 . 3 6 % o n o u t s t a n d i n g p r i n c i p a l

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Page 2 of 8

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ORIGINAL APPLICATION NO.1129 OF 2023

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1 P e r s o n a l L o a n	1 0 , 8 5 , 7 7 8 . 1 4 / -	5 , 5 2 , 4 7 9 . 0 0 / -	1 7 , 8 1 8 . 0 0 / -	8 , 3 1 7 / -	2 5 , 6 2 4 . 0 0 / -	1 7 , 4 8 , 0 0 7 . 0 0 / -	3 4 , 3 8 , 0 2 3 . 1 4 / -
L e e s : A m o u n t p a i d b y t h e d e f e n d a n t	-	-	-	-	-	-	₹ 1 8 , 0 0 0 / -
L e s s : C h e q u e b o u n c e a m o u n t	-	-	-	-	-	-	₹ 2 9 , 5 0 0 / -
L e s s : D e l a y e d I n s t a l m e n t p a y m e n t c h a r g e s	-	-	-	-	-	-	₹ 4 , 9 2 , 5 5 0 / -
L e s s : O t h e r c h a r g e s	-	-	-	-	-	-	₹ 1 1 , 8 5 1 . 8 6 / -
A c t u a l T o t a l C l a i m	-	-	-	-	-	-	₹ 2 9 , 3 9 , 3 2 5 / -

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(2) It is undisputed fact in the matter that the Defendant no.1 was duly served with the summons vide order-sheet dated 19.02.2025. Despite service, the defendant did not enter his appearance and therefore, he was set ex-parte on 17.12.2025.

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(3) Defendant no.1 is the borrower who approached the Applicant Bank and sought financial assistance by way of Personal Loan Facility. Pursuant to the loan application vide Loan Application Form bearing no. R-22132609 dated 02.07.2018 made by defendant, the Applicant sanctioned the loan vide Loan Agreement dated 05.07.2018 in sum of ₹24,91,654.00/- (Rupees Twenty-Four Lakhs Ninety-One Thousand Six Hundred Fifty-Four Only) payable in 60 EMIs of ₹54,969.00/- (Rupees Fifty-Four Thousand Nine Hundred Sixty-Nine Only) with interest at the rate of 11.49% per annum. The 1^st instalment was to be paid on 06.08.2018 and subsequent

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Page 3 of 8

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ORIGINAL APPLICATION NO.1129 OF 2023

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instalments was to be paid in each succeeding month and last instalment on 06.07.2023.

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(4) The details of the documents executed by the Defendant are as under: -

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(a) Loan Application Form bearing no. R- 22132609 dated 02.07.2018;

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(b) Loan Agreement dated 05.07.2018.

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(5) After availing the loan, defendant did not adhere to the financial discipline and committed default in payment of instalments and repayment of the loan and accordingly the account of the borrower were declared as Irregular. Therefore, on 08.09.2021, the applicant, through its advocate, called upon defendant to liquidate the outstanding in the sum of ₹33,99,270.00/(Rupees Thirty-Three Lakhs Ninety-Nine Thousand Two Hundred Seventy Only) as on 03.09.2021 within 7 days from receipt of this notice. Despite notice, defendant failed and neglected to pay.

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(6) As on 30.09.2021, there was owing, due and payable by defendant to the applicant the aggregate sum of ₹34,38,023.14/- (Rupees ThirtyFour Lakhs Thirty-Eight Thousand Twenty-Three and paisa Fourteen Only) with future interest @ 11% per annum thereon. The applicant has maintained the loan ledger extract and the entries

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Page 4 of 8

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ORIGINAL APPLICATION NO.1129 OF 2023

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posted therein are made in the usual and ordinary course of the banking business.

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(7) Since, defendant failed and neglected to make the payment, the applicant was left with no other alternate but to file the Original Application which was presented on 08.10.2021.

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(8) The applicant has filed affidavit (exhibit-6) in lieu of examination in chief of Mr Abinav Sinha, Authorised Officer of the Applicant Bank and list of documents (exhibit-7) thereby adducing in evidence the documents at Annexure-A to Annexure-J, which are admitted in evidence, read, recorded and exhibited.

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(9) Accordingly, in the Original Application was filed for the recovery of ₹34,38,023.14/(Rupees Thirty-Four Lakhs Thirty-Eight Thousand TwentyThree and paisa Fourteen Only) with future interest @ 11% per annum thereon from the date of presentation of the Original Application i.e. 08.10.2021 till payment/realisation.

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(10) The Applicant filed an Additional Application dated 31.01.2026 stating that during the pendency of the present Original Application the defendant has paid a sum of ₹18,000.00/(Rupees Eighteen Thousand Only). The details of the payments is enumerated below: -

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S r	D a t e	A m o u n t
N o
1	1 1 . 1 1 . 2 0 2 1	₹1 0 0 0 / -
2	0 6 . 1 2 . 2 0 2 1	₹1 0 0 0 / -
3	0 4 . 0 1 . 2 0 2 2	₹1 0 0 0 / -

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Page 5 of 8

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ORIGINAL APPLICATION NO.1129 OF 2023

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4	0 3 . 0 2 . 2 0 2 2	₹1 0 0 0 / -
5	0 3 . 0 3 . 2 0 2 2	₹1 0 0 0 / -
6	0 6 . 0 4 . 2 0 2 2	₹1 0 0 0 / -
7	0 7 . 0 5 . 2 0 2 2	₹1 0 0 0 / -
8	0 8 . 0 6 . 2 0 2 2	₹1 0 0 0 / -
9	0 2 . 0 7 . 2 0 2 2	₹1 0 0 0 / -
1 0	3 1 . 0 8 . 2 0 2 2	₹1 0 0 0 / -
1 1	2 9 . 1 0 . 2 0 2 2	₹1 0 0 0 / -
1 2	3 0 . 1 1 . 2 0 2 2	₹1 0 0 0 / -
1 3	3 0 . 1 2 . 2 0 2 2	₹1 0 0 0 / -
1 4	0 1 . 0 2 . 2 0 2 3	₹1 0 0 0 / -
1 5	2 8 . 0 2 . 2 0 2 3	₹1 0 0 0 / -
1 6	0 5 . 0 4 . 2 0 2 3	₹1 0 0 0 / -
1 7	1 1 . 0 5 . 2 0 2 3	₹1 0 0 0 / -
1 8	1 4 . 0 6 . 2 0 2 3	₹1 0 0 0 / -
	T o t a l A m o u n t	₹ 1 8 , 0 0 0 / -

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(11) The Applicant further state that the bank has waived off cheque bounce charges of ₹29,500.00/(Rupees Twenty-Nine Thousand Five Hundred Only) and also have further waived ₹4,63,050.00/(Rupees Four Lakhs Sixty-Three Thousand Fifty Only) delayed Instalment payment charges aggregating to a total waive off of ₹4,92,550.00/(Rupees Four Lakhs Ninety-Two Thousand Five Hundred Fifty Only) and other charges being levied ₹11,851.86.00/- (Rupees Eleven Thousand Eight Hundred Fifty-One and paisa Eighty-Six Only). Thus, the actual balance is ₹29,39,325.00/(Rupees Twenty-Nine Lakhs Thirty-Nine Thousand Three Hundred TwentyFive Only) as on 03.01.2026 after deducting the above-mentioned amounts.

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(12) The Tribunal has scrutinised and examined the allegations contained in the Original Application and analysed the evidence adduced by the applicant which has gone unchallenged,

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Page 6 of 8

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ORIGINAL APPLICATION NO.1129 OF 2023

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uncontroverted and unrebutted.

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(13) Upon careful scrutiny and the examination of the Original Application, analysing the evidence and giving due weightage to the documentary evidence adduced by the applicant, the Tribunal views that there is no reason to disbelieve the claim made by the applicant bank.

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(14) In view of the observations made hereinabove, Original Application filed by the applicant deserves to be allowed.

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(15) Hence, the following order:

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ORDER

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(A) The Original Application No.1129 of 2023 is allowed with costs.

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(B) Defendant is hereby ordered and directed to pay to the applicant, the aggregate sum of ₹29,39,325.00/(Rupees Twenty-Nine Lakhs Thirty-Nine Thousand Three Hundred TwentyFive Only with future simple interest @ 11% per annum thereon from the date of presentation of the Original Application i.e. 08.10.2021 till payment/realization.

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(C) The Ld. Recovery Officer to proceed against the available property in the name of the borrower to recover dues as per law.

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(D) Issue Recovery Certificate.

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(E) The learned Registrar is directed to send a copy of the judgment and recovery certificate to (i) the

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Page 7 of 8

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ORIGINAL APPLICATION NO.1129 OF 2023

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applicant, (ii) defendant and (iii) the Recovery Officer by post and email.

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Sd/-

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(Harish Kumar Kaushik) Presiding Officer, DRT-2, Mumbai

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Page 8 of 8

Hdfc Bank v. Sandeep Vasudev Swamy

Case brief

What is this about?

What did the court decide?

Hdfc Bank v. Sandeep Vasudev Swamy

Case brief

What is this about?

What did the court decide?

What the court decided

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