Allowed

Hdfc Bank Limited v. Smt. Vandana Jain

DRT17 Apr 2026OA/1432/2025

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an application by HDFC Bank Ltd against Smt. Vandana Jain for recovery of a defaulted housing loan of Rs.25.68 lakhs. The court declared the defendant liable to pay the principal and fixed interest at 8% p.a., ordered issuance of a Recovery Certificate, and authorized recovery from mortgaged and personal assets under the SARFAESI Act.

What did the court decide?

Declaration of liability to pay Rs.25,68,449.00 with 8% simple interest; authority to recover via sale of mortgaged property or attachment of personal assets; issuance of Recovery Certificate.

Hdfc Bank Limited versus Smt. Vandana Jain — Banking and Recovery | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1432/2025

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 05.07.2025

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DATE OF DECISION: 17.04.2026

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HDFC Bank Ltd, a banking company duly incorporated under the Provisions of the Companies Act, 1956, having its Registered Office at HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai400013 and its substitution being the Transferee Bank to the then Applicant i.e. erstwhile HDFC Ltd by virtue of Order dated 17.03.2023 and Branch Offices, amongst others at Regional/Branch Office at SCO Offices No. 153-155, Sector 8-C, Chandigarh-160009 through its Authorized representative Sh. Arun Kumar, Manager of the Applicant Bank.

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……..Applicant

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Versus

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Smt. Vandana Jain W/o Sh. Sanjay Jain, R/o # 94, Harguru

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Niwas, New Officers Colony, Patiala-147001.

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……..Defendant

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Advocates:

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Argued by Sh. Lakhbir Singh, Advocate proxy for Sh. Suneet Kumar, Advocate for applicant ( through VC )

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None for Defendant (Already ex-parte vide order dated 08.01.2026).

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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 & Bankruptcy Act, 1993, against the defendant for recovery of Rs.25,68,449.00 (Rupees Twenty Five Lacs Sixty Eight Thousand Four Hundred and Forty Nine Only). The Original Application has been filed through Sh. Arun Kumar, Manager of the applicant, who is competent to institute the Original Application vide Power of Attorney dated 04.03.2024, which is Annexure A2 to this OA.

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OA NO.1432/2025 HDFC BANK LTD. VS SMT. VANDANA JAIN

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The brief facts of the OA are that the defendant requested the applicant for grant of Housing Loan Facility of Rs.40.00 Lacs vide Individual Loan Application Form dated 30.05.2019, which is Annexure A3 to this OA;

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The applicant sanctioned the Housing Loan Facility of Rs.40.00 Lacs vide Sanction Letter dated 26.03.2019, which is Annexure A4 to this OA and terms and conditions were duly accepted by defendant.

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Defendant mortgaged her immovable property i,e., Flat No.1104, 11^th Floor, Tower 16, Athens-1, Subv.(T16-T19), situate at Village Ramgarh Budha, Hadbast No. 42, Tehsil Derabassi, District S.A.S. Nagar, Punjab vide Agreement for sale, Permission to Mortgaged, both dated 22.05.2019 and Tripartite Agreement, dated 27.03.2019, which are Annexures A8 to A10 to this OA; Documents executed: Copy of Judgment dated 17.03.2023 which is Annexure A1 to this OA; Home Loan Agreement, Promissory Note, both dated 30.05.2019, which are Annexures A5 & A6 to this OA; Allotment Letter dated 22.05.2019, which is Annexure A7 to this OA; Loan Recall Notice dated 15.06.2022 along with postal receipts, which is Annexure A11 to this OA; Copy of order passed by Ld. Judge Lok Adalat, Patiala dated 08.03.2025, which is Annexure A12 to this OA; Statement of Account along with Certificate Under Banker’s Book Evidence Act, Certificate Under Section 63 of BSA Act, which are Annexures A13 to A15 to this OA;

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The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in the loan account there was a debit of Rs.25,68,449.00, which is recoverable and the defendant was served recall notices but she 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 defendant was served summons to appear before this Tribunal but no one appeared on behalf of defendant and she was proceeded ex-parte vide order dated 08.01.2026.

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¶25

OA NO.1432/2025 HDFC BANK LTD. VS SMT. VANDANA JAIN

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In support of the OA, affidavit of Sh. Arun Kumar, Manager, HDFC Bank Ltd. h as been filed.

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Heard ex-parte arguments and perused record.

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

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From the perusal of all the Annexures A1 to A15 to this OA, it is proved that the defendant approached applicant bank for availing of the loan facility which was granted to her and for that she had executed all the relevant documents in favour of the bank. The defendant failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, loan account was classified as NPA. From the documentary evidence brought on record, it is proved that applicant bank is entitled to recover a sum of Rs.25,68,449.00 (Rupees Twenty Five Lacs Sixty Eight Thousand Four Hundred and Forty Nine Only), along with interest from the defendant, from the date of filing of the present Original Application till realization of the account.

¶30

In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @18%p.a. with monthly rests from 07.05.2025 till the realization. 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 defendant, quantum of loan 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 interest @8.00%p.a. in the loan account from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.

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OA NO.1432/2025 HDFC BANK LTD. VS SMT. VANDANA JAIN

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In the result, the application is allowed declaring that the defendant is liable to pay to the applicant a total sum of Rs.25,68,449.00 (Rupees Twenty Five Lacs Sixty Eight Thousand Four Hundred and Forty Nine Only) with costs, current and future simple interest @8.00%p.a. in the loan account 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 mortgaged property of defendant 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. The applicant is at liberty to enforce the claim through due process of law. 12. Any other application pending stands disposed of . 13. Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 07.05.2026. 15. Copy of this order be given dasti to the applicant and be sent to defendant 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: 17.04.2026 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Hdfc Bank Limited v. Smt. Vandana Jain

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Hdfc Bank Limited v. Smt. Vandana Jain

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