Allowed

Hdfc Bank Limited v. Sh. Lovepreet Singh and Another

DRT8 May 2026OA/162/2026

Case brief

AI extract

What is this about?

DRT allowed HDFC Bank's original application for recovery of dues from two respondents. The Tribunal proceeded ex parte, found the loan agreements valid and unpaid, and ordered recovery of principal and 8% interest.

What did the court decide?

Recovery of Rs.14,07,046 from Defendant No.1 and Rs.71,69,538.98 from Defendants jointly and severally, with simple interest at 8% p.a. and issuance of Recovery Certificate.

Hdfc Bank Limited versus Sh. Lovepreet Singh and Another — Banking and Recovery | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.162/2026

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 22.01.2026

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DATE OF DECISION: 08.05.2026

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HDFC Bank Limited, having its Registered Office at Senapati Bapat Marg, Lower Parel (West), Mumbai -400013. Also at Plot No 1-15, Sector 101, ALPHA IT City, SAS Nagar (Mohali), through its Authorized Representative, Sh. Deepak Sharda. Also, at HDFC Bank Limited, Malout, District Mukatsar (Punjab).

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……..Applicant

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Versus

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Sh. Lovepreet Singh S/o Sh. Rajwant Singh, R/o House No. 583, Ward No. 18, Mohalla Karnail Singh, Malout, District Mukatsar Sahib (Punjab) -152107

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Sh. Rajwant Singh, S/o Sh. Baldev Singh, R/o # 583, Ward 18, Malout Distrtict, Mukatsar Sahib (Punjab)-152107

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….……Defendants

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Advocates:

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Argued by Ms. Dipti Toni, Advocate for Applicant (through VC) None for Defendants (already ex parte vide order dated 20.03.2026)

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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 defendants for recovery of Rs.85,76,584.98 (Rupees Eighty Five Lacs Seventy Six Thousand Five Hundred Eighty Four and Paise Ninety Eight Only). The Original Application has been filed through Sh. Deepak Sharda, Authorized Representative of the applicant, who is competent to institute the Original Application vide Board Resolution dated 21.08.2025, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendants approached the applicant for grant of Vehicle Loan of Rs. 42.00 Lacs vide Loan

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OA NO.162/2026 HDFC BANK LTD. VS SH. LOVEPREET SINGH AND ANOTHER

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Application Form dated 03.02.2023, which is Annexure A2 to this OA. Thereafter, the defendants again approached the applicant for grant of Vehicle Loan of Rs.48.00 Lacs vide Loan Application dated 19.04.2023, which is Annexure A4 to this OA. Thereafter, the Defendants no.1 approached and requested the applicant for grant of Vehicle Loan of Rs.15.00 Lacs vide Loan Application dated 18.12.2024, which is Annexure A6 to this OA. Thereafter, the defendants again approached the applicant for grant of Vehicle Loan of Rs.37.00 Lacs vide Loan Application dated 25.02.2025, which is Annexure A8 to this OA. Thereafter, the Defendants no.1 also applied Credit Card vide Credit Card Application dated 24.01.2023, which is Annexure A10 to this OA; 3. The applicant sanctioned the Vehicle Loan of Rs.41,81,985.00 vide Agreement for Loan and Guarantee dated 08.02.2023, which is Annexure A3 to this OA. Thereafter, the applicant sanctioned the Vehicle Loan of Rs.43,83,525.00 vide Agreement for Loan dated 01.05.2023, which is Annexure A5 to this OA; Thereafter, the applicant sanctioned the Vehicle Loan of Rs.14,09,997.00 vide Loan Cum Hypothecation Agreement dated 26.12.2024, which is Annexure A7 to this OA; Thereafter, the applicant sanctioned the Vehicle Loan of Rs.35,20,859 vide Agreement of Loan dated 10.03.2025, which is Annexure A9 to this OA. Thereafter, the applicant sanctioned the Credit Card on the name of Defendant no.1 with Credit Limit of Rs.50,000.00 4. Defendants Hypothecated their Vehicles as under: (i) BHARAT BENZ Model 5428TT BSVI, bearing Registration No. PB04AF2599, Engine No. 926956D0139575, Chassis No. MEC862FCAPP133627. (ii) BHARAT BENZ Model 5428TT BSVI, bearing Registration No. PB04AF1599, Engine No. 926956D0144206, Chassis No. MEC862FCDPP138346. (iii) MAHINDRA SCORPIO N DMT 2WD Z47S, bearing Registration No. PB53E9909, Engine No. YJR4J42751, Chassis No. MA1TJ2YJ2R6K61196

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OA NO.162/2026 HDFC BANK LTD. VS SH. LOVEPREET SINGH AND ANOTHER

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(iv) BLAZO 55TR BS6, bearing Registration No. PB30AB5299, Engine No. VHRZL17125, Chassis No. MA1UAARXFS6A80058 Virtual Registration Certificate of Vehicles file on 30.04.2026 vide Dairy No. 7752 Documents executed: Statement of Accounts with certificate, which are Annexures A11 to A17 to this OA; Legal Notice dated 16.12.2025, with Original Postal Receipts, which are Annexures A18 to A20 to this OA. 5. The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in all the loan accounts, there was a debit of Rs.85,76,584.98, 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 summons to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex parte vide order dated 20.03.2026. 7. In support of the OA, affidavit of Sh. Deepak Sharda, Authorized Representative, HDFC Bank Limited, h as been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned counsel, through video conferencing, that in view of the documentary evidence brought on record which had gone unrebutted, the applicant bank had proved its case. From the perusal of all the Annexures A1 to A20 to this OA, it is proved that the defendants approached applicant bank 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 bank. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, all the accounts of the defendants were classified as NPA. From the documentary evidence brought on record, it is proved that applicant bank is entitled to recover a sum of Rs.14,07,046.00 (Rupees Fourteen Lacs Seven Thousand Forty

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OA NO.162/2026 HDFC BANK LTD. VS SH. LOVEPREET SINGH AND ANOTHER

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Six Only) along with interest from the defendant no. 1 and Rs.71,69,538.98 (Rupees Seventy One Lacs Sixty Nine Thousand Five Hundred Thirty Eight and Paise Ninety Eight Only) along with interest from the defendant nos. 1&2, jointly and severally, from the date of filing of the present Original Application till realization of the amount. 10. In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @9.17% from 11.12.2025 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 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 interest @8.00% 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.

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In the result, the application is allowed declaring that the defendant no. 1 is liable to pay to the applicant a total sum of Rs.14,07,046.00 (Rupees Fourteen Lacs Seven Thousand Forty Six Only) and the defendant no. 1&2 are liable to pay to the applicant a total sum of Rs.71,69,538.98 (Rupees Seventy One Lacs Sixty Nine Thousand Five Hundred Thirty Eight and Paise Ninety Eight 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 vehicles of 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

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OA NO.162/2026 HDFC BANK LTD. VS SH. LOVEPREET SINGH AND ANOTHER

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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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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 01.06.2026 15. 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: 08.05.2026

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

Hdfc Bank Limited v. Sh. Lovepreet Singh and Another

Case brief

What is this about?

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Hdfc Bank Limited v. Sh. Lovepreet Singh and Another

Case brief

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