Debts Recovery Tribunal allowed HDFC Bank Limited's Original Application for recovery of outstanding loan dues of Rs.27.84 lakhs from the defendant and guarantors via sale of mortgaged or hypothecated assets.
Recovery of Rs. 27.84,377.17 jointly and severally; simple interest at 8.00% p.a.; sale of hypothecated vehicles.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.1664/2025
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 28.11.2025
DATE OF DECISION: 14.07.2026
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 Authorised Representative Sh. Rajendra Prasad.
……..Applicant
Versus
……..Defendants
Advocates:
Argued by Ms. Dipti Toni, Advocate for the applicant (through VC) None for Defendants (Already ex-parte vide order dated 19.05.2026).
FINAL ORDER
2 OA NO.1664/2025 HDFC BANK LTD. VS SH. RAJINDER PANDEY AND OTHERS
3 OA NO.1664/2025 HDFC BANK LTD. VS SH. RAJINDER PANDEY AND OTHERS
(ii) Maruti Wagonr VXI, bearing Registration No. PB10HU3696, Engine No. K10CN1015485, Chassis No. MA3JMTB1SND679109 vide Provisional Registration Certificate filed on 09.07.2026, in compliance of order dated 21.05.2026.
(iii) AL 4019, bearing Registration No. PB10GX7625, Engine No. JCPZ128194, Chassis No. MB1TRKHD7JPCD8885 vide Virtual Registration Certificate filed on 09.07.2026, in compliance of order dated 21.05.2026.
Documents executed : Statement of accounts along with certificate, which are Annexures A8 to A10 to this OA; Legal Notice dated 31.10.2025, along with postal receipts, which are Annexures A11 to A13 to this OA.
4 OA NO.1664/2025 HDFC BANK LTD. VS SH. RAJINDER PANDEY AND OTHERS
Facility III, which was granted to him, defendant no. 2 stood as guarantor and for that they 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, loan accounts were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.27,84,377.17 (Rupees Twenty Seven Lacs Eighty Four Thousand Three Hundred Seventy Seven and Paise Seventeen Only), along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the amount.
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 vehicles, 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 @08.00%p.a. in 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.
5 OA NO.1664/2025 HDFC BANK LTD. VS SH. RAJINDER PANDEY AND OTHERS
with costs, current and future simple interest @8.00%p.a. in 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 defendant no. 1 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 defendants. The applicant is at liberty to enforce the claim through due process of law.
12. Any other application pending stands disposed of.
Pronounced by me in the open Tribunal .
Dated: 14.07.2026
(MRIDULESH KUMAR SINGH)
Presiding Officer,
DRT-III, Chandigarh
1 issue framed by the court
Whether the Original Application filed by HDFC Bank Limited for recovery of loan dues is maintainable under Section 19 of the RDB Act 1993.
2 provisions across 2 enactments
HDFC Bank Limited
Mridulesh Kumar Singh
As recorded by the court registry
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