The Debts Recovery Tribunal allowed the bank's application for recovery of a debt of ₹51,35,014.28 with interest, directing issuance of a recovery certificate and sale of mortgaged assets to satisfy the dues.
Recovery of ₹51,35,014.28 with interest at 9.25% p.a. from 16.09.2023; issuance of Recovery Certificate; direction to distribute sale proceeds.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 1676/2023 Date of Institution: 16.09.2023 Date of Decision: 08.04.2026
HDFC Bank Limited having its branches all over India and a branch at Plot No I-15, Sector-101, Alpha IT City, SAS Nagar Mohali, Punjab.
……..Applicant
Vs.
Advocates
Ms. Dipti Toni, Counsel for the applicant bank. Defendants - ex parte vide order dated 11.12.2024 .
OA for the Recovery of ₹51,35,014.28p with interest @9.25% per annum with yearly rests from 16.09.2023.
ORDER
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of guarantee dated 03.06.2015. The C.C. Limit was renewed on 25.05.2018 for ₹45.00Lacs. Again on 08.06.2020, at the request of defendants, Bank granted another Term Loan under G.E.C.L. Scheme of ₹9.05Lacs to defendant No.1 through its proprietor i.e. defendant No.2 for Business purpose. Both the loan facilities were chargeable at different rates of interest. Defendant No.3 stood as guarantor for both the Loan facilities. Defendant No.2 is deceased and hence now represented through his legal heir i.e. Sh. Rakesh Kumar Gupta (also arrayed as defendant No.3). On 25.08.2023, a sum of ₹51,35,014.28p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
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recover its dues by the sale of mortgaged property fully detailed in para No.3A of the application as well as from the personal movable and immovable property(ies) of the defendant Nos.1 and 3. 7. Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 11.05.2026, who is directed to distribute the sale proceeds of the mortgaged property and hypothecated assets as per the provisions of Section 19(20-AB) of the Act . 10. A Copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties. Pronounced in the open Court. (A S Narang) Dated: 08.04.2026 Presiding Officer DRT-1, Chandigarh
MANOJ KALRA
2 issues framed by the court
Whether the bank established its claim for recovery of ₹51,35,014.28 with interest against the debtor and guarantor.
What is the scope of liability of the legal heir of the deceased proprietor versus the joint and several liability of the guarantor.
1 provisions across 1 enactments
HDFC Bank Limited
Bobby General Store through Sh. Rakesh Kumar Gupta
Rakesh Kumar Gupta
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
