The DRT allowed the bank's application for recovery of Rs.30,14,279.06 from a borrower and its proprietor. The tribunal exercised discretion to approve 8% simple interest instead of the claimed rate and ordered the issue of a Recovery Certificate.
Recovery of Rs.30,14,279.06 with 8% simple interest; issue of Recovery Certificate under SARFAESI Act.
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.
DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.320/2025
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 07.03.2025
DATE OF DECISION: 27.03.2026
HDFC Bank Limited, having its Registered Office at Senapati Bapat Marg, Lower Parel (West), Mumbai- 400013 having its Regional Office at Plot No.1-15, Sector 101, Alpha, IT City, Mohali, Punjab-160062 through its Authorized Representative, Ms. Khushpreet Bains.
……..Applicant
Advocates:
Argued by, Sh. Amit Rishi, Advocate for Applicant
Defendants already ex parte dated 12.03.2026
FINAL ORDER
2 OA NO. 320/2025 HDFC BANK LIMITED VS. G3S SOLAR ENERGY AND OTHERS
Only). The Original Application has been filed through Ms. Khushpreet Bain s, Authorized Representative o f the applicant, who is competent to institute the Original Application vide Power of Attorney/Board Resolution dated 20.04.2024, which is Annexure A1 to this OA. 2. The brief facts of the OA are that the defendant no.1 through its Proprietor defendant no. 2 approached the applicant for the grant of CC Limit of amount Rs. 25.00 Lacs vide Loan Application Form dated 07.03.2023, which is Annexure A2 to this OA. 3. The applicant sanctioned the CC Limit of Rs.40.00 Lacs vide Sanction Letter dated 20.03.2023, which is Annexure A3 to this OA including the takeover of banking facilities availed by defendant no. 1 through its Proprietor defendant no. 2 of Rs. 24,26,436.00 from defendant no. 3 vide Pay Order dated 31.03.2023, Which is Annexure A4 to this OA. 4. The defendant no.1 through its Proprietor defendant no. 2 hypothecated margin of 25% Stocks and 50% Book Debtors vide Deed of Hypothecation dated 21.03.2023, which is Annexure A6 to this OA. Documents executed : Master Facility Agreement dated 21.03.2023, which is Annexure A5 to this OA; Power of Attorney dated 22.03.2023, which is Annexure A7 to this OA; Letters of Undertaking all dated 21.03.2023, which are Annexure A8 to A10 to this OA; Emails along with Affidavit, which are Annexure A11 to A20 to this OA; Recall Notice along dated 14.01.2025 with postal receipts, which are Annexure A21 and A22, to this OA; and Statement of Account with certificate, which is Annexure A23 to this OA. 5. 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.30,14,279.06 (Rupees Thirty Lacs Fourteen Thousand Two Hundred Seventy Nine and Paise Six Only), which is recoverable and the defendants were served recall notice but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.
3 OA NO. 320/2025 HDFC BANK LIMITED VS. G3S SOLAR ENERGY AND OTHERS
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 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 uniform simple interest @8.00%p.a. in
4 OA NO. 320/2025 HDFC BANK LIMITED VS. G3S SOLAR ENERGY AND OTHERS
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.
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
3 issues framed by the court
Whether the applicant is entitled to recover the outstanding dues of Rs.30,14,279.06 from the defendants jointly and severally.
Whether the rate of simple interest should be adjusted to 8.00% p.a. for the period till realization.
Whether a Recovery Certificate should be issued to the applicant for enforcement of the claim.
2 provisions across 2 enactments
HDFC Bank Limited
G3S Solar Energy
Kuldeep Singh Kang
Axis Bank Limited
Mridulesh Kumar Singh
As recorded by the court registry
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