Allowed

Idfc First Bank Ltd. v. Sh. Harpreet Singh and Others

DRT16 Feb 2026OA/45/2024

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an application filed by IDFC First Bank Ltd for recovery of Rs. 24,73,913.70 from defendants who defaulted on bank loans. The Tribunal upheld the claim but moderated the interest rate to 8% p.a., ordered the issuance of a Recovery Certificate, and directed enforcement through asset attachment.

What did the court decide?

Recovery Certificate issued; Defendants directed to pay Rs.24,73,913.70 with simple interest at 8% p.a.; Assets to be attached and sold.

Idfc First Bank Ltd. versus Sh. Harpreet Singh and Others — Banking and Recovery | DRT (2026)

¶1

DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

¶2

ORIGINAL APPLICATION NO.45/2024

¶3

PRESIDED OVER BY MRIDULESH KUMAR SINGH

¶4

DATE OF INSTITUTION: 25.10.2023

¶5

DATE OF DECISION: 16.02.2026

¶6

IDFC First Bank Ltd, (erstwhile Capital First Limited) inter alia having its Registered Office at KRM Towers, 7^th Floor, No.1, Harrington Road, Chetpet, Chennai-600031 and having its Branch Office at SCO-24, 1^st Floor, SCO-47, Madhya Marg, Sector-26, Chandigarh through its Authorized Representative Sh. Farid Ahmed, Manager Legal.

¶7

……..Applicant

¶8

Versus

¶9

Sh. Harpreet Singh S/o of Sh. Gurbaksh Singh, H. No. 8882/12B, Street No.5, Ajit Nagar, Haibowal Kalan, Ludhiana, Punjab141001.

¶10

Ms. Mandeep Kaur D/o of Sh. Bhagwan Singh, H. No. 8882/12B, Street No.5, Ajit Nagar, Haibowal Kalan, Ludhiana, Punjab141001.

¶11

Sh. Gurbakhash Singh S/o of Sh. Jeevan Singh, H. No. 8882/ 12-B, Street No.5, Ajit Nagar, Haibowal Kalan, Ludhiana, Punjab-141001.

¶12

….……Defendants

¶13

Advocates:

¶14

Argued by Sh. Abhishek Bhateja, Advocate for Applicant (Through VC)

¶15

Defendants already ex-parte vide order dated 20.12.2025

¶16

FINAL ORDER

¶17

Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts Due to Banks and Bankruptcy Act, 1993, against the defendants for recovery of Rs.24,73,913.70 (Rupees Twenty Four Lacs Seventy Three Thousand Nine Hundred Thirteen and Paise Seventy Only). The Original

¶18

2 OA NO.45/2024 IDFC FIRST BANK LTD. VS. HARPREET SINGH AND OTHERS

¶19

Application has been filed through of Sh. Farid Ahmed, Manager Legal of the applicant, who is competent to institute the Original Application, vide Authority Letter dated 04.02.2019, which is Annexure A1 to this OA.

¶20

The brief facts of the OA are that the defendants approached the applicant for grant of Loan against property of Rs.21.80 Lacs and Rs.5.50 Lacs.

¶21

The applicant sanctioned Loan against property of Rs.21.80 Lacs and Rs.5.50 Lacs vide Sanction Letters dated 08.11.2016, which are Annexure A2 to this OA and the terms and conditions were duly accepted by the defendants.

¶22

Defendants mortgage their immovable property i.e. all piece in parcel of the property consisting of Plot No. 14, MC No.–B-348882/12/B, Ajit Nagar, Churpur Road, Habowal Kalan, Ludhiana, Punjab.

¶23

As per the OA the above property stands sold by the applicant under SARFAESI Act. Auction Closure Report/Sale Certificate dated 30.12.2020, which is Annexure A5 to this OA. Documents Executed: Mortgage loan agreements dated 22.11.2016 and 02.01.2017, which are Annexure A3 to this OA; Demand Notice dated 05.03.2019 Under Section 13(2) of SARFAESI Act, which is Annexure A4 to this OA; Notice dated 02.10.2023, which is Annexure A6 to this OA; Calculation Sheet, Statement of Account with Certificate, which is Annexure A7 to this OA.

¶24

The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit Rs.24,73,913.70 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.

¶25

3 OA NO.45/2024 IDFC FIRST BANK LTD. VS. HARPREET SINGH AND OTHERS

¶26

The defendants were served notices to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte vide order dated 20.12.2025. 7. In support of the OA, affidavit of Sh. Farid Ahmed, Manager Legal, IDFC First Bank Ltd. h as been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned counsel through video conferencing for applicant that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexures A1 to A7 to this OA, it is proved that the defendants approached applicant 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 applicant. The defendants failed to pay back the loans as per terms and conditions of the agreement between the parties. Subsequently, account of the defendants was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.24,73,913.70 (Rupees Twenty Four Lacs Seventy Three Thousand Nine Hundred Thirteen and Paise Seventy Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the accounts. 10. In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @24%p.a. from 01.10.2023 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/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

¶27

4 OA NO.45/2024 IDFC FIRST BANK LTD. VS. HARPREET SINGH AND OTHERS

¶28

Tribunal deems it just and appropriate to grant uniform 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.

¶29

In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.24,73,913.70 (Rupees Twenty Four Lacs Seventy Three Thousand Nine Hundred Thirteen and Paise Seventy Only) jointly and severally, 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 amounts. Accordingly, the applicant shall be entitled to recover aforesaid amount by attachment and sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law.

¶30

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 02.03.2026 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.

¶31

Pronounced by me in the open Tribunal . Dated: 16.02.2026. (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Idfc First Bank Ltd. v. Sh. Harpreet Singh and Others

Case brief

What is this about?

What did the court decide?

Idfc First Bank Ltd. v. Sh. Harpreet Singh and Others

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Kotak Mahindra Bank Limited versus Sh. Harbans Singh and Others

State Bank of India versus Sh. Jagtar Singh

Central Bank of India versus M/S Zora Singh Gill and Sons and Others

Bank of Baroda versus M/S G. K. Engineering and Innovative and Another

Hdfc Bank Limited versus Sh. Amandeep Singh and Others

Hdfc Bank Limited versus Sh. Vijay Gupta