This judgment allows an original application filed by HDFC Bank for recovery of dues. The court held defendants liable for Rs. 31,89,132.21 and granted interest at 8% p.a., directing issuance of a recovery certificate.
Recovery Certificate to be issued; Amount of Rs.31,89,132.21 plus 8% p.a. interest to be recovered.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO. 488/2023
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 29.03.2023
DATE OF DECISION: 02.06.2026
HDFC Bank Ltd., having its Registered Office at Senapati Bapat Marg, Lower Parel–(West), Mumbai-400013 and having branch at Plot No. 1- 15, Sector 101, ALPHA IT City, SAS Nagar (Mohali), through its Authorized Representative, Sh. Rajendra Prasad.
……..Applicant
Advocates:
Argued by, Ms. Dipti Toni, Advocate for Applicant
None for Defendants (already ex-parte vide order dated 03.04.2024)
FINAL ORDER
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OA/488/2023 HDFC BANK LIMITED VS. M/S SHREE SAI IMPEX AND OTHERS
Thereafter, the defendants approached the applicant for grant of GECL Loan of Rs.5,82,680.00.
Thereafter, the applicant sanctioned GECL Loan of Rs.5,82,680.00 vide Sanction Letter dated 10.06.2020, which is Annexure A7 to this OA. 4. Defendant no. 2 & 3, mortgaged their property i.e. land measuring 170.66 Sq. yards situated in Village Haibowal Kalan, Hadbast no. 102, Abadi Durga Puri, Tehsil & District Ludhiana through equitable mortgage by deposit of Title Deed bearing Vasika No. 12861 dated 02.09.2005. Title deed of mortgaged property filed on 17.07.2025 vide Dairy no. 11138, in compliance to order dated 30.05.2024 and true translation of the title deed filed on 18.07.2025 vide Dairy no. 11262, in compliance to order dated 17.07.2025. Documents executed: Overdraft Agreement and Addendum dated 21.11.2018, which are Annexures A4 & A5 to this OA; Indemnity Bond dated 21.11.2018, which is Annexure A6 to this OA; Facility Agreement dated 10.06.2020, which is Annexure A8 to this OA; Declaration-cumUndertaking & Addendum, both dated 25.06.2021, which are Annexures A9 & A10 to this OA; Legal Notice dated 11.03.2023, along with postal receipts, which are Annexures A11 to A14 to this OA and Statement of Accounts dated 15.03.2023, which are Annexures A15 & A16 to this OA. 5. The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in both the loan accounts
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OA/488/2023 HDFC BANK LIMITED VS. M/S SHREE SAI IMPEX AND OTHERS
there was a debit of Rs.31,89,132.21, 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.
From the perusal of all the Annexures A1 to A16 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, accounts of the defendants were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.31,89,132.21 (Rupees Thirty One Lacs Eighty Nine Thousand One Hundred Thirty Two and Paise Twenty One 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 mortgaged property, undertaking of the defendants, quantum of loan and prevalent market rates of interest
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OA/488/2023
HDFC BANK LIMITED VS. M/S SHREE SAI IMPEX AND OTHERS
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 both 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.
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
1 issue framed by the court
Whether the applicant is entitled to recovery of the outstanding loan amount along with interest.
1 provisions across 1 enactments
HDFC Bank Ltd.
M/s Shree Sai Impex
Smt. Seema Rani
Sh. Sanjay Jindal
Mridulesh Kumar Singh
As recorded by the court registry
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