Allowed

Hdfc Bank Limited v. Sh. Arun and Another

DRT15 Jun 2026OA/610/2026

Case brief

AI extract

What is this about?

The Tribunal allowed the Bank's application for recovery of outstanding loan and credit card dues from the defaulting borrowers, fixing interest at 8% p.a. and authorizing the Recovery Officer to execute the order via sale of hypothecated or personal assets.

What did the court decide?

Recovery of Rs. 21,83,018.00 from both defendants and Rs. 3,11,668.00 from Defendant 1 with 8% p.a. interest via sale of vehicle or attachment of personal assets.

Hdfc Bank Limited versus Sh. Arun and Another — Banking and Recovery | DRT (2026)

¶1

DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

¶2

ORIGINAL APPLICATION NO. 610/2026

¶3

PRESIDED OVER BY MRIDULESH KUMAR SINGH

¶4

DATE OF INSTITUTION: 21.04.2026

¶5

DATE OF DECISION: 15.06.2026

¶6

HDFC Bank Limited, having its Registered Office at Senapati Bapat Marg, Lower Parel - (west), Mumbai-400013. Also, at Plot no. I-15, Sector 101, Alpha IT City, S.A.S. Nagar (Mohali), through its Authorised Representative, Sh. Deepak Sharda. Also, at HDFC Bank Limited, Sangrur (Punjab).

¶7

……..Applicant

¶8

Versus

¶9

Sh. Arun S/o Sh. Sonu, R/o H.No. 570, Gobind Pura Colony, Near Railway Station, Sangrur (Punjab) – 148001

¶10

Also at: C/o Edusoft Innovation, Namdev Gurudwara Sahib Road, Sangrur (Punjab) – 148001

¶11

Also at: House No. 436, Sunami Gate, Shekhupura Basti, Sangrur (Punjab)- 148001

¶12

Smt. Jyoti Rani W/o Sh. Sonu, R/o H.No. 570, Gobind Pura Colony, Near Railway Station, Sangrur (Punjab)–148001

¶13

Also at: House No. 436, Sunmi Gate, Shekhupura Basti, Sangrur (Punjab)- 148001

¶14

.……Defendants

¶15

Advocates:

¶16

Argued by Ms. Lovedeep Kaur, Advocate proxy for Sh. Gagandeep Toni, Advocate for applicant

¶17

None for Defendants (already ex parte vide order dated 03.06.2026)

¶18

FINAL ORDER

¶19

Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts and Bankruptcy Act 1993, against

¶20

2 OA/ 610/2026 HDFC BANK LIMITED VS SH. ARUN AND ANOTHER

¶21

the defendants for recovery of Rs. 24,94,686.00 (Rupees Twenty Four Lakh Ninety Four Thousand Six Hundred Eighty Six Only). The Original Application has been filed through Sh. Deepak Sharda, Authorised Representativ e, of the applicant , who is competent to institute the Original Application vide Board Resolution dated 17.09.2025, which is Annexure A1 to this OA.

¶22

The brief facts of the OA are that the defendants, approached the applicant for Vehicle Loan of Rs. 30.00 lacs vide Loan Application Form dated 17.08.2024, which is Annexure A2 to this OA.

¶23

Thereafter, Defendant no. 1 also applied for Credit Card vide Application Form dated 13.03.2025, which is Annexure A4 to this OA. 3. The applicant sanctioned the Vehicle Loan of Rs. 24,37,826.00 vide Agreement for Loan and Guarantee dated 21.08.2024, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants.

¶24

Thereafter, the applicant sanctioned the Credit Card no. 40235856 with credit limit of Rs. 94,000.00 and 65300604 with credit limit of Rs. 2.50 lacs to Defendant no.1 as per request.

¶25

Defendant no.1 hypothecated his vehicle namely TOYOTA Fortuner, Model FX 4X2 AT, bearing Registration No. PB13BV6155, Engine no. 1GDA826059, Chassis no. MBJAA3GS3006190950824;

¶26

Copy of Registration Certificate of vehicle was filed on 12.06.2026 vide Dairy no. 10668 in compliance of order dated 05.06.2026.

¶27

Documents executed: Statement of Account, which are Annexure A5 to A7 to this OA; Legal Notice dated 25.03.2026, which is Annexure A8 to this OA; Original Postal Receipts dated 27.03.2026, which are Annexure A9 to A11 to this OA.

¶28

The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in loan accounts, there was a debit of Rs. 24,94,686.00 (Rupees Twenty Four Lakh Ninety Four Thousand Six Hundred Eighty Six Only), 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.

¶29

3 OA/ 610/2026 HDFC BANK LIMITED VS SH. ARUN AND ANOTHER

¶30

The defendants were served summons to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte vide order dated 03.06.2026. 7. In support of the OA, affidavit of Sh. Deepak Sharda, Authorised Representativ e, HDFC Bank Limited, h as been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned proxy counsel 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 A11 to this OA, it is proved that the defendants approached applicant for availing of the vehicle loan, which was granted to them. Thereafter, Defendant no.1 applied for two credit cards, which were issued to him. 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, all the 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.21,83,018.00 (Rupees Twenty One Lakh Eight Three Thousand Eighteen Only), along with interest from the defendants, jointly and severally, and Rs. 3,11,668.00 (Rupees Three Lakh Eleven Thousand Six Hundred Sixty Eight Only) along with interest from the defendant no.1, from the date of filing of the present Original Application till realization of the amount. 10. In so far as pendent elite and future rate of interest is concerned, the applicant has claimed interest @9.97%p.a. from 26.03.2026 till the realization.

¶31

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 vehicle, 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 @8.00% p.a. in all the loan

¶32

4 OA/ 610/2026 HDFC BANK LIMITED VS SH. ARUN AND ANOTHER

¶33

accounts from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.

¶34

In the result, the application is allowed declaring that both the defendants are liable to pay to the applicant a total sum of Rs.21,83,018.00 (Rupees Twenty One Lakh Eight Three Thousand Eighteen Only), jointly and severally, and the defendant no. 1 is liable to pay to the applicant a total sum of Rs. 3,11,668.00 (Rupees Three Lakh Eleven Thousand Six Hundred Sixty Eight Only), with costs, current and future simple interest @8.00% p.a. in all 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 vehicle of the 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 total sum of Rs.21,83,018.00 (Rupees Twenty One Lakh Eight Three Thousand Eighteen Only) by attachment and sale of personal assets of both the defendants and Rs. 3,11,668.00 (Rupees Three Lakh Eleven Thousand Six Hundred Sixty Eight Only) by attachment and sale of personal assets of the defendant no.1. The applicant is at liberty to enforce the claim through due process of law. 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 30.06.2026 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. Pronounced by me in the open Tribunal . Dated: 15.06.2026 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Hdfc Bank Limited v. Sh. Arun and Another

Case brief

What is this about?

What did the court decide?

Hdfc Bank Limited v. Sh. Arun and Another

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

State Bank of India versus M/S S M Enterprises and Another

Axis Bank Ltd. versus Sh. Harnek Singh and Ors.

Punjab National Bank versus Sh. Jagir Singh And others

State Bank of India versus Sh. Varinder Singh

Punjab Gramin Bank versus Sh. Jaj Singh Alias Judge Singh through His Legal Heirs

Punjab National Bank versus Sh. Laxman Prasad Mandal