Allowed

Hdfc Bank Limited v. Sh. Binder Singh and Others

DRT30 Jan 2026OA/656/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the Bank's Original Application for recovery of Rs.26 lakhs. The Tribunal modified the claimed interest rate to 8% p.a. and directed recovery from mortgaged assets under the SARFAESI Act.

What did the court decide?

Recovery of Rs.26,47,249.25 with simple interest @ 8% p.a. from filing date; Recovery Certificate issued; Directive to enforce via sale of mortgaged assets under SARFAESI Act.

Hdfc Bank Limited versus Sh. Binder Singh and Others — Company and Corporate | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.656/2024

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 29.03.2024

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DATE OF DECISION: 30.01.2026

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HDFC Bank Limited, incorporated under the Companies Act, 1956 and Bank within the meaning of the Banking Regulation Act, 1949 and having its Registered Office at HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013 and its Regional Office at HDFC Bank Ltd., Bank House, Plot No I-15, Sector 101 Alpha, IT City, Mohali, District S.A.S. Nagar, Punjab – 160062 and having one of its Branch Office at Rupana, District Muktsar (Punjab) through its Authorized Signatory Sh. Pulkit Khanna.

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……..Applicant

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Versus

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Sh. Binder Singh Son of Sh. Harnek Singh, Resident of Village Phulewala, Tehsil & District Muktsar, Punjab-152032.

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Smt. Charanjit Kaur Wife of Sh. Binder Singh, Resident of Village Phulewala, Tehsil & District Muktsar, Punjab-152032.

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Sh. Chhinder Singh Son of Sh. Jarnail Singh, Resident of Village Phulewala, Tehsil & District Muktsar, Punjab-152032.

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….……Defendants

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Advocates:

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Sh. Abhinav Singla, Advocate proxy for Sh. Ankur Jindal, Advocate for Applicant (through VC)

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Defendants already ex-parte vide order dated 13.10.2025.

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts & Bankruptcy Act, 1993, against the defendants for recovery of Rs.26,47,249.25 (Rupees Twenty Six Lacs Forty Seven Thousand Two Hundred Forty Nine & Paise Twenty Five Only). The Original Application has been filed through Sh. Pulkit Khanna,

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OA/656/2024 HDFC BANK LIMITED VS. BINDER SINGH AND OTHERS

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Authorized signatory, of the applicant, who is competent to institute the Original Application vide Power of attorney dated 16.01.2024, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendant nos. 1 and 2 approached the applicant for the grant of KCC Limit of Rs.5.55 Lacs & Agriculture Term loan of Rs.3.10 Lacs vide loan application dated 23.05.2024, which is Annexure A1 to this OA. Defendant no. 3 stood as guarantor. Thereafter the defendants approached the applicant enhancement of Limit to Rs.14.90 Lacs and for Fresh Agriculture OD Limit of Rs.3.30 Lacs vide loan application dated 26.07.2016, which is Annexure A6 to this OA. 3. The applicant sanctioned the of KCC Limit of Rs.5.55 Lacs & Agriculture Term loan of Rs.3.10 Lacs under KGC vide Sanction letters dated 12.06.2014, which are Annexures A3 & A4 to this OA and the terms and conditions were duly accepted by the defendants. Thereafter, the applicant sanctioned enhancement of the KCC Limit to Rs.13.50 Lacs and Fresh OD Limit of Rs.3.00 Lacs vide sanction letters dated 17.08.2016, which are Annexures A7 and A 8 to this OA. 4. Defendants mortgaged their immovable properties i.e. total land measuring 56K-00Marla (7 Acres) detailed as under: (i) Land measuring 24K-00M situated at Village Phullewala, Tehsil and District Sri Muktsar Sahib, Punjab (ii) Land measuring 32K-00M situated at Village Phullewala, Hadbast No. 38, Tehsil and District Sri Muktsar Sahib, Punjab vide Declaration u/s 4(1) dated 05.09.2016, which is Annexure A9 to this OA; Confirmation of mutation dated 08.09.2016 by counsel of bank, which is Annexure A10 to this OA. Documents executed: Agreement of term loan cum guarantee cum hypothecation dated 27.06.2014, which is Annexure A5 to this OA; Agreement for Overdraft/cash credit cum guarantee cum hypothecation

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OA/656/2024 HDFC BANK LIMITED VS. BINDER SINGH AND OTHERS

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and agreement for dropline overdraft cum hypothecation cum guarantee, both dated 26.08.2016, which are Annexures A11 & A12 to this OA; Statement of accounts along with certificate, which are Annexures A13 to A16 to this OA; legal notice dated 24.01.2024, along with postal receipts, which are Annexures A17 to A20 to this OA.

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The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in the loan accounts there was a debit of Rs.26,47,249.25, 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.

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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 13.10.2025.

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In support of the OA, affidavit of Sh. Pulkit Khanna, Authorized Signatory, HDFC Bank Ltd., has been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned proxy counsel through video conferencing 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 A20 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 bank. 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.26,47,249.25 (Rupees Twenty Six Lacs Forty Seven Thousand Two Hundred Forty

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OA/656/2024 HDFC BANK LIMITED VS. BINDER SINGH AND OTHERS

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Nine & Paise Twenty Five 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.

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In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @12.00% p.a. in KCC Limit, @13%p.a. in OD Limit, from 01.10.2023 in both accounts and interest @16%p.a. in Term Loan from 23.01.2024 till the realization.

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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 Tribunal deems it just and appropriate to grant uniform simple interest @8.00%p.a. in all 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.

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.26,47,249.25 (Rupees Twenty Six Lacs Forty Seven Thousand Two Hundred Forty Nine & Paise Twenty Five Only) jointly and severally, 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 mortgaged properties/hypothecated assets of defendants 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 same by

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OA/656/2024 HDFC BANK LIMITED VS. BINDER SINGH AND OTHERS

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attachment and sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law.

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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 12.02.2026. 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: 30.01.2026.

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(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Hdfc Bank Limited v. Sh. Binder Singh and Others

Case brief

What is this about?

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Hdfc Bank Limited v. Sh. Binder Singh and Others

Case brief

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