Allowed

Hdfc Bank Limited v. Sh. Shivi and Another

DRT30 Jan 2026OA/767/2025

Case brief

AI extract

What is this about?

In an ex parte hearing, the Tribunal allowed the bank's application for recovery of outstanding dues from vehicle loan accounts. The court validated the proof of loan execution and default but modified the interest rate from 14% to 8% per annum while granting a recovery certificate.

What did the court decide?

Vacation of outstanding sum with modified interest at 8% p.a.; Recovery Certificate issued under SARFAESI Act; liberty to attach personal assets if dues remain unsatisfied.

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

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.767/2025

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 17.06.2025

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DATE OF DECISION: 30.01.2026

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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, SAS Nagar Mohali through its Authorized Representative Sh. Rajendra Prasad.

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……..Applicant

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Versus

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Sh. Shivi S/o Sh. Rakesh Kumar, R/o H.no. 1209, Daresi Ground, Ludhiana, Punjab-141001.

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Smt. Veena Devi W/o Sh. Rakesh Kumar, R/o H.no. 1209, Daresi Ground, Ludhiana, Punjab-141001.

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….……Defendants

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Advocates:

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Argued by Ms. Dipti Toni, Advocate for the applicant

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Defendants are ex parte vide order dated 08.08.2025.

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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 and Bankruptcy Act, 1993, against the defendants for recovery of Rs.20,71,236.49 (Rupees Twenty Lacs Seventy One Thousand Two Hundred Thirty Six and Paise Forty Nine only). The Original Application has been filed through Sh. Rajendra Prasad , Authorized Representative of the applicant, who is competent to institute the Original Application vide Board Resolution dated 15.04.2023, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendants had approached the applicant for the grant of Vehicles Loan of Rs. 15.00 Lacs and Rs. 11.00 Lacs vide Loan Application Forms, which are Annexures A2 & A3 to this OA.

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OA NO. 767/2025 HDFC BANK VS. SHIVI AND ANOTHER

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The applicant sanctioned the Vehicles Loan of Rs. 15,16,494/and Rs.8,55,800/- and the terms and conditions were duly accepted by the defendants. Agreement for Loan cum Guarantee dated 21.02.2023, which is Annexure A4 to this OA and Supplemental Agreement dated 09.07.2024, which is Annexure A5 to this OA. 4. Defendant No. 1 hypothecated Vehicle namely “CRETA 1.5 SX CRDI AT BSVI” bearing Registration no. PB91S8088, Engine no. D4FAPM772426 and Chassis no. MALPC813LPM451859. Registration Certificate of the Vehicle filed on 3.01.2026 vide diary no. 736 in compliance to order dated 27.10.2025. Further, as per applicant, two loans were obtained by defendants in respect of same vehicle.

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Documents executed: Statement of accounts which are Annexures A6 & A7 to this OA; Legal notice dated 13.05.2025 along with postal receipts, which are Annexures A8 to A10 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 loan accounts there was a debit of Rs.20,71,236.49, 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 08.08.2025.

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In support of the OA, affidavit of Sh. Rajendra Prasad , Authorized Representative, HDFC Bank Ltd has been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned counsel 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 A10 to this OA, it is proved that the defendants

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OA NO. 767/2025 HDFC BANK VS. SHIVI AND ANOTHER

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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. 20,71,236.49 (Rupees Twenty Lacs Seventy One Thousand Two Hundred Thirty Six and Paise Forty Nine only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the account.

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In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @14.00%p.a. with monthly rests from date of filing of this application 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 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 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.

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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. 20,71,236.49(Rupees Twenty Lacs Seventy One Thousand Two Hundred Thirty Six and Paise Forty Nine only) jointly and severally, with costs, current and future simple interest @8.00%p.a. in both the loan accounts from the date of filing of OA till the date of realization of

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OA NO. 767/2025 HDFC BANK VS. SHIVI AND ANOTHER

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the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of hypothecated vehicle of the 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 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 .

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Issue Recovery Certificate accordingly.

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Parties to appear before Learned Recovery Officer of this Tribunal on 12.02.2026.

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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.

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Pronounced by me in the open Tribunal .

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Dated: 30.01.2026.

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(MRIDULESH KUMAR SINGH)

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Presiding Officer, DRT-III, Chandigarh

Hdfc Bank Limited v. Sh. Shivi and Another

Case brief

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Hdfc Bank Limited v. Sh. Shivi and Another

Case brief

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