Allowed

Hdfc Bank Limited v. Sh. Saurabh Kumar Verma

DRT30 Jan 2026OA/768/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's original application against the defendant borrower. The court decreed the principal amount and set the interest rate at 8% per annum, authorizing recovery through the sale of hypothecated vehicles.

What did the court decide?

Recovery of Rs. 29,68,878.91 plus simple interest at 8.00% p.a. until realization through sale of hypothecated assets.

Hdfc Bank Limited versus Sh. Saurabh Kumar Verma — Banking and Recovery | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.768/2025

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 30.05.2025

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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 Versus

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Sh. Saurabh Kumar Verma S/o Sh. Arjun Kumar Verma, Behind Bilson Steel, Village Dharour, Sahnewal, P.O. Tibba, District Ludhiana (Punjab)-141120.

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….……Defendant

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Advocates:

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Argued by Ms. Dipti Toni, Advocate for applicant

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Defendant already 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 defendant for recovery of Rs.29,68,878.91 (Rupees Twenty Nine Lacs Sixty Eight Thousand Eight Hundred Seventy Eight & Paise Ninety One Only). The Original Application has been filed through Sh. Rajendra Prasad, Authorized Representative, o f the applicant, who is competent to institute the Original Application vide Board resolution dated 15.04.2023, which is Annexure A1 to this OA. 2. The brief facts of the OA that the defendant approached the applicant for the grant of Vehicle loan of Rs.23,08,500.00 and Rs.17,55,000.00 vide Loan Applications dated 30.11.2023, which are Annexures A2 & A3 to this OA. 3. The applicant sanctioned the Vehicle Loan-I of Rs.17,63,998.00 & Vehicle Loan-II of Rs.14,20,313.00. The terms and conditions were

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2 OA/768/2025 HDFC BANK LIMITED VS. SAURABH KUMAR VERMA

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duly accepted by the defendant. Loan cum hypothecation agreements dated 27.12.2023, which are Annexures A4 and A5 to this OA.

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Defendant hypothecated his moveable assets i.e. Vehicles detailed as under:

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(i) Vehicle namely MAHINDRA SCORPIO N D AT 2WD Z47S, bearing registration no. PB10JN1670, Chassis No.MA1TJ2YGTR6D68199 & Engine No. YGR4D58237.

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(ii) Vehicle namely MAHINDRA SCORPIO Classic S MT 9S, bearing registration no. PB10JH5651, Chassis No.MA1TA2YS2P2M48998 & Engine No. YSP4L50306.

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Registration Certificates of the Vehicles filed on 13.0.2026 vide diary no. 738 in compliance to order dated 27.10.2025.

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Documents executed: Statement of account, which are Annexures A6 & A7 to this OA; Legal Notice dated 09.05.2025 along with Original Postal receipt, which are Annexures A8 & A9 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.29,68,878.91, which is recoverable and the defendant was served recall notices but he did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly. 6. The defendant was served notices to appear before this Tribunal but no one appeared on behalf of defendant and he was proceeded exparte vide order dated 08.08.2025. 7. In support of the OA, affidavit of Sh. Rajendra Prasad, Manager Legal, HDFC Bank Limited, 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 A9 to this OA, it is proved that the defendant

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3 OA/768/2025 HDFC BANK LIMITED VS. SAURABH KUMAR VERMA

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approached applicant for availing of the loan facilities which were granted to him and for that he had executed all the relevant documents in favour of the bank. The defendant failed to pay back the loanss as per terms and conditions of the agreement between the parties. Subsequently, account of the defendant were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.29,68,878.91 (Rupees Twenty Nine Lacs Sixty Eight Thousand Eight Hundred Seventy Eight & Paise Ninety One Only) along with interest from the defendant, from the date of filing of the present Original Application till realization of the accounts.

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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 @9.20%p.a. from the date of filing of the application till its 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 defendant, 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 @08.00%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 defendant is liable to pay to the applicant a total sum of Rs.29,68,878.91 (Rupees Twenty Nine Lacs Sixty Eight Thousand Eight Hundred Seventy Eight & Paise Ninety One Only) with costs, current and future simple interest @08.00%p.a. in both the loan accounts from the date of filing of OA till the date of realization of the amount.

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OA/768/2025 HDFC BANK LIMITED VS. SAURABH KUMAR VERMA

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

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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 bank and be sent to defendant 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) Presiding Officer, DRT-III, Chandigarh

Hdfc Bank Limited v. Sh. Saurabh Kumar Verma

Case brief

What is this about?

What did the court decide?

Hdfc Bank Limited v. Sh. Saurabh Kumar Verma

Case brief

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What did the court decide?

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