Debts Recovery Tribunal allowed an original application filed by HDFC Bank Limited for recovery of Rs. 1.64 crore, holding defendants liable to pay the principal sum, costs, and future simple interest at 8% p.a.
Recovery of Rs. 1,64,86,767.82 plus costs and future simple interest at 8% p.a. from filing date.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO. 779/2026
PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 22.05.2026
DATE OF DECISION: 14.07.2026
HDFC Bank Limited, having its Registered Office at Senapati Bapat Marg, Lower Parel – (West), Mumbai-400013. Also at Plot No. 1-15, Sector 101, ALPHA IT City, SAS Nagar (Mohali), through its Authorised Representative, Sh. Deepak Sharda. Also, at HDFC Bank Limited, Ludhiana (Punjab).
……..Applicant
Versus
Advocates:
Argued by Ms. Dipti Toni, Advocate for applicant (through VC)
None for Defendants (already ex parte vide order dated 01.07.2026)
FINAL ORDER
2 OA/ 779/2026 HDFC BANK LIMITED VS M/S BN TRANSPORT CO AND OTHERS
Sixty Four Lac Eighty Six Thousand Seven Hundred Sixty Seven and Paise Eighty Two 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 21.04.2025, which is Annexure A1 to this OA. 2. The brief facts of the OA are that the defendant no. 1, through its partners defendant nos. 2 & 3, approached the applicant for Term Loan of Rs.44,40,810.00 for purchase of commercial vehicle vide Loan Application Form dated 25.11.2022, which is Annexure A11 to this OA. Thereafter, the defendant no. 1, through its partners defendant nos. 2 & 3, approached the applicant for Term Loan of Rs.46,43,265.00 for purchase of commercial vehicle vide Loan Application Form, which is Annexure A13 to this OA; Thereafter, the defendant no. 1, through its partners defendant nos. 2 & 3, approached the applicant for Term Loan of Rs.40,11,868.00 for purchase of commercial vehicle vide Loan Application Form dated 07.07.2023, which is Annexure A15 to this OA; Thereafter, the defendant no. 1, through its partners defendant nos. 2 & 3, approached the applicant for Term Loan of Rs.39,94,903.00 for purchase of commercial vehicle vide Loan Application Form dated 06.12.2023, which is Annexure A17 to this OA; Thereafter, the defendant no. 1, through its partners defendant nos. 2 & 3, approached the applicant for Term Loan of Rs.8,85,998.00 for purchase of trailer of commercial vehicle vide Loan Application Form dated 18.12.2023, which is Annexure A19 to this OA; Thereafter, the defendant no. 1, through its partners defendant nos. 2 & 3, approached the applicant for Term Loan of Rs.37,34,317.00 for purchase of commercial vehicle vide Loan Application Form dated 26.03.2024, which is Annexure A21 to this OA; Thereafter, the defendant no. 1, through its partners defendant nos. 2 & 3, approached the applicant for Term Loan of Rs.11,10,203.00 for purchase of trailer of commercial vehicle vide Loan Application Form, which is Annexure A23 to this OA;
3 OA/ 779/2026
HDFC BANK LIMITED VS M/S BN TRANSPORT CO AND OTHERS
Thereafter, the defendant no. 1, through its partners defendant nos. 2 & 3, approached the applicant for Term Loan of Rs.38,30,997.00 for purchase of commercial vehicle vide Loan Application Form, which is Annexure A25 to this OA.
Thereafter, the applicant sanctioned the Term Loan-VII of Rs.37,34,317.00 for purchase of commercial vehicle vide Agreement for Loan and Guarantee dated 02.03.2024, which is Annexure A22 to this OA; Thereafter, the applicant sanctioned the Term Loan-VIII of Rs.11,10,203.00 for purchase of trailer of commercial vehicle vide Agreement for Loan and Guarantee dated 03.04.2024, which is Annexure A24 to this OA;
4
OA/ 779/2026 HDFC BANK LIMITED VS M/S BN TRANSPORT CO AND OTHERS
Thereafter, the applicant sanctioned the Term Loan-IX of Rs.38,30,997.00 for purchase of commercial vehicle vide Agreement for Loan and Guarantee dated 30.07.2024, which is Annexure A26 to this OA.
| S. No. |
Model |
Regd No | Engine No | Chassis No. |
|---|---|---|---|---|
| 1 | MAHINDRA BLAZO 55 BS VI |
PB10HZ9876 | PGNZE12710 | MA1VDARGFN6F71648 |
| 2 | BB 5428 TS BS VI with 3 AXLE TRAILER STZ DL 3 AAA |
PB10JA3076 | 926956D0137779 | MEC862FCMNP131064 |
| 4 | MAHINDRA BLAZO 55 BS VI |
PB10JE0576 | VDNZA10047 | MA1VDARGFN6A76043 |
| 5 | BB 5532 BS VI with 3 AXLE TRAILER STZ DL 3 AAA |
PB10JH3176 | 926956D0151848 | MEC862HCGPP145362 |
| 6 | BB 5528 BS VI with 3 AXLE TRAILER STZ DL 3 AAA |
PB10JL5976 | 926956D0166706 | MEC862FCBRP158887 |
| 7 | TOYOTA FORTUNER |
PB10JQ0576 | 1GDA819459 | MBJAA36S900617321- 0724 |
vide Tax Invoices and Receipts, which are Annexure A27 to A32 to this OA; Virtual Registration certificates of hypothecated vehicles were
filed on 03.07.2026 vide Dairy no.11904 and 13.07.2026 vide Dairy no. 12567.
Documents executed: Partnership Deed dated 10.12.2021, which is Annexure A2 to this OA; Authorization Letters, which are Annexures A3 to A10 to this OA; Statement of Account, which is Annexure A33 to A41 to this OA; Legal Notice along with Postal Receipts dated 29.04.2026, which are Annexures A42 to A45 to this OA.
5 OA/ 779/2026 HDFC BANK LIMITED VS M/S BN TRANSPORT CO AND OTHERS
| requested to accept the application and to issue Recovery Certificate accordingly. |
|---|
| 6. 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 01.07.2026. |
| 7. In support of the OA, affidavit of Sh. Deepak Sharda,Authorised |
| Representative, HDFC Bank Limited,has been filed. |
| 8. Heard ex-parte arguments and perused record. |
| 9. It was argued by learned 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 theAnnexures A1 to A45to this OA, it |
| is proved that the defendant no. 1, through its partners defendant nos. 2 & 3, approached applicant for availing of the loan facilities, which were granted to them. 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.1,64,86,767.82 (Rupees One Crore Sixty Four Lac Eighty Six Thousand Seven Hundred Sixty Seven |
| and Paise Eighty Two 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. |
| 10. In so far as pendent elite and future rate of interest is concerned, |
| the applicant has claimed interest @9.20%p.a. from 30.04.2026 till the realization. |
| 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 vehicles, undertaking |
| of the defendants, quantum of loans and prevalent market rates of |
| interest which have gone drastically downhill in yester years, while |
6
OA/ 779/2026
HDFC BANK LIMITED VS M/S BN TRANSPORT CO AND OTHERS
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 accounts from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.
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 29.07.2026 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: 14.07.2026
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the applicant is entitled to recover the outstanding loan amount jointly and severally from the defendants.
What rate of future interest should be granted in view of the market rates and facts and circumstances.
HDFC Bank Limited
M/s B N Transport Co.
Sh. Harshdeep Singh Chawla
Sh. Charanjit Singh
MRIDULESH KUMAR SINGH
As recorded by the court registry
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