Allowed

Hdfc Bank Limited v. M/S Parkash and Co. and Others

DRT5 Aug 2026OA/930/2024

Case brief

AI extract

What is this about?

Original application under Section 19 RDB Act filed for recovery of loan dues. Tribunal allowed application in absence of defendants, declared liability, and ordered recovery of principal plus interest at reduced rate with liberty to initiate execution.

What did the court decide?

Recovery of Rs. 35,97,237.24 plus simple interest @ 8% p.a. from date of filing till realization; issuance of Recovery Certificate.

Hdfc Bank Limited versus M/S Parkash and Co. and Others — Execution and Attachment | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO. 930/2024

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 01.10.2022

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DATE OF DECISION: 05.08.2026

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HDFC Bank Limited, a Banking Company duly incorporated and registered under the Companies Act, 1956 having its Registered Office at HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai, Maharashtra- 400013 and amongst other Branches, having one of its Branch Office at Amritsar, Punjab through its duly Constituted Attorney, Sh. Sunil Kalra, Manager Legal, HDFC Bank, Plot no. 28, 1^st Floor, Industrial Area, Phase I, Chandigarh

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……..Applicant

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Versus

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M/S Parkash and Co., a Proprietorship Firm through its Proprietor, Sh. Parkash Chand, having its Place of Business at 174, Ward no. 4, Mohalla Dhudhia Wala, Bhadaur, District Barnala- 148102

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Sh. Parkash Chand, S/o Sh. Tota Ram, R/o 174, Ward no. 4, Mohalla Dhudhia Wala, Bhadaur, District Barnala- 148102

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Sh. Vijay Kumar Jindal, S/o Sh. Parkash Chand, R/o 174, Ward no. 4, Mohalla Dhudhia Wala, Bhadaur, District Barnala- 148102

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Sh. Rajesh Kumar, S/o Sh. Parkash Chand, R/o 174, Ward no. 4, Mohalla Dhudhia Wala, Bhadaur, District Barnala- 148102

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….……Defendants

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Advocates:

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Argued by Sh. Harinder Kumar, Advocate for applicant (through VC) None for defendants (already ex-parte vide order dated 03.08.2026)

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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. 35,97,237.24 (Rupees Thirty Five Lacs Ninety Seven Thousand Two Hundred Thirty Seven and Paise Twenty Four Only). The Original Application has been filed through Sh. Sunil Kalra, Manager Legal of the applicant, who is

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2 OA NO. 930/2024

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HDFC BANK LIMITED VS. M/S PARKASH AND CO. AND OTHERS

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competent to institute the Original Application vide Board Resolution dated 16.07.2022, which is Annexure A1 to this OA.

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The brief facts of the OA are that defendant no. 1 through its Proprietor defendant no. 2 approached the applicant for grant of ODAP Limit of Rs. 25.00 Lacs vide Application dated 19.06.2013, which is Annexure A2 to this OA. Thereafter, defendant no. 1 through its Proprietor defendant no. 2 approached the applicant for renewal of ODAP Limit of Rs. 25.00 Lacs. 3. The applicant sanctioned ODAP Limit of Rs. 25.00 Lacs vide Sanction dated 29.08.2013, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants. Thereafter, the applicant sanctioned renewal of ODAP Limit of Rs.25.00 Lacs vide Sanctions dated 23.06.2014, 23.06.2016 and 05.06.2018, which are Annexure A12, A13 and A16 to this OA. Defendant nos. 2 to 4 stood as guarantors.

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(i) Defendant no. 4 mortgaged his immovable property i.e. Land measuring 103 Sq. Yards situated at Bhadord, Mohalla Dhunda vide Title Deed bearing vasika no. 1474 dated 19.12.2002, which is Annexure A9 to this OA;

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(ii) Defendant no. 2 mortgaged his immovable property i.e. Land measuring 03 Biswa situated at Village Bhadod, Tehsil Barwala vide Title Deed dated 13.12.1993, which is Annexure A10 to this OA. Documents executed: DP Note, Continuing Security, MFA, DCI and Memorandum of Past Transaction, all dated 03.08.2013, which are Annexure A4 to A8 to this OA; Continuing Guarantee dated 31.08.2013, which is Annexure A11 to this OA; Amendment Agreement and DP Note, both dated 08.05.2017, which are Annexure A14 and A15 to this OA; Demand Notice dated 28.12.2020, which is Annexure A17 to this OA and SOA with calculation sheet, which are Annexure A18 and A19 to this OA.

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The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in the loan account there was a debit of Rs. 35,97,237.24 which is recoverable and the defendants were served recall notice but they did not repay the

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3 OA NO. 930/2024 HDFC BANK LIMITED VS. M/S PARKASH AND CO. AND OTHERS

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outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

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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 03.08.2026. 7. In support of the OA, affidavit of Sh. Sunil Kalra, Manager Legal, HDFC Bank Limited, has been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned counsel (through VC) that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case.

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From the perusal of all the Annexure A1 to A19 to this OA, it is proved that defendant no. 1 through its Proprietor defendant no. 2 approached the applicant for availing of the loan facility which was granted to them. Defendant nos. 2 to 4 stood as guarantors. Defendants had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendants was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs. 35,97,237.24 (Rupees Thirty Five Lacs Ninety Seven Thousand Two Hundred Thirty Seven and Paise Twenty Four 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 pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @18.00%p.a. with monthly rests w.e.f. 01.08.2022 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 mortgaged properties, undertaking of the defendants, quantum of loan and prevalent market rates of interest which have gone drastically downhill in yester years, while

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4 OA NO. 930/2024

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HDFC BANK LIMITED VS. M/S PARKASH AND CO. AND OTHERS

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exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant simple interest @8.00% p.a. in the loan account 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.35,97,237.24 (Rupees Thirty Five Lacs Ninety Seven Thousand Two Hundred Thirty Seven and Paise Twenty Four Only) jointly and severally, with costs, current and future simple interest @8.00% p.a. in the loan account 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 of defendant nos. 2 and 4 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. 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 20.08.2026. 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: 05.08.2026 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Hdfc Bank Limited v. M/S Parkash and Co. and Others

Case brief

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Hdfc Bank Limited v. M/S Parkash and Co. and Others

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