Debts Recovery Tribunals and Appellate Tribunals
HDFC BANK vs KULDEEP SINGH on 1 February 2019
DEBTS RECOVERY TRIBUNAL-I, DELHI
JEEVAN TARA BUILDING: PARLIAMENT STREET; NEW DELHI
PRESIDING OFFICER: Dr. REKHA G. DHAKAR
TA No. 07/2018
HDFC BANK LTD.
Retail Asset Collection
Express Building, 2nd Floor,
Bahadur Shah Zafar Marg, ITO,
DELHI-110002
Also at:
Ansal Classique Tower,
9th Floor, J Block, Community Centre,
Rajouri Garden,
New Delhi-110027.
Applicant Bank
Versus
Shri Kuldeep Singh
16/21, Third Floor,
Mangolpur Kalan
Near Jaipur Golden Hospital
Delhi-110027
Defendant
Counsel:
Sh. Akshay Kumar, Counsel for the applicant Bank
Defendant is ex-parte.
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FINAL ORDER
(01.02.2019)
1. The applicant bank has filed the present OA bearing No.525/2016 on 23.06.2016 before the Ld. DRT- III, Delhi which stands transferred to this Tribunal vide order dated 16.10.2018 passed by the Ld. Assistant Registrar, DRT- III, Delhi. The OA has been filed for recovery of Rs.24,71,160.77/- (Rupees Twenty Four Lakhs Seventy One Thousand One Hundred Sixty and paise Seventy Seven only) along with pendentelite and future interest @13.75% p.a. at monthly rest from the date of OA till its realization.
2. Brief facts of the OA are that the present OA is filed by Ms. Sampurna Gupta, Deputy Manager of the applicant bank who is fully conversant with the facts of the case as well as competent to sign, verify and institute the present OA by virtue of Power of Attorney dated 25.05.2016 executed by the Applicant Bank in her favour.
3. The defendant approached the applicant bank vide Auto Loan application dated 15.05.2015 and availed vehicle loan of Rs.25.05.988/- (Rupees Twenty Five Lakhs Five Thousand Nine Hundred Eighty Eight only) for purchasing the car being MERCEDES BENZ MODEL 350C CDI L. The vehicle loan was sanctioned and disbursed in account bearing no.32729152 to the defendant. The defendant undertook to repay the said loan in 54 Equated Monthly Installments of Rs.62,493/- (Rupees Sixty Two Thousand Four Hundred Ninety Three only) each payable on 7th day of every calendar month spanning from 07.06.2015 to 07.11.2019.
4. In consideration of availing the said loan, the defendant executed the various loaning and security documents i.e. Loan Application and Agreement, Demand Promissory Note and Irrevocable Power of Attorney etc.
5. In order to secure the said loan, the defendant hypothecated the Vehicle being Mercedes Benz model 350 CDI L bearing Registration No. DL2CQ5588 and having Engine No. 64293040920140 and Chasis No. WDD2211226L006024 and having year of manufacture as 2010 in favour of the Applicant Bank.
6. However, the defendant has failed to comply with the terms and conditions of the loan & neglected to deposit monthly installments regularly. Therefore, the applicant bank sent a Legal Notice dated 28.05.2016 for termination of subject agreement dated 15.05.2015 called upon the defendant to pay the amount of Rs.24,71,160.77/- (Rupees Twenty Four Lakhs Seventy One Thousand One Hundred Sixty and paise Seventy Seven only) as on 26.05.2016 plus interest to the applicant bank but the defendant failed and neglected to pay to the applicant bank. Thus, the present OA has been filed by the applicant bank.
7. Notice of the OA was issued to the defendant to file their WS. Despite services, none appeared on behalf of the defendant nor filed WS thus, he was proceeded ex-parte vide order dated 15.12.2017.
8. In order to prove the averments made in the OA , the applicant bank has filed the evidence by way of affidavit of Ms. Sampurna Gupta, Deputy Manager (Legal) and Authorised Representative proved various loaning documents which are exhibited as Ex.PW-1/1 to Ex.PW-1/7.
9. I have heard the Ld. Counsel for the Applicant Bank and also perused the record.
10. In my considered view, the witness of the applicant bank has fully corroborated the averments made in the OA. Even otherwise the whole case of the applicant bank is based on documents and the witness has duly proved all these documents. In my view there is no question of disbelieving the evidence lead by the applicant bank and the applicant bank has proved its case beyond reasonable doubts.
11. The Applicant Bank has claimed interest at the rate of 13.75% p.a. together with pendent lite and future interest compounded with monthly rest from the date of filing of the present OA till its realization, the same is allowed.
12. In the light of above discussions, the Original Application deserves to be allowed.
ORDER
(i) I allow this OA and direct the defendants to pay the applicant bank within a period of 30 days, a sum of Rs.24,71,160.77/- (Rupees Twenty Four Lakhs Seventy One Thousand One Hundred Sixty and paise Seventy Seven only) along with pendentelite and future interest @13.75% p.a. with monthly rest from the date of OA till its realization, failing which the aforesaid amount shall be recovered from the sale of hypothecated vehicle and other personal movable and immovable assets of the defendant. The cost of litigation be also borne by the defendant. The applicant bank is also directed to file the revised statement of account before the Ld. Recovery Officer of this Tribunal.
(ii) The recovery certificate be issued forthwith and be sent to the Recovery Officer, DRT-I Delhi.
(iii) Parties are directed to appear before the Recovery Officer, DRT-I Delhi on 19.03.2019.
(iv) Copy of this Judgment and recovery certificate be sent to all the parties free of cost by registered post. File be consigned to record room.
(Dr. REKHA G. DHAKAR) PRESIDING OFFICER, DRT-I, DELHI ANNOUNCED IN OPEN COURT February 01, 2019