HDFC BANK LIMITED vs SMT. PARAMJIT KAUR AND OTHERS on 3 July 2026

FINAL ORDER

1. Present Transfer 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.22,18,632.00 (Rupees Twenty Two Lac Eighteen Thousand Six Hundred Thirty Two Only). The Transfer Application has been filed through Sh. Sandeep Garg, Manager, of the applicant, who is competent to institute the Transfer Application vide

Power of Attorney in favour of Sh. Sandeep Garg dated 17.01.2024, which is Annexure A1 to this TA.

2. The brief facts of the TA are that the defendant nos. 1 & 2, approached the applicant for Agriculture Credit Facility of Rs. 25.65 lacs vide Application Form for Agriculture Loan dated 17.11.2022, which is Annexure A2 to this TA. Defendant no.3 stood as guarantor.

3. The applicant sanctioned the CC Limit of Rs. 13.50 lacs and OD Limit of Rs. 7.50 lacs vide Sanction Letters dated 21.01.2023, which are Annexure A3 and A4 to this TA and the terms and conditions were duly accepted by the defendants.

4. Defendant nos. 1 & 2 mortgaged their agricultural land measuring 80Kanal-0Marla situated at Village Lehal Kalan, Tehsil Lehra, District Sangrur, Punjab vide Schedule Declaration under Section 4(1) dated 23.01.2023, which is Annexure A7 to this TA; Punjabi to English Translation of Schedule Declaration under Section 4(1), which is Annexure A8 to this TA. Documents executed: Agreement for Overdraft/Cash Credit-cum- Guarantee-cum-Hypothecation dated 23.01.2023, which are Annexure A5 and A6 to this TA; Notice and Postal Receipts dated 30.01.2026, which are Annexure A9 to A12 to this TA; Statement of Loan Accounts with certificate, which is Annexure A13 and A14 to this TA.

5. 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.22,18,632.00 (Rupees Twenty Two Lac Eighteen Thousand Six Hundred Thirty Two Only), 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.

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 TA, affidavit of Sh. Sandeep Garg, Manager, 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 the Annexures A1 to A14 to this TA, it is proved that the defendant nos. 1 & 2 approached applicant for availing of the loan facilities, which were granted to them. Defendant no. 3 stood as guarantor. 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, both 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.22,18,632.00 (Rupees Twenty Two Lac Eighteen Thousand Six Hundred Thirty Two Only), along with interest from the defendants, jointly and severally, from the date of filing of the present Transfer 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 @10.00% p.a. in CC Limit and OD Limit with half yearly rests from 21.11.2025 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 property, undertaking of the defendants, quantum of loans 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 simple interest @8.00% p.a. in both the loan accounts from the date of filing of the TA till realization of the amount ordered vide this final order. It is ordered accordingly.

11. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.22,18,632.00 (Rupees Twenty Two Lac Eighteen Thousand Six Hundred Thirty Two 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 TA till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of mortgaged property of the defendant nos. 1 & 2 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 18.07.2026

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: 03.07.2026

(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh