Debts Recovery Tribunals and Appellate Tribunals
HDFC BANK vs M/S SHREE JI OVERSEAS on 5 May 2026
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Item No. 46
Case No. MA/69/2026 IN OA NO. 1584/2023
HDFC BANK Vs M/S SHREE JI OVERSEAS
Date: 05.05.2026
Proceedings through hybrid mode
Present:
Shri Akash Sharma, Counsel for the Applicant Shri Anil Kumar Sharma, Counsel for the Respondents
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1. This Misc. application filed by the applicant bank for issuance of Recovery Certificate in OA no. 1584/2023.
2. This Original Application was filed by the applicant bank on 24.11.2023 for recovery of outstanding amount of Rs. 1,73,56,536.48 from the Defendants.
3. During the pendency of the aforesaid Original Application, the matter was referred to Lok Adalat, and the parties arrived at a settlement. The said settlement culminated into a final Award passed by the Lok Adalat dated 14.11.2025, whereby the Defendant(s) undertook to discharge their liability strictly in terms of the conditions mentioned in the Award.
4. As per the terms of the Lok Adalat Award dated 14.11.2025, the Defendant(s) were obligated to handover a postdated cheque dated 20.02.2026 bearing no. 000011 of IOB Bhilwara for an amount of Rs. 20,00,000/- to the bank on 14.11.2025, but the said cheque was not handed over on the said date and was handed over only on 2.12.2025 by the defendant, hence, thereby, not complying with the award dated 14.11.2025 and also to make payment of the amount in accordance with the valuation determined on or before 31.01.2026. Further, as per the terms of the compromise the balance amount was to be paid by the borrower within six months’ time from date of award. Upon which the bank was to hand over the title deed within 20 working days from the day of receiving the entire amount.
5. In pursuant to the Lok Adalat Award, a valuation report dated 20.11.2025 was prepared, wherein the amount payable by the defendant(s) was assessed at Rs. 42,66,145/-. Despite the Lok Adalat Award having attained finality and despite expiry of the stipulated time, the defendants have failed to adhere to the terms and conditions of the Lok Adalat award dated 14.11.2025 and have not paid the amount of Rs. 42,66,145/- on 31.01.2026
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as determined in the valuation report dated 20.11.2025. Therefore, the applicant bank prayed for issuance of Recovery Certificate for recovery of the outstanding amount.
6. Counsel for the defendants submits that the defendants want to pay the amount of Rs. 20.00 Lac by June, 2026 and balance OTS amount thereafter.
7. Heard arguments and perused the record.
a) The Defendants are jointly & severally liable to pay to the applicant bank a sum of Rs. 1,73,56,536.48 (Rupees One Crore Seventy Three Lac Fifty Six Thousand Five Hundred Thirty Six and Forty Eight Paisa Only) with interest @ 18% p.a. for cash credit and 2% p.m. for GECL facility from 24.11.2023 till the date of realization.
b) The applicant bank is entitled to recover the above amount from the sale of the following immovable assets:- i. All Part and Parcel of Shop No. 8-13, Old RTO, Chitrkut Complex, Bhilwara-311001, Rajasthan. ii. All Part and Parcel of Araji No. 12, Gram Mujraspur, Bhilwara-311001, Rajasthan. The applicant bank shall also entitle to recover the above amount from the personal movable and immovable properties/ assets of Defendants. The applicant bank is entitled to proceed against the same towards recovery of its debt.
8. The recovery certificate be issued forthwith and be sent to the Recovery Officer, DRT, Jaipur.
9. Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 17.07.2026.
10. Prepare Recovery Certificate accordingly.
11. A copy of the Judgment and Recovery Certificate be given or sent by registered post to each of the parties free. A copy of the Recovery Certificate be sent to the Recovery Officer of this Tribunal for necessary action as per the law.
12. The defendants are at liberty to approach the bank, if the defendants want to settle the matter and make payment of Rs. 20.00 Lac by June to be kept in no lien account.
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13. In view of above, this Misc. Application stands disposed of as allowed. File be consigned to record and tagged with its original application, as per rules. Copy of order be uploaded on website.
Order pronounced in the open Court today i.e. 05.05.2026.
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BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR PRESENT- SHRI VIMAL GUPTA PRESIDING OFFICER O.A. NO. 1584 OF 2023 DATE OF DELIVERY OF ORDER 05.05.2026 RECOVERY CERTIFICATE (UNDER SUB Section 22 of the Recovery of Debts due to Banks and Financial Institutions Act, 1993 (Act 51 of 1993)
HDFC Bank Limited having its Registered Office at HDFC Bank House, S.B. Marg, Lower Parel (West), Mumbai- 400013 and Branch Office at 4th Floor, Time Square Building 10, Central Spine, Vidhyadhar Nagar, Jaipur, Rajasthan - 302023, through its Authorized Signatory Sh. Karunesh Shrivastava. .…..Applicant Bank…..
VERSUS
1. M/s Shree Ji Overseas through its partners, Address- Chitrakoot Complex, Old RTO Road, Gandhinagar, Near Hotel Palace,Bhilwara-311001, Rajasthan.
2. Mr. Mahendra Gokharu S/o Sh. Ramesh Chand Gokharu, Address: 2 D-3, R.C. Vyas Colony, Bhilwara, Rajasthan.
3. Mrs.Renu Gokharu w/o Sh. Mahendra Gokharu, Address, A-216, Kumud Vihar, Flora Park Ke Samne, Bhilwara, Rajasthan.
4. M/s Shreeji Tradelink having address at Chitrakoot Complex, Old RTO Road, Gandhinagar, Near Hotel Harsh Palace, Bhilwara- 311001, Rajasthan. ……Defendants…..
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Recovery Certificate for Rs. 1,73,56,535.48 In terms of order dated 05.05.2026 passed by this Tribunal in the above mentioned case, it is ordered that -
a) The Defendants are jointly & severally liable to pay to the applicant bank a sum of Rs. 1,73,56,536.48 (Rupees One Crore Seventy Three Lac Fifty Six Thousand Five Hundred Thirty Six and Forty Eight Paisa Only) with interest @ 18% p.a. for cash credit and 2% p.m. for GECL facility from 24.11.2023 till the date of realization.
b) The applicant bank is entitled to recover the above amount from the sale of the following immovable assets:- i. All Part and Parcel of Shop No. 8-13, Old RTO, Chitrkut Complex, Bhilwara-311001, Rajasthan. ii. All Part and Parcel of Araji No. 12, Gram Mujraspur, Bhilwara-311001, Rajasthan. The applicant bank shall also entitle to recover the above amount from the personal movable and immovable properties/ assets of Defendants. The applicant bank is entitled to proceed against the same towards recovery of its debt.
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c) The recovery certificate be issued forthwith and be sent to the Recovery Officer, DRT, Jaipur.
d) Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 17.07.2026. The Recovery Officer shall realize the amount as per this Certificate in the manner and mode prescribed under Section 25 and 28 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (as amended from time to time) from the above named Certificate Debtor.