HDFC BANK LTD vs Mr.P. Kamaraj on 27 March 2024

FINAL ORDER

1. The Application is filed under Section 19(1) of the Recovery of Debt And Bankruptcy Act, 1993 seeking for issuance of a Recovery Certificate for Rs.16,79,350.77p (Rupees Sixteen Lakhs Seventy Nine Thousand Three Hundred Fifty and Seventy Seven paisa only) due in Credit Facility of Personal loan availed by the defendants.

2. The above TA was originally filed before DRT-I and got transferred to this Tribunal and renumbered as above.

3. The Applicant contents that a credit facility of Rs. 15,90,195/- was availed by the original defendant as a personal loan. The facility was availed by agreeing to repay the same with interest in 60 EMIs of Rs.35,213/- .

4. The Applicant further contents that despite availing the credit facility by obliging to pay back the amount, the defendant failed in compliance of the same and all the efforts of the Applicant to make the defendants pay back the amount, including issuance of a legal notice on 11.4.2019 failed forcing the Applicant to file this Application.

5. Since the borrower who was originally arrayed as defendant expired his legal heir is impleaded in his place and served. As there was no appearance, she was called absent and set ex-parte on 15.9.2022.

6. The Applicant let in evidence through AW1, filed proof affidavit in conforming with pleading and got marked Ext A1 to A5.

7. Heard, the following issues arise for consideration: -

(i) Whether the Applicant had proved the TA claim?

(ii) What orders are to be passed? Both these issues are decided together.

8. The Applicant evidence remained un-rebutted and hence proved. The documents produced by the Applicant are found to be admissible and are sufficient to prove TA claim. Hence the Applicant is to be found entitled for the TA claim. The TA claim is made within limitation and there is no capitalization of penal interest. Since the TA claim is arrived at by calculating interest at agreed rate, which on the higher side, pendente lite and future interest is awarded at 8% per annum (simple).

9. In view of the above, the following order is passed: - (a) TA No.691 of 2023 stands allowed.

(b) Applicant is permitted to recover an amount of Rs. 16,79,350.77p (Rupees Sixteen Lakhs Seventy Nine Thousand Three Hundred Fifty and Seventy Seven paisa only) with future and pendente lite interest @ 8% simple P.A from the date of filing of the OA/TA till realization, after giving credit to all the amount recovered and received during the pendency of the OA/TA, from the defendants only by proceedings against the assets or estate any devolve upon her from her husband deceased P K Kamaraj.

(c) A Recovery Certificate is to be drawn and issued to the recovery Officer to enable recovery of the as per the above terms.

(d) Applicant is allowed to realize cost of the proceeding for which cost memo is to be filed in 7 days’ time from the date of receipt of the copy of the order.

10. Communicate a copy of the order to the parties concerned in terms of section 19(21)(i) of the RDB Act, read with Rule 6 of DRT (Procedure) Rules, 1993. (Dictated to PS, transcribed by him, corrected, signed and pronounced by me in the Open court, this the 27th day of March, 2024)

Sd/- (T.RAJESH)

PRESIDING OFFICER

DRT-II, CHENNAI