Debts Recovery Tribunals and Appellate Tribunals
HDFC BANK vs RAJESH on 29 December 2023
IN THE DEBT RECOVERY TRIBUNAL –II CHENNAI
Dated this 29th day of December, 2023
PRESENT: SHRI T.RAJESH
PRESIDING OFFICER
TA.No.624 OF 2022
(Old OA.No.82/2020–DRT-I, Chennai)
HDFC Bank Limited,
No.128, Nelson Manickam Road,
East West Centre, Ground Floor,
Aminjikarai,
Chennai-600 029.
IFSC Code:HDFC0000441.
PAN No:AAACH2702H.
And also having office at
“CEEBROS”,
110, 4th Floor, Nelson Manickam Road,
Aminjikarai,
Chennai-600 029.
Represented by its Authorized Signatory
Mr.P.Nirmalraj.
… Applicant.
Vs.
Mr.R.Rajeesh,
S/o.Radhakrishnan,
PAN No.: AWQPR8760G,
A-F-2, Vibha Flat,
No.317, Palayakaran Cross Street,
Kodambakkam,
Chennai – 600 024.
Having Office at
R.K.International,
26, Agathiyar Street,
Kamakoti Nagar,
Valasaravakkam,
Chennai – 600 087.
And also Having Office at
R.K.International,
Shop No.71, Ground Floor,
172, Raahat Plaza, Arcot Road,
Vadapalani,
Chennai – 600 026.
… Defendant.
Counsel for Applicant
: M/s.T.K.M.Saikrishnan.
Defendant
: Exparte.
……
Citations and Judicial Treatment
Cited by
0
Decisions in the index citing it
Cites
0
Decisions referred to
In this index
0
Of the decisions it cites
Overruled / Questioned
0
No negative treatment found
Loading the citing and cited decisions…
This judgment in the centre: on the left the decisions it cites, on the right the decisions citing it. Colour is the treatment; choose a decision to open it.
ORDER
1. The above Transfer Application is filed under section 19 of the Recovery of Debt and Bankruptcy Act seeking recovery of Rs.27,08,395.31 with further interest from the date of filing of the TA and by allowing the same to be recovered from the defendant and also by proceeding against his assets.
2. The above original application is filed before the DRT-I and stood transferred to this Tribunal and renumbered as above.
3. The defendant availed a used car premium loan for Rs.27,01,761/- and purchased BMW 320D having Registration Number TN 09CJ9666 from the Applicant.
4. It is also stated that the above facility was availed after execution of necessary loan documents by defendant obliging himself to repay the amount promptly and regularly, without fail in 60 equated monthly installments of Rs.61,820/- each.
5. Apart from execution of the necessary loan documents, hypothecation over the vehicle was marked as being the security for repayment of the loan.
6. Even though the defendant had obliged himself to repay the amount promptly and regularly, he failed to do so resulting defaults in the account and the same being declared as NPA.
7. The applicant’s officials had on many occasions approached the defendant requesting him to regularize the account and despite the same, no effort was made by the defendant to get the account regularized over to pay back the amount. Even as no repayment was made despite repeated requests, the applicant had on 14.12.2019 caused to issue a notice requiring repayment of the amount due in the account.
8. It is also the case of the applicant that despite repeated reminders and requests, the defendant had failed to make the repayment forcing the applicant to file this TA seeking recovery of the amount due in the account with further interest and cost.
9. Even as the defendant failed to enter appearance, he was set exparte on 17.05.2022
10. The applicant had let in evidence through AW1 who had sworn to a Proof Affidavit in terms of the pleadings in the TA and also produced Exhibits A1 to A9 and got the same marked as evidence.
11. Heard the counsel for the applicant and considered the contentions as taken in the TA in the light of documentary evidence and proof affidavit. The following issues arise for consideration in this matter: i) Whether the applicant had succeeded in proving the TA claim? ii) What orders are to be passed? Both these issues are gone into and decided together.
12. The case put forth by the applicant in the Application remains unrebutted. The evidence tendered by the applicant remains uncontroverted and undisputed. The evidences put forth by the applicant were found admissible. From the statement of accounts as produced by the applicant, it is evident that the amount as claimed in the TA is outstanding in the account, which the applicant is entitled to get recovered from the defendant and his assets. The claim of the applicant is well within the period of limitation and there is no Capitalization of penal interest.
13. In view of the finding as entered above i) TA No.624/2022 stands allowed. ii) Applicant is permitted to recover an amount of Rs.27,08,395.31 (Rupees Twenty Seven Lakhs Eight Thousands Three Hundred Ninety Five and Thirty One Paisa only) with future and pendentelite interest @13.25% p.a. (simple) from the date of filing of the TA till realization from the defendant and also by proceeding against the hypothecated vehicle after giving credit to all the amount recovered and received during the pendency of the TA. iii) A Recovery Certificate is to be drawn and issued to the recovery officer to enable recovery of the amount as per the above terms.
iv) Applicant is allowed to realize cost of the proceedings for which cost memo is to be filed in 7 days’ time from the date of receipt of the copy of the order.
14. Communicate a copy of the order to the parties concerned in terms of Section 19(21)(i) of the RDB Act, read with Rule 16 of DRT (Procedure) Rules, 1993. (Dictated to PA, transcribed by him, corrected, signed and pronounced by me in the Open Court, this 29th day of December, 2023)
Sd./- (T. RAJESH) PRESIDING OFFICER DRT-II, CHENNAI