HDFC BANK vs Chezhian Blue metals & 3 Others on 23 July 2019

ORDER

1. This application is filed by the applicant bank under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 against the defendants jointly and severally for recovery of a total sum of Rs.75,31,110.58p consisting of i) a sum of Rs.92,897.66p due under Loan Account No.80661716 as on 22.08.2017 with further interest @ 12.63% p.a. from D1, D3 and D4, ii) a sum of Rs.12,27,691.43p due under Loan Account No.80906271 as on 22.08.2017 with further interest @ 11.87% p.a. from D1, D2 and D3, iii) a sum of Rs.5,55,205.71p due under Loan Account No.81279035 as on 22.08.2017 with further interest @ 12.30% p.a. from D1, D2 and D4, iv) a sum of Rs.4,69,065.53p due under Loan Account No.81308076 as on 22.08.2017 with interest @ 12.29% p.a. from D1, D2 and D4, v) a total sum of Rs.42,12,252.57 – consisting of (a) a sum of Rs.32,78,079.86p due under Loan Account No.81766502 as on 22.08.2017 from D1, D2 and D3 and (b) a sum of Rs.9,34,172.71p due under Loan Account No.81766540 as on

22.08.2017 with interest @ 10.64% from D1, D2 and D3, and vi) a sum of Rs.9,73,997.68p due under Loan Account No.39726696 as on 22.08.2017 with interest @ 11.01% p.a. from D1, D2 and D3, and all other applicable overdue charges with effect from the above said date till the date of realization in full along with costs of this application.

2. Defendants remained exparte.

3. Heard the Ld. Counsel for the applicant, perused the OA averments and the record placed before the Tribunal. The point that arises for consideration is Whether the applicant bank is entitled for the amount claimed in the application from the defendants? If so, at what rate of interest?

4. Point Whether the applicant bank is entitled for the amount claimed in the application from the defendants? If so, at what rate of interest? 4.1 To prove its claim, the applicant bank filed proof affidavit through its Authorized Signatory along with 59 documents, which are marked as Ex.A1 to A59. The proof affidavit of the applicant bank remain unchallenged and unrebutted. Therefore, on careful consideration of proof affidavit along with Exhibits filed on behalf of the applicant bank, besides the material placed before the Tribunal, the Tribunal is satisfied that the applicant bank has successfully proved the OA claim against the defendants. Point is answered accordingly. 4.2 A perusal of the record reveals that the applicant bank filed Part Satisfaction memo vide SR No.4048/19 dt.01.04.2019. As per this memo, the defendants had settled four loan accounts i.e. (i) Loan account No.80661716, (ii) Loan Account No.80906271, (iii) Loan Account No.81279035 and (iv) Loan Account No.81308076. Further,the defendants have paid (i) a sum of Rs.23,64,521/- towards Loan Account No.81766502, (ii) a sum of Rs.6,71,826.01p towards Loan Account No. 81766540 and iii)a sum of Rs.6,02,155.72p towards Loan Account No.39726696.

5. For the reasons stated as above, it is held that the applicant bank is entitled for a Recovery Certificate jointly and severally for i) a sum of Rs.32,78,079.86p due under Loan Account No.81766502 Less Rs.23,64,521/- from D1, D2 and D3 jointly and severally, ii) Rs.9,34,172.71p due under Loan Account No.81766540 Less Rs.6,71,826.01p from D1, D2 and D3 jointly and severally and (iii) a sum of Rs.9,73,997.68p due under Loan Account No.39726696 Less Rs.6,02,155.72p from D1, D2 and D3 jointly and severally together with pendent lite and future interest at 9% per annum (simple) from the date of filing application till the date of realization in full along with costs of this application.

6. In the result, application is allowed as under:

(a) The applicant bank is entitled to recover i) a sum of Rs.32,78,079.86p due under Loan Account No.81766502 Less Rs.23,64,521/- from D1, D2 and D3 jointly and severally, ii) Rs.9,34,172.71p due under Loan Account No.81766540 Less Rs.6,71,826.01p from D1, D2 and D3 jointly and severally and (iii) a sum of Rs.9,73,997.68p due under Loan Account No.39726696 Less Rs.6,02,155.72p from D1, D2 and D3 jointly and severally together with pendent lite and future interest at 9% per annum (simple) from the date of filing application till the date of realization in full, along with costs of this application.

(b) It is further ordered that in case of default of payment by the defendants, the applicant bank is entitled to sell the schedule (e), (f) and (g) mentioned vehicles and adjust the sale proceeds towards the amount due.

(c) If the sale proceeds are not found sufficient to cover the amount due and payable to the applicant bank, the defendants 1, 2 and 3 are personally liable for all such amounts due.

(d) It is further ordered that any amount remitted or realized, if any, during the course of the proceedings, shall be given due credit to the loan account of the defendants.

(e) The applicant bank is entitled for costs of this application.

7. The applicant bank is directed to file costs memo within two weeks of the receipt of this order.

8. Issue recovery certificate in favour of the applicant bank in terms of this final order.

9. Communicate a copy of the order to the parties concerned in terms of Rule 16 read with Rule 2(c) of DRT (Procedure)Rules, 1993. (Dictated to steno, transcribed by her, corrected, signed and pronounced by me in the Open Court, this 23rd day of July, 2019) (N.V.BADARINATH) PRESIDING OFFICER DRT-I, CHENNAI