INDIAN BANK vs TWINKLE EXCLUSIVE on 6 October 2026

FINAL ORDER

This original application has been filed by the applicant bank on 25.01.2019 before DRT-III, Delhi and then transferred to DRT-I Delhi under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 (as amended up to date) against the defendants for recovery of a sum of Rs.2,60,93,128/- (Rupees Two Crore Sixty Lacs Ninety-Three Thousand One Hundred and Twenty-Eight only) as on 23.01.2019 along with pendent elite and future interest @ Contractual rate from 24.01.2019 till the date of its realization and costs.

2. The brief facts of the case are that defendant no.2, being proprietor of defendant no.1, M/s Twinkle Exclusive vide Loan application along with Application-cum-Appraisal form dated 25.04.2015, the applicant bank sanctioned Cash Credit facility of Rs.2,00,00,000/- (Rupees Two Crores only) on 30.04.2015 with interest @Base Rate+2% per annum i.e @12.50% per annum against hypothecation of stocks, movable assets, book debts and equitable mortgage of commercial property viz. GF, FF with roof rights, Plot no. 18, block F, Pocket 19, Sector 8, Rohini, Delhi owned by defendant no.3 and 4. The defendants no.2, 3 and 4 stood as guarantors for the credit facility sanctioned by applicant bank in favour of defendant no.1.

3. That in order to avail the cash credit facility, the defendants executed Acknowledgement of Sanction Letter, General Letter of Hypothecation, Demand Promissory Note, Personal Guarantees of defendants no. 2, 3 and 4, Letter of Mortgage, Declaration by Guarantor-Mortgagor all dated 30.04.2015 in favor of the applicant bank.

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4. That in order to secure the credit facility, the defendant no. 2 hypothecation the stocks, movable assets, receivables, machinery and book debts etc. of defendant no.1 and defendant no.3 and 4 created equitable mortgage of commercial property viz. GF, FF with roof rights at Plot no. 18, block F, Pocket 19, Sector-8, Rohini, Delhi admeasuring 179 sq.metres by executing confirmation of deposit of title deeds in favour of applicant bank on 30.04.2015.

5. It has been submitted by the applicant bank that after availing the aforesaid credit facility, the defendants failed to maintain financial discipline and pay the interest as per terms of sanction despite repeated requests and reminders. Ultimately, the applicant bank classified the account as NPA on 29.09.2016 and was upgraded due to receipts of payments in the account and again declared NPA on 30.12.2017 due to defaults in payment of interest etc.

6. Notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 was issued on 30.12.2017 by applicant bank but defendants neglected to regularize the account. Thereafter, applicant bank issued possession notice under Section 13(4) of the SARFAESI Act, 2002 dated 10.03.2018 in respect of the mortgaged property and found that the property was in the possession of third person, namely Sh.Mahesh Chauhan, who alleged that forged and fabricated documents had been deposited by the defendants and FIR no.213/2018 under Section 420/467/468/120B and 34 IPC has been registered with P.S.North Rohini. The applicant bank also in receipt of legal notice dated 16.03.2018 from Sh.Harish K Gupta, advocate on behalf of one Smt.Angoori Jain claiming title to the Sd- basement portion of the property bearing H.No.18, Pocket F-19, Sector-8, Rohini, Delhi. The applicant bank lodged complaint against the defendants under Section 420/467/468/120B and 34 IPC with Police Station, Karol Bagh, New Delhi for depositing forged and fabricated title deeds of the property to create mortgage and defraud the bank. Hence, the applicant Bank was constrained to approach this Tribunal for recovery of dues.

7. Notices of this O.A. were issued to the defendants and despite of proper service, the defendants have chosen to absent from the proceedings. As per order dated 20.05.2026, the defendants have been proceeded ex-parte as the defendants have not appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed.

8. In order to prove its case, the applicant bank has filed the photocopies of documents such as Power of Attorney as ANNEXURE A1, Loan Application as ANNEXURE A2, Application cum Appraisal Form as ANNEXURE A3, Sanction Letter as ANNEXURE A4, Acknowledgement Letter as ANNEXURE A5, Letter of Hypothecation as ANNEXURE A6, DPN as ANNEXURE A7, Personal Guarantees as ANNEXURE A8, Letter confirming Deposit of Title Deed as ANNEXURE A9, Declaration as ANNEXURE A10, Notice under section 13(2) as ANNEXURE A11, Complaint dated 10.01.2019 as ANNEXURE A12, Statement of Account as ANNEXURE A13, Statement of uncharged interest as ANNEXURE A14 and Certificates under Bankers Book Evidence Act ANNEXURE A15.

9. The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the Sd/- applicant bank is based on the documents and the same have been duly proved.

10. The case filed by the applicant bank gone unrebutted and there is no question of disbelieving the case of the applicant bank and the applicant bank has proved its case beyond reasonable doubts.

11. In the light of the above discussions, the Original Application deserves to be allowed.

**ORDER**

I, allow this OA and direct the defendants to pay to the applicant bank within a period of 30 days, jointly or severally, a sum of Rs.2,60,93,128/- (Rupees Two Crore Sixty Lacs Ninety-Three Thousand One Hundred and Twenty-Eight only) as on 23.01.2019 along with pendent elite and future interest @12.50% per annum from 24.01.2019 till the date of realization and costs, failing which the aforesaid amount shall be recovered from the sale of hypothecated stocks and book debts etc. and mortgaged property viz. GF, FF with roof rights at Plot no. 18, block F, Pocket 19, Sector-8, Rohini, Delhi admeasuring 179 sq.metres. In case of shortfall, the same shall be recovered from the personal properties of the defendants.

(II) The recovery certificate be issued forthwith and be sent the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

(III) Parties are directed to appear before the Recovery Officer, DRT I, Delhi on 07.12.2026.

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(IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

Sd- **(GOVIND BALLABH SHARMA)** **PRESIDING OFFICER** **DRT-I, DELHI**

(Dictated and pronounced in open court) Dated: 06.10.2026