HDFC BANK vs M/S SAI SOLAR TECHNOLOGY PVT LTD AND ORS on 6 October 2026

**FINAL ORDER**

This original application has been filed by the applicant bank on 27.04.2021 before DRT III, Delhi and then transferred to DRT-I Delhi under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 against the defendants for recovery of Rs.27,37,736.71 (Rupees Twenty Seven lacs Thirty Seven thousand Seven hundred Thirty Six and paisa Seventy One only) as on 31.01.2020 along with pendentelite and future interest @18% per annum from 01.02.2020 till the date of realization along with costs.

2. The brief facts of the case are that on the request of the defendant no.1 being private limited company of director / guarantor being defendant no.2 and 3 vide their loan application dated 09.05.2016, the applicant bank sanctioned Cash Credit facility for Rs.25.00 lacs on 02.06.2016 @11.00% interest per annum against hypothecation of stocks, book debts and equitable mortgage of residential ground floor flat bearing no.159A, Block 1, Sector-22, Noida, G.B.Nagar, UP owned by defendant no.2. The defendant agreed for @18% p.a. to be charged by the applicant bank on overdue/delay/defaults in payment. On the request of defendant no.1, the applicant renewed the credit facility on 26.10.2017 and 21.06.2018 @10.25% interest and @18% p.a. on overdue/delays/defaults. The defendants agreed to pay @2% penal interest over the agreed rate of interest for non submission of renewal and stock statement, insurance of property and non-compliance in documentation etc.

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3. In order to avail the loan facility, the defendants executed Master Facility Agreement, Demand Promissory Note, Amendment Agreement, Board Resolution, Power of Attorney, Deed of Indemnity, Deed of Hypothecation, Letter of Continuing Guarantee and Undertaking on 02.06.2016. The defendants executed Renewal Letters, Demand Promissory Note, Declaration of no-appearance in Defaulters List and Amendment Agreement on 21.11.2017 & 28.05.2018 towards applicant bank at the time of renewal of limit.

4. That in order to secure the loan facility, Defendants hypothecated the stock, book debts and current assets of defendant no.1 in favour of applicant bank and defendant no.2 created equitable mortgage of Ground Floor flat bearing no.159A, Block 1, Sector-22, Noida, G.B.Nagar, UP having super/covered area of 56.02 sq.meters and proportionate land area of 66.90 sq.metres by executing Memorandum of Deposit of title deeds of the property along with chain of documents on 09.06.2016 towards the applicant bank.

5. It has been submitted by the applicant bank that the defendants failed to operate the account in regular manner and failed in comply with the terms and conditions of sanction despite repeated requests and visits. The account of defendants became irregular and was classified as NPA on 28.09.2019 in accordance with RBI guidelines and issued recall notice dated 20.12.2019 but defendants failed to regularize the account and hence the applicant bank has approached this Tribunal for recovery of their dues.

6. 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 10.08.2022, Sd- the defendant no.2 declared Ex-parte as not appeared before the Tribunal and right to file written statement by defendant no.1 and 2 were closed and proceeded ex-parte. The defendants also failed to filed its evidence and affidavit of assets before this Tribunal.

7. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Sh.Anirudh Bhargav, authorized representative of the applicant bank, who has proved the documents such as Board Resolution, Loan Application, Sanction Letter, Master Facility Agreement, Amendment Agreements, Demand Promissory Notes, Board Resolution, Power of Attorney, Deed of Indemnity, Deed of Hypothecation, Letters of Continuing Guarantee, Undertaking, Letter of Hypothecation, Memorandum of Deposit of Title Deeds, Property Documents, Valuation Report, Title Search Report, Request for Renewals of Credit Facility, Renewal Sanction Letters, Letter of No-Appearance in Defaulters' List, Undertakings, Recall Notice, Certified Statement of Account under Bankers' Books Evidence Act marked as Exhibit AW1/1 to AW1/32.

8. The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant bank is based on the documents and the same have been duly approved.

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

SD

10. 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.27,37,736.71 (Rupees Twenty Seven lacs Thirty Seven thousand Seven hundred Thirty Six and paisa Seventy One only) as on 31.01.2020 together with pendentelite and future interest @18% per annum with monthly rests from 01.02.2020 till the date of realization and costs; failing which the aforesaid amount shall be recovered from the sale of hypothecated stock, book debts and mortgaged property being Ground Floor flat bearing no.159A, Block 1, Sector-22, Noida, G.B.Nagar, UP having super/covered area of 56.02 sq.meters and proportionate land area of 66.90 sq.metres. In case of shortfall, the same shall be recovered from the sale of movable and immovable properties of the defendants.

(II) The recovery certificate be issued forthwith and be sent to 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.

(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