CANARA BANK vs M/S COMPARE INFOBASE LTD. on 7 October 2026

FINAL ORDER

This original application has been filed by the applicant bank, on 24'05'2022 through Mr' Pradeep Kumar, Senior Manager of the applicant bank' under SectionlgoftheRDBAct,lgg3againstthedefendants forrecoveryofasumofRs.3,52,79,033.56togetherwith cost, charges and pendentellite and future interest @14.10o/o from date of fiting of this O'A' till the realization

2. The brief facts of the case are that defendant no'l throughitsdirectors;defendantno'lhadapproachedthe applicant bank in year 2013 for Cash Credit Facility for the purpose of working capital of defendant' The applicant bank after examtning and considering the -e; request / application of defendant and sanctioned a Cash Credit Limit vide their sanction in 2013 on the terms & conditions set out therein which was duly accepted and acknowledged by defendant' That in consideration of the grant of and due availment of the aforesaid facility' the defendant on behalf of defendant company through its directors, as borrower, executed signed and delivered to the applicant bank the loan documents for valuable consideration in favour of the applicant bank' The original limit was sanctioned in 2014 for Rs'285 Lacs' It was again enhanced/renewal in 2015 for Rs'400 Lacs' Further regular renewal was done till 31'01'2019' then limit was renewed on 24'02'2020 with reduced amount from Rs.400 Lacs to Rs'265 Lacs as the earlier Director Sh' Sharad Poddar (now resigned as Director from the company) paid Rs'168 Lacs in lieu of releasing his property which was mortgaged by him as mortgagor' That thereafter, again in year-2018 the defendant requested the applicant bank for enhancement of the cashcreditfacility,andtheapplicantbank'after examining and considering the request of the defendant no.l, sanctioned the cash credit facitiw to Rs'400 Lacs vide their letter being Ref'1074/DRO-II/CREDIT/F- 9054/2018 dated 20'01'2018 on the terms & conditions setouttherein,whichwasdutyacceptedand acknowledged by the defendant' The defendants executed all necessary loaning documents on 19.06'2013, 11'07'2013 and 11'01'2014' Thereafter' again in every year, the limit was renewed/enhanced the cash credit facility, the applicant bank renewed the aforesaid facility' In the year 20L7 the existing limit as working capital was of Rs'400 Lacs' Again' the at request of defendant, the applicant bank sanctioned a Cash Credit f"l

J Facility of Rs.400 Lacs. vide sanction letter dated 20.01.2018. In this regard the collateral security of the propefties for securing the said credit facilities was equitable mortgaged with the applicant bank i'e'' (a) Third Floor residential flat No'142, Category A' AIIIMS Cooperative Housing Society Ltd', Charak Sadan' Block- E, Bodella Residential Scheme, Vikaspuri' New Delhi' (b) Third Floor residential flat No'140' Category A' AIIIMS Cooperative Housing Society Ltd" Charak Sadan' Block- E, Bodella Residential Scheme, Vikaspuri' New Dethi' (c) FourthFloorresidentialflaVapartmentbearingNo.242on Plot No.49, situated in the layout plan of Talagar sr4Co- operative Apartment, Housing Society known as Neel Kanth Sector-13, Rohini, Delhi-110085' The defendants executd all necessary loaning documents on 23.01.2018.Thesaidlimitwasagainrenewedin2019. Before the renewal of the said limit in 2019 the company vide its letter dated 2O'L2'2Olg intimating the bank regarding the Management change in the company and through this letter it was informed that Mr' Sharad Poddar,oneoftheDirectorofthecompanyinearlier sanction had resigned w'e'f' 28'8'2018 and two new Directors have been inducted in the Board for new managementandaccordinglythecompanyhasfollowing KMP (Key Managerial Persons as defined in the Company Act 2013)' As earlier three properties were mortgaged as collateral securities in favour of the bank and the property situated 242, Neelkanth Apartment, Plot No.49, Sector- 13, Rohini, Delhi-l10085 and for this property Sh' Sharad Poddarwasthemortgagorandhehasgivenaletterto the bank dated 27'03'2019 for withdrawal of the said collateral security and also removal of signatures as Signatory of @mpare Infobase Ltd' The bank has re accepted the said proposal and releasd the said property from the Collateral Security of the bank and from also the Signatory of the company as Rs'168 Lacs as recommended by the DRO-II regarding releasing of the said property in respect to the Loan Nc No.90541400000284 was paid by the earlier Director Sh' Sharad Poddar and accordingly the original title deed pertaining to the propefi/ Flat No'242' Foutth Floor' Neelkanth Apaftments, Plot No'49, Sector-19' Rohini' Delhi-l10085 was handed over to the earlier Director Sh' Sharad Poddar and the Bank through its lefter dated 21.02.2020 has issued the letter regarding the said release of the property' After payment of Rs'168 Lacs by the earlier Director Sh. Sharad Poddar the limit of the said account was diminished from Rs'400 Lacs to Rs'265 Lacs' The SOD facility was again renewed vide sanction letter dated 24.02.2020 of Rs'265 Lacs and this regard there are only two aforesaid properties was mortgaged' The defendants executed all necessary loaning documents on 27.02.2020, 28.02'ZO2O and 02'03'2020' Again' at the request of defendants, the applicant bank sanctioned Canara Covid-19 Scheme 2020 Facility of Rs'15 Lacs' vide sanction letter dated 06'05'2020 and branch sanction letter dated 14.05'2020' The defendants executed all necessary loaning documents on 14'05'2020' As security for the due repayment of the aforesaid credit facilities andallotheroutstandingthatmaybecomedueand payable there under, the hypothecation charge in favo its fixed assets and stocks extended their Personal defendants created first ur of the aPPlicant bank on both existing and future, guarantees for the due repayment of all the outstanding which may become due c)-\

TANO. 583 of2023

and payable by the defendant company to the applicant bank in respect of the aforesaid credit facilities.

3. It is further submitted that the defendants enjoyed and utilized the Loan facilities, but failed to maintain the financial discipline and failed to repay the due amounts' The applicant bank requested the defendants to regularize the loan account by visits and letters, but there was no response from the defendants. Hence, the account was classified as NPA dated 06.12.2020. The applicant bank served a demand notice dated 06.05.2022 to the defendants but failed to recover the same Thus, the present O.A.ff.A. is preferred by the applicant bank to recover its dues.

4. On notice by this Tribunal, defendants failed to put appearance at all, despite service. Accordingly, the defendants were proceeded against exparte on

22. t2.2025.

5. The applicant bank has filed evidence by way of affidavit of Pradeep Kumar, Senior Manager of the applicant bank as Paper No.51 to Paper No.428, which have gone unchallenged and un-rebutted. Hence, the case of the applicant stands fully established against the defendants with respect to nonpayment of outstanding amount.

6. After perusing the records, this Tribunal is of the view that the applicant bank has proved its case beyond reasonable doubts. The evidence and documents filed by the applicant bank not rebutted by the defendants by not placing any evidence and there is no question of 2\

disbelieving the evidence and documents filed by the applicant bank based upon the wriften/printed documents. In the light of the above discussions, the present T'A' deserves to be allowed.

ORDER

1) I hereby allow this T.A. of the applicant bank and direct the defendant nos.1 to 5 to pay jointly and severally to the applicant bank within 30 days from today, a sum of Rs.3,52,79,033.56 along with cost, expenses and interest @12.75o/o from the date of filing of this O'A' which has become T.A till the date of realization'

2) In case of failure to deposit the above amount within the stipulated period, the same shall be recovered from the sale of hypothecated assets and sale of mortgaged property bearing Third Floor residential flat No.140 &142, Charak Sadan, Block-E, Bodella Residential Scheme, Vikaspuri, New Delhi. In case of short fall, the same shall be recovered from the sale of personal movable and immovable assets of the defendant nos'1 to

3) Recovery Ceftificate be issued forthwith and be sent to Recovery Officer, Debts Recovery Tribunal-Il, Delhi'

4) The registry of this Tribunal is hereby directed to issue free copy of the order and send the same to both the parties.

qj.

5) Parties are directed to appear before the Ld' Recovery Officer, DRT-II, Delhi on 07.t2.2026. Pending IAs, if any, stand disposed of. File be consigned to records. Date : 07.10.2026 : <-I (susHr L Ku Nn{ Fd(fidcr) PRESIDING OFFICER DRT-II, Delhi This judgement has been signed, dated and pronounced in open coutt. (q\ Date : 07.10.2026 (susHr L ru fr nn nlEirb"ctl PRESIDING OFFICER DRT-II, Delhi