HDFC BANK vs M/S EDU ZONE PUBLICATIONS INDIA on 21 February 2026

FINAL ORDER

This original application has been filed by the applicant bank on 24.02.2022 through Ms Riya Brahmachari, authorized representative of the applicant bank under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 against the defendants for recovery of a sum of Rs.22,09,024.72 (Rupees Twenty Two Lacs Nine Thousand Twenty Four & paisa Seventy Two only) as on 02.02.2022 together with pendentelite and future interest @18.00% per annum with monthly rest from the date of filing of this application till its realization and costs.

2. The brief facts of the case are that at the request of defendant no.1 through its partners vide loan application dated 09.11.2017, the applicant bank sanctioned Business Loan facility of Rs.30.00 lacs (Rupees Thirty Lacs only) @16.00% interest per annum to be repayable in 81 EMIs of Rs.67,139/- for business purpose and loan under GECL scheme covered under ECLGS for Rs.3,22,373/- @8.25% interest per annum to be repayable in 48 EMIs of Rs.10,140/- due to Covid 19 pandemic on 14.09.2020.

3. In order to avail the business and GECL loan facilities, the defendants submitted loan applications with partnership deed and executed Loan Agreements along with authorization letter, Facility cum Hypothecation Agreement and Supplemental Letter of Continuing Guarantee on 22.11.2017 and 14.09.2020 towards the applicant bank.

4. It has been submitted by the applicant bank that after availing the aforesaid loan facilities, the defendants failed to comply with the terms and conditions and despite several requests and reminders the defendants failed to pay the outstanding dues and monthly installments in time- in time to the applicant bank. Ultimately, the applicant bank issued legal notice dated 03.02.2022 calling upon the defendants to pay the entire outstanding dues to the applicant bank but the defendants not clear the dues therefore neglected to pay and hence the applicant bank has approached this Tribunal for recovery of their dues.

5. Notices of this O.A. were issued to the defendant and despite proper service the defendant has chosen to absent from the proceedings. As per order dated 03.08.2022, right to file written statement for defendants has been closed in terms of proviso of Section 19(5)(1) RDB Act.

6. The applicant bank vide affidavit dated 15.09.2022 submitted that defendants paid Rs.71,895/- & Rs.30,420/- from 16.02.2022 till 30.07.2022 in both accounts and entered into OTS for Rs.6.20 lacs till 31.08.2022. Further, an outstanding of Rs.2,91,762/- is due as on 13.09.2022 against the defendants.

7. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Ms Riya Brahmachari, authorized representative of the applicant bank who has proved the documents such as Board Resolution Annexure-1, Loan Application with Partnership Deed Annexure-2(colly), Terms & Conditions of Loan Agreements with Schedule cum Key Fact Statement Annexure-3(colly), Facility Agreement Annexure-4(colly), Notice dated 03.02.2022 with Postal Receipts Annexure-5(colly), Delivery Reports Annexure-6 (colly), Rs.22,09,024.72 (Rupees Twenty Two Lacs Nine Thousand Twenty Four & paisa Seventy Two only) as on 02.02.2022, Certified Statement of Account under Banker's Books of Evidence Act Annexure-7 (Colly).

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 proved.

9. 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.

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

ORDER

I, allow this OA and direct the defendant to pay to the applicant bank within 30 days, a sum of Rs.22,09,024.72 (Rupees Twenty Two Lacs Nine Thousand Twenty Four & paisa Seventy Two only) as on 02.02.2022 together with pendentelite and future interest @16.00% per annum with monthly rest from the date of filing of this application till the date of realization, failing which the aforesaid amount 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 23.04.2026. (IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. (GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 21.02.2026