UNION BANK OF INDIA vs M/S VISION INDIA TOURISM PVT LTD AND ORS on 8 May 2026

FINAL ORDER

This original application has been filed by the applicant bank before DRT-III, Delhi and then transferred to DRT-I Delhi on 09.07.2019 under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 against the defendants for recovery of Rs.27,43,835/- (Rupees Twenty Seven Lacs Forty Three Thousand Eight Hundred Thirty Five only) as on 30.06.2019 along with pendentelite and future interest @12.25% per annum and penal interest @2% per annum till the date of its realization along with costs.

2. The brief facts of the case that defendant no.1 through its directors being defendant no.2 to 4 in the business of tourism was availing overdraft facility of Rs.20.00 lacs since the year 2007. On the request of defendant no.1, the applicant bank enhanced the Overdraft facility to Rs.30,00,000/- (Rupees Thirty lacs only) & then to Rs.40,00,000/- (Rupees Forty Lacs only) and Cheque Discounting Facility (DBC/BDD) of Rs.2,00,000/-(Rupees Two lacs only) @11.75% rate of interest per annum with monthly rests on 23.03.2012. Further, the applicant bank sanctioned vehicle loan facility under Corp Mobile for Rs.0.18 lac, Rs.46.89 lacs and Rs.4.54 lacs @12.35% interest per annum to part finance for purchasing three vehicles which was to be repaid in 60 EMIs of Rs.1,09,337/- against hypothecation of vehicles. The defendant no.5 stood as guarantor for the credit facilities sanctioned by applicant bank fvg. Defendant no.1. The defendant no.1 through its directors agreed to pay penal interest @2% in case of default in repayment of outstanding dues.

3. In order to avail the loan facilities, the defendants submitted requests for Overdraft facilities and executed Common Deed of Hypothecation, Supplemental Common Deed of Hypothecation, Agreement for Inland / Foreign Bills, Demand Promissory Note, Take Delivery Letter to DPN, Letters of Consent, Letters of Undertaking, Guarantee Agreements, Undertaking/Declaration etc. on 16.11.2009 and 24.03.2012 with the applicant bank.

4. The defendant no.1 through defendant no.2 acknowledged their liabilities and executed Acknowledgement of Debt/Liability on 30.10.2016.

5. It has been submitted by the applicant bank that after availing the credit facilities, the defendant no.1 failed to transact after closure of vehicle loans and failed to adhere to the financial terms and conditions of sanction and failed to regularize the account with the applicant bank. Ultimately, the account of defendant no.1 was classified as NPA on 26.12.2018 by the applicant bank as per RBI guidelines but defendants failed to so 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 15.10.2024, the defendants have been proceeded ex-parte as they have not appeared before the tribunal and even written statement, evidence and affidavit of assets have not been filed by the defendants.

7. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Manoj Kumar Sharma, 5c/'- authorized representative of the applicant who has proved the documents such as Power of Attorney, Credit Sanction Intimations, Requests for Overdraft Facilities, Common Deeds of Hypothecation, Supplemental Common Deeds of Hypothecation of Movables/Assets/Debts, Agreements for Inland / Foreign Bills, Demand Promissory Notes, Take Delivery Letters to DPN, Guarantee Agreements, Letters of Consent, Acknowledgement of Debt/Liability, NPA Certificate, Certified Statement of Account under Banker's Book of Evidence Act marked as Ex.AW1/1 to Ex.AW1/26(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 approved.

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 defendants to pay to the applicant bank, jointly or severally, within a period of 30 days, a sum of Rs.27,43,835/- (Rupees Twenty Seven Lacs Forty Three Thousand Eight Hundred Thirty Five only) as on 30.06.2019 together with pendentelite and future interest

@14.25% per annum from the date of filing of this application till the date of realization and costs; failing which the aforesaid amount shall be recovered from the sale of hypothecated stocks and book debts. 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 07.07.2026. (IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. Sd— =23._ (GOVIND BALLABH \SHARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 08.05.2026