IDFC FIRST BANK LIMITED vs SETHI AGENCIES on 6 June 2026

FINAL ORDER

This original application has been filed by the applicant on 20.09.2021 through Shri Farid Ahmed, authorized representative of the applicant bank under Section 19(1) of Recovery of Debts and Bankruptcy Act, 1993 against the defendants for recovery of a sum of Rs.41,69,860.02 (Rupees Forty One Lac Sixty Nine Thousand Eight Hundred Sixty & paisa Two only) as on date together with pendentelite and future interest as per agreed loan agreement with monthly rests from the date of filing of this application till the date of realization along with costs.

2. The brief facts of the case are that at the request of defendants vide their loan applications on various dates, the applicant bank sanctioned Business Installment Loan facility for a sum of Rs.25,50,000/- @18% interest per annum to be repaid in 36 EMIs of Rs.92,189/- on 28.07.2018, Supplemental Business Loan of Rs.34,00,000/- @16.50% interest per annum to be repaid in 36 EMIs of Rs.1,20,375/- on 15.11.2019 and Working Capital Term Loan facility under GECL scheme of Rs.9,24,179/- @9.25% interest per annum to be repayable in 48 EMIs of Rs.7,124/- on 04.07.2020 for business expansion.

3. That in order to avail the credit facilities, the defendants submitted loan applications and executed Business Loan Agreements along with Terms and Conditions along with Disbursement Requests and various loan documents pertaining 5d- to Mortgage Loan Agreement on 28.07.2018, 16.11.2019 & 04.07.2020 in favour of the applicant bank.

4. It has been submitted by the applicant that after availing the credit facilities, the defendants failed to comply with the terms and conditions and failed to adhere to the terms and conditions of sanction either towards principle or interest despite several requests of the applicant bank. The applicant bank issued legal notice dated 25.08.2021 calling upon the defendants to clear outstanding amount but defendants failed to regularize or adjustment of the account. Hence, the applicant bank has approached this tribunal for recovery of its dues.

5. Notices of this O.A. were issued to the defendants and despite proper service, the defendants have chosen to absent from the proceedings. As per order dated 06.02.2026, the defendants have been proceeded ex-parte as not appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed.

6. In order to prove its case, the applicant bank has filed its evidence by way of documents to prove its case such as Amalgamation of NBFCs as per order of NCLT Chennai Ex.AW- 1/A, Certificate of incorporation Ex.AW-1/B, Board Resolution Ex.AW-1/C, Mortgage Loan Agreements Ex.AW-1/D(Colly) to Ex.AW-1/F, Legal Notice & Postal Receipts Ex.AW-1/G, Statements of Accounts & Foreclosure Letters and Certificate u/s 2A of the Bankers Book Evidence Act 1891 marked as Ex.AW-1/H(Colly).

7. 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.

8. 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.

9. 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 30 days, jointly or severally, a sum of Rs.41,69,860.02 (Rupees Forty One Lac Sixty Nine Thousand Eight Hundred Sixty & paisa Two only) out of which: Rs.4,22,758.45 together with pendentelite and future interest @18.00% per annum; Rs.27,29,512.92 together with pendentelite and future interest @16.50% per annum; Rs.10,17,588.65 together with pendentelite and future interest @9.25% per annum from the date of filing of this application till the date of its realization along with costs. In case of default, 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 Recovery Officer, DRT I, Delhi on 05.08.2026. (IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. So (GOVIND BALLABH 'SHARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 06.06.2026