IDFC FIRST BANK LIMITED vs KANSAL TRADERS AND ORS on 6 June 2026

FINAL ORDER

This original application has been filed by the applicant on 19.09.2021 through Shri Farid Ahmed, authorized representative of the applicant bank under Section 19(1) of Recovery of Debts and Bankruptcy Act, 1993 against the defendant for recovery of a sum of Rs.27,91,267.47 (Rupees Twenty Seven Lac Ninety One Thousand Two Hundred Sixty Seven & paisa Forty Seven only) as on date together with pendentelite and future interest as per agreed loan agreement till the date of its realization along with costs.

2. The brief facts of the case are that at the request of defendants vide loan application dated 08.01.2020, the applicant bank sanctioned Business Instalments Loan facility for a sum of Rs.21,89;887/- (Rupees Twenty One Lacs Eighty Nine Thousand Eight Hundred Eighty Seven only) @17.50% rate of interest per annum to be repaid in 46 EMIs of Rs.73,241/- on 11.02.2020. Further, on the request of defendants, the applicant bank sanctioned second Business Loan facility of Rs.4,08,000/- on 09.07.2020 for business expansion which was to be repayable in 48 EMIs of Rs.3,145/- @9.25% rate of interest per annum.

3. That in order to avail the credit facilities, the defendants submitted loan application forms and executed Business Loan Agreements along with terms and conditions and Supplementary Loan Agreement in favour of the applicant bank on 07.02.2020 and 09.07.2020.

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 sc/- conditions of sanction either towards principle or interest despite several requests of the applicant bank. The applicant bank issued loan recall notice dated 25.08.2021 for Rs.27,91,267.47 calling upon the defendants to clear to pay the amount outstanding but defendants failed to response for adjustment of the accounts. 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 10.04.2024, 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 affidavit of Shri Farid Ahmed, authorized representative of the applicant who has proved the documents 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 Agreement Ex.AW- 1/D(Colly), Mortgage Loan under GECL Ex.AW-1/E(Colly), Legal Notice Ex.AW-1/F, Statements of Accounts & Foreclosure Statement, Certificate under Section 2A of Bankers' Book Evidence Act 1891 Ex.AW-1/G(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.27,91,267.47 (Rupees Twenty Seven Lac Ninety One Thousand Two Hundred Sixty Seven & paisa Forty Seven only) together with pendentelite and future interest @17.50% per annum from the date of filing of this application till the date of its realization along with costs, 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 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. 50( -• (GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 06.06.2026