IDFC FIRST BANK LTD vs KESHAV ELECTRONICS on 15 June 2026

FINAL ORDER

This original application has been filed by the applicant on 27.10.2023 through Shri Farid Ahmed, authorized representative of the applicant bank under Section 13(10) of 5d

Securitization & Reconstruction of Financial Assets & Enforcement of Security Interest Act 2002 read with Security Interest (Enforcement) Rules 2002 seeking Recovery on Loss of Sale against the defendants for a sum of Rs.37,74,677.26 (Rupees Thirty Seven Lac Seventy Four Thousand Six Hundred Seventy Seven & paisa Twenty Six 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 defendant no.1 as proprietorship concern of defendant no.2 and 3, the applicant bank sanctioned Business Loan facility for a sum of Rs.35,00,000/- (Rupees Thirty Five Lac only) on 15.01.2016 @17.5% interest per annum, which was to be repayable in 144 EMIs of for business expansion.

3. That in order to avail the credit facility, the defendant no.1 through defendant no.2 & 3 submitted loan application form and executed Sanction Letter, Business Loan Agreement along with Terms and Conditions, Schedule, Declarations and Demand Promissory Note, Letter of Continuity for DP Note, End Use Letter and Disbursal Request Letter etc. in favour of the applicant bank on 15.01.2016.

4. That in order to secure the credit facility, the defendant no.2 created equitable mortgage of property no.B-84, Khasra No.228/169, Satya Gali, North Ghonda, Village Ghonda, Illaqa Shandara Delhi in favour of applicant bank.

5. It has been submitted by the applicant that after availing the credit facility, 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 classified the account as NPA and issued demand notice u/s 13(2) of SARFAESI Act on 05.11.2018 calling upon the defendant to clear outstanding amount but defendants failed to adjust the account.

6. The applicant took the possession of the property as order CMM Order and auctioned for Rs.25.50 lacs on 16.01.2020 and appropriated the amount in the account after issuance of Sale Certificate dated 09.10.2020. The applicant bank suffered loss of Rs.37,74,677.26 after sale of mortgaged property and approached this tribunal for recovery of its dues.

7. 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 18.11.2025, the defendants have been proceeded ex-parte as not appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed.

8. In order to prove its case, the applicant bank has filed its evidence by way of documents to prove its case such as Letter of Authorization of Shri Farid Ahmed Ex.AW1/1, Loan Documents Ex.AW1/2, Notice u/s 13(2) of SARFAESI Act Ex.AW1/3(Colly), Sale Certificate Ex.AW1/4, Statement of Accounts Ex.AW1/5 (Colly).

9. 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.

10. 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.

11. 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.37,74,677.26 (Rupees Thirty Seven Lac Seventy Four Thousand Six Hundred Seventy Seven & paisa Twenty Six only) together with pendentelite and future interest @18% per annum from the date of filin4of 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 the Recovery Officer, DRT I, Delhi on 17.08.2026. (IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. 5 e --/ - (GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 15.06.2026