THE NAINITAL BANK LIMITED vs M/S FUTUREMATE ENTERPRISES AND ORS on 15 September 2026

**FINAL ORDER**

This original application has been filed by the applicant bank on 15.07.2020 before DRT-III, Delhi & then transferred to DRT-I Delhi under Section 19 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 against the defendants for recovery of Rs.1,84,90,350/- (Rupees One crore Eighty Four lacs Ninety thousand Three hundred Fifty only) as on 31.03.2019 together with pendentelite and future interest per annum @12.05% with monthly rests from 31.03.2019 till the date of realization and costs.

2. The brief facts of the case are that at the request of defendant no.2 and 3 being partners of defendant no.1 vide their loan application dated 20.07.2015, the applicant bank Cash Credit (Hyp) limit for Rs.125.00 lacs and Term Loan of Rs.15.00 lacs @12.50% interest per annum with monthly rests on 23.09.2015 against hypothecation of stocks, book debts, plant & machinery and equitable mortgage of two properties owned by defendant no.4 and 5, who stood as guarantors for the credit facilities sanctioned in favour of defendant no.1 by the applicant bank. The term loan was to be repaid in 36 EMIs of Rs.50,180/- to be started after 6 months of disbursal. On the request of defendant no.1 to 3 vide letter dated 23.01.2017, the applicant bank sanctioned/reviewed the account and enhanced the Cash Credit facility from Rs.125.00 lacs to Rs.175.00 lacs @12.05% interest per annum with monthly rests on 30.03.2017. The defendants also agreed to pay penal interest @2% per annum in case of default or delay in repayment.

*sd-*

3. That in order to avail the credit facilities, the defendant no.1 to 3 submitted loan applications and executed Demand Promote, Agreement of Hypothecation of Goods, Agreement of Hypothecation of Book Debts, Hypothecation of plant & machinery, Letter of Undertaking, Letter of Continuing Security, Composite Hypothecation Agreement, Power of Attorney in respect of book debts, General form of Guarantees, on 28.09.2015 and 31.03.2017 in favour of applicant bank.

4. That in order to secure the credit facilities, the defendant no.1 to 3 hypothecated the stocks, book debts and plant & machinery in favour of applicant bank. The respondent no.4 and 5 created equitable mortgage of their properties by executing Memorandum of Deposit of Title Deeds which were registered with Sub-Registrar, Bhiwadi (Alwar), Rajasthan on 18.08.2015 towards the applicant bank for the credit facilities sanctioned by the applicant bank i.e.

- - Residential flat bearing No.104, Block/Tower C, 1^st Floor, area measuring 1638 sq.ft., Skyview Apartment, Plot No.2, Vasundhara Nagar Phase I, Bhiwadi, Tehsil Tijara, Dist. Alwar, Rajasthan;

- - Residential flat bearing no.803, Block/Tower C, 8^th Floor, measuring 3060 sq.ft., Skyview Apartment, Plot No.2, Vasundhara Nagar Phase I, Bhiwadi, Tehsil Tijara, Dist. Alwar, Rajasthan, in favour of the applicant bank on 28.09.2015 and 31.03.2017.

5. It has been submitted by the applicant bank that after availing the credit facilities, the defendants failed to maintain financial discipline and did not repay the credit facilities as agreed even after repeated requests and reminders etc. as per *Sd-*

the terms and conditions of sanction due to which the account became highly irregular. The applicant bank classified the account as NPA on 31.03.2019 as per RBI guidelines but defendants failed to take any steps to liquidate their liability, hence the applicant bank has approached this tribunal for recovery of its dues.

6. Notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 dated 01.04.2019 was issued by the applicant bank to the defendants and took the possession of mortgaged properties vide letter dated 07.06.2019 under Section 13(4) of SARFAESI Act. The applicant bank issued legal notice dated 11.02.2020 duly served but defendants neglected to clear the dues.

7. 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 19.08.2026, the defendants have been proceeded ex-parte as not appeared before the Tribunal and even no written statement, evidence and affidavit of assets have been filed by the defendants.

8. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Ramesh Chandra Pandey, authorized representative of the applicant bank who has proved the documents such as General Power of Attorney, Loan Application, Sanction Letters, Letter of Acceptance of Terms & Condition, Demand Notes, Undertakings, Instruments of Hypothecation of Goods, Instruments of Hypothecation of Book Debts, Instruments of Hypothecation of Plat & Machinery & Equipments, Letters of Undertaking, Letters of Instrument with Acceleration Clause, Composite Hypothecation sd - Agreements, General Forms of Guarantees, Affidavits, Memorandum of Deposit of Title Deeds, Title Deeds dated 17.08.2015 fvg. Defendant no.4 & 5, Renewal / Enhancement of Credit Facilities proposal, Demand Notes & Interest Rate, Notice u/s 13(2) r/w Section 13(13) of SARFAESI Act, Postal Receipts, Possession Letter, Postal Receipt, Statement of Account, Legal Notice, Postal Receipts, Certified Statement of Accounts and Computer System along with Certificate of Statement of Account under Section 65B of Indian Evidence Act marked as Exhibit AW-1A (Colly) to Exhibit AW-1/FF.

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 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 a period of 30 days, jointly or severally, a sum of Rs.1,84,90,350/- (Rupees One crore Eighty Four lacs Ninety thousand Three hundred Fifty only) as on 31.03.2019 along with pendentelite and future interest @12.05% per annum with monthly rests from 01.04.2019 till the date of its SD

realization, failing which the aforesaid amount shall be recovered from sale of hypothecated book debts, book debts, plant & machinery and mortgaged properties being:

- - Residential flat bearing No.104, Block/Tower C, 1^st Floor, area measuring 1638 sq.ft., Sky View Apartment, Plot No.2, Vasundhara Nagar Phase I, Bhiwadi, Tehsil Tijara, Dist. Alwar, Rajasthan;

- - Residential flat bearing no.803, Block/Tower C, 8^th Floor, measuring 3060 sq.ft., Sky View Apartment, Plot No.2, Vasundhara Nagar Phase I, Bhiwadi, Tehsil Tijara, Dist. Alwar, Rajasthan, In case of shortfall, the amount be realized from the sale of other properties of 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 13.11.2026.

(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: 15.09.2026