CENTRAL BANK OF INDIA vs M/S KANHA TRILOGY on 18 December 2025

FINAL ORDER

This original application has been filed by the applicant bank before DRT-III, Delhi on 21.04.2022 and then transferred to DRT-I Delhi, through Sh.Gaurav Kumar, authorized representative of the applicant bank under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 against the defendants for recovery of a sum of Rs.46,44,518/- (Rupees Forty Six Lacs Forty Four Thousand Five Hundred Eighteen only) as on 11.04.2022 alongwith pendentelite and future interest @8.35% per annum with monthly rests plus 2% penal interest. Further, the name of Mr. Nabi Ahmed was substituted as authorized representative in place of Shri Gaurav Kumar, erstwhile AR for the applicant bank.

2. The brief facts of the case are that on the request of the defendant no.1 through its proprietress Mrs.Poonam Yadav and defendant no.2 as guarantor vide loan application dated 14.08.2020 along with PAN Cards, Aadhar Cards and KYC documents, the applicant bank sanctioned Cash Credit facility for a sum of Rs.40.00 lacs @8.35% interest per annum in order to expand the business on 31.08.2020 against hypothecation of goods and mortgage of property.

3. In order to avail the cash credit facility, the defendant no.1 submitted loan application, Registration Certificate, Income Tax return, Balance Sheet etc. and executed Letter of Interest Variation, Letter of Waiver, Demand Promissory Note, Letter of Continuity, Consent Clause, Agreement of Hypothecation to secure Demand Cash Credit, Supplementary agreement, Declaration & Undertaking, Form of Guarantee with the applicant bank on 31.08.2020.

4. That in order to secure the loan facility, the defendant no.2 created mortgage of property i.e. Freehold Double Storied Built-up property bearing no.WZ-236, Land area admeasuring 55.29 sq. yards situated in the abadi known as Village Shakurpur, Delhi-110034 in favour of applicant bank.

5. It has been submitted by the applicant bank that after availing the aforesaid loan facility, the defendants failed to comply with the terms and conditions of sanction and were irregular in maintaining the account. The defendants failed to serve interest timely despite repeated requests made by the Sd- applicant bank and defaulted in repayment of their liabilities with the applicant bank. Ultimately, the applicant bank classified the account as NPA on 31.03.2021 and issued a demand notice dated 27.11.2021 as per RBI guidelines but defendants failed to clear the dues and hence the applicant bank has approached this Tribunal for recovery of their dues.

6. Notices of this O.A. were issued to the defendant and despite of proper service, the defendant has chosen to absent from the proceedings. As per order dated 09.12.2024, 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 Sh.Gaurav Kumar, authorized representative of the applicant bank who has proved the documents such as Power of Attorney, Loan Application, Guarantors Consent Letter, Copy of PAN Card, Aadhar Card, Electricity Bills, Registration Certificate Form GST, Income Tax Returns, Balance Sheets, Estimated Trading Profit & Loss Accounts, Sanction Letter, Letter of Interest Variation, Letter of Waiver, Demand Promissory Note, Letter of Continuity, Consent Clause, Form of Guarantee, Supplementary Agreement, Agreement of Hypothecation to secure Demand Cash Credit against Goods, Letter for Regularization, Recall Notice, Postal Receipts, Statement of Account, Certificate of Officer in Charge marked as Exhibit AW1/1 to Ex.AW1/38.

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.46,44,518/- (Rupees Forty Six Lacs Forty Four Thousand Five Hundred only) as on 11.04.2022 together with pendentelite and future interest @8.35% per annum with monthly rests from 11.04.2022 till the date of realization and costs; failing which the aforesaid amount shall be recovered from the sale of hypothecated stocks and mortgaged property being Freehold Double Storied Built up property bearing No.WZ-236, land area measuring 55.29 sq. yards situated at Village Shakurpur, Delhi-110034. 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 16.02.2026. selbiN

(IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. Sci (GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 18.12.2025