INDIAN BANK vs SH DEVENDER SINGH NARANG on 16 July 2026

FINAL ORDER

This original application has been filed by the applicant bank, on 28.08.2019 through Sh. Mandeep Singh, Senior Manager Law of the applicant bank, under Section 19 of the RDB Act, 1993 against the defendants for recovery of a sum of Rs.1,50,52,4801- in Overdraft Limit account together with cost, charges and pendentellite and future interest @14.55olo and in Cash Credit Limit account a sum of Rs.39,32,8291- together with cost, charges and pendentellite and future interest @L4.45o/o from date of filing of this O.A. tillthe realization in full. s)..'

2. The brief facts of the case are that at the request of defendant nos.1 & 2, the applicant bank sanctioned a Cash Credit/ Overdraft Facility of Rs.100 Lakhs under all bank property loan scheme, vide sanction letter dated

12. t2.2009. The defendants executed all necessary loaning documents on 12.L2.2009. The above said credit facility was secured by equitable moftgage of the property bearing S- 210, Ground Floor, G.K-II, New Delhi-l10048 together with 25olo undivided, indivisible and impartiable ownership right in the free hold plot of land admeasuring 300 sq. yds underneath, created by defendant nos.1 & 2 by depositing the original title deeds of the said propefi with the South Extension-I branch, New Delhi. The applicant bank renewed the said credit facility time to time including renewal by way of sanction/renewal letter dated 10.10.2012. Again, at the request of defendant no.5 through defendant no'1, the applicant bank sanctioned a Cash Credit Facility of Rs'25 Lakhs, vide sanction letter dated 21.05.2010. The defendants executed all necessary loaning documents on 26.05.2010. The above said credit facility was secured by hypothecation of goods, stocks in trade and movable property of any kind including movable plants, engines and machineries, apparatus, tools, spares and stocks in process, finished goods and all office merchandise lying at Firm's shop and or godowns or factory. The said credit facility was further secured by supplemental equibble mortgage of the aforesaid propefi. The applicant bank renewed the said credit facility time to time and on 26.09'2016' The applicant bank has also taken symbolic possession of the mortgaged property on 20.11.2017. The applicant bank also approached the Hon'ble CMM Court, Saket, New Delhi U/s 14 of the SARFAESI Ad,2OO2 04'01'2018 who allowed the application of the applieq bank vide order dated sl.

t3.t2.20L7 and when the applicantbankhasvisited the mortgage property for taking physical possession through Ld. Receiver appointed by Ld. CMM, Saket Court, Delhi on 04.01.2018 who found the mortgaged property was already under the possession of M/s Cholamandalam Investment & Financial Company, Plot NO.5, 1* and 2nd Floor, Pusa Road, Karol Bagh, Delhi-110005. Hence the Ld. Receiver has also put his lock on the mortgaged property and subsequently applicant bank has filed S.A. before DRT-I, New Delhi bearing No.100/2018 titled as Allahabad Bank vs Corporation Bank, & Ors. Another SA was filed by corporation bank before DRT-I, New Delhi bearing SA no.3712018 titled as Corporation Bank vs Allahabad Bank against applicant bank. Another SA has been filed by Corporation Bank before DRT-I, Delhi bearing SA no.1212018. All these SA's are pending adjudication before this Hontle Tribunal. Altahabad Bank (applicant)' Corporation Bank and M/s Cholamandalam Investment & Financial Company are claiming mortgage charge over the same proPertY.

3. It is further submitted that the defendants enjoyed and utilized the Loan facilities, but failed to maintain the financial discipline and failed to repay the due amounts' The applicant bank requested the defendants to regularize the loan account by visits and letters, but there was no response from the defendants. Hence, the account was classified as NPA in Overdraft Limit account on 06'09'2017 and in Cash CreditFacilityLimitaccountonl2,0T.20lT.Theapplicant bank serued a legal notice dated 20'08'2015 to the defendants but failed to recover the same Thus' the present O.A.ff.A. is preferred by the applicant bank to recover its dues. g.I

4. On notice by this Tribunal, defendants failed to put appearance at all, despite publication' Accordingly, the defendants were proceeded against exparte on 09.09'2024'

5. The applicant bank has filed evidence by way of affidavit of Sh. Mandeep Singh, Senior Manager Law of the applicant bank as Annexure A-1 to Annexure A-31, which have gone unchallenged and un-rebutted. Hence, the case of the applicant stands fully established against the defendants with respect to nonpayment of outstanding amount.

6. After perusing the records, this Tribunal is of the view that the applicant bank has proved its case beyond reasonable doubts. The evidence and documents filed by the applicant bank not rebutted by the defendants by not placing any evidence and there is no question of disbelieving the evidence and documents filed by the applicant bank based upon the written/printed documents' In the light of the above discussions, the present T'A' deserves to be allowed.

ORDER

1) I hereby allow this T.A. of the applicant bank and direct the defendant nos.l to 5 to pay jointly and severally to the applicant bank within 30 days from today, a sum of Rs.1,89,85,309/- along with cost, expenses and interest @12.00o/o from the date of filing of this O'A' which has become T.A till the date of realization'

2) In case of failure to deposit the above amount within the stipulated period, the same shall be recovered from the sale of mortgaged property bearing 5-210, Ground Floor' G.K-II, New Delhi-110048 together with 257o undivided' qA

indivisible and impartiable ownership right in the free hold plot of land admeasuring 300 sq' yds underneath. In case of short fall, the same shall be recovered from the sale of personal movable and immovable assets of the defendant nos.1 to 5.

3) Recovery Certificate be issued forthwith and be sent to Recovery Officer, Debts Recovery Tribunal-Il, Delhi'

4) The registry of this Tribunal is hereby directed to issue free copy of the order and send the same to both the parties.

5) Parties are directed to appear before the Ld. Recovery Officer, DRT-II, Delhi on 16.09.2026. Pending IAs, if any, stand disposed of. File be consigned to records. ls,\\ Date:16.07.2026 (SUSHIL fluunil"hAsrocI) PRESIDING OFFICER DRT-II, Delhi This judgement has been signed, dated Pronounced in oPen court. and (- Date:16.07.2026 sl (SUSHIL KUMAR RASTOGI) PRESIDING OFFICER DRT-II, Delhi t