CANARA BANK vs MS SIDH COLLECTIONS on 5 June 2025

FINAL ORDER

This original application has been flled by the applicant bank, on 20.12.2016 through Mr. Narendra Kaushik, Chief Manager and duly Constituted attorney and Principal Officer of the applicant bank, under Section 19 ofthe RDB Act, 1993 against the defendants for recovery of a sum of Rs.85,30,200/- together with cost, charges and pendentellite and future interest @12.90olo from date of filing of this O.A. till the realization in full.

2. The brief facts of the case are that the request of defendant no.1, the applicant bank sanctioned an Open Cash Credit Facility of Rs.75,00,000/- for the purpose of Trending of Readymade Garments for which defendant no.3 being the guarantor also agreed to give the guarantee, vide sanctiol leler dated 14.03.2015 d'

TA NO.204712023 2 against the security as Prime - Hypothecation of Stock and Collateral - EMT of Property No. 858/6 Som Bazar, Najafgarh in the name of Smt. Deepti, value Rs.51.97 lacs. These credit facilities were provided to the defendant on certain specific terms and conditions. To Secure the due repayment with respect to the aforementioned facility, the defendants offered and deposited the following security i.€., Property No.858/1, Som Bazar, Najafgarh, New Delhi in favour of the applicant bank. The defendants executed all necessry loaning documents on 14.03.2015.

3. It is further submitted that the defendants enjoyed and utilized the Loan facility, 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 on 31.03.2016. Therefore, the applicant bank serued a legal demand notices dated 13.06'2016 to the defendants but failed to recover the same Thus, the present O.AffA is preferred by the applicant bank to recover its dues.

4. On notice by this Tribunal, the defendants failed to put appearance at all, despite publication. Accordingly, defendants were proceeded against exparte dated 24.10.2018.

5. The applicant bank has filed evidence by way of affidavit of Mr. Narendra Kaushik, Chief Manager and e^

TA NO. 204712023 3 Duly Constituted attorney and Principal Officer of the applicant bank as Annexure-l to Annexure-12 along with the OA which have gone unchallenged and un- rebutted. Hence, the case of the applicant bank stands fully established against the defendants with respect to non-payment of EMI/ 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 filed by the applicant bank based upon the wriften/printed documents. In the light of the above discussions, the present TA deseryes to be allowed.

ORDER

1) I hereby allow this T.A. of the Applicant Bank and direct the defendant nos. 1 to 3 to pay jointly and severally to the applicant bank within 30 days from today, a sum of Rs.85,30,200/- along with cost, expenses and interest @ 12.90o/o from the date of filing of this O.A which has become TA 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 hypothecated assets and the sale of Property No. 858/6 Som Bazar, Najafgarh, New Delhi and the Property No.858/1, Som Bazar, New Delhi. In case of short fall, the same Najafgarh, E-\

a TA NO. 204712023 4 shallbe recovered from the sale of the personal movable and immovable assets of the defendant nos. 1 to 3.

3) Recovery Certificate be issued fotthwith 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 direct to appear before the Ld. Recovery Officer, DRT-II, Delhion 06.08.2025. Pending IAs, if any, stand disposed of. File be consigned to records. e"\ .,. Date: 05.06.2025 (SUSHIL KUMAR RASTOGI) PRESIDING OFFICER DRT-II, Delhi This judgement has been signed, dated and pronounced in open coutt. Date :05.06.2025

19) i (SUSHIL KUMAR RASTOGI) PRESIDING OFFICER DRT-II, Delhi T