J.C Flowers Asset Reconstruction Private Limited (Ambit Flowers Asset Reconstruction Private Limited) vs MW INFRA DEVELOPERS LIMITED on 14 January 2026

**FINAL ORDER**

1. 1. This present Original Application has been filed on 10.08.2022 under Section 19 of the *Recovery of Debts Due to Banks and Financial Institutions Act, 1993* by the Applicant, Yes Bank Limited, a body corporate incorporated under the provisions of the *Companies Act, 1956* and a scheduled commercial bank within the meaning of Section 5(c) of the *Banking Regulation Act, 1949*, having its registered and regional offices as stated herein, had initially filed the present Original Application.

Subsequently, the Applicant Bank assigned its debt in favour of J.C. Flowers Asset Reconstruction Private Limited by virtue of an Assignment Deed dated 16.12.2022, whereby all the rights, title, and interest of the Applicant Bank in respect of the subject debt stood transferred to the said assignee company. The said assignment has been duly recognized and taken on record by the Ld. Tribunal vide its order dated 02.11.2023. The Applicant, through its duly authorized representative Mr. Ankit Jain, empowered by Power of Attorney dated July 06, 2022 (Annexure A-1), seeks recovery of (a) Rs. 116,97,38,153.95 (Rupees One Hundred Sixteen Crore Ninety-Seven Lakh Thirty-Eight Thousand One Hundred Fifty-Three and Paise Ninety-Five Only) as on 01.07.2022 from Defendants No. 1 to 5, and (b) Rs. 69,32,52,017.07 (Rupees Sixty-Nine Crore Thirty-Two Lakh Fifty-Two Thousand and Seventeen and Seven Paise Only) as on 01.07.2022 from Defendant No. 6, together with pendentelite and future interest at the contractual rates as per the governing documents, from the date of institution of the present application until realization of the decretal amounts in full.

1. 2. It is pertinent here that this OA bearing no. 542/2022 was originally filed before Ld. DRT-II, Delhi, however, in pursuance to Gazette Notification No. 4718(E) dated 04.10.2022 issued by Government of India, Department of Financial Services, Ministry of Finance, this case file was transferred by Ld. DRT-II, Delhi to this Tribunal in 17.10.2022 and was numbered at TA-70/2022.

2. 3. The brief facts of the case are that the Defendant No. 1 is a body corporate registered under the provisions of the Companies Act, 1956, having its registered office at 99, Niranjan, Marine Lines, Mumbai -400002, and is the holding company of MW Corp's Energy and Infrastructure business. The Defendants No. 2 and 3 are personal guarantors who had executed separate Deeds of Personal Guarantee dated 25.11.2013, 13.11.2015, 17.11.2015, 25.08.2016, 26.08.2016, and 12.11.2016 in favour of the Applicant, thereby unconditionally and unequivocally guaranteeing repayment of the credit facilities availed by Defendant No. 1. The Defendants No. 4 and 5 are corporate guarantors who had executed separate Deeds of Corporate Guarantee dated 25.11.2013, 17.11.2015, 26.08.2016, and 12.11.2016 in favour of the Applicant, likewise unconditionally and unequivocally guaranteeing repayment of the said facilities availed by Defendant No. 1. The liability of Defendants No. 2 to 5 to repay the Applicant's dues is joint, several, and co-extensive with that of Defendant No. 1.

4. So far as, all the Defendants No. 1 to 6 have remained ex parte since 02.05.2025, Despite due service of summons, the said Defendants failed to appear or file their response before this Tribunal, and accordingly, proceedings against them were initiated and continued ex parte.

5. It is further stated that the Defendant No. 1 had approached the Applicant seeking sanction of loan facilities in the form of Term Loan, pursuant to which the Applicant, based on the request of Defendant No. 1, sanctioned the credit facilities under facility letters bearing reference Nos. YBL/DEL/FL/842/2013-14 dated 21.11.2013, YBL/DEL/FL/881/2013-14 dated 03.12.2013, YBL/DEL/FL/0734/2015-2016 dated 30.09.2015, YBL/DEL/FL/617C/2016-2017 dated 25.08.2016, and YBL/DEL/FL/1120/2016-2017 dated 09.11.2016. In particular, **Term Loan- I** of Rs. 85,00,00,000/- was sanctioned vide facility letter reference No. YBL/DEL/FL/842/2013-14 dated 21.11.2013 and an addendum dated 03.12.2013, which was accepted by Defendant No. 1. The Defendant No. 1, through a Board Resolution dated 23.11.2013, authorized execution of the loan and security documents by Defendants No. 2 and 3 along with Mr. Alok Sinha and Mr. N. Ramakrishnan, and also obtained shareholder approval under Section 180(1)(a) of the Companies Act, 2013. Subsequently, Defendant No. 1 executed the Loan Agreement dated 25.11.2013, a Demand Promissory Note, a Deed of Undertaking, and a Deed of Hypothecation creating a first pari passu charge over its current and movable fixed assets in favor of the Applicant. Towards repayment, Defendant No. 1 issued a cheque for Rs. 5,00,00,000/-. Defendants No. 2 and 3 executed Letters of Continuing Guarantee dated 25.11.2013, while Defendants No. 2 and 6 executed an Indenture of Mortgage over residential property situated at Flat No. 14, Padam No. 1, 3rd Floor, The Padam Co-operative Housing Limited, Mumbai, which was subsequently rectified on 27.11.2013 and 30.11.2013.

1. 6. Further, Defendant Nos. 4 and 5 executed Deeds of Corporate Guarantee dated 25.11.2013, supported by their respective Board Resolutions dated 23.11.2013, thereby jointly and severally guaranteeing repayment of the Term Loan - I facility, along with all interest, charges, fees, and other monies payable under the facility. Copies of all the aforesaid facility letters, agreements, guarantees, hypothecation deeds, and board resolutions are annexed herewith and marked as Annexure A-2 to A-10 (Colly) for the reference of this Tribunal and the documents were executed as mentioned below:

1. i. Facility Letter for Term Loan - I - Reference No. YBL/DEL/FL/842/2013-14, dated 21.11.2013 - Annexure A-2

2. ii. Addendum to Facility Letter - Reference No. YBL/DEL/FL/881/2013-14, dated 03.12.2013 - Annexure A-2 (Colly)

- iii. Board Resolutions of Defendant No. 1 – dated 23.11.2013 – Annexure A-3

- iv. Loan Agreement (Term Loan – I) – dated 25.11.2013 – Annexure A-4

- v. Demand Promissory Note – dated 25.11.2013 – Annexure A-5

- vi. Deed of Undertaking – dated 25.11.2013 – Annexure A-6

- vii. Deed of Hypothecation – dated 25.11.2013 – Annexure A-7

- viii. Letters of Continuing Guarantee by Defendant Nos. 2 & 3 – dated 25.11.2013 – Annexure A-8

- ix. Indenture of Mortgage and Rectified Indentures – dated 27.11.2013 and 30.11.2013 – Annexure A-9 (Colly)

- x. Deeds of Corporate Guarantee by Defendant Nos. 4 & 5 along with Board Resolutions – dated 25.11.2013 (Deeds) and 23.11.2013 (Board Resolutions) – Annexure A-10 (Colly)

7. **Term Loan- II**, once again, at the request of Defendant No. 1, the Applicant Bank sanctioned a Term Loan of Rs.12,00,00,000/- (Rupees Twelve Crore Only) (hereinafter referred to as "Term Loan-II") vide Facility Letter bearing reference no. YBL/DEL/FL/0734/2015-16 dated 30.09.2015, on the terms and conditions stipulated therein as Annexure A-11. In order to avail the said Term Loan-II, Defendant No. 1, in its Board Meeting held on 01.10.2015, duly passed a resolution authorizing the availing of credit facilities amounting to Rs.12,00,00,000/-. By the same resolution, Defendant No. 2, Defendant No. 3, and Mr. Alok Sinha were empowered to accept the sanction and to execute all necessary loan and security documents on behalf of Defendant No. 1 in connection with the said facility and were further authorized to execute the documents in connection with the said credit facility.

1. i. Board Resolution dated 01.10.2015 passed by Defendant No. 1 authorizing availing of Term Loan-II and execution of necessary loan documents -as Annexure A-12.

2. ii. Loan Agreement-II dated 17.11.2015, executed between the Applicant and Defendant No. 1 with respect to Term Loan-II sanctioned vide Facility Letter No. YBL/DEL/FL/0734/2015-16 dated 30.09.2015- as Annexure A-13.

3. iii. Deed of Undertaking dated 17.11.2015, executed by Defendant No. 1, whereby it irrevocably agreed and undertook to create security in the prescribed form on requisite stamp paper under the prevailing Stamp Act as Annexure A-14.

4. iv. Deed of Hypothecation dated 17.11.2015, executed by Defendant No. 1 creating a first pari passu charge on its current assets and movable fixed assets (both present and future) in favour of the Applicant Bank as Annexure A-15.

5. v. Letters of Continuing Guarantee dated 13.11.2015 and 17.11.2015, executed by Defendants No. 2 and 3 respectively, unconditionally guaranteeing repayment of Term Loan-II, the said guarantees being joint, several, continuing, and co-extensive with the liability of Defendant No. 1 as Annexure A-16 (Colly).

6. vi. Deeds of Corporate Guarantee both dated 17.11.2015, executed by Defendants No. 4 and 5, unconditionally guaranteeing repayment of Term Loan-II, supported by their respective Board Resolutions both dated 01.10.2015 authorizing execution thereof as Annexure A-17 (Colly).

8. **Term Loan- III**, once again, at the request of Defendant No. 1, the Applicant Bank sanctioned a Term Loan of Rs.10,00,00,000/- (Rupees Ten Crore Only) (hereinafter referred to as "Term Loan-III") vide Facility Letter bearing reference no. YBL/DEL/FL/617C/2016-17 dated 25.08.2016, on the terms and conditions stipulated therein. as Annexure A-18. In order to avail the said Term Loan-III, Defendant No 1, in its Board Meeting held on 24.08.2016, duly passed a resolution authorizing the availing of credit facilities amounting to Rs.10,00,00,000/-. By the same resolution, Defendant No. 2, Defendant No. 3, and Mr. Alok Sinha were empowered to accept the sanction and to execute and sign all requisite loan and security documents, deeds, and agreements on behalf of Defendant No. 1 in connection with the said facility. as Annexure A-19.

- i. Loan Agreement-III dated 25.08.2016, executed between the Applicant Bank and Defendant No. 1 with respect to the Term Loan-III sanctioned vide Facility Letter No. YBL/DEL/FL/617C/2016-17 dated 25.08.2016 as Annexure A-20.

- ii. Deed of Undertaking dated 25.08.2016, executed by Defendant No. 1, whereby it irrevocably agreed and undertook to create security in the prescribed form on requisite stamp paper under the prevailing Stamp Act as Annexure A-21.

- iii. Deed of Hypothecation dated 25.08.2016, executed by Defendant No. 1 creating a first pari passu charge on its current assets and movable fixed assets (both present and future) in favour of the Applicant Bank to secure due repayment of the Term Loan-III as Annexure A-22.

- iv. Letters of Continuing Guarantee dated 26.08.2016 and 25.08.2016, executed by Defendants No. 2 and 3

respectively, unconditionally and irrevocably guaranteeing repayment of the Term Loan-III, the liability of the guarantors being joint, several, continuing, and co-extensive with that of Defendant No. 1 as Annexure A-23 (Colly).

- v. Deeds of Corporate Guarantee executed by Defendant No. 4 on 26.08.2016 and by Defendant No. 5 on 25.08.2016, along with their respective Board Resolutions both dated 24.08.2016, whereby the said defendants unconditionally guaranteed repayment of Term Loan-III, the liability being joint, several, and co-extensive with that of Defendant No. 1 as Annexure A-24 (Colly).

- 9. **Term Loan-IV**, once again, at the request of Defendant No. 1, the Applicant Bank sanctioned a Term Loan of Rs.10,00,00,000/- (Rupees Ten Crore Only) (hereinafter referred to as "Term Loan-IV") vide Facility Letter bearing reference no. YBL/DEL/FL/1120/2016-17 dated 09.11.2016, on the terms and conditions stipulated therein. as Annexure A-25. In order to avail the said Term Loan-IV, Defendant No. 1, in its Board Meeting held on 11.11.2016, duly passed a resolution authorizing the availing of credit facilities amounting to Rs.10,00,00,000/-. By the same resolution, Defendant No. 2, Defendant No. 3, and Mr. Alok Sinha were empowered to accept the sanction and to execute and sign all requisite loan and security documents, deeds, and agreements on behalf of Defendant No. 1 in connection with the said facility. as Annexure A-26.

- i. Loan Agreement-IV dated 12.11.2016, executed between the Applicant Bank and Defendant No. 1 with respect to the Term Loan-IV sanctioned vide Facility Letter No.

YBL/DEL/FL/1120/2016-17 dated 09.11.2016 as Annexure A-27.

1. ii. Deed of Undertaking dated 22.11.2016, executed by Defendant No. 1, wherein it irrevocably agreed and undertook to create security in the prescribed form on requisite stamp paper under the prevailing Stamp Act as Annexure A-28.

2. iii. Deed of Hypothecation dated 12.11.2016, executed by Defendant No. 1 creating a first pari passu charge on its current assets and movable fixed assets (both present and future) in favour of the Applicant Bank to secure due repayment of Term Loan-IV as Annexure A-29.

3. iv. Letter of Continuing Guarantee dated 12.11.2016, executed by Defendant No. 2, unconditionally and irrevocably guaranteeing repayment of Term Loan-IV, the said guarantee being joint, several, continuing, and co-extensive with the liability of Defendant No. 1 as Annexure A-30.

4. v. Deeds of Corporate Guarantee both dated 12.11.2016, executed by Defendants No. 4 and 5 respectively, along with their Board Resolutions both dated 11.11.2016, whereby they unconditionally guaranteed repayment of Term Loan-IV; the said corporate guarantees being irrevocable, continuing, and joint and several with that of Defendant No. 1 as Annexure A-31 (Colly).

5. vi. Certificate of Registration of Charge (Form CHG-1) filed by Defendant No. 1 under Section 77 of the Companies Act, 2013, evidencing registration of charge created in favour of the Applicant Bank for Term Loan-IV as Annexure A-32.

10. That in respect of the aforesaid sanctioned Term Loan facilities, the Applicant Bank disbursed the entire sanctioned amounts in multiple tranches as per the agreed terms and conditions. The particulars of such disbursements made by the Applicant are furnished hereinbelow for the ready reference of this Tribunal.

<table border="1"> <thead> <tr> <th>Loan Type</th> <th>Date of Disbursement</th> <th>Amount Disbursed (in rupees)</th> </tr> </thead> <tbody> <tr> <td><b>TL-I</b></td> <td></td> <td></td> </tr> <tr> <td></td> <td>03.12.2013</td> <td>25,00,00,000.00</td> </tr> <tr> <td></td> <td>04.12.2013</td> <td>14,00,00,000.00</td> </tr> <tr> <td></td> <td>05.12.2013</td> <td>20,00,00,000.00</td> </tr> <tr> <td></td> <td>09.12.2013</td> <td>13,00,00,000.00</td> </tr> <tr> <td></td> <td>10.12.2013</td> <td>4,30,00,000.00</td> </tr> <tr> <td></td> <td>23.04.2014</td> <td>18,000,000.00</td> </tr> <tr> <td></td> <td>25.08.2014</td> <td>24,000,000.00</td> </tr> <tr> <td></td> <td>29.11.2014</td> <td>25,500,000.00</td> </tr> <tr> <td></td> <td>07.04.2015</td> <td>19,500,000.00</td> </tr> <tr> <td></td> <td>Total</td> <td><b>850,000,000.00</b></td> </tr> <tr> <td><b>TL-II</b></td> <td></td> <td></td> </tr> <tr> <td></td> <td>24.11.2015</td> <td>42,500,000.00</td> </tr> <tr> <td></td> <td>18.04.2016</td> <td>10,000,000.00</td> </tr> <tr> <td></td> <td>22.04.2016</td> <td>67,500,000.00</td> </tr> <tr> <td></td> <td>Total</td> <td><b>120,000,000.00</b></td> </tr> <tr> <td><b>TL-III</b></td> <td>25.08.2016</td> <td>100,000,000.00</td> </tr> <tr> <td><b>TL-IV</b></td> <td>28.11.2016</td> <td>100,000,000.00</td> </tr> <tr> <td><b>Total Disbursement</b></td> <td></td> <td><b>1,170,000,000.00</b></td> </tr> </tbody> </table>

Hence, a total sum aggregating to Rs.1,17,00,00,000/- (Rupees One Hundred Seventeen Crore Only) was disbursed to Defendant No. 1 by the Applicant Bank in accordance with the sanctioned loan facilities and the terms stipulated therein.

1. 11. That after availing the credit facilities to their fullest extent, Defendant No. 1 failed to maintain financial discipline and committed several breaches of the terms of sanction. The Defendant failed to furnish financial data, cash flow statements, and stock statements on a regular basis and did not maintain adequate balance in its accounts to meet repayment obligations on due dates, thereby violating material clauses of the loan agreements.

2. 12. Consequently, the Applicant Bank classified the account of Defendant No. 1 as a Non-Performing Asset (NPA) on 24.02.2019, in strict compliance with the Reserve Bank of India's guidelines on asset classification, and the said classification was duly intimated to and acknowledged by Defendant No. 1. Despite repeated notices and reminders issued by the Applicant, the Defendants failed to regularize the account or discharge their joint and several liabilities.

3. 13. Accordingly, the Applicant issued a Loan Recall-cum-Guarantee Invocation Notice dated 16.05.2019 to Defendant Nos. 1 to 3, recalling the Term Loan facilities and demanding repayment of Rs.72,33,79,710.80 (Rupees Seventy-Two Crore Thirty-Three Lakh Seventy-Nine Thousand Seven Hundred Ten and Eighty Paise Only) as on 15.05.2019 within the stipulated time, while simultaneously invoking the personal guarantees of Defendants No. 2 and 3. Further, on 04.07.2019, the Applicant invoked the Corporate Guarantees executed by Defendants No. 4 and 5, recalling a total outstanding of Rs.73,40,76,833.38 (Rupees Seventy-Three Crore Forty Lakh Seventy-Six Thousand Eight Hundred Thirty-Three and Thirty-Eight Paise Only), and issued separate invocation notices.

1. 14. Thereafter, the Applicant also issued demand notices under Section 13(2) of the SARFAESI Act, 2002 on 05.07.2019, demanding repayment of Rs.41,10,74,906.99 (Rupees Forty-One Crore Ten Lakh Seventy-Four Thousand Nine Hundred Six and Ninety-Nine Paise Only) towards the Mumbai property (Term Loan-I) and Rs.73,40,76,833.38 (Rupees Seventy-Three Crore Forty Lakh Seventy-Six Thousand Eight Hundred Thirty-Three and Thirty-Eight Paise Only) towards the Indore property, both within 60 days of notice. Upon continued default, the Applicant took symbolic possession on 16.01.2020 of the mortgaged property situated at Flat No. 14, Padam No. 1, 3rd Floor, The Padam Co-operative Housing Limited, 4B Dr. Gopalrao Deshmukh Marg, Peddar Road, Mumbai-400026, owned jointly by Defendants No. 2 and 6, and prepared a duly signed *panchnama* under Rule 4(1) of the Security Interest (Enforcement) Rules, 2002. Subsequently, a cheque bearing No. 153701 dated 30.12.2019 for Rs.5,00,00,000/- issued by Defendant No. 2 was dishonoured for insufficient funds, following which the Applicant served a demand notice under Sections 138 and 141 of the Negotiable Instruments Act, 1881 on 02.01.2020, and also filed a criminal complaint before the Ld. Chief Metropolitan Magistrate, Mumbai.

2. 15. Despite all these measures, the Defendants failed and neglected to repay the dues. The Applicant, therefore, claims that it is entitled to pendent lite and future interest at the contractual rate with monthly rests on the outstanding amount, in accordance with the RBI directives and the terms of sanction. as Annexure A-39.

1. 16. That the cause of action in the present case first arose when Defendant No. 1 defaulted in making repayments towards the credit facilities availed from the Applicant Bank, resulting in the account being classified as Non-Performing Asset (NPA) on 24.02.2019. The cause of action further accrued on 16.05.2019 when the Applicant issued a Loan Recall-cum-Guarantee Invocation Notice to Defendants No. 1 to 3, recalling the sanctioned credit facilities and invoking the personal guarantees due to persistent default in repayment.

2. 17. It further arose on 05.07.2019 when the Applicant issued demand notices under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, requiring payment of the outstanding dues within 60 days and initiating enforcement of security interest upon continued default.

3. 18. The cause of action continues to subsist as the Defendants have failed to clear the outstanding dues despite repeated demands. The computation of limitation for the present proceedings is also governed by the directions of the Hon'ble Supreme Court of India in *Suo Motu Writ Petition (C) No. 3 of 2020* vide order dated 10.01.2022, wherein it was held that the period from 15.03.2020 to 28.02.2022 shall stand excluded for the purpose of limitation under all general and special laws.

4. 19. To substantiate its case, the Applicant FI/Bank has filed the affidavit of Mr. Ankit Jain, S/o Praveen Kumar Jain, having his office at 48, Nyaya Marg, Chanakyapuri, New Delhi – 110021, do hereby solemnly affirm and declare that he is the Authorized Officer and duly constituted Attorney of the Applicant in the above-noted case and is well conversant with the facts of the matter based on official records available with the Applicant and competent to depose in respect thereof. The Applicant is entitled to sue in its own name through its Authorized Representative, Mr. Ankit Jain, who is fully conversant with the facts of the present case based on the records available with the Applicant. The present Original Application has accordingly been signed, verified, and instituted by me on behalf of the Applicant, as Ex. AW-1/1.

1. i. Power of Attorney dated 06.07.2022 as Exhibit AW-1/1;

2. ii. Facility Letter reference no. YBL/DEL/FL/842/2013-14 dated 21.11.2013 and addendum dated 03.12.2013 as Exhibit AW-1/2 (COLLY);

3. iii. Board Resolutions of Defendant No. I dated 23.11.2013 as Exhibit AW-1/3;

4. iv. Loan Agreement dated 25.11.2013 as Exhibit AW-1/4;

5. v. Demand Promissory Note dated 25.11.2013 as Exhibit AW-1/5;

6. vi. Deed of Undertaking dated 25.11.2013 as Exhibit AW-1/6;

7. vii. Deed of Hypothecation dated 25.11.2013 as Exhibit AW-1/7;

8. viii. Letter of Continuing Guarantee dated 25.11.2013 executed by Defendants No. 2 and 3 as Exhibit AW-1/8;

9. ix. Indenture of Mortgage dated 27.11.2013 along with rectified Indenture dated 27.11.2013 and 30.11.2013 as Exhibit AW-1/9 (COLLY);

10. x. Deeds of Corporate Guarantee dated 25.11.2013 along with Board Resolutions dated 23.11.2013 executed by Defendants No. 4 and 5 as Exhibit AW-1/10 (COLLY);

11. xi. Facility Letter reference no. YBL/DEL/FL/0734/2015-16 dated 30.09.2015 as Exhibit AW-1/11;

12. xii. Board Resolution dated 01.10.2015 as Exhibit AW-1/12;

13. xiii. Loan Agreement dated 17.11.2015 as Exhibit AW-1/13;

- xiv. Deed of Undertaking dated 17.11.2015 as Exhibit AW-1/14;

- xv. Deed of Hypothecation dated 17.11.2015 as Exhibit AW-1/15;

- xvi. Letters of Continuing Guarantee dated 13.11.2015 and 17.11.2015 by Defendants No. 2 and 3 as Exhibit AW-1/16 (COLLY);

- xvii. Deeds of Corporate Guarantee dated 17.11.2015 along with Board Resolutions dated 01.10.2015 executed by Defendants No. 4 and 5 as Exhibit AW-1/17 (COLLY);

- xviii. Facility Letter reference no. YBL/DEL/FL/617C/2016-17 dated 25.08.2016 as Exhibit AW-1/18;

- xix. Board Resolution dated 24.08.2016 as Exhibit AW-1/19;

- xx. Loan Agreement dated 25.08.2016 as Exhibit AW-1/20; Deed of Undertaking dated 25.08.2016 as Exhibit AW-1/21;

- xxi. Deed of Hypothecation dated 25.08.2016 as Exhibit AW-1/22;

- xxii. Letters of Continuing Guarantee dated 26.08.2016 and 25.08.2016 by Defendants No. 2 and 3 as Exhibit AW-1/23 (COLLY);

- xxiii. Deeds of Corporate Guarantee dated 26.08.2016 and 25.08.2016 along with Board Resolutions dated 24.08.2016 executed by Defendants No. 4 and 5 as Exhibit AW-1/24 (COLLY);

- xxiv. Facility Letter reference no. YBL/DEL/FL/1120/2016-17 dated 09.11.2016 as Exhibit AW-1/25;

- xxv. Board Resolution dated 11.11.2016 as Exhibit AW-1/26;

- xxvi. Loan Agreement dated 12.11.2016 as Exhibit AW-1/27;

- xxvii. Deed of Undertaking dated 22.11.2016 as Exhibit AW-1/28;

- xxviii. Deed of Hypothecation dated 12.11.2016 as Exhibit AW-1/29;

- xxix. Letter of Continuing Guarantee dated 12.11.2016 executed by Defendant No. 2 as Exhibit AW-1/30;

- xxx. Deeds of Corporate Guarantee dated 12.11.2016 along with Board Resolutions dated 11.11.2016 executed by Defendants No. 4 and 5 as Exhibit AW-1/31 (COLLY);

- xxxi. Certificate of Registration of Charge (FORM CILG-1) as Exhibit AW-1/32;

- xxxii. Loan Recall Cum Guarantee Invocation Notice dated 16.05.2019 as Exhibit AW-1/33;

- xxxiii. Notices of invocation of corporate guarantees dated 04.07.2019 as Exhibit A-34 (COLLY);

- xxxiv. Demand Notices under Section 13(2) of SARFAESI Act dated 05.07.2019 as Exhibit AW-1/35 and Exhibit AW-1/36;

- xxxv. Punchnama dated 16.01.2020 as Exhibit AW-1/37;

- xxxvi. Cheque No. 153701 dated 30.12.2019 and Demand Notice dated 02.01.2020 as Exhibit AW-1/38 (COLLY);

- xxxvii. Statement of Account certified under Banker's Books Evidence Act as Exhibit AW-1/39.

14. The witness of Applicant Bank/FI has fully corroborated the averments made in the TA. Even otherwise the whole case of the Applicant Bank/FI is based on the documents and the witness has duly proved all these documents. The evidence filed by the Applicant Bank/FI gone unrebutted and there is no question of disbelieving the evidence lead by the Applicant Bank/FI and Applicant Bank/FI has proved its case beyond reasonable doubts. Accordingly, the Bank/FI is entitled to recover the entire amount along with pendentelite interest and future costs as agreed between the parties. I hereby allow this TA as the Applicant Bank/FI has proved its claim beyond any doubt.

1. 15. In this TA, Applicant Bank/FI has prayed to issue recovery certificate against Defendants No. 1 to 6. In the present matter, Defendant No. 1 is a company registered under the Companies Act, 1956, is holding company of MW Corp's Energy and Infrastructure business. Defendants No. 2 and 3 are personal guarantors, and Defendants No. 4 and 5 are corporate guarantors, who executed various Deeds of Guarantee between 2013 and 2016 in favour of the Applicant, unconditionally guaranteeing repayment of the credit facilities availed by Defendant No. 1. The liability of Defendants No. 2 to 6 is joint, several, and co-extensive with that of Defendant No. 1.

2. 16. Consequently, TA No. 70/2022 stands allowed in favour of Applicant Bank/FI and against Defendants No. 1 to 6, who are liable to pay the dues of the Applicant Bank/FI along with costs and pendente lite & future interest @ 11% per annum, as claimed in the TA, from the date of filing of present TA, till the date of payment in full.

ORDER

Accordingly, TA No. 70/2022 is allowed in favour of the Applicant Bank/FI and against Defendants No. 1 to 6, who are jointly and severally liable to pay a sum of Rs.116,97,38,153.95 (Rupees One Hundred Sixteen Crore Ninety-Seven Lakh Thirty-Eight Thousand One Hundred Fifty-Three and Paise Ninety-Five only); however, the liability of Defendant No. 6 being limited, it shall be liable only to the extent of Rs.69,32,52,017.07 (Rupees Sixty-Nine Crore Thirty-Two Lakh Fifty-Two Thousand and Seventeen and Paise Seven only) as on 01.07.2022, jointly and severally with the other Defendants. Defendants No. 1 to 6 are directed to pay the aforesaid amounts within 30 days, together with pendentite lite and future interest @ 11% per annum with rests, as claimed in the TA, from the date of filing of the present TA until full and final realization; failing which, the said amounts shall be recoverable by sale of the hypothecated/charged stocks, tangible movables, and the available mortgaged properties.

Further, in case of shortfall, the same shall be recovered from the sale of movable and immovable assets of the Defendants No. 1 to 6.

It is also directed that the applicant shall adjust the amount(s), if any, received during the pendency of this case.

- (i). The recovery certificate be issued forthwith and be sent to the Recovery Office-I, Debts Recovery Tribunal-III, Delhi.

- (ii). Parties are directed to appear before the Recovery Officer-I, DRT-III, Delhi on 05.03.2026.

- (iii). Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

File be closed and consigned to records.

(Pronounced in open court)

Dated: 14.01.2026

K. Singh

(SHIV KUMAR - I) PRESIDING OFFICER, DRT-III, DELHI

14.01.2026

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