EXPORT IMPORT BANK OF INDIA vs SVOGL OIL GAS AND ENERGY LTD AND ORS on 23 January 2026

**FINAL ORDER**

1. 1. The present Original Application has been filed on 24.03.2018 under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, seeking issuance of a Recovery Certificate in favour of the Applicant Bank and against Defendants No. 1 to 5 for a sum of Rs. 148,24,13,509.79/- (Rupees One Hundred Forty-Eight Crore Twenty-Four Lakh Thirteen Thousand Five Hundred Nine and Paise Seventy-Nine only), together with pendent lite and future interest at the rate of 13% per annum (at present) in respect of the loan facility of Rs. 75 Crore and @10.85% per annum, being the applicable contractual rate in respect of Additional Term Loan Facility-II, both payable with monthly rests, along with additional interest by way of liquidated damages at the rate of 2% per annum, from the date of filing of the Original Application till the date of full realisation; the Applicant being a body corporate constituted under the Export-Import Bank of India Act, 1981, having its Head Office at Centre One Building, 21st Floor, World Trade Centre Complex, Cuffe Parade, Mumbai-400005, and a Regional Office, inter alia, at Ground Floor, Statesman House, 148, Barakhamba Road, New Delhi-110001, and the present proceedings having been duly instituted through its authorised representative, Mr. Tarun Sharma, General Manager, who is competent to file, sign, verify and pursue the same by virtue of a valid Power of Attorney dated 08.06.2015.

1. 2. It is pertinent here that this OA bearing No. 565/2018 was originally filed before Ld. DRT-I, 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 on 25.10.2022 and was numbered at TA-327/2022.

2. 3. The brief facts of the case are that Defendant No. 1, SVOGI Oil Gas and Energy Ltd., formerly known as Shiv-Vani Oil and Gas Exploration Services Ltd., is the principal borrower and a company within the meaning of the Companies Act, 1956, having its registered office at Tower-I, 5th Floor, NBCC Plaza, Sector-5, Pushp Vihar, Saket, New Delhi-110017. Defendant No. 2, Padam Singhee, is the Joint Managing Director of Defendant No. 1 and has executed personal guarantees securing the credit facilities availed by Defendant No. 1. Defendant No. 3, Prem Kumar Singhee, is the Chairman and Managing Director of Defendant No. 1 and is also a personal guarantor to the said credit facilities. Defendant No. 4, Dharti Oil Services Private Limited, is a corporate guarantor to the restructured loan facilities extended by the Applicant to Defendant No. 1 under the Master Restructuring Agreement dated 28.03.2014 and other related documents. Defendant No. 5, T.R.S. Technology Private Limited, is also a corporate guarantor to the restructured loan facilities under the said Master Restructuring Agreement dated 28.03.2014 and allied documents. Defendants No. 6 to 28 are the joint lenders of Defendant No. 1, with whom the Applicant is sharing a first pari passu charge over the entire present and future assets of the borrower company, excluding specific assets charged otherwise, and they have been arrayed as proforma defendants only.

1. 4. So far as, the Defendants No. 4 has remained ex parte since 13.02.2025, 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.

2. 5. It is pertinent that Defendants No. 2, 3 and 5 are presently undergoing corporate insolvency resolution proceedings pursuant to orders of the Ld. NCLT under the Insolvency and Bankruptcy Code, 2016, and Defendant No. 1, being the principal borrower, was admitted to liquidation in Company Petition No. 446/2013 before the High Court of Delhi on 28.07.2017 with appointment of an Official Liquidator, Defendant No. 5 also being under liquidation; in view thereof, no relief is granted against 

Defendants No. 1 to 3 and 5 in the present Transfer Application, though Defendants No. 2 and 3, Padam Singhee and Prem Kumar Singhee, are personal guarantors and Defendant No. 4, Dharti Oil Services Private Limited, is a corporate guarantor under the Master Restructuring Agreement dated 28.03.2014; Defendants No. 6 to 28 are joint lenders sharing a first pari passu charge over the borrower's present and future assets and are impleaded as proforma defendants only, and any amount realized by the Applicant Bank in insolvency or liquidation proceedings shall be duly adjusted in the present recovery proceedings.

1. 6. It is further stated that the Applicant sanctioned a term loan of Rs. 100 crores to Defendant No. 1 vide sanction letter dated 02.06.2011 bearing reference No. CBG:PEFP:456:28 for part-financing the procurement of drilling equipment for exploration of oil and gas projects. Pursuant thereto, Defendant No. 1 entered into a Rupee Loan Agreement dated 14.06.2011, under which the Applicant agreed to grant the sanctioned loan at an interest rate of Prime Lending Rate (PLR) minus 2%, payable monthly, duly authorised by a resolution of the Board of Directors of the borrower, with a moratorium of 24 months and repayment in 13 quarterly instalments commencing after the expiry of the moratorium, the said loan being secured, inter alia, by the securities stipulated in the Loan Agreement.

2. 7. That the sanctioned loan was secured, inter alia, by the following securities: (i) a first pari passu charge by way of hypothecation in favour of Export-Import Bank of India over the borrower's entire movable fixed assets, both present and future; and a first pari passu mortgage in favour of the Export-Import Bank of India over the borrower's immovable properties, both present and future, in a form acceptable to the said Bank, excluding assets exclusively charged to other lenders; (ii) an irrevocable and unconditional personal guarantee, jointly and severally executed by Prem Kumar Singhee and Padam Singhee, guaranteeing due repayment of the sanctioned loan together with interest thereon and all costs, charges, expenses and other monies payable by Defendant No. 1 to the Applicant under the Loan Agreement; and (iii) submission of post-dated cheques towards repayment of principal and interest.

8. That thereafter, in accordance with the terms of the Loan Agreement, the Defendants executed various security and ancillary documents, inter alia, including a Deed of Hypothecation dated 14.06.2011 executed by Defendant No. 1 in favour of the Applicant, namely Export-Import Bank of India, thereby creating a first pari-passu charge by way of hypothecation over the borrower/Defendant No. 1's entire movable fixed assets, both present and future, securing due repayment of the sanctioned loan together with interest thereon and all costs, charges, expenses and other monies payable under the Loan Agreement; an Undertaking to Create Mortgage Security and to obtain NOC(s) dated 14.06.2011 executed by Defendant No. 1; an irrevocable and unconditional personal guarantee dated 14.06.2011 executed by Defendant No. 3 guaranteeing due repayment of the sanctioned loan along with interest, costs, charges and expenses; an irrevocable and unconditional guarantee vide Deed of Guarantee dated 23.06.2011 executed by Defendant No. 2 guaranteeing due repayment of the sanctioned loan together with interest and all other monies payable; and a Letter of Undertaking dated 14.06.2011 issued by Defendant No. 1 undertaking to submit quarterly progress reports, audited annual accounts/reports and balance confirmation letters, and that subsequently, upon default by Defendant No. 1 in servicing its interest and repayment obligations and consequent reference of its account to the Corporate Debt Restructuring mechanism, the debts of Defendant No. 1 were restructured in terms of the letter issued by the CDR Empowered Group dated 28.02.2014.

1. 9. Pursuant whereof Defendant No. 1 and the lenders, including the Applicant, entered into a Master Restructuring Agreement dated 18.03.2014, under which the credit facility aggregating to Rs. 75,00,00,000/- was restructured and treated as a Term Loan Facility repayable in 28 structured quarterly instalments commencing from the quarter ending June 2016 and ending with the quarter ending March 2023, while interest for the period from 01.04.2013 to 30.09.2014 amounting to Rs. 12,38,63,013.71 was funded and included as FITL, repayable in 20 equated quarterly instalments from the quarter ending June 2015 till the quarter ending March 2020, and further, in accordance with the Loan Agreements, credit facilities to the extent of Rs. 75,00,00,000/- were duly disbursed by the Applicant, though on 09.04.2013 Defendant No. 1 sought cancellation of the unavailed portion of Rs. 25 crores which was accepted by the Applicant, and additionally, a new term loan of Rs. 5,69,00,000/- was sanctioned as a Priority Loan towards repayment of statutory dues, pressing creditors and capex, forming part of Additional Term Loan Facility-II under the Master Restructuring Agreement, repayable in 20 equated quarterly instalments commencing from the quarter ending June 2015 and concluding with the quarter ending March 2020.

2. 10. That subsequently, in pursuance of the Master Restructuring Agreement and for securing the loans restructured by the Applicant, various securities were created in favour of the security trustee, namely Vistra ITCL (India) Limited (formerly IL&FS Trust Company Limited), and in this regard Defendants No. 2 and 3 executed Deeds of Guarantee both dated 18.03.2014, along with execution of the Security Trustee Agreement dated 20.03.2014, Trust and Retention Agreement dated 28.03.2014, unattested Pledge Agreements dated 28.03.2014 and 09.04.2014, and unattested Deeds of Hypothecation dated 28.03.2014 and 30.03.2015 in favour of the Security Trustee, while Defendant No. 1 also executed a Sponsor Support Agreement in favour of ICICI Bank Limited, acting as the Monitoring Institution, and Defendant No. 4 executed a Deed of Guarantee dated 28.03.2014 in favour of the Applicant as well as other lenders.

11. And similarly, Defendant No. 5 executed a Deed of Guarantee dated 28.03.2014 in favour of the Applicant and other lenders; that despite such restructuring, Defendant No. 1 committed defaults in servicing interest dues towards the Credit Facility amounting to Rs. 4,82,835.80, the FITL Facility amounting to Rs. 13,06,500.28 and the Additional Term Loan Facility-II amounting to Rs. 4,73,699.39, aggregating to Rs. 22,63,035.47, which remained overdue as on 06.04.2016, and in terms of Clause 2.4.4(k) of the Master Restructuring Agreement the lenders, including the Applicant, were entitled to convert the whole or part of the defaulted interest and/or principal into equity shares in accordance with Securities and Exchange Board of India guidelines, pursuant where to the Applicant vide letter dated 02.07.2015 sought conversion of the defaulted interest amounting to Rs. 22,63,035.47 into equity shares of Defendant No. 1, however Defendant No. 1 failed to allot the said shares, constraining the Applicant to retain the said amount as defaulted interest reflected as debt due and payable by Defendant No. 1; that owing to continued and persistent defaults, the CDR restructuring package failed and the lenders resolved to exit the same, which exit was approved by the CDR Empowered Group on 27.09.2016 and confirmed vide letter dated 08.11.2016, and thereafter, in a joint lenders' meeting held on 15.03.2017, it was decided to adopt recovery as the resolution plan as Defendant No. 1 was not in a position to submit any viable revival proposal, 

leading the Applicant to reverse the accounting entries made pursuant to the CDR mechanism and reinstate the dues of Defendant No. 1 under the Term Loan Facility and the FITL Facility under the Loan Agreement, while the Additional Term Loan Facility-II continued to be governed by the terms of the Master Restructuring Agreement;

1. 12. That meanwhile, on 28.07.2017, Defendant No. 1 was admitted into liquidation proceedings in Company Petition No. 446/2013 before the High Court of Delhi, whereupon an Official Liquidator was appointed.

2. 13. That thereafter, the Applicant, namely Export-Import Bank of India, vide its letter No. NDRO:PEF:SVOGL:171542 dated 20.12.2017 (hereinafter referred to as the "Recall Letter"), upon revocation of the CDR restructuring package and classification of the account of Defendant No. 1 as NPA with effect from July 2017, called upon Defendant No. 1 to pay an amount of Rs. 143,34,65,245.51/- outstanding as on 18.12.2017, together with further interest at the Applicant's PLR minus spread of 2%, i.e. @13% per annum (at the relevant time) in respect of the term loan facility of Rs. 75 crores and ICICI Bank's rate plus spread of 2%, i.e. @10.85% per annum, in respect of Additional Term Loan Facility-II, payable with monthly rests along with additional interest by way of liquidated damages at the rate of 2% per annum till realization, however the said Recall Letter dated 20.12.2017 was returned unserved with the postal remark "left", whereafter the Applicant forwarded the said Recall Letter under covering letter dated 02.02.2018 to the Office of the Official Liquidator, duly apprising the Official Liquidator of the outstanding dues payable by Defendant No. 1.

3. 14. And further stated that on 16.02.2018, the Applicant invoked the personal guarantees dated 14.06.2011 and 23.06.2011 executed by Defendants No. 3 and 2 respectively as well as the guarantee dated 18.03.2014, calling upon Defendants No. 2 and 3 to pay an amount of Rs. 143,34,65,245.51/-, and on the same date also invoked the guarantees dated 28.03.2014 executed by Defendants No. 4 and 5, calling upon them, in their capacity as corporate guarantors, to pay an amount of Rs. 148,24,13,509.79/-, but despite service and invocation of the aforesaid notices, Defendant No. 1 as borrower and Defendants No. 2 to 5 as guarantors failed and neglected to make any payment whatsoever to the Applicant, thereby constraining the Applicant to institute the present recovery proceedings.

15. It being stated that the transaction between the Applicant and the Defendants is purely commercial in nature and the Applicant is therefore entitled to pendent lite and future interest at the contractual rate, that interest and compound interest have been charged in the accounts strictly in accordance with the agreements between the parties and in conformity with the directives of the Reserve Bank of India, with penal interest not having been compounded or capitalized, and that the duly certified Statement of Account in terms of the Bankers' Books Evidence Act has been filed along with the Original Application, evidencing that interest has been levied strictly in accordance with contractual stipulations and applicable RBI guidelines.

16. That the Defendants have duly acknowledged their liability by issuing written acknowledgments of debt on various dates, namely 31.03.2012, 31.03.2013, 31.03.2015 and 30.09.2016, and in view of the said acknowledgments, the Defendants are jointly and severally liable to pay to the Applicant a sum of Rs. 1,48,24,13,509.79/-, being the amount outstanding and due as on 21.03.2018, the detailed breakup whereof comprises principal overdue of Rs. 75,00,00,000/- under the Loan Facility (post revocation) and Rs. 5,69,00,000/- under the Additional Term Loan Facility-II, aggregating to Rs. 80,69,00,000/-, together with interest including liquidated damages amounting to Rs. 65,12,55,980.26 under the Loan Facility and Rs. 2,42,57,529.53 under the Additional Term Loan Facility-II, aggregating to Rs. 67,55,13,509.79, thereby totalling Rs. 1,48,24,13,509.79, and that the cause of action arose on several dates, including when Defendant No. 1 failed to service interest and instalments under the credit facilities, when the credit facilities were initially granted, when the same were restructured and the Additional Term Loan Facility-II was extended, first arising on 14.06.2011 upon execution of the Rupee Loan Agreement between the Applicant and Defendant No. 1 and furnishing of personal guarantees by Defendants No. 2 and 3, again on 14.06.2011 upon creation of securities in favour of the Applicant, thereafter on 17.06.2013 when the borrower's account was classified as a non-performing asset, and further on 20.12.2017 when the recall notice was issued to the borrower, giving rise to a continuing and subsisting cause of action in favour of the Applicant.

1. 17. To substantiate its case, That the Applicant Bank has filed the affidavit of Ms. Kusum Singh, daughter of Late Mr. Gurbachan Singh Raju, presently working as Deputy General Manager and Regional Head at the Regional Office of the Applicant, Export-Import Bank of India, situated at Office Block, Tower-I, 7th Floor, Adjacent Ring Road, Kidwai Nagar (East), New Delhi-110023, wherein she has solemnly affirmed and stated that she is duly employed with the Applicant Bank and is well conversant with the facts and circumstances of the present case on the basis of official records and information maintained by the Bank in the ordinary course of business and is, therefore, competent and authorised to swear the said affidavit, and has further stated that the Applicant is a body corporate constituted under the Export-Import Bank of India Act, 1981, having its Head Office at Centre 

One Building, 21st Floor, World Trade Centre Complex, Cuffe Parade, Mumbai-400005 and, inter alia, a Regional Office at Ground Floor, Statesman House, 148, Barakhamba Road, New Delhi-110001, and that the present application has been instituted on behalf of the Applicant Bank through its authorised representative, Mr. Tarun Sharma, General Manager, duly authorised vide Power of Attorney dated 08.06.2015, Exh. AW-1/1.

1. i. Power of Attorney of the Deponent – Exh. AW-1/1

2. ii. Sanction Letter for Term Loan of Rs. 100 Crores – dated 02.06.2011 (Ref. No. CBG:PEFP:456:28) – Exh. AW-1/2

3. iii. Minutes of Meeting of Board of Directors of Defendant No. 1 – dated 14.06.2011 – Exh. AW-1/3

4. iv. Rupee Loan Agreement – dated 14.06.2011 – Exh. AW-1/4

5. v. Deed of Hypothecation (Movable Fixed Assets) – dated 14.06.2011 – Exh. AW-1/5

6. vi. Undertaking to Create Mortgage and Obtain NOCs – dated 14.06.2011 – Exh. AW-1/6

7. vii. Letter of Undertaking (Submission of Reports and Balance Confirmations) – dated 14.06.2011 – Exh. AW-1/7

8. viii. Deed of Personal Guarantee executed by Defendant No. 3 – dated 14.06.2011 – Exh. AW-1/8

9. ix. Deed of Personal Guarantee executed by Defendant No. 2 – dated 23.06.2011 – Exh. AW-1/9

10. x. Certificate of Registration of Mortgage under Section 132 of the Companies Act, 1956 (ROC, Delhi & Haryana) – dated 25.06.2011 – Exh. AW-1/10


- xi. Balance Confirmation Certificate – dated 11.10.2012 – Exh. AW-1/11

- xii. Letter for Cancellation of Unavailed Loan Portion (Rs. 25 Crores) – dated 09.04.2013 – Exh. AW-1/12

- xiii. Balance Confirmation Certificate – dated 18.04.2013 – Exh. AW-1/13

- xiv. CDR Empowered Group Approval Letter – dated 28.02.2014 (Ref. No. BY.CDR (SSA)/1084/2013-14) – Exh. AW-1/14

- xv. Master Restructuring Agreement (MRA) – dated 18.03.2014 – Exh. AW-1/15

- xvi. Deed of Guarantee executed by Defendant No. 2 under CDR – dated 18.03.2014 – Exh. AW-1/16

- xvii. Deed of Guarantee executed by Defendant No. 3 under CDR – dated 18.03.2014 – Exh. AW-1/17

- xviii. Sanction Letter under CDR Mechanism (Rs. 75 Crores) – dated 19.03.2014 (Ref. No. CBG:PEFP:456:73) – Exh. AW-1/18

- xix. Security Trustee Agreement – dated 20.03.2014 – Exh. AW-1/19

- xx. Trust and Retention Agreement – dated 28.03.2014 – Exh. AW-1/20

- xxi. Unattested Pledge Agreement – dated 28.03.2014 – Exh. AW-1/21

- xxii. Unattested Deed of Hypothecation (Security Trustee) – dated 28.03.2014 – Exh. AW-1/22

- xxiii. Unattested Pledge Agreement with Power of Attorney – dated 09.04.2014 – Exh. AW-1/23

- xxiv. Deed of Guarantee executed by Defendant No. 4 – dated 28.03.2014 – Exh. AW-1/24

- xxv. Deed of Guarantee executed by Defendant No. 5 – dated 28.03.2014 – Exh. AW-1/25

- xxvi. Unattested Deed of Hypothecation (Additional) – dated 30.03.2015 – Exh. AW-1/26

- xxvii. Audited Balance Sheet of Defendant No. 1 – dated 31.03.2015 – Exh. AW-1/27

- xxviii. Balance Confirmation Certificate – dated 25.05.2015 – Exh. AW-1/28

- xxix. Letter Seeking Conversion of Defaulted Interest into Equity – dated 02.07.2015 (Ref. No. PEPF:456:17A) – Exh. AW-1/29

- xxx. Minutes of Joint Lenders' Forum Meeting (SDR Discussion) – dated 17.02.2016 – Exh. AW-1/30

- xxxii. CDR Exit Confirmation Letter – dated 08.11.2016 – Exh. AW-1/31

- xxxiii. Revival/Acknowledgment of Debt Letter – dated 17.12.2016 – Exh. AW-1/32

- xxxiiii. Minutes of Joint Lenders' Meeting (Recovery as Resolution Plan) – dated 15.03.2017 – Exh. AW-1/33

- xxxv. Order of Liquidation passed by Hon'ble High Court of Delhi (Co. Pet. No. 446/2013) – dated 28.07.2017 – Exh. AW-1/34

- xxxvi. Recall Notice issued by the Applicant Bank – dated 20.12.2017 – Exh. AW-1/35

- xxxvii. Covering Letter to Official Liquidator forwarding Recall Notice – dated 02.02.2018 – Exh. AW-1/36

- xxxvii. Invocation of Guarantees issued to Defendant No. 2 – dated 16.02.2018 – Exh. AW-1/37

- xxxviii. Invocation of Guarantees issued to Defendant No. 3 – dated 16.02.2018 – Exh. AW-1/38

- xxxix. Invocation of Guarantees issued to Defendant No. 4 – dated 16.02.2018 – Exh. AW-1/39

- xl. Invocation of Guarantees issued to Defendant No. 5 – dated 16.02.2018 – Exh. AW-1/40

- xli. Minutes of Meetings before Official Liquidator – dated 19.02.2018 & 26.06.2019 – Exh. AW-1/41

- xl.ii. Certified Statement of Account under Bankers' Books Evidence Act – Exh. AW-1/42

- xl.iii. Original Application No. 565 of 2018 – Exh. AW-1/43

- xliv. Rejoinder filed in Original Application No. 565 of 2018 – Exh. AW-1/44

14. The witness produced by the Applicant Bank has fully corroborated the averments made in the present TA. In any event, the Applicant Bank's case is primarily document-based, and the witness has duly authenticated all such documents. The evidence presented by the Applicant Bank remains unrebuted, leaving no ground to disbelieve the same. The Applicant Bank has, therefore, established its claim beyond reasonable doubt. In view of the foregoing, the Applicant Bank is entitled to recover the entire outstanding amount along with pendentelite interest and future costs as agreed between the parties. Accordingly, this TA is allowed, as the Applicant Bank has successfully proven its claim beyond any doubt.

15. In this TA, the Applicant Bank has sought issuance of a Recovery Certificate against Defendants No. 1 to 5; however, as Defendants No. 2, 3 and 5 are presently undergoing corporate insolvency resolution proceedings pursuant to orders of the NCLT under the Insolvency and Bankruptcy Code, 2016, and Defendant No. 1, being the principal borrower, was admitted into liquidation in Company Petition No. 446/2013 before the High Court of Delhi on 28.07.2017 with appointment of an Official Liquidator, no relief is granted against Defendants No. 1 to 3 and 5 in the present Transfer Application.

16. Consequently, TA No. 327/2022 is hereby allowed in favour of the Applicant Bank and against the Defendant No. 4, who is liable to pay the dues of the Applicant Bank, along with costs and pendentite lite and future interest @ 12% per annum, as claimed in the TA, from the date of filing of the present TA until full and final payment.

ORDER

TA No. 327/2022 is allowed in favour of the Applicant Bank and against Defendant No. 4, who is held liable to discharge the outstanding dues of the Applicant Bank, and Defendant No. 4 is hereby directed to pay, within a period of 30 days, a sum of Rs. 1,48,24,13,509.79/- (Rupees One Hundred Forty-Eight Crore Twenty-Four Lakh Thirteen Thousand Five Hundred Nine and Paise Seventy-Nine only), together with costs and pendentite lite and future interest @ 12% per annum, as claimed in the Transfer Application, from the date of filing till realization, failing which the said amount shall be recovered in accordance with law by sale of the hypothecated and/or charged stocks, tangible movable assets, and available mortgaged properties.

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

Further, in case of shortfall, the same shall be recovered from the sale of movable and immovable assets of the Defendant No. 4.

So far as Defendants No. 1 to 3 and 5 are concerned, in view of the insolvency proceedings pending before the Hon'ble High Court of Delhi and Ld. NCLT, no order can be passed against the said defendants at this stage.

However, it is directed that Applicant Bank shall be at liberty to revive the OA qua Defendant No. 1 to 3 & 5 in case High Court of Delhi/NCLT are quashed / withdrawn in future, in accordance with law.

It is further directed that in case Applicant Bank receive any amount from the proceedings pending before Hon'ble High Court of Delhi and Ld. NCLT, they shall give due adjustment of the same in the recovery proceedings.

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 11.03.2026.

- (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: 23.01.2026

K. Singh

23.01.2026 (SHIV KUMAR - I) PRESIDING OFFICER, DRT-III, DELHI

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