BANK OF MAHARASHTRA vs SVOGL OIL AND GAS ENERGY LTD AND ORS on 8 December 2025

**FINAL ORDER**

1. 1. This Original Application was filed on 05.10.2018 under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 seeking recovery of Rs. 4,49,53,68,768 (Rupees Four Hundred Forty-Nine Crore Fifty-Three Lakh Sixty-Eight Thousand Seven Hundred Sixty-Eight Only) as on 01.10.2018, together with other charges, pendent lite interest and future interest at the rate of 11.70 percent per annum [presently Base Rate of 9.70 percent plus 2 percent], along with penal interest with monthly rests and costs. The Applicant is a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, having its Head Office at "Lokmangal", 1501, Shivajinagar, Pune-411005, and operating inter alia through its branch at B-29, Maharashtra Bank Building, Connaught Place, New Delhi-110001. The Application is signed, verified and filed by Mr. G. D. Singh, Assistant General Manager of the Applicant Bank, posted at the Connaught Place Branch, who is duly authorised to institute and pursue these proceedings, sign and verify pleadings, and execute and authenticate documents, by virtue of the authority conferred through circular dated 30.12.2015 issued by the Bank's Head Office at Pune (Annexure A-1).

1. 2. It is pertinent here that this OA bearing no. 1355/2018 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 on 07.11.2022 and was numbered at TA-382/2022.

2. 3. The brief facts of the case are that the Defendant No. 1, SVOGL Oil and Gas Energy Limited (formerly known as Shiv-Vani Oil & Gas Exploration Services Limited), is a company incorporated under the Companies Act, 1956, having its registered office at the address stated hereinabove and engaged in providing drilling and allied services to exploration and production companies in the oil and gas sector, including onshore drilling, deep drilling and work-over operations. The Defendants No. 2 and 3, being the Promoter Directors of Defendant No. 1, have been impleaded as personal guarantors by virtue of having executed irrevocable, unconditional, joint and several guarantees securing the debts and liabilities of Defendant No. 1, their liability being co-extensive with that of the principal borrower. The Defendants No. 4 to 8 are the corporate guarantors who have executed irrevocable, unconditional, joint and several corporate guarantees securing the obligations of Defendant No. 1, and their liability is also co-extensive with that of the principal debtor. The Defendants No. 9 to 13 are share pledgers who have pledged their shares as security for the credit facilities. The Defendant No. 14 is the Monitoring Institution appointed under the Master Restructuring Agreement executed between the Borrower and the lender banks. The Defendants No. 15 to 34 constitute the 

CDR Lender Banks, and the Defendant No. 35 is the Security Trustee appointed under the CDR Master Restructuring Agreement to hold and administer the securities on behalf of the consortium lenders.

1. 4. So far as, the Defendants No. 3 to 13 have remained ex parte since 24.10.2024, 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. 14. It is pertinent that an Official Liquidator has already been appointed by the Hon'ble High Court of Delhi in respect of Defendant No. 1, and Defendants 2, 3 and 5 are presently undergoing insolvency proceedings before the Ld. NCLT, Delhi, where the Applicant Bank has already lodged its claim. In view of these parallel liquidation and insolvency proceedings, no relief is granted against Defendants No. 1, 2, 3 and 5 in the present matter. It is clarified that any amount realized by the Applicant Bank in those proceedings shall be duly appropriated and adjusted in the present recovery proceedings.

3. 5. It is further stated that in the year 2013, the Defendant No. 1, SVOGL OIL AND GAS ENERGY LIMITED (previously known as Shiv-Vani Oil & Gas Exploration Services Limited) (the "Borrower"), through its Directors, approached the Applicant Bank seeking a Term Loan of Rs. 200,00,00,000/- (Rupees Two Hundred Crores Only) for execution of ONGC contracts, along with a Cash Credit Facility of Rs. 50,00,00,000/- (Rupees Fifty Crores Only). The Applicant Bank, after due consideration, accorded its approval to the request, and vide its Sanction Letter dated 09.01.2013, sanctioned the Term Loan of Rs. 200,00,00,000/- and the Cash Credit Facility of Rs. 50,00,00,000/-, subject to compliance by the Defendant No. 1 with all the terms and conditions stipulated therein. Pursuant to the sanction, the principal amount of the Term Loan was to be repaid in 72 equal instalments commencing from May 2014, while interest and other charges were to be paid as and when they became due. A copy of the Sanction Letter dated 09.01.2013 is annexed herewith and marked as ANNEXURE A-2.

1. 6. Thereafter, on 11.01.2013, in a meeting of the Board of Directors of Defendant No. 1, the company duly acknowledged and accepted the terms of the Sanction. In the same meeting, Defendants No. 2 and 3 were severally authorized to execute all necessary security documents and to take all steps required to create the requisite securities in favour of the Applicant Bank. ANNEXURE A-3.

2. 7. On 15.01.2013, pursuant to the sanction and acceptance of its terms by Defendant No. 1, the company executed various documents to secure the sanctioned credit facilities, including:

1. (a) a Demand Promissory Note;

2. (b) an Agreement for Term Loan;

3. (c) a Composite Deed of Hypothecation for all credit facilities;

4. (d) an Agreement executed by Defendant No. 1 pledging 17,00,000 equity shares valuing Rs. 1,70,00,000/- to secure the Term Loan of Rs. 200,00,00,000/- and 27,59,400 equity shares valuing Rs. 2,76,00,000/- to secure the Cash Credit facility of Rs. 50,00,00,000/-;

5. (e) an Agreement executed by Defendant No. 9 pledging 4,75,000 equity shares (face value Rs. 10/- each) amounting to Rs. 47,50,000/- securing the Term Loan;

6. (f) Agreements executed by Defendants No. 10 to 13 pledging 12,25,000 equity shares (face value Rs. 10/- each) amounting to Rs. 7,71,75,000/- securing the Term Loan; and

7. (g) a Declaration and Undertaking. Copies of the above documents are annexed herewith and marked as follows: Demand Promissory Note as ANNEXURE A-4, Agreement for Term 

Loan as ANNEXURE A-5, Composite Deed of Hypothecation as ANNEXURE A-6, Agreement for pledge of shares by Defendant No. 1 as ANNEXURE A-7, Agreement by Defendant No. 9 as ANNEXURE A-8, Agreements by Defendant Nos. 10 to 13 as ANNEXURE A-9, and Declaration and Undertaking as ANNEXURE A-10.

1. 8. On 15.01.2013, Defendant No. 2 executed a Guarantee Deed securing the aforesaid credit facilities aggregating to Rs. 250,00,00,000/- (Rupees Two Hundred and Fifty Crores Only) granted by the Applicant Bank, thereby guaranteeing payment by the Borrower Company of all amounts, including principal, interest, costs, charges, and expenses in accordance with the terms of the credit facilities, and specifically agreeing that in the event of default by the Borrower Company, Defendant No. 2 would forthwith make the payment without any demur, a copy of which is annexed as ANNEXURE A-11.

2. 9. Similarly, Defendant No. 3 executed a Guarantee Deed on the same date, securing the said credit facilities on identical terms, a copy of which is annexed as ANNEXURE A-12. Acknowledging execution of the aforesaid security documents, Defendant No. 1, by letters dated 15.01.2013 and 16.01.2013, requested the Applicant Bank to make the credit facilities available, copies of which are annexed collectively as ANNEXURE A-13. Subsequently, a consortium of lenders, namely State Bank of India (Lead Bank), Punjab National Bank, ICICI Bank, and the Applicant Bank, agreed to grant a collective Working Capital facility of Rs. 786,50,00,000/- (Rupees Seven Hundred and Eighty-Six Crores and Fifty Lakhs Only) under their respective sanction letters and the Working Capital Consortium Agreement dated 03.04.2013, wherein the Applicant Bank extended the existing Cash Credit facility of Rs. 50,00,00,000/- as part of the working capital arrangement.

1. 10. Pursuant thereto, on 03.04.2013, Defendants No. 1, 2, 3, 6, 7, and 8 executed various documents to secure the working capital facilities, including: (a) the Working Capital Consortium Agreement (ANNEXURE A-14), (b) Inter se Agreement executed between the Applicant Bank, Defendant Nos. 14, 16, and 19 (ANNEXURE A-15), (c) Joint Deed of Hypothecation (ANNEXURE A-16), (d) Letter of Authority issued by Defendant No. 1 in favour of the Lead Bank for consortium members (ANNEXURE A-17), and (e) Deeds of Guarantee executed by Defendants No. 2, 3, 6, 7, and 8 securing the working capital facilities and agreeing to the terms therein (ANNEXURE A-18 to A-22). Following execution of all requisite documents, the Applicant Bank, in accordance with the terms of the sanction, made the aforesaid facilities available to Defendant No. 1 to the full satisfaction of the company.

2. 11. In the year 2014, Defendant No. 1 requested the CDR Lender Banks for restructuring and rescheduling of the outstanding amounts under the existing facilities, stating that its business had allegedly come under strain due to various internal and external factors. After due deliberations and relying on the representations made by Defendant No. 1, the Empowered Group of the Corporate Debt Restructuring Cell (CDR-EG) approved the restructuring scheme on 24.01.2014, appointing ICICI Bank Limited as the Monitoring Institution and IL&FS Trust Company Limited as the Security Trustee.

3. 12. Subsequently, on 28.02.2014, the CDR Cell issued a Letter of Approval (LOA) communicating the "Restructuring Proposal Approved under CDR system" to the lender banks, including the Applicant Bank, a copy of which is annexed as ANNEXURE A-23. Pursuant thereto, a Master Restructuring Agreement dated 18.03.2014 was executed between the Borrower Company, the Monitoring Institution, and the other 

CDR Lender Banks, a copy of which is annexed as ANNEXURE A-24.

13. At the request of the Borrower and in terms of the Master Restructuring Agreement dated 18.03.2014, the Lenders, including the Applicant Bank, issued fresh and/or continued and renewed the existing Term Loans and Working Capital facilities, as applicable. In addition to the pre-existing credit facilities, the Applicant Bank sanctioned further additional credit facilities to Defendant No. 1 in accordance with the terms of the aforesaid restructuring scheme.

<thead> <tr> <th>Sr. No.</th> <th>Credit Facility</th> <th>Amount (In Rs.)</th> </tr> </thead> <tbody> <tr> <td>1.</td> <td>FITL Term Loan</td> <td>33,09,00,000/-</td> </tr> <tr> <td>2.</td> <td>FITL for Working Capital</td> <td>8,25,00,000/-</td> </tr> <tr> <td>3.</td> <td>Priority Term Loan</td> <td>18,99,00,000/-</td> </tr> </tbody> </table>

14. In order to secure the CDR facilities, the following documents were executed: a Security Trustee Agreement dated 20.03.2014 (ANNEXURE A-25); Deeds of Guarantee dated 18.03.2014 executed by Defendants No. 2 and 3 to secure the credit facilities granted to Defendant No. 1 in favour of the CDR lender banks (ANNEXURE A-26 and A-27, respectively); Deeds of Guarantee dated 28.03.2014 executed by Defendants No. 4 and 5 to secure the credit facilities granted to Defendant No. 1 in favour of the CDR lender banks (ANNEXURE A-28 and A-29, respectively); a Trust and Retention Account Agreement (ANNEXURE A-30); a Deed of Hypothecation executed in favour of the Security Trustee for the benefit of the CDR lender banks (ANNEXURE A-31); and a Sponsor Support Agreement executed between the Monitoring Institution, the Borrower Company, and the Promoters, namely Defendants No. 2 and 3, pursuant to the terms of the Master Restructuring Agreement dated 18.03.2014 (ANNEXURE A-32).

15. Accordingly, for securing the Restructured Term Loan, Priori Loan, Funded Interest Term Loan, and Working Capital Term Loan, the following securities were created for the benefit of the CDR lenders: a first pari-passu charge on the fixed assets, including Capital Work in Progress (CWIP) of the Borrower Company, excluding exclusively charged assets and the corporate office at Saket; a second pari-passu charge on the current assets of the Borrower Company; a first pari-passu charge on the loans, advances, investments, and any other unencumbered assets of the Company; personal guarantees of the Promoters, namely Defendant No. 2; corporate guarantees of Defendants No. 6, 7, and 8; a negative lien on Defendant No. 1's corporate office at Tower 1, 5th Floor, NBCC Plaza, Sector V, Pushp Vihar, Saket, New Delhi; and a pledge of 7,78,400 shares held by the Promoters and their family members.

16. Similarly, for securing the Working Capital Facilities, the securities included a first pari-passu charge on the current assets; a second pari-passu charge on the fixed assets, excluding exclusively charged assets and the corporate office at Saket; personal guarantees of the Promoters (Defendant No. 2); corporate guarantees of Defendants No. 6, 7, and 8; a negative lien on the corporate office as above; pledge of 7,78,400 shares held by the Promoters and their family members; and a first pari-passu charge on the loans, advances, investments, and any other unencumbered assets of the Company.

17. On 28.03.2014, pursuant to the execution of the aforesaid documents, Defendant No. 1, while acknowledging the execution thereof, requested the Applicant Bank, vide a Request Letter dated 28.03.2014, for disbursement of Rs. 15,00,00,000/- (Rupees Fifteen Crores Only) out of the priority loan amount of Rs. 18,89,00,000/- (Rupees Eighteen Crores Eighty-Nine Lakhs Only) (ANNEXURE A-33).


1. 18. Accordingly, in terms of the CDR scheme, the Applicant Bank disbursed the sum of Rs. 15,00,00,000/- to Defendant No. 1. On 08.05.2014, the Security Trustee, IL&FS Trust Company Limited, while acknowledging receipt of the original security documents, issued a letter in favour of the Monitoring Institution (ANNEXURE A-34), and on 04.06.2014, the Monitoring Institution issued a letter to all CDR lender banks acknowledging receipt of certain original security documents (ANNEXURE A-35).

2. 19. Subsequently, on 11.06.2014, Defendant No. 1, while acknowledging receipt of Rs. 15,00,00,000/-, requested further disbursement of Rs. 1,00,00,000/- (Rupees One Crore Only) (ANNEXURE A-36). Thereafter, pursuant to the CDR scheme approved by the CDR-EG, the overdue interest was to be converted into equity shares, and vide a MOM dated 22.12.2015, Defendant No. 1 decided to allot 4,65,43,784 equity shares to various CDR banks including the Applicant Bank (ANNEXURE A-37). Under the CDR terms, Defendant No. 1 was to allot equity shares worth Rs. 39.36 crores; however, the Applicant Bank received only 79,62,594 shares worth Rs. 12.79 crores, and despite repeated follow-ups and reminders, the remaining shares worth Rs. 26.57 crores were not transferred, necessitating the opening of a separate loan account for the outstanding amount. In terms of the CDR scheme and the sanction letter, the Applicant Bank made all credit facilities available to Defendant No. 1 to its complete satisfaction.

3. 20. Thereafter, despite repeated requests and reminders from the Applicant Bank, Defendant No. 1 failed to cure the aforesaid defaults and breaches of the terms and conditions of the sanctioned Credit Limit. In accordance with recognized accounting procedures and the terms of the sanction, Defendant No. 1 was required to maintain financial discipline; however, contrary to these obligations, it failed to properly operate and maintain the said accounts, committing multiple breaches and violations, which resulted in a substantial outstanding amount becoming due and payable to the Applicant Bank.

1. 21. Consequent to this, and in compliance with instructions of the Reserve Bank of India having statutory force, the accounts of the Borrower were classified as Non-Performing Assets w.e.f. 31.07.2014. While acknowledging its standing liability to the Applicant Bank and other CDR lender banks, Defendant No. 1 issued a Revival Letter dated 17.12.2016 in favour of the CDR lender banks (ANNEXURE A-38).

2. 22. Despite this, no further payments or compliance with undertakings were made, compelling the Applicant Bank to recall all dues in respect of the credit facilities granted to Defendant No. 1 vide a Notice dated 05.09.2017, directing payment of the overdue amount of Rs. 415,99,93,635.00 within seven days (ANNEXURE A-39). Subsequently, as no payment was forthcoming from the Borrower Company, the Applicant Bank was constrained to invoke the personal Guarantees of Defendants No. 2 to 5 vide a Notice dated 11.05.2018 (ANNEXURE A-40).

3. 23. Consequently, as on 01.10.2018, the Defendants are jointly and severally liable to pay the Applicant Bank the following amounts in respect of the aforesaid Credit Facilities:

<thead> <tr> <th>Account No.</th> <th>Principal Outstanding</th> <th>Accrued Interest</th> <th>Arrears Penalty</th> <th>Total</th> </tr> </thead> <tbody> <tr> <td>60165798729</td> <td>198,16,71,00<br/>0.00</td> <td>74,25,63,98<br/>1.00</td> <td>1,48,45,29<br/>2.00</td> <td>273,90,80,27<br/>3.00</td> </tr> <tr> <td>60165807906</td> <td>53,50,24,156<br/>.00</td> <td>13,55,41,71<br/>6.00</td> <td>1,85,41,91<br/>6.00</td> <td>68,91,07,788<br/>.00</td> </tr> <tr> <td>60165798821</td> <td>30,01,64,709<br/>.00</td> <td>10,61,00,82<br/>3.00</td> <td>68,77,780.<br/>00</td> <td>41,31,43,312<br/>.00</td> </tr> <tr> <td>60165813535</td> <td>7,48,66,414.<br/>00</td> <td>2,64,72,214.<br/>00</td> <td>17,16,907.<br/>00</td> <td>10,30,55,535<br/>.00</td> </tr> <tr> <td>60166231330</td> <td>16,03,05,500<br/>.00</td> <td>6,24,72,262.<br/>00</td> <td>39,76,750.<br/>00</td> <td>22,67,54,512<br/>.00</td> </tr> </tbody> </table>


<tr> <td>60278135149</td> <td>26,57,12,337<br/>.00</td> <td>5,62,54,868.<br/>00</td> <td>22,60,143.<br/>00</td> <td>32,42,27,348<br/>.00</td> </tr> <tr> <td><b>TOTAL<br/>OUTSTAND<br/>ING</b></td> <td></td> <td></td> <td></td> <td><b>449,53,68,76<br/>8.00</b></td> </tr> </table>

24. Copies of the statements of accounts for various credit facilities granted to Defendant No. 1, along with Banker's Book Evidence, are annexed hereto as follows:

1. i. Statement of Account No. 60165798729 (Term Loan) from 26.02.2014 to 30.09.2016 (ANNEXURE A-41 Colly),

2. ii. Statement of Account No. 60165807906 (Cash Credit Facility) from 26.03.2014 to 20.02.2017 (ANNEXURE A-42 Colly),

3. iii. Statement of Account No. 60165798821 (FITL for Term Loan) from 26.03.2014 to 30.09.2016 (ANNEXURE A-43 Colly),

4. iv. Statement of Account No. 60165813535 (FITL for Working Capital) from 26.03.2014 to 30.09.2016 (ANNEXURE A-44 Colly),

5. v. Statement of Account No. 60166231330 (Priority Term Loan) from 31.03.2014 to 30.09.2016 (ANNEXURE A-45 Colly), and

6. vi. Statement of Account No. 60278135149 (Term Loan) from 27.03.2017 to 31.03.2017 (ANNEXURE A-46 Colly).

7. vii. Further, copies of the statements reflecting interest accrued but not applied in the accounts are annexed for Account No. 60165798729 (ANNEXURE A-47), Account No. 60165807906 (ANNEXURE A-48), Account No. 60165798821 (ANNEXURE A-49), Account No. 60165813535 (ANNEXURE A-50), Account No. 60166231330 (ANNEXURE A-51), and Account No. 60278135149 (ANNEXURE A-52).

25. To substantiate its case, the Applicant Bank has filed the affidavit of Mr. Vaibhav Yadav, S/o Sh. Karan Singh, Chief Manager of the Applicant Bank's Branch at B-29, 2nd Floor, Block-B, Connaught Place, New Delhi-110001, who solemnly affirms and declares that the Applicant is a body corporate constituted under The Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970, having its Head Office at Bank of Maharashtra Central Office, 'Lokmangal', 1501, Shivajinagar, Pune-411005, and a branch at B-29, Maharashtra Bank Building, Connaught Place, New Delhi, Delhi-110001. He further stated that the present Application is being signed, verified, and filed by him in his capacity as Chief Manager/Branch Manager of the said branch and that he is fully competent and authorized to file the same, sign and verify documents, and depose on behalf of the Applicant Bank by virtue of the powers vested in him through the Minutes of the Board Meeting dated 22.03.2022, EXHIBIT A-1/1.

1. i. Sanction Letter dated 09.01.2013 executed by the Applicant Bank in favour of Defendant No. 1 (EXHIBIT A-1/2);

2. ii. Extracts of Minutes of Board of Directors' Meeting of Defendant No. 1 dated 11.01.2013 (EXHIBIT A-1/3);

3. iii. Demand Promissory Note dated 15.01.2013 executed by Defendant No. 1 (EXHIBIT A-1/4);

4. iv. Agreement for Term Loan dated 15.01.2013 (EXHIBIT A-1/5);

5. v. Composite Deed of Hypothecation dated 15.01.2013 executed by Defendant No. 1 (EXHIBIT A-1/6);

6. vi. Agreement for pledge of shares dated 15.01.2013 executed by Defendant No. 1 (EXHIBIT A-1/7); 

- vii. Agreement executed by Defendant No. 9 pledging 4,75,000 equity shares dated 15.01.2013 (EXHIBIT A-1/8);

- viii. Agreement executed by Defendant No. 10 to 13 pledging 12,25,000 equity shares dated 15.01.2013 (EXHIBIT A-1/9);

- ix. Declaration and Undertaking dated 15.01.2013 executed by Defendant No. 1 (EXHIBIT A-1/10);

- x. Guarantee Deed executed by Defendant No. 2 dated 15.01.2013 (EXHIBIT A-1/11);

- xi. Guarantee Deed executed by Defendant No. 3 dated 15.01.2013 (EXHIBIT A-1/12);

- xii. Request Letters dated 28.01.2013, 15.01.2013, and 16.01.2013 by Defendant No. 1 (EXHIBIT A-1/13 COLLY);

- xiii. Working Capital Consortium Agreement dated 03.04.2013 (EXHIBIT A-1/14);

- xiv. Inter se Agreement dated 03.04.2013 between Applicant Bank, Defendant No. 14, 16, and 19 (EXHIBIT A-1/15);

- xv. Joint Deed of Hypothecation dated 03.04.2013 (EXHIBIT A-1/16);

- xvi. Letter of Authority dated 03.04.2013 issued by Defendant No. 1 in favour of lead bank (EXHIBIT A-1/17);

- xvii. Deeds of Guarantee dated 03.04.2013 executed by Defendants No. 2, 3, 6, 7, and 8 securing working capital facilities (EXHIBIT A-1/18 to EXHIBIT A-1/22);

- xviii. Letter of Approval (LOA) dated 28.02.2014 issued by the CDR Cell (EXHIBIT A-1/23);

- xix. Master Restructuring Agreement dated 18.03.2014 (EXHIBIT A-1/24);

- xx. Security Trustee Agreement dated 20.03.2014 (EXHIBIT A-1/25);

- xxi. Deed of Guarantee dated 18.03.2014 executed by Defendants No. 2 and 3 (EXHIBIT A-1/26 and EXHIBIT A-1/27);

- xxii. Deeds of Guarantee dated 28.03.2014 executed by Defendants No. 4 and 5 (EXHIBIT A-1/28 and EXHIBIT A-1/29);

- xxiii. Trust and Retention Account Agreement (EXHIBIT A-1/30);

- xxiv. Deed of Hypothecation in favour of Security Trustee (EXHIBIT A-1/31);

- xxv. Sponsor Support Agreement executed between Monitoring Institution, Borrower, and Promoters dated 18.03.2014 (EXHIBIT A-1/32);

- xxvi. Request Letter dated 28.03.2014 by Defendant No. 1 (EXHIBIT A-1/33);

- xxvii. Letter from Security Trustee to Monitoring Institution dated 08.05.2014 (EXHIBIT A-1/34);

- xxviii. Letter from Monitoring Institution to CDR Lenders dated 04.06.2014 (EXHIBIT A-1/35);

- xxix. Request Letter dated 11.06.2014 by Defendant No. 1 (EXHIBIT A-1/36);

- xxx. Minutes of Meeting dated 22.12.2015 regarding allotment of equity shares (EXHIBIT A-1/37);

- xxxi. Revival Letter dated 17.12.2016 issued by Defendant No. 1 (EXHIBIT A-1/38);

- xxxii. Recall Notice dated 05.09.2017 (EXHIBIT A-1/39 COLLY);

- xxxiii. Notice invoking Personal Guarantees dated 11.05.2018 (EXHIBIT A-1/40);

- xxxiv. Statement of Account No. 60165798729 (Term Loan) from 26.02.2014 to 30.09.2016 (EXHIBIT A-1/41 COLLY);

- xxxv. Statement of Account No. 60165807906 (Cash Credit Facility) from 26.03.2014 to 20.02.2017 (EXHIBIT A-1/42 COLLY);

- xxxvi. Statement of Account No. 60165798821 (FITL for Term Loan) from 26.03.2014 to 30.09.2016 (EXHIBIT A-1/43 COLLY);

- xxxvii. Statement of Account No. 60165813535 (FITL for Working Capital) from 26.03.2014 to 30.09.2016 (EXHIBIT A-1/44 COLLY);

- xxxviii. Statement of Account No. 60166231330 (Priority Term Loan) from 31.03.2014 to 30.09.2016 (EXHIBIT A-1/45 COLLY);

- xxxix. Statement of Account No. 60278135149 (Term Loan) from 27.03.2017 to 31.03.2017 (EXHIBIT A-1/46 COLLY);

- xl. Statements of interest accrued but not applied for Account Nos. 60165798729, 60165807906, 60165798821, 60165813535, 60166231330, and 60278135149 (EXHIBIT A-1/47 to EXHIBIT A-1/52).

15. The witness of Applicant Bank has fully corroborated the averments made in the TA. Even otherwise the whole case of the Applicant Bank is based on the documents and the witness has duly proved all these documents. The evidence filed by the Applicant Bank gone unrebutted and there is no question of disbelieving the evidence lead by the Applicant Bank and Applicant Bank has proved its case beyond reasonable doubts. Accordingly, the bank 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 has proved its claim beyond any doubt.

26. In this Transfer Application, the Applicant Bank has sought issuance of a Recovery Certificate against Defendants No. 1 to 13. Defendant No. 1 is the principal borrower, but an Official Liquidator has already been appointed by the Hon'ble High Court of Delhi, and Defendants No. 2, 3 and 5 are presently before the Ld. NCLT, Delhi in insolvency proceedings where the Applicant Bank has lodged its claim. In view of these ongoing proceedings under the Companies Act and the IBC, no relief is granted against Defendants No. 1, 2, 3 and 5 in the present matter. Defendants No. 4 to 8 are corporate guarantors, Defendants No. 9 to 13 are share pledgers, Defendant No. 14 is the Monitoring Institution under the Master Restructuring Agreement, Defendants No. 15 to 34 are the CDR Lender Banks, and Defendant No. 35 is the Security Trustee appointed to hold and administer the securities on behalf of the consortium lenders.

27. Consequently, TA No. 382/2022 is allowed in favour of the Applicant Bank against the Defendants No. 4 and 6 to 8, along with Defendants No. 9 to 13 who stand as pledgers and are liable to the extent of the pledged shares, are held jointly and severally liable to discharge the outstanding dues of the Applicant Bank, together with costs and pendent lite and future interest at 11% per annum from the date of filing of the Original Application until full and final realization.

ORDER

TA No. 382/2022 stands allowed against the Defendants No. 4 and 6 to 8, jointly and severally, along with Defendants No. 9 to 13 to the extent of the pledged shares. The aforesaid Defendants are directed to pay to the Applicant Bank, within 30 days, a sum of Rs. 4,49,53,68,768/- (Rupees Four Hundred Forty-Nine Crore Fifty-Three Lakh Sixty-Eight Thousand Seven Hundred Sixty- 

Eight Only), after adjusting the amounts realized from the sale or release of mortgaged properties, together with costs and pendente lite and future interest at the rate of 11% per annum, as claimed in the OA, from the date of filing of the OA until full realization. In case of default, the aforesaid amount shall be recoverable through the 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. 4 and 6 to 8 and sale of pledge shares of Defendants No. 9 to 13.

So far as Defendants No. 1 to 3 and 5 is concerned, although Defendant No. 1 is the principal borrower, an Official Liquidator has already been appointed by the Hon'ble High Court of Delhi, and Defendants No. 2, 3 and 5 are presently before the Ld. NCLT, Delhi. In view of these pending insolvency proceedings, no effective order can be passed against Defendants No. 1 to 3 & 5 at this stage.

However, it is directed that Applicant Bank shall be at liberty to revive the OA qua Defendants No. 1 to 3 and 5 in case 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 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 29.01.2026.

- (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: 08.12.2025

K. Singh

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