UNION BANK OF INDIA vs M/S ABW INFRASTRUCTURE LTD AND ORS on 12 December 2025

**FINAL ORDER**

1. 1. This Original Application, filed on 02.03.2017 under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, seeks recovery of Rs. 1,22,28,17,098/- (Rupees One Hundred Twenty-Two Crores Twenty-Eight Lacs Seventeen Thousand and Ninety-Eight Only), comprising the principal amount and interest accrued up to 28.02.2017, along with future and pendente lite interest and penal interest at the prevailing rates with monthly rests, due to the Applicant Bank. The Applicant is a banking corporation constituted under the *Banking Companies (Acquisition & Transfer of Undertakings) Act, 1980*, having its Head Office at Mangalore-575001 (Karnataka) and a Corporate Banking Branch at Jhandewalan, New Delhi-110005. Vide order dated 25.09.2023, this Tribunal has substituted Corporation Bank in place of Union Bank of India as the Applicant Bank in the present matter. The Application is signed and verified by Mr. P. Jagadeesh Prasad, Chief Manager, who is duly authorised to file and prosecute this O.A. and is conversant with the facts based on records maintained in the ordinary course of business. Annexure-A1.

2. 2. It is pertinent here that this OA bearing No. 203/2017 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-I, Delhi to this Tribunal on 19.10.2022 and was numbered at TA-94/2022.

1. 3. The brief facts of the case are that Defendant No. 1 is the principal Borrower; Defendants No. 2 and 3 are Directors-cum-Personal Guarantors; and Defendants No. 4 to 13 are Corporate Guarantors, who jointly and severally secured the various credit facilities sanctioned to Defendant No. 1. Vide Sanction Letter dated 25.10.2012, the Applicant sanctioned a Demand Loan of Rs.10 Crores, a Term Loan of Rs.17.25 Crores, a Bank Guarantee of Rs.25.54 Crores, and a Term Loan of Rs.50 Crores, supported by Board Resolutions dated 30.10.2012 of Defendants 1 and 4 to 13 and Continuity Letters confirming mortgages of lands at Manesar and Rajokari.

2. 4. So far as, the Defendants No. 4 to 13 have remained ex parte since 04.08.2025, 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.

3. 5. It is pertinent that Defendants No. 1 and 3 are presently undergoing CIRP pursuant to the order of the Ld. NCLT, New Delhi, under the Insolvency and Bankruptcy Code, 2016. Since a Resolution Professional has been appointed and the Applicant Bank has already lodged its claim in the said proceedings, no relief is being granted against Defendants No. 1 and 3 in the present matter. However, any amount realized by the Applicant Bank in the insolvency proceedings shall be duly adjusted in the present recovery proceedings.

4. 6. It is further stated that the Applicant, vide Sanction Letter bearing reference number CDS:CSI:BPK:CAC::2012-13 dated 25.10.2012, reviewed and sanctioned in favour of Defendant No. 1 various credit facilities, namely: (a) Demand Loan (Secured) – Review, amounting to Rs.10 Crores (Rupees Ten Crores Only) for part financing the cost of development of the NH-8, Gurgaon 

Project and the ABW Commercial Project, Sector M-1, Manesar, which facility stands closed with effect from 27.06.2013; (b) Term Loan – Review, amounting to Rs.17.25 Crores (Rupees Seventeen Crores and Twenty-Five Lacs Only) for payment of Internal Development Works, External Development Cost and other charges to be remitted to the Director, Town and Country Planning, Haryana, which facility stands closed with effect from 29.06.2015; (c) Bank Guarantee – Review, amounting to Rs.25.54 Crores (Rupees Twenty-Five Crores and Fifty-Four Lacs Only) for furnishing a Bank Guarantee in favour of the Director, Town & Country Planning, Chandigarh in connection with the development of a township residential project over land measuring Rs.104.912 acres; and (d) Term Loan Sanction, amounting to Rs.50 Crores (Rupees Fifty Crores Only), of which Rs.18.47 Crores was earmarked towards payment of Government Fees to be remitted directly to the concerned Government Department, and Rs.31.53 Crores towards part financing the construction work, to be released in stages based on the progress of the project. A copy of the Sanction Letter dated 25.10.2012 is annexed to this O.A. Annexure A2., for the purpose of securing the aforesaid credit facilities, Defendant No. 1 duly executed and submitted the following documents:

1. i. Certified true copy of the Board Resolution dated 30.10.2012 of Defendant No. 1;

2. ii. Certified true copy of the Board Resolution dated 30.10.2012 of Defendant No. 4;

3. iii. Certified true copy of the Board Resolution dated 30.10.2012 of Defendant No. 5;

4. iv. Certified true copy of the Board Resolution dated 30.10.2012 of Defendant No. 6;

5. v. Certified true copy of the Board Resolution dated 30.10.2012 of Defendant No. 7;

- vi. Certified true copy of the Board Resolution dated 30.10.2012 of Defendant No. 8;

- vii. Certified true copy of the Board Resolution dated 30.10.2012 of Defendant No. 9;

- viii. Certified true copy of the Board Resolution dated 30.10.2012 of Defendant No. 10;

- ix. Certified true copy of the Board Resolution dated 30.10.2012 of Defendant No. 11;

- x. Certified true copy of the Board Resolution dated 30.10.2012 of Defendant No. 12;

- xi. Certified true copy of the Board Resolution dated 30.10.2012 of Defendant No. 13;

- xii. Continuity Letter dated 31.10.2012 executed by Defendant No. 4 (through Defendant No. 2) confirming the mortgage of land admeasuring 6.5825 acres in village Manesar, Gurgaon;

- xiii. Continuity Letter dated 31.10.2012 executed by Defendant No. 4 (through Defendant No. 2) confirming the mortgage of land admeasuring 1.20625 acres in village Manesar, Gurgaon;

- xiv. Continuity Letter dated 31.10.2012 executed by Defendant No. 5 (through Defendant No. 2) confirming the mortgage of land admeasuring 5.909375 acres in village Manesar, Gurgaon;

- xv. Continuity Letter dated 31.10.2012 executed by Defendant No. 6 (through Defendant No. 2) confirming the mortgage of land admeasuring 3.04375 acres in village Manesar, Gurgaon;

- xvi. Continuity Letter dated 31.10.2012 executed by Defendant No. 6 (through Defendant No. 2) confirming the mortgage of land admeasuring 0.63125 acres in village Manesar, Gurgaon;

- xvii. Continuity Letter dated 31.10.2012 executed by Defendant No. 7 (through Defendant No. 2) confirming the mortgage of land admeasuring 1.15625 acres in village Manesar, Gurgaon;

- xviii. Memorandum of Deposit of Title Deeds dated 31.10.2012 executed by Defendant No. 13 (through Defendant No. 2) mortgaging Farm House Land admeasuring 12 Bighas, bearing Khasra Nos. 413 min (3-0), 414 min (2-2), 418 min (3-2), 419 min (3-16), situated in village Rajokari, Tehsil Vasant Vihar, New Delhi;

- xix. Term Loan Agreement (for fresh sanction of Rs.50 Crores) dated 31.10.2012 executed between Defendant No. 1 (through Defendant No. 2) and the Applicant.

All the aforesaid documents are enclosed with this O.A. and collectively marked as 'Annexure A3'.

7. That the above-mentioned facilities are secured through the execution of the following documents:

- i. Common Deed of Hypothecation dated 31.10.2012 executed between Defendant No. 1 (through Defendant No. 2) and the Applicant;

- ii. Guarantee Agreement dated 31.10.2012 executed by Defendant No. 1 (through Defendant No. 2) and Defendant No. 13 (through Defendant No. 2) in favor of the Applicant;

- iii. Guarantee Agreement dated 31.10.2012 executed by Defendant No. 1 (through Defendant No. 2) and Defendant No. 4 (through Defendant No. 2) in favor of the Applicant;

- iv. Guarantee Agreement dated 31.10.2012 executed by Defendant No. 1 (through Defendant No. 2) and Defendant No. 5 (through Defendant No. 2) in favor of the Applicant;

- v. Guarantee Agreement dated 31.10.2012 executed by Defendant No. 1 (through Defendant No. 2) and Defendant No. 6 (through Defendant No. 2) in favor of the Applicant;

- vi. Guarantee Agreement dated 31.10.2012 executed by Defendant No. 1 (through Defendant No. 2) and Defendant No. 7 (through Defendant No. 2) in favor of the Applicant;

- vii. Guarantee Agreement dated 31.10.2012 executed by Defendant No. 1 (through Defendant No. 2) and Defendant No. 8 (through Defendant No. 2) in favor of the Applicant;

- viii. Guarantee Agreement dated 31.10.2012 executed by Defendant No. 1 (through Defendant No. 2) and Defendant No. 9 (through Defendant No. 2) in favor of the Applicant;

- ix. Guarantee Agreement dated 31.10.2012 executed by Defendant No. 1 (through Defendant No. 2) and Defendant No. 10 (through Defendant No. 2) in favor of the Applicant;

- x. Guarantee Agreement dated 31.10.2012 executed by Defendant No. 1 (through Defendant No. 2) and Defendant No. 11 (through Defendant No. 2) in favor of the Applicant;

- xi. Guarantee Agreement dated 31.10.2012 executed by Defendant No. 1 (through Defendant No. 2) and Defendant No. 12 (through Defendant No. 2) in favor of the Applicant;

- xii. Guarantee Agreement dated 31.10.2012 executed by Defendant No. 1 (through Defendant No. 2), Defendant No. 2, and Defendant No. 3 in favor of the Applicant;

- xiii. Letter of Consent for Disclosure of Information to CIBIL dated 31.10.2012 executed by Defendant No. 1 (through Defendant No. 2) in favor of the Applicant;

- xiv. Letter of Consent for Disclosure of Information dated 31.10.2012 executed by Defendant Nos. 4-13 (through Defendant No. 2) in favor of the Applicant;

- xv. Letter of Consent for Disclosure of Information dated 31.10.2012 executed by Defendant Nos. 2 and 3 in favor of the Applicant;

- xvi. Undertaking Letter towards Sanction of Credit Facilities dated 31.10.2012 executed by Defendant No. 1 (through Defendant No. 2) in favor of the Applicant.

All the aforementioned documents are enclosed with this O.A. and are collectively marked as Annexure A4 (Colly)."

- 8. That pursuant to the documents referred to above, on 23.11.2012, the Applicant caused a charge to be created and registered with the Registrar of Companies ('ROC') against Defendant No. 1. A copy of Form 8, along with the receipt G.A.R.7 dated 23.11.2012, is enclosed with this O.A. and marked as Annexure A5 (Colly.).

- 9. Further, subsequently, on 26.06.2013, vide Sanction Letter bearing reference no. OR/CBB/DL1/CS1/2013-14, the Applicant sanctioned to Defendant No. 1 a fresh Term Loan III amounting to Rs. 17.50 Crores (Rupees Seventeen Crores and Fifty Lacs Only) to finance the payment of government fees in connection with the development of the 'Verona Hills' project of Defendant 

No. 1, located at Sector H7, Gurgaon, Annexure- A6, the Defendant No. 1 has executed and submitted the following documents for the purpose of securing the aforementioned facilities:

1. i. Board Resolutions of Defendant Nos. 1 to 13, all dated 26.06.2013;

2. ii. Term Loan Agreement dated 27.06.2013 executed between Defendant No. 1 (through Defendant No. 2) and the Applicant;

3. iii. Common Deed of Hypothecation of Movable Assets/Assets/Debts dated 27.06.2013 executed by Defendant No. 1 (through Defendant No. 2) in favor of the Applicant;

4. iv. Letters of Continuity dated 27.06.2013 executed by Defendants No. 4, 5, 6, 7, 8, 9, and 10 (through Defendant No. 2) in favor of the Applicant, confirming mortgages of various parcels of land situated at Village Manesar, admeasuring 0.63125 acres to 6.5825 acres, as detailed in the respective letters, Annexure- A7 (Colly.), The aforesaid facility was secured through the execution of the following documents:

1. i. Guarantee Agreements dated 27.06.2013 executed by Defendant No. 1 (through Defendant No. 2) and Defendants No. 2 to 13 (as applicable) in favor of the Applicant;

2. ii. Letters of Consent for Disclosure dated 27.06.2013 executed by Defendant No. 1 (through Defendant No. 2), Defendant Nos. 2 and 3, and Defendant Nos. 4 to 13 (through Defendant No. 2) in favor of the Applicant;

- iii. Undertaking Letter towards Sanction of Credit Facilities dated 27.06.2013 executed by Defendant No. 1 (through Defendant No. 2).

A copy of all the aforementioned documents is enclosed with this O.A. and collectively marked as Annexure A8 (Colly.).

- 10. Pursuant to the aforementioned documents, the Applicant caused a charge to be created and registered with the Registrar of Companies ('ROC') against Defendants No. 1, 4, 5, 6, 7, 8, 9, and 10, a copy of Form 8 along with receipt G.A.R.7 being enclosed and collectively marked as Annexure A9 (Colly.).

- 11. Subsequently, on 30.12.2014, a Supplementary Agreement for Term Loan(s) was executed between Defendant No. 1 (through Defendant No. 2) and the Applicant, in addition to the Term Loan Agreement dated 31.10.2012 and as per the Applicant's Sanction Letter dated 31.10.2012, thereby revising the repayment schedule under the Term Loan Agreement. A copy of the Supplementary Agreement dated 30.12.2014 is annexed with this O.A. and marked as Annexure A10.

- 12. Following this, on 20.05.2015, Defendant No. 1 (through Defendant No. 2) executed an Acknowledgement of Debt/Liability confirming its obligations under Term Loan Account No. TLS/OI/I0014, with an outstanding balance of Rs. 51,38,55,520/- (Rupees Fifty-One Crores Thirty-Eight Lacs Fifty-Five Thousand Five Hundred and Twenty Only), and Term Loan Account No. TLS/OI/I0017, with an outstanding balance of Rs. 17,90,72,763/- (Rupees Seventeen Crores Ninety Lacs Seventy-Two Thousand Seven Hundred and Sixty-Three Only) as on 19.05.2015, and confirming that these amounts, along with all other documents, securities, and agreements, including the mortgages, remain in full force and effect. A copy of the 

Acknowledgement of Debt/Liability dated 20.05.2015 is annexed with this O.A. and marked as Annexure A11 (Colly.).

1. 13. Similarly, Defendants No. 4 to 13, through Defendant No. 2, on 20.05.2015, executed an Acknowledgement of Debt/Liability, wherein they acknowledged and confirmed, for the purposes of Section 18 of the Limitation Act, their joint and several liability in respect of the Term Loan availed by Defendant No. 1. The outstanding balance in this regard as on 19.05.2015 was Rs. 51,38,55,529/- (Rupees Fifty-One Crores Thirty-Eight Lacs Fifty-Five Thousand Five Hundred and Twenty-Nine Only) for Term Loan Account No. TLS/01/130017, and Rs. 17,98,72,763/- (Rupees Seventeen Crores Ninety Lacs Seventy-Two Thousand Seven Hundred and Sixty-Three Only) for another relevant account. The Defendants No. 4 to 13, through Defendant No. 2, further confirmed that this liability shall remain in full force and effect, along with all other related documents, securities, agreements, and mortgages. Copies of these Acknowledgements of Debt/Liability dated 20.05.2015 have been annexed with this O.A. and marked as Annexure A12 (Colly.)'.

2. 14. Additionally, on 28.06.2015, the Applicant, vide Sanction Letter, renewed, reviewed, and sanctioned certain credit facilities to Defendant No. 1, including: (a) Bank Guarantee Renewal of Rs. 25.54 Crores for furnishing a guarantee in favor of the Director, Town and Country Planning, Chandigarh, for development of a residential township over 104.912 acres; (b) Term Loan-II Review of Rs. 50 Crores, partly for payment of Rs. 18.47 Crores to the Government and Rs. 31.53 Crores to finance construction; (c) Term Loan-III Review of Rs. 17.50 Crores for Government fee payments in connection with the "Verona Hills" project at Sector 76, Gurgaon; and (d) CMORT (Mortgage Loan) Sanction of Rs. 15 Crores for developing Platinum Tower, ABW Aditya Niketan, and upcoming residential townships at Sectors 60, 61, 62, 63, and 65, Golf Course Extension Road, Gurugram (Haryana). A copy of this Sanction Letter dated 28.06.2015 is annexed with this O.A. and marked as Annexure A13, to the renewal, review, and sanction of these credit facilities, the Defendants executed and/or submitted the following documents:

1. i. Defendant No. 1's Board Resolution dated 29.06.2015;

2. ii. Agreement for Term Loan dated 29.06.2015 executed between Defendant No. 1 (through Defendant No. 2) and the Applicant;

3. iii. Guarantee Agreements dated 29.06.2015 executed by Defendant No. 1 (through Defendant No. 2) and Defendants 2 & 3 in favor of the Applicant;

4. iv. Letters of Consent for Disclosure of Information dated 29.06.2015 executed by Defendant No. 1 (through Defendant No. 2) and by Defendants 2 & 3 in favor of the Applicant;

5. v. Undertaking Letter dated 29.06.2015 executed by Defendant No. 1 (through Defendant No. 2) regarding the sanction of credit facilities;

6. vi. Board Resolutions of Defendants 4 to 13, dated between 03.07.2015 and 21.07.2015, as applicable;

7. vii. Guarantee Agreements dated 30.07.2015 executed by Defendant No. 1 (through Defendant No. 2) jointly with Defendants 4 to 13 (through Defendant No. 2) in favor of the Applicant;

8. viii. Letters of Continuity dated 29.06.2015 executed by Defendants No. 1, 4, 5, 6, and 7 (through Defendant No. 2), thereby confirming the securities, guarantees, and mortgages created/executed in favor of the Applicant, including specific mortgages of land at Village Manesar, Gurugram (Haryana) as detailed in the respective letters. Copies of all the aforementioned documents have been annexed with this O.A. and are collectively marked as Annexure A14 (Colly.).

1. 15. Pursuant to the documents referred to above, the Applicant caused a charge to be created and registered with the Registrar of Companies ('ROC') against Defendant No. 1, a copy of Form 8 along with receipt G.A.R.7 being enclosed with this O.A. and collectively marked as Annexure A15 (Colly.). The Applicant's records indicated that Defendant No. 1's account became irregular at regular intervals, and the Applicant repeatedly apprised Defendant No. 1 of the same, requesting timely servicing of the account to avoid its classification as an NPA.

2. 16. For this purpose, the Applicant issued multiple Overdue Notices dated 02.04.2013, 09.05.2013 (to Defendants No. 1 & 12), 04.06.2013, 12.06.2013, 21.06.2013 (2 Notices), 03.07.2013, 09.07.2013, 01.08.2013, 14.08.2013, 16.08.2013 (2 Notices), 05.09.2013, 11.09.2013, 17.09.2013, 12.11.2013, 02.12.2013, 09.12.2013, 27.01.2013, 03.02.2014, 24.03.2014, 15.04.2014, 02.06.2014, 12.07.2014, 05.08.2014, 01.09.2014, 18.09.2014, 11.10.2014, 01.11.2014, 14.11.2014, 09.12.2014, 14.01.2015, 06.02.2015, 03.03.2015, 21.04.2015, 01.05.2015 (2 Notices), 04.06.2015, 10.08.2015, 21.10.2015 (2 Notices), 15.11.2015 (2 Notices), 15.12.2015, and 06.08.2016, a copy of which has been annexed herewith and collectively marked as Annexure A16 (Colly.).

3. 17. Despite these notices, Defendant No. 1 failed to service its account, and in accordance with RBI guidelines on Income Recognition and Prudential Norms, the Applicant was constrained to classify Defendant No. 1's account as an NPA on 29.12.2015. Subsequently, the Applicant issued a Demand Notice dated 08.02.2016 under Sections 13(2) and 13(3) of the SARFAESI Act, 2002, a copy of which is annexed as Annexure A17.

1. 18. On account of the credit facilities extended by the Applicant to Defendant No. 1, there remains an outstanding amount of Rs. 122,28,17,098/- (including principal and uncharged interest up to 28.02.2017), a Statement of Accounts along with the Balance Confirmation Certificate being enclosed as Annexure A18 (Colly.).

2. 19. The liability of all the Defendants is co-extensive, joint, and several towards the Applicant by virtue of the various documents executed by the Defendants in favor of the Applicant. As on 28.02.2017, the outstanding amount recoverable from the Defendants is Rs. 122,28,17,098/- (including principal and uncharged interest up to 28.02.2017), and the Applicant is also entitled to future and pendent elite interest at the rate of 20.75% per annum with monthly rests, along with penal interest at 2% per annum from the date of filing this O.A. until full recovery of the said outstanding amount. The interest has been charged at such rates and capitalized at periodic rests as permitted by the RBI Directives and in accordance therewith.

3. 20. The cause of action in favor of the Applicant and against the Defendants arose initially when Defendant No. 1 was first granted financial assistance by the Applicant, subsequently on all dates when the Security Documents were executed by the Defendants, again in June–July 2015 when the final set of Security Documents was executed in favor of the Applicant, on 29.12.2015 when Defendant No. 1's account was classified as NPA, and further on 08.02.2016 when the Applicant served the Defendants with a Demand Notice under Section 13(2) of the SARFAESI Act, 2002. As the Defendants have failed to repay the overdue amount within the stipulated period, the cause of action is continuing and subsisting. For the purposes of court fee and jurisdiction, the present application has been valued at Rs. 122,28,17,098/-, on which the appropriate court fee has been paid by the Applicant through Pay Order / Demand Draft No. 882139, dated 01.03.2017, drawn on Corporation Bank, Corporate Banking Branch, Ground Floor, 1 Faiz Road, Jhandewalan, New Delhi – 110001, in favor of the REGISTRAR, DRT-1, NEW DELHI.

21. To substantiate its case, the Applicant Bank has filed the affidavit of Mr. Sriram Peri, son of PBS Sarma, presently serving as Chief Manager at Corporation Bank, Corporate Banking Branch, New Delhi, who solemnly affirms and states as follows: He is fully aware of the facts of the present case based on the records maintained by the Applicant Bank and is duly authorized and competent to depose to this affidavit, the Power of Attorney, Exhibit PW 1/1.

1. i. Power of Attorney of the Deponent – Exhibit PW 1/1

2. ii. Sanction Letter of the Applicant Bank, dated 25.10.2012 – Exhibit PW 1/2

3. iii. Board Resolutions: Board Resolution of Defendant No. 1 dated 30.10.2012 – Exhibit PW 1/3

4. iv. Board Resolution of Defendant No. 4 dated 30.10.2012 – Exhibit PW 1/4

5. v. Board Resolution of Defendant No. 5 dated 30.10.2012 – Exhibit PW 1/5

6. vi. Board Resolution of Defendant No. 6 dated 30.10.2012 – Exhibit PW 1/6

7. vii. Board Resolution of Defendant No. 7 dated 30.10.2012 – Exhibit PW 1/7

8. viii. Board Resolution of Defendant No. 8 dated 30.10.2012 – Exhibit PW 1/8

- ix. Board Resolution of Defendant No. 9 dated 30.10.2012 – Exhibit PW 1/9

- x. Board Resolution of Defendant No. 10 dated 30.10.2012 – Exhibit PW 1/10

- xi. Board Resolution of Defendant No. 11 dated 30.10.2012 – Exhibit PW 1/11

- xii. Board Resolution of Defendant No. 12 dated 30.10.2012 – Exhibit PW 1/12

- xiii. Board Resolution of Defendant No. 13 dated 30.10.2012 – Exhibit PW 1/13

- xiv. Continuity Letter executed by Defendant No. 4 (through Defendant No.2) dated 31.10.2012 (mortgage of 6.5825 acres, village Manesar, Gurgaon) – Exhibit PW 1/14

- xv. Continuity Letter executed by Defendant No. 4 (through Defendant No.2) dated 31.10.2012 (mortgage of 1.20625 acres, village Manesar, Gurgaon) – Exhibit PW 1/15

- xvi. Continuity Letter executed by Defendant No. 5 (through Defendant No.2) dated 31.10.2012 (mortgage of 3.75 acres, village Manesar, Gurgaon) – Exhibit PW 1/16

- xvii. Continuity Letter executed by Defendant No. 6 (through Defendant No.2) dated 31.10.2012 (mortgage of 3.04375 acres, village Manesar, Gurgaon) – Exhibit PW 1/17

- xviii. Continuity Letter executed by Defendant No. 6 (through Defendant No.2) dated 31.10.2012 (mortgage of 0.63125 acres, village Manesar, Gurgaon) – Exhibit PW 1/18

- xix. Continuity Letter executed by Defendant No. 7 (through Defendant No.2) dated 31.10.2012 (mortgage of 1.15625 acres, village Manesar, Gurgaon) – Exhibit PW 1/19

- xx. Memorandum of Deposit of Title Deeds executed by Defendant No. 13 (through Defendant No.2) dated 31.10.2012 (mortgaging farmhouse land 12 Bighas, villages Rajokari, Tehsil Vasant Vihar, New Delhi) – Exhibit PW 1/20

- xxi. Term Loan Agreement (fresh sanction of Rs. 50 Crores) executed amongst Defendant No. 1 (through Defendant No.2) and the Applicant dated 31.10.2012 – Exhibit PW 1/21

- xxii. Common Deed of Hypothecation executed between Defendant No.1 (through Defendant No.2) and the Applicant dated 31.10.2012 – Exhibit PW 1/22

- xxiii. Guarantee Agreement executed by Defendant No. 1 (through Defendant No.2) and Defendant No. 13 (through Defendant No.2) in favour of Applicant dated 31.10.2012 – Exhibit PW 1/23

- xxiv. Guarantee Agreement executed by Defendant No. 1 (through Defendant No.2) and Defendant No. 4 (through Defendant No.2) in favour of Applicant dated 31.10.2012 – Exhibit PW 1/24

- xxv. Guarantee Agreement executed by Defendant No. 1 (through Defendant No.2) and Defendant No. 5 (through Defendant No.2) in favour of Applicant dated 31.10.2012 – Exhibit PW 1/25

- xxvi. Guarantee Agreement executed by Defendant No. 1 (through Defendant No.2) and Defendant No. 6 (through Defendant No.2) in favour of Applicant dated 31.10.2012 – Exhibit PW 1/26

- xxvii. Guarantee Agreement executed by Defendant No. 1 (through Defendant No.2) and Defendant No. 7 (through Defendant No.2) in favour of Applicant dated 31.10.2012 – Exhibit PW 1/27

- xxviii. Guarantee Agreement executed by Defendant No. 1 (through Defendant No.2) and Defendant No. 8 (through Defendant No.2) in favour of Applicant dated 31.10.2012

– Exhibit PW 1/28

xxix. Guarantee Agreement executed by Defendant No. 1 (through Defendant No.2) and Defendant No. 9 (through Defendant No.2) in favour of Applicant dated 31.10.2012

– Exhibit PW 1/29

xxx. Guarantee Agreement executed by Defendant No. 1 (through Defendant No.2) and Defendant No. 10 (through Defendant No.2) in favour of Applicant dated 31.10.2012

– Exhibit PW 1/30

xxxi. Guarantee Agreement executed by Defendant No.1 (through Defendant No.2) and Defendant No.11 (through Defendant No.2) in favour of Applicant dated 31.10.2012

– Exhibit PW 1/31

xxxii. Guarantee Agreement executed by Defendant No.1 (through Defendant No.2) and Defendant No.12 (through Defendant No.2) in favour of Applicant dated 31.10.2012

– Exhibit PW 1/32

xxxiii. Guarantee Agreement executed by Defendant No.1 (through Defendant No.2), Defendant No.2, and Defendant No.3 in favour of Applicant dated 31.10.2012 – Exhibit PW 1/33

xxxiv. Letter of consent executed by Defendant No.1 (through Defendant No.2) in favour of Applicant dated 31.10.2012

– Exhibit PW 1/34

xxxv. Letter of consent executed by Defendant Nos.4–13 (through Defendant No.2) in favour of Applicant dated 31.10.2012 – Exhibit PW 1/35

xxxvi. Letter of consent executed by Defendant Nos.2 and 3 in favour of Applicant dated 31.10.2012 – Exhibit PW 1/36

- xxxvii. Undertaking Letter towards Sanction of Credit Facilities executed by Defendant No.1 (through Defendant No.2) in favour of Applicant dated 31.10.2012 – Exhibit PW 1/37

- xxxviii. Form 8 along with receipt G.A.R.7 dated 23.11.2012 (charge created/registered with ROC against Defendant No.1) – Exhibit PW 1/38

- xxxix. Sanction Letter bearing reference no. OR/CBB/DL1/CS1/2013-14 dated 26.06.2013 – Exhibit PW 1/39

- xl. Board Resolutions (for 26.06.2013 sanction):

- II. Defendant No.1 Board Resolution dated 26.06.2013 – Exhibit PW 1/40

- xli. Defendant No.4 Board Resolution dated 26.06.2013 – Exhibit PW 1/41

- xlii. Defendant No.5 Board Resolution dated 26.06.2013 – Exhibit PW 1/42

- xliii. Defendant No.6 Board Resolution dated 26.06.2013 – Exhibit PW 1/43

- xliv. Defendant No.7 Board Resolution dated 26.06.2013 – Exhibit PW 1/44

- xlv. Defendant No.8 Board Resolution dated 26.06.2013 – Exhibit PW 1/45

- xlvi. Defendant No.9 Board Resolution dated 26.06.2013 – Exhibit PW 1/46

- xlvii. Defendant No.10 Board Resolution dated 26.06.2013 – Exhibit PW 1/47

- xlviii. Defendant No.11 Board Resolution dated 26.06.2013 – Exhibit PW 1/48

- xlix. Defendant No.12 Board Resolution dated 26.06.2013 – Exhibit PW 1/49

- l. Defendant No.13 Board Resolution dated 26.06.2013 – Exhibit PW 1/50


- li. Term Loan Agreement executed between Defendant No.1 (through Defendant No.2) and Applicant dated 27.06.2013 – Exhibit PW 1/51

- lii. Common Deed of Hypothecation of Movables/Assets/Debts executed by Defendant No.1 (through Defendant No.2) dated 27.06.2013 – Exhibit PW 1/52

- liii. Letter of Continuity executed by Defendant No.10 (through Defendant No.2) – 1.78125 acres, Village Manesar – Exhibit PW 1/53

- liv. Letter of Continuity executed by Defendant No.9 (through Defendant No.2) – 3.65 acres, Village Manesar – Exhibit PW 1/54

- lv. Letter of Continuity executed by Defendant No.8 (through Defendant No.2) – 1.35 acres, Village Manesar – Exhibit PW 1/55

- lvi. Letter of Continuity executed by Defendant No.4 (through Defendant No.2) – 1.20625 acres, Village Manesar – Exhibit PW 1/56

- lvii. Letter of Continuity executed by Defendant No.4 (through Defendant No.2) – 6.5825 acres, Village Manesar – Exhibit PW 1/57

- lviii. Letter of Continuity executed by Defendant No.6 (through Defendant No.3) – 3.04375 acres, Village Manesar – Exhibit PW 1/58

- lix. Letter of Continuity executed by Defendant No.6 (through Defendant No.2) – 0.63125 acres, Village Manesar – Exhibit PW 1/59

- lx. Letter of Continuity executed by Defendant No.5 (through Defendant No.2) – 5.909375 acres, Village Manesar – Exhibit PW 1/60

- lxi. Letter of Continuity executed by Defendant No.7 (through Defendant No.2) – 1.15625 acres, Village Manesar – Exhibit PW 1/61

- lxii. Guarantee Agreements (27.06.2013): hhh. Guarantee Agreement executed by Defendant No.1 (through Defendant No.2) and Defendant Nos.2 & 3 in favour of Applicant – Exhibit PW 1/62

- lxiii. Guarantee Agreement executed by Defendant No.1 (through Defendant No.2) and Defendant No.4 in favour of Applicant – Exhibit PW 1/63

- lxiv. Guarantee Agreement executed by Defendant No.1 (through Defendant No.2) and Defendant No.5 in favour of Applicant – Exhibit PW 1/64

- lxv. Guarantee Agreement executed by Defendant No.1 (through Defendant No.2) and Defendant No.6 in favour of Applicant – Exhibit PW 1/65

- lxvi. The Guarantee Agreements executed by Defendant No. 1 (through Defendant No. 2) with Defendants No. 7, 8, 9, 10, 11, 12, and 13, all dated 27.06.2013, in favour of the Applicant, may be marked as Exhibits PW 1/66 to PW 1/72 respectively.

- lxvii. The Original copies of the Letters of Consent for Disclosure dated 27.06.2013 executed by Defendant No. 1, Defendants 2 & 3, and Defendants No. 4–13 (through Defendant No. 2), in favour of the Applicant Bank, may be marked as Exhibits PW 1/73 to PW 1/75 respectively.

- lxviii. The Original copy of the Undertaking Letter towards Sanction of Credit Facilities dated 27.06.2013 executed by Defendant No. 1 (through Defendant No. 2) may be marked as Exhibit PW 1/76.


- lxiix. A charge created/registered with the Registrar of Companies ('ROC') against Defendants No. 1, 4, 5, 6, 7, 8, 9, and 10 may be marked as Exhibit PW 1/77.

- lxx. The Original copy of the Supplementary Agreement for Term Loan(s) executed on 30.12.2014 between Defendant No. 1 (through Defendant No. 2) and the Applicant may be marked as Exhibit PW 1/78.

- lxxi. Original copies of the Acknowledgement of Debt / Liability executed on 20.05.2015 by Defendant No. 1 (through Defendant No. 2) and by Defendants No. 4-13 (through Defendant No. 2) may be marked as Exhibit PW 1/79 and PW 1/80 respectively.

- lxxii. The Original copy of the Sanction Letter dated 28.06.2015 may be marked as Exhibit PW 1/81.

- lxxiii. Original copies of the Defendant No. 1's application, Board Resolution, Term Loan Agreement, Guarantee Agreement, Letters of Consent, and Undertaking Letter dated 29.06.2015, executed in favour of the Applicant, may be marked as Exhibit PW 1/82 to PW 1/88.

- lxxiv. Original copies of Board Resolutions of Defendants No. 4, 6, 7, 8, 9, 10, 11, 12, and 13 dated between 02.07.2015 and 21.07.2015 may be marked as Exhibit PW 1/89 to PW 1/98.

- lxxv. Original copies of Guarantee Agreements executed on 30.07.2015 between Defendant No. 1 (through Defendant No. 2) and Defendants No. 4, 5, 6, 7, 8, 9, 10, 11, 12, and 13 may be marked as Exhibit PW 1/99 to PW 1/108.

- lxxvi. Original copies of Letters of Continuity dated 29.06.2015 executed by Defendants No. 1, 4, 5, 6, and 7 (through Defendant No. 2) confirming securities, guarantees, and mortgages may be marked as Exhibit PW 1/109 to PW 1/115.

- lxxvii. A charge created/registered with ROC against Defendant No. 1 may be marked as Exhibit PW 1/116.

- lxxviii. Original copies of Overdue Notices dated from 02.04.2013 to 06.08.2016 may be marked as Exhibit PW 1/117.

- lxxix. The Original copy of the Demand Notice dated 08.02.2016 under Section 13(2) & 13(3) of the SARFAESI Act may be marked as Exhibit PW 1/118.

- lxxx. Original copies of the Statement of Accounts, Balance Confirmation Certificate, and Certificate under Bankers' Book Evidence Act may be marked as Exhibit PW 1/119, PW 1/120, and PW 1/121 respectively.

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 unrebutted, 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 pendente lite 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, Applicant Bank has prayed to issue recovery certificate against Defendants No. 1 to 13. In the present matter, the Defendant No.1 is principal borrower to whom financial facilities were sanctioned. Since insolvency proceedings under IBC are pending before Ld. NCLT, no relief is granted against this Defendant in the present TA and Defendant No. 1 is the principal Borrower; Defendants No. 2 and 3 are Directors-cum-Personal Guarantors; and Defendants No. 4 to 13 are Corporate Guarantors.

1. 16. Consequently, TA No. 94/2022 is hereby allowed in favour of the Applicant Bank and against the Defendants No. 4 to 13, who are held jointly and severally liable to pay the dues of the Applicant Bank, along with costs and pendent lite and future interest @ 16% per annum, as claimed in the TA, from the date of filing of the present TA until full and final payment

ORDER

TA No. 94/2022 stands allowed in favour of the Applicant Bank and against the Defendants No. 4 to 13, who are held jointly and severally liable to pay the outstanding dues of the Applicant Bank. The Defendants No. 4 to 13 are directed to pay, within 30 days, a sum of Rs. 1,22,28,17,098/- (Rupees One Hundred Twenty-Two Crores Twenty-Eight Lakhs Seventeen Thousand and Ninety-Eight Only), along with costs and pendent lite and future interest at the rate of 16% per annum, as claimed in the TA, from the date of filing till realization. In case of default, the aforesaid amount shall be recovered by sale of the hypothecated/charged stocks, tangible movables, and the 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 Defendants No. 4 to 13.

So far as, Defendant No. 1 & 3 are concerned, since Defendant No. 1 & 3 is before Ld. NCLT, hence, no order qua Defendant No. 1 & 3 can be passed against said Defendant at this stage.

However, it is directed that Applicant Bank shall be at liberty to revive the OA qua Defendant No. 1 & 3 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-II, Debts Recovery Tribunal-III, Delhi.

- (ii). Parties are directed to appear before the Recovery Officer-II, DRT-III, Delhi on 02.02.2026.

- (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: 12.12.2025

K. Singh

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

12-12-2025

This image shows a blank page with a light beige or cream-colored background. There are faint vertical lines running down the page, possibly due to the scanning process or the paper's texture. A small, dark, irregular smudge is visible near the bottom center of the page. The overall appearance is that of an old, slightly worn piece of paper.