NOBLE CO OPRETIVE BANK LTD vs M/S SMA ADIWISE CONSULTING PVT LTD AND ANR on 28 October 2026

**FINAL ORDER**

This original application has been filed by the applicant on 13.09.2022 through Shri Mehar Singh, authorized representative of the applicant bank under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 against the defendants for recovery of a sum of Rs.2,71,86,001/- (Rupees Two Crores Seventy One Lacs Eighty Six Thousand One only) as on 31.05.2022 together with pendentelite and future interest @17.00% per annum along with additional penal SD

interest @2.5% per month over default amount from 01.06.2022 till realization of dues along with costs.

2. The brief facts of the case are that at the request of defendants vide loan application dated 23.03.2013 for expansion of services of providing Management Consultancy and other Advisory Services by defendant no.1, the applicant bank sanctioned Loan Against Property (LAP) facility of Rs.50,00,000/- (Rupees Fifty Lacs only) on 23.03.2013 @17.00% interest which was repayable in 90 EMIs of Rs.98,700/- against mortgage of property bearing No.GA-3, Part of Property No.G-3/3, area 191.,66 sq.yds, Model town Part III, Delhi and guarantee of defendant no.2. As per sanction dated 23.03.2013, shares of applicant bank was to require to be purchase of Rs.1000/- by defendant no.2, additional Rs.90,000/- by defendant no.1 and Rs.10,000/- by borrower and applicant bank disbursed the loan amount of Rs.50,00,000/- on 26.03.2013 in the current account of defendant no.1.

3. In order to avail the loan against property facility, the defendants executed General Term Loan Agreement, Equitable Mortgage Form, Security Documentation Kit for Rs.50.00 lacs as per Bye-laws and RBI Regulations and were made members of applicant bank and Shares Certificates were allotted in their names in favour of applicant bank. Further, defendant no.2 executed Guarantor Form, Letter of Surety and Letter of Guarantee on 26.03.2013.

4. That in order to secure the loan against property facility, the defendant no.2 mortgaged her property situated at bearing No.GA-3, Part of Property No.G-3/3, area 191.,66 sq.yds, Sd/-

Model town Part III, Delhi with the applicant on 26.03.2013 by depositing Gift Deed dated 25.03.2013.

5. It has been submitted by the applicant that after availing the loan against property facility, first EMI was due on 10.05.2013 and irregularities and financial discipline cropped up initially and defendants failed to fulfill their obligation and commitments and account turned irregular despite regular follow up. The applicant bank tried to contact thru personal visits, notices, letters dated 11.08.2013 and 03.10.2013 to clear the Overdues but all went in vain. The applicant bank classified the account as NPA on 31.12.2015 as per RBI guidelines and defendants did not cooperate. The applicant bank issued legal demand notice on 02.02.2022 demanding payment of Rs.2,71,86,001/- to the defendants but no response made, hence the applicant bank has approached this tribunal for recovery of its dues.

6. Notice under section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 dated 22.01.2016 was issued to defendants but no response. The applicant bank issued notice u/s 13(4) and under Security Interest (Enforcement) Rules r/w Rule 3,4 and 8 and partly realized an amount of Rs.45.50 lacs through sale auction of mortgage property but dues of defendants not settled fully.

7. Notices of this O.A. were issued to the defendants and despite proper service, the defendants have chosen to absent from the proceedings. As per order dated 15.07.2026, the defendants have been proceeded ex-parte as they have not A small, dark, rectangular stamp or mark, possibly containing the letters 'SD' or similar, located at the bottom right of the page.

appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed.

8. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Mehar Singh, authorized representative of the applicant who has proved the documents such as Letter of Authorization Exhibit-A1, Loan Application Form Exhibit-A/2, Loan Sanction Letter Exhibit-A/3, Guarantee Related Documents Exhibit-A/4, Loan Related documents Exhibit-A/5, Account Statements Exhibit-A/6, Notice / Letter for Overdue Loan Exhibit-A/7, Demand Notice u/s 13(2) of SARFAESI Act Exhibit-A/8, Legal Demand Notice Exhibit-A/9, NPA Certificate Exhibit-A/10, CA Certificate Exhibit-A/11, Foreclosure Statement Exhibit-A/12, Foreclosure Letter Exhibit-A/13.

9. The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant bank is based on the documents and the same have been duly proved.

10. The case filed by the applicant bank gone unrebuted and there is no question of disbelieving the case of the applicant bank and the applicant bank has proved its case beyond reasonable doubts.

11. As per the provision of Section 19(20) of the Recovery of Debts Due to Banks and Financial Institution Act, 1993 which is analogous to Section 34 of CPC, on filing of the suit/claim, the contract between the parties comes to an end and the Court/Tribunal has a discretion to award the same depending upon the circumstances of each case. Same principle has been SD

laid down by the Hon'ble Apex Court in the case of Central Bank of India Vs. Ravindra & Others. Taking stock of all the circumstances and keeping in view that there is a drastic fall in rates of interest globally and domestically, I am of the opinion that interest of justice will be served if the interest at the rate of 12% p.a. is awarded.

12. In the light of the above discussions, the Original Application deserves to be allowed.

**ORDER**

I, allow this OA and direct the defendants to pay to the applicant bank within 30 days, jointly or severally, a sum of Rs.2,71,86,001/- (Rupees Two Crores Seventy One Lacs Eighty Six Thousand One only) as on 31.05.2022 together with pendentelite and future interest @12.00% per annum from 01.06.2022 till the date of realization along with costs. In case of shortfall, the aforesaid amount shall be recovered from the sale of movable and immovable properties of the defendants.

(II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

(III) Parties are directed to appear before Recovery Officer, DRT I, Delhi on 29.12.2026.

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

**(GOVIND BALLABH SHARMA)** **PRESIDING OFFICER** **DRT-I, DELHI**

(Dictated and pronounced in open court) Dated: 30.10.2026