Allowed

Icici Bank Limited v. Ms Delhi Control Devices P Ltd.

DRT20 Aug 2024TA/1568/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed a Taxation Application filed by ICICI Bank for recovery of a sum of Rs. 2,38,76,256/- along with interest and costs against five defendants who failed to repay working capital facilities. The court directed sale of mortgaged properties and issuance of a recovery certificate.

What did the court decide?

Direct defendants to pay Rs. 2,38,76,256/- along with interest and costs within 30 days; mortgage properties to be sold in case of default; recovery certificate to be issued.

Icici Bank Limited versus Ms Delhi Control Devices P Ltd. — Execution and Attachment | DRT (2024)

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Before^{SUSHILKUMARRASTOGI' Presiding Officer} Debts^{notY Tribunal-Il' Delhi}

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TA No'1568^{OF 2023}

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DB'rcEs rqcr^{BANK uHnED;s} gll;i*:coNrRoL

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Reserved^on

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: 13'06.2O24

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Pronounced^{on : 2O'O8'2024}

ICICI^BANKLIMITED

-^{APPlicantbank}

Vs.

Delhi^{ControlDevices ht' Ltd'}

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Sh.^{D'P. GuPta}

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Sh.^{Ashish Gupta}

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Mrs'^RekhaGuPta

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Sh.^{D.P' GuPta& Sons (HUF)}

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Karnataka^BankLtd'

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HDrc^{Bank Ltd'}

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Hongkong^{and Shanghai BankingCorporationLtd'}

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Indusind^BankLtd'

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The^{Ratnakar Bank Ltd'}

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State^{Bankof India (erstwhile State Bankof Mysore)}

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Defendants

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Present:^{Ms' ManishaAggarwal' Counsel appears} for aPPlicant^bank'

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Mr.^{Pramod Kumar'counselfor defendant} no.6.

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None^{for other defendants'}

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FINAL^ORDER

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This original^{appticationhas been fited by the} 24.11.2018^{throughShriRishi} applicant^{bank, on} cer oflhe^{aPPlicant bank' under} Thakur,^{PrinciPalOffi} e^'

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TA NO.^{1568 of 2023}

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Section^{19 of the RecoveryofDebts Due to Banks} 1993^againstthe Institution^Ad, and^Financial for recovery^{of a sum of} defendant^{nos' 1 to 5} er with^{cost, chargesand} Rs.2,38,76,256/-^togeth interest^{@ 18'650/oP'a' from} pendentellite^{and future} titl the^{realization in full'} date^{of fiting of this T'A'}

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2.^{The brief facts of the case are that defendant} nos.^{2 to 4 are Directorsin defendantno' 1 company} and at^{the requestof the defendantno' 1 the} applicant^{bank sanctioned' on 2g'07'20L3'Working} Capitaf^{Facilities of Rs'155 lacs and the said timits} were^{renewed/modifredand amendedfrom time to} time^{on var'tous dates vide CreditArrangement} Letters/Amendatory^{Credit ArrangementsLetters} dated^{08.08'2013,23'08'2013' 18'11'2014',} 10.03.2016^{& 17'03'2017respectivelyby Karnataka} Bank^{Consortium'In order to avail the said loan} facitity^{the defendant nos' 2 to 5 have executed} various^{security loaning documentsdated 20'08'2013'} 23.08'2013^{& 29'08'2013' Defendantnos' 2 to 5} stood^{as guarantor'To securethe above said facilities} the^{defendants have mortgagedthe following} properties^{with the applicant bank by way of} constructive^{deliveryof title deeds on 29'08'2013(i)} all those^{piece and parcel of industrial property} comprising^{of factoryland and building bearing no'25'} Sector^{2llE (SIDCUL),Haridwar, Uttrakhand,} measuring^{3825 sq' mtrs'' (ii) all those pieceand} parcel of^{industrial property comprisingof factoryland} and building^{bearing no'C-23' Sector-4 Noida (U'P')} measuring^{416 sq' mtrs''- (iii) all those piece and} 9J'

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3 TANO.^{1568 of2023} industrial^{property comprisingof} parcel of factory^{land and buildingbearing no'A'42'Sector-58'} Gautam^{Budh Nagar,Noida ( U'P') measuring 1800} sq.mtrs,^{(iv) all those pieceand parcel of industrial} property^{comprising of factory land and building} bearing^{no.A-33, Sector-59' Phase-lll' t'toida (U'P')} measuring^{1250 sq' mtrs'' (v) all those piece and} parcel of^{industrial property comprisingof Industrial} Plot^{bearingno' 45 in MUP 1 Industrial Plot of} Greater^{Noida Industrial DevelopmentAuthority (U'P')} and Industrial^{building constructedthereonmeasuring} 3436.66^{sq' mtrs' together with alt the buildingsand} structuresthereon,fixtures'fittingsandallplantand machinery^{(vi) atl those piece and parcelof industrial} property^{comprising of factory land and building} bearing^{no'C-22, Sector-4' Noida (U'P') measuring} 416 sq.^{mtrs' and (vii) Residential Propertyat 8-396'} NewFriendsColony,NewDelhimeasuring296.20sq. yds' together^{with all the buildingsand structures} thereon,^{fixtures, frttings and all plantand machinery'}

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It^{is fufther submitted that the defendants} enjoyed^{and utilized the Loan facility' but failed to} maintainthefinancialdisciplineandfailedtorepay thedueamounts.Theapplicantbankrequestedthe defendants^{to regularizethe loan accountby visits} and^{letters,but there was no response from the} defendants,^{hence the account was classifiedas NPA} on15'05.20lT.Therefore,theapplicantbankserved a tegal^{demand notice dated 16'08'2017to the} defendants,^{demandingthe amountdue as on that} date, but^{failed to re!-oy9!-the same' Thus' the} EA.

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TANO.^{1568 of 2023}

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present^{T.A. is preferrd by the applicantbank to} recover^{its dues'}

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4.^{On notice} by this^{Tribunal, defendant nos' 2 to 5} ppearance^{at all, despite service and} failed to Put^a accordingly^{defendant no' 2 to 5 were} against^{exparteon 17'10'2019' Defendant no.6 Put} nsel.^{The Defenda nt no. 6 to} appearance^{through cou} and^{no relief soughtagainst} 11 are Proforma^Parties defendant^{no.6 to 11' I} t is submitted^{that defendant} no.1^{is before Ld' NCLT'}

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5.^{The documentaryevidencefiled by way of the} affidavit^{of Mr. RishiThakur'Legal Manager applicant} bank^{as Annexure A-t to Annexure A-36 have gone} unchallenged^{and un-rebutted' Hence' the case of the} applicant^{bank standsfutty estabtishedagainst the} defendantno'2to5withrespecttononpaymentof EMI/^{outstanding amount'}

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6.^{The witness of the applicant bank has fully} corroborated^{the averments made in the T'A' Even} otherwise^{the wholecase of the applicantbank is} based^{on the documentsand the witness has duly} proved all^{the documents'}

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After^{perusing the records' this Tribunalis of the} view that^{the applicant bank has provedits case} beyond^{reasonable doubts' The documents and} evidence^{filed by the applicantbank not rebuttedby} the defendants^{by not placing any evidence and there}

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9)'

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TANO.^{1568 of2023s}

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is no^{question of disbelievingthe evidence} Rted by^{the appticant bank based uponthe} written/Printed^documents'

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Inthelightoftheabovediscussions,presentT.A' deserves^{to be allowed against defendant nos' 2 to 5'}

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ORDER

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I^{hereby allow this T'A' of the Applica.ntBank} and^{direct the defendant nos' 2 to 5 to pay jointty and} severatty^{to the applicant bank within 30 days from} today,^{a sum of Rs'2,38'7 6'2561- along with cost'} expenses^{and interest@ 10o/o from the date of filing} of this^{T.A. till the date of realization'}

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2)^{In case of failure to deposit the above amount} within^{the stiputated period' the same shallbe} recovered^{from the sale of the hypothecatedassets} and sale^{of the mortgaged properties (i) alt those} piece and^{parcel of industrial property comprisingof} factory^{land and building bearingno'25' Sector 2 llE} (SIDCUL),^{Haridwar,Uttrakhand' measuring 3825 sq'} mtrs.,^{(ii) all thosepiece and parcel of industrial} property^{comprising of factoryland and building} bearing^{no'C-23, Sector-4 Noida (U'P')measuring 416} sq. mtrs.,^{(iii) all those piece and parcel of industrial} property comprising^{of factoryland and building} bearing^{no.A-42, Sector-58' GautamBudh Nagar'} Noida^{( U.P.) measuring 1800 sq'mtrs' (iv) alt those} piece and^{parcel of industrial property comprisingof} factory^{land and building bearingno'A-33'Sector-59'} dt-

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TANO.^1568of20236 Phase-lll,^{Noida (U'P') measuring 1250 sq' mtrs''} (v) all those^{piece and parcel of industrialproperty} comprising^{of Industrial Plot bearing no' 45 in MUP 1} Industrial^{Plot ofGreater Noida Industrial} Development^{Authority(U'P') and Industrial building} constructed^{thereonmeasuring 3436'66sq' mtrs'} together^{with all the buildingsand structures thereon'} fixtures,^{fittings and all plant and machinery(vi) all} those^{piece and parcel of industrial property} comprising^{of factory land and building bearingno'C-} 22, Wor-4,^{Noida (U'P') measuring416 sq' mtrs'} and^{(vii) Residential Propefi at 8-396'New Friends} Colony,^{New Delhi measuring 296'20 sq'yds'together} with^{alt the buildings and structures thereon' fixtures'} flttings^{and all plant and machinery'In case of short} fall, the^{same shall be recoveredfrom the sale of} personal^{movable and immovableassets of the} defendant^{nos' 2 to 5'}

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3)^{RecoveryCertificatebe issuedforthwith and be} senttoRecoveryofftcer,DebtsRecoveryTribunal.Il, Delhi.

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The^{registryof this Tribunal is hereby directedto} issue free^{copy of the order and send the same to} both the Parties.

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Pafties^{are directed to appearbefore the Ld'} s) Officer,^{DRT-II, Delhi on 2l'10'2024'} Recovery Pending^{IAs, if any, standdisposedof'} w

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TANO.^1568of20237

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6)^{The applicantbank is given libefi to proceed} against^{the defendant no'1as per order of Ld' NCLT'}

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Fite be^{consigned to records'}

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-fJ
<br>

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Date :^20.08.2024

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( susHIL KUMAR^RASI-oGI) PRESIDING^OFFICER DRT-II,^Delhi

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This^{judgement has been signed' dated and} pronounced^{in oPen couft'}

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(<j

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Date :^20.08.2024

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(susHIL KUMAR RAsroGt) PRESIDING^OFFICER DRT-II,^Delhi

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Icici Bank Limited v. Ms Delhi Control Devices P Ltd.

Case brief

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Icici Bank Limited v. Ms Delhi Control Devices P Ltd.

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