Allowed

Indusind Bank Limited v. M/S Crystal Technologies

DRT6 Nov 2025OA/1548/2024

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the original application filed by IndusInd Bank for recovery of Rs. 2.42 crore from defendants who mortgaged properties and failed to repay loan dues, declaring them jointly and severally liable.

What did the court decide?

Declaration of joint and several liability for Rs. 2,42,96,649.55 with 10% future interest; entitlement to recover amount from sale of mortgaged and personal properties; issuance of Recovery Certifica

Indusind Bank Limited versus M/S Crystal Technologies — Execution and Attachment | DRT (2025)

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“ORIGINALAPPLICATION” No. 1548 of 2024

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BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR

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PRESENT- SHRI VIMAL GUPTA

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PRESIDING OFFICER

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O.A. NO. 1548 OF 2024

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DATE OF DELIVERY OF ORDER 06.11.2025

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Indusind Bank limited, Registered Office at 2401, Gen. Thimmayya Road, Pune - 411001, Maharashtra and having Zonal office at Block A, 11th Floor, Hyatt Regency Complex, Bhikaji Cama Place, New Delhi - 110066 through its Authorized Signatory Sh. Yatendra Kumar.

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…..Applicant Bank…..

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VERSUS

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1. M/S. Crystal Technologies through its Proprietor Savita Sharma, Add: 5/83 Vidhyadhar Nagar, Jaipur, Rajasthan, India- 302023.

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2. Mrs. Savita Sharma W/o Sh. Vinod Kumar Sharma, Add: Plot No. 83/84, Sector 5, Vidhyadhar Nagar, Jaipur-302023, Rajasthan.

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3. Mr. Vinod Kumar Sharma , Add: Plot No. 83/84, Sector 5, Vidhyadhar Nagar, Jaipur-302023, Rajasthan.

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4. M/S Crystal Chemicals and Engineers through its Proprietor Mr. Vinod Kumar Sharma, Add: Plot No. B-25 & 26, RIICO Housing Colony, Road No. I-D, VKI Area, Jaipur 302001, Rajasthan.

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……Defendants…..

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Counsel for the Applicant Bank Sh. Vineet Sharma Counsel for the Defendants None

OA No. 1548 of 2024

JUDGMENT

This Original Application was filed by the applicant bank on 14.10.2024 for recovery of outstanding amount of Rs. 2,42,96,649.55/- from the Defendants.

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As per the pleadings, the defendant no. 1 represented as principal borrower and defendant no. 2 in the capacity of proprietor, mortgagor and guarantor and defendant no. 3 in the capacity of guarantor and mortgagor & defendant no. 4 in the capacity of guarantors had approached the applicant bank for availing Cash Credit facility by mortgage of immovable property. That, as per the representations and promises made by the Defendant(s), the applicant bank initially sanctioned the Cash Credit facility vide sanction letter dated 19.07.2011 for a sum of Rs. 1,15,00,000/ (Rupees One Crore Fifteen Lakh Only) which was subsequently renewed/reduced/modified from time to time and lastly renewed vide sanction letter dated 07.04.2018 for a sum of Rs. 1,80,00,000/ (Rupees One Crore Eighty Lakh only) under the Loan Account Bearing Nos. 650001846361. That in order to secure the repayment of the said loan the defendant mortgaged the immovable properties the details of which are mentioned in Para3A of the present original application.

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It is submitted that, in this manner the applicant bank after perusal of the defendant’s paying capacity and on agreeing of various terms and conditions and covenants, granted finance facility of Rs. 1,80,00,000/- (Rupees One Crore

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Order signed & upload on: 12.11.2025

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OA No. 1548 of 2024

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Eighty Lakh Only) and the repayment/service of interest was to be made in manner described in the table underneath. That timely repayment of the dues is the essence of the loan agreement.

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Loan Account No.	Loan Facility in Rs.	Tenure Period	Interest Rate as per Sanction Letter	Penal/Default Charges
650001846361 (Cash Credit)	1,80,00,000/-	1 year from month of sanction.	10.75 % P.A.	18.75 % P.A. or 2% above present applicable rate whichever is higher.

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It is submitted that, in order to govern the terms and conditions of the said finance facility certain documents were executed by the defendants which inter-alia includes Sanction Letter, Guarantee, Memorandum Recording Equitable Mortgage etc. for loan account bearing nos. 650001846361.

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Defendants failed to maintain financial discipline and therefore, their loan account was classified as NPA on 28.02.2022. Applicant Bank has therefore, filed this original application for recovery of its dues against the Defendants.

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Order signed & upload on: 12.11.2025

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OA No. 1548 of 2024

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It is submitted that, looking to the regular defaults committed by the Defendants, the applicant bank issued demand notice under section 13(2) dated 15.06.2022 pertaining to aforesaid loan account, despite of which the Defendants failed to clear the due amount of the applicant bank.

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It is submitted that, thus a total amount of Rs. 2,42,96, 649.55/- (Rupees Two Crore Forty Two Lakh Ninety Six thousand Six Hundred Forty Nine and Fifty Five Paise Only) has become due and recoverable against the Defendants, which the applicant bank is entitled to recover from the Defendants. The applicant is also entitled to realize outstanding amount by the sale of personal properties of the Defendants.

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Summons were issued to the Defendants on 10.01.2025. Sh. Ritesh Kalal filed Vakalatnama on behalf of the Defendant no. 2, but reply has not been filed by the defendant.

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In this matter, Counsel for the applicant submits that he has filed an affidavit of compliance in which it is stated by the counsel.

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10.From the perusal of records and the order sheets, it is clear that the defendants are avoiding service and contesting the matter. The documents filed on 27.10.2025 shows that the matter was settled between the parties for total sum of Rs. 2.75 Crore in two accounts, one is Crystal Chemical Engineers and other is Crystal Technologies. Today none appears for the defendants, no reply is filed.

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Heard arguments and perused the record.

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Order signed & upload on: 12.11.2025

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OA No. 1548 of 2024

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As stated supra, the Applicant Bank filed the evidence affidavit of Shri Yatendra Kumar coupled with the recitals in the documents, viz Exhibit AW/1 to AW/22 marked on behalf of the applicant bank, clinches the claim of the applicant bank against the Defendants. Hence, I hold that the Defendants are jointly & severally liable to pay to the applicant bank the claim made in O.A. with future interest and costs.

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In the result, this O.A. No. 1548 of 2024 is allowed declaring that:-

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a) I have perused the OA which is for the recovery of amount of Rs. 2,42,96,649.55/- OA is supported by the affidavit of Officer concerned which proves the execution of the documents. In these circumstances, avoidance of the legal proceedings by defendants shows that they have no intention to pay this account. Therefore, the OA stands decreed with 10% interest.

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b) The Defendants are jointly & severally liable to pay to the applicant bank a sum of Rs. 2,42,96,649.55/(Rupees Two Crore Forty Two Lac Ninety Six Thousand Six Hundred Forty Nine and Fifty Five Paisa only) with pendente lite and future interest @ 10% (simple) till the date of realization.

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c) The applicant bank is entitled to recover the above amount from the sale of hypothecated assets and mortgaged properties – 1) Plot number 5/83

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Order signed & upload on: 12.11.2025

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OA No. 1548 of 2024

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admeasuring 90 sq meters and situated in Sector-5; Vidhyadhar Nagar, Jaipur- 302023 and 2) Plot number 5/84 admeasuring 90 sq meters and situated at Sector-5 Vidhyadhar Nagar; Jaipur- 302023 as well as from the personal movable and immovable properties/assets of Defendants. The applicant bank is entitled to proceed against the same towards recovery of its debt.

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d) The applicant bank is entitled to the costs of the O.A.

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14.The recovery certificate be issued forthwith and be sent to the Recovery Officer, DRT, Jaipur.

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15.Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 29.12.2025 .

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16.Prepare Recovery Certificate accordingly.

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17.A copy of the Judgment and Recovery Certificate be given or sent by registered post to each of the parties free. A copy of the Recovery Certificate be sent to the Recovery Officer of this Tribunal for necessary action as per the law.

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(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

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Order pronounced in the open court today i.e. 06.11.2025 .

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(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

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Order signed & upload on: 12.11.2025

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OA No. 1548 of 2024

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BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR PRESENT- SHRI VIMAL GUPTA

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PRESIDING OFFICER

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O.A. NO. 1548 OF 2024

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DATE OF DELIVERY OF ORDER 06.11.2025

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RECOVERY CERTIFICATE

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(UNDER SUB Section 22 of the Recovery of Debts due to Banks and Financial Institutions Act, 1993 (Act 51 of 1993)

…..Applicant Bank…..

VERSUS

1. M/S. Crystal Technologies through its Proprietor Savita Sharma, Add: 5/83 Vidhyadhar Nagar, Jaipur, Rajasthan, India- 302023.

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2. Mrs. Savita Sharma W/o Sh. Vinod Kumar Sharma, Add: Plot No. 83/84, Sector 5, Vidhyadhar Nagar, Jaipur-302023, Rajasthan.

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3. Mr. Vinod Kumar Sharma , Add: Plot No. 83/84, Sector 5, Vidhyadhar Nagar, Jaipur-302023, Rajasthan.

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4. M/S Crystal Chemicals and Engineers through its Proprietor Mr. Vinod Kumar Sharma, Add: Plot No. B-25 & 26, RIICO Housing Colony, Road No. I-D, VKI Area, Jaipur 302001, Rajasthan.

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……Defendants…..

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Order signed & upload on: 12.11.2025

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OA No. 1548 of 2024

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Recovery Certificate for Rs. 2,42,96,649.55/-

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In terms of final order dated 06.11.2025 passed by this Tribunal in the above mentioned case, it is ordered that the-

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a) I have perused the OA which is for the recovery of amount of Rs. 2,42,96,649.55/- OA is supported by the affidavit of Officer concerned which proves the execution of the documents. In these circumstances, avoidance of the legal proceedings by defendants shows that they have no intention to pay this account. Therefore, the OA stands decreed with 10% interest.

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b) The Defendants are jointly & severally liable to pay to the applicant bank a sum of Rs. 2,42,96,649.55/(Rupees Two Crore Forty Two Lac Ninety Six Thousand Six Hundred Forty Nine and Fifty Five Paisa only) with pendente lite and future interest @ 10% (simple) till the date of realization.

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c) The applicant bank is entitled to recover the above amount from the sale of hypothecated assets and mortgaged properties – 1) Plot number 5/83 admeasuring 90 sq meters and situated in Sector-5; Vidhyadhar Nagar, Jaipur- 302023 and 2) Plot number 5/84 admeasuring 90 sq meters and situated at Sector-5 Vidhyadhar Nagar; Jaipur- 302023 as well as from the personal movable and immovable properties/assets of Defendants. The applicant bank is

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Order signed & upload on: 12.11.2025

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OA No. 1548 of 2024

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entitled to proceed against the same towards recovery of its debt.

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d) The applicant bank is entitled to the costs of the O.A.

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Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 29.12.2025 .

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The Recovery Officer shall realize the amount as per this Certificate in the manner and mode prescribed under Section 25 and 28 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (as amended from time to time) from the above named Certificate Debtor.

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This Certificate has been issued under my signatures and seal of the Tribunal on this 06.11.2025 .

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(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

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Order signed & upload on: 12.11.2025

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OA No. 1548 of 2024

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BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR

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PRESENT- SHRI VIMAL GUPTA

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PRESIDING OFFICER

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O.A. NO. 1548 OF 2024

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DATE OF DELIVERY OF ORDER 06.11.2025

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SCHEDULE TO RECOVERY CERTIFICATE

MEMO OF COST

…..Applicant Bank…..

VERSUS

1. M/S. Crystal Technologies through its Proprietor Savita Sharma, Add: 5/83 Vidhyadhar Nagar, Jaipur, Rajasthan, India- 302023.

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2. Mrs. Savita Sharma W/o Sh. Vinod Kumar Sharma, Add: Plot No. 83/84, Sector 5, Vidhyadhar Nagar, Jaipur-302023, Rajasthan.

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3. Mr. Vinod Kumar Sharma , Add: Plot No. 83/84, Sector 5, Vidhyadhar Nagar, Jaipur-302023, Rajasthan.

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4. M/S Crystal Chemicals and Engineers through its Proprietor Mr. Vinod Kumar Sharma, Add: Plot No. B-25 & 26, RIICO Housing Colony, Road No. I-D, VKI Area, Jaipur 302001, Rajasthan.

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……Defendants…..

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Order signed & upload on: 12.11.2025

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OA No. 1548 of 2024

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S.No.	Item of Costs	Amount (Rs.)
1	Fee on the Application	1,50,000.00
2	Process Fee (Inc. Publication)	NIL
3	Advocate Fee	1,250.00
4	Court Commissioner’s Fees	10,000.00
5	Commission/Receiver/Valuation	NIL
6	Miscellaneous Charges	NIL
	Total	1,61,250.00

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(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

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Order signed & upload on: 12.11.2025

OA No. 1548 of 2024

06.11.2025

Counsel:

Sh. Vineet Sharma, Counsel for Applicant Bank None for the Defendants

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Judgment dictated separately and pronounced in the open court. As per order the O.A. is allowed. Recovery Certificate be prepared accordingly and the Registry is directed to verify the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015 and after verification place the same before the Tribunal.

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(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

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Order signed & upload on: 12.11.2025

OA No. 1548 of 2024

06.11.2025

Counsel:

Sh. Vineet Sharma, Counsel for Applicant Bank None for the Defendants

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The Tribunal vide order dated 06.11.2025 , directed the Registrar to verify the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015.

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The Registrar vide order dated 06.11.2025 verified the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015. Recovery Certificate be prepared accordingly. Copy of the Judgment and Recovery Certificate be given free to the concerned parties as well as be sent to the Recovery Officer for further proceedings. File be put up before the Registrar for compliance. After compliance file be consigned to record.

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(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

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Order signed & upload on: 12.11.2025

Indusind Bank Limited v. M/S Crystal Technologies

Case brief

What is this about?

What did the court decide?

Indusind Bank Limited v. M/S Crystal Technologies

Case brief

What is this about?

What did the court decide?

What the court decided

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