Allowed

Yes Bank v. Vaibhav Om Prakash Verma

DRT19 Nov 2025OA/1598/2024

Case brief

AI extract

What is this about?

Debt Recovery Tribunal allowed Original Application No. 1598/2024 filed by Yes Bank Limited against Vaibhav Om Prakash Verma for issuance of a Recovery Certificate. The applicant proved loan avalement and default on ex parte hearing TN; the Tribunal ordered recovery of Rs. 50,32,673.62 plus interest reduced to 10% p.a. simple.

What did the court decide?

Recovery Certificate to be drawn and transferred for execution directing the defendant to pay Rs. 50,32,673.62 with 10% p.a. interest from the date of filing.

Yes Bank versus Vaibhav Om Prakash Verma — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL II, KARNATAKA AT BENGALURU

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Dated this 19^th Day of November, 2025

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Present: Sri. T. RAJESH Presiding Officer OA.No.1598/2024

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BETWEEN:

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Yes Bank Limited Having its registered and corporate office at: Yes Bank tower, one international center, Tower-2,15th floor, Senapti Bapat Marg, Elphinstone (w) Mumbai – 400 13

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Branch office at: Prestige obelisk, Municipal No.3, Ground floor, Kasturba road, Bangalore – 560 001

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Represented by its POA and legal manager Mr. Sridhar S …APPLICANT

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AND:

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Mr. Vaibhav Om Prakash Verma S/o. Om Prakash Verma Aged about 35 years E-1701, Mantra Lithos, Manyata Embassy Business Park Near N-1 Building, Nagawara Bangalore – 560 045

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Also at:

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No.3699-A, 13^th “D” Main, 9^th Cross, Near Lavonne Café, Hal 2^nd State, Indiranagar, Bangalore – 560 008 ...DEFENDANT

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Counsel on record/appeared for:

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Applicant : FX & co. Defendant : Ex parte

OA-1598/2024

FINAL ORDER

The present Original Application in short (OA) has been filed under section 19 of Recovery of Debts and Bankruptcy Act 1993 seeking for issuance of Recovery Certificate against the defendant for Rs. 50,32,673.62/- (Rupees Fifty Lakhs Thirty Two Thousand Six Hundred and Seventy Three and Paisa Sixty Two Only) with further interest thereon from the date of filing the Application till realization. 2. It is the case of the applicant that, the defendant availed a personal loan of Rs. 50,00,000/- (Rupees Fifty Lakhs Only) on 23.09.2022.

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It is also the case of the applicant that, in view of the above availed loan, the defendant executed the necessary loan document.

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It is further contended that, despite availing the credit facility, agreeing to service the loan amount promptly and regularly, the defendant failed in complying the same, resulting in default in repayment and consequentially turning the loan accounts as NPA.

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In the above circumstances, the applicant approached this Tribunal by filing this OA seeking issuance of Recovery Certificate for the amount due in the account.

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Despite, service of summons on the defendant, he failed to appear, resulting the defendant being set ex parte on 18.12.2024.

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The applicant had let in evidence through AW-1, who filed Proof Affidavit reiterating the contentions taken in the OA and also produced

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OA-1598/2024

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Exhibits A-1 to A-9 and got the same marked in evidence.

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Heard the Ld. Counsel for the Applicant and considered the contentions as taken in the OA in the light of documentary evidence and proof affidavit.

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The following issues arise for consideration in this matter:

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i) Whether the applicant had succeeded in proving the OA claim as against the defendant?

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ii) What order are to be passed?

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Both these issues are gone into and decided together.

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The case put forth by the applicant in the Application remains unrebutted as defendant remained ex parte. The evidence tendered

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by the applicant remains uncontroverted and undisputed. The evidences put forth by the applicant were found admissible and are sufficient to prove availment of credit facility as stated in the OA, creation of the security interest and the defaults committed in the accounts. The liability of the defendant and the claim of the amount

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due are also proved by the above document. The claim of the applicant is well within the limitation.

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Hence in view of the findings arrived herein above, the Tribunal

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find both these issues are in favour of applicant and hence, this Tribunal is of the view that OA is to be allowed.

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OA-1598/2024

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Taking into consideration the facts that the credit facility are

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availed for personal purpose and also that the OA claim is arrived at

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by calculating interest at the agreed rate, this Tribunal is the view that the OA can be allowed with a reduced interest of 10.00% (simple).

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In the result, OA.No.1598/2024 stands allowed,

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i) The applicant is allowed to recover an aggregate sum of Rs. 50,32,673.62/- (Rupees Fifty Lakhs Thirty Two Thousand Six

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Hundred and Seventy Three and Paisa Sixty Two Only) with further interest @10.00 % p.a.(simple) from the date of filing OA till the realization, from the defendant personally, after giving credit to all the amounts recovered and received during the pendency of the OA.

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ii) The applicant bank is allowed cost of the proceedings

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which applicant to file cost memo within 7 days from the date of receipt of the order.

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iii) The Recovery Certificate to be drawn in terms of this order

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and transferred to Recovery for execution.

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iv) Interim application pending, if any, stands disposed of in

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terms of this final order.

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OA-1598/2024

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14. Communicate a copy of the order to the parties concerned in

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terms of Section 19(21)(i) of the RDB Act, read with Rule 16 of DRT

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(Procedure) Rules, 1993.

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[Dictated to the Stenographer (HS), transcribed by her, corrected and signed and pronounced by me in

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the Open Court, this the 19^th Day of November, 2025].

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Sd/-

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(T. RAJESH) PRESIDING OFFICER

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ANNEXURES

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WITNESSES EXAMINED FOR THE APPLICANT BANK:

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AW-1: Shridhar S, Manager, of Applicant Bank.

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Exhibits on the part of the Applicant:

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Exhibit	Particulars of Documents
Nos.
A1	Copy of the power of attorney
A2	Copy of the loan application
A3	Copy of terms and conditions
A4	Copy of loan recall notice 15.03.2024
A5 & A6	Copies of the postal receipts
A7 & A8	Copy of unserved RPAD acknowledgement
A9	Statements of accounts for the loan accounts with foreclosure statement certified with bankers books of evidence act
Witness Ex	amined for the Defendant: -Nil -
List of Doc	uments Exhibited for the Defendant: -Nil -

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Sd/-

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(T. RAJESH) PRESIDING OFFICER

Yes Bank v. Vaibhav Om Prakash Verma

Case brief

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Yes Bank v. Vaibhav Om Prakash Verma

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