Allowed

Idfc First Bank Ltd. v. Eco Polyfibres Pvt. Ltd.

DRT29 Dec 2025OA/70/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's original application for recovery of Rs. 37,02,856.63 against absent defendants. The court directed payment of the principal sum along with pendent lite and future interest at 12% p.a. and costs, issuing a recovery certificate.

What did the court decide?

Defendants directed to pay Rs. 37,02,856.63 jointly and severally with pendent lite and future interest at 12% p.a. plus costs; recovery certificate issued.

Idfc First Bank Ltd. versus Eco Polyfibres Pvt. Ltd. — Contract and Commercial Disputes | DRT (2025)

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O.A. No. 70 of 2024

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Debts Recovery Tribunal-I, Delhi 4th floor, Jeevan Tara Building, Parliament Street, New Delhi

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Presiding Officer: Shri Govind Ballabh Sharma

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O.A. No. 70 of 2024

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IDFC First Bank Limited Upper Ground Floor No.62/20, Opposite New Prem Dhaba & Big Bazar New Rohtak Road, Karol Bagh New Delhi-110005

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Applicant

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Versus

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M/s Eco Polyfibres Pvt. Ltd. 1107 & 1108, DLB Tower B Jasola, New Delhi-110025

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M/s Swastik Lifescience Pvt. Ltd. 1108, 11th floor, DLF Tower B Jasola, New Delhi-110025

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Sh.Sanjay Kumar Aggarwal House no.272, Sector-46 Faridabad, Haryana-121006

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Also at: Sh.Sanjay Kumar Aggarwal C/o [co Polyfibres Pvt. Ltd. 1107 & 1108, DLF Tower B Jasola, New Delhi-110025

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Also at: Sh.Sanjay Kumar Aggarwal c/o Swasti Lifesciences Pvt. Ltd. 1108, 11th floor, DLF Tower B Jasola, New Delhi-110025 Defendants

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Present: Shri Harshit Singh, Counsel for the applicant bank

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Date of Reserve: 16.12.2025

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Date of Pronouncement: 29.12.2025

O.A. No. 70 of 2024

FINAL ORDER

This original application has been filed by the applicant bank on 20.01.2024 through Shri Prateek Chhibber, authorized representative of the applicant bank under Section 19(1) of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 against the defendants for recovery of Rs.37,02,856.63 (Rupees Thirty Seven Lacs Two Thousand Eight Hundred Fifty Six and paisa Sixty Three Only) as on 02.01.2024 together with pendentelite and future interest at contractual rate of interest from 02.01.2024 along with costs.

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The brief facts of the case are that on the request of defendants vide loan application dated 20.11.2015, the applicant bank sanctioned Business Installment Loan for Rs.30,00,000/- (Rupees Thirty Lacs only) on 25.11.2015, which was repayable in 36 Equated Monthly Installments of Rs.1,10,728/- each @19.50% interest per annum with monthly rests.

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In order to avail the business loan facility, the defendants submitted loan application dated 20.11.2015 and executed Loan Agreement with the applicant bank on 25.11.2015.

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It has been submitted by the applicant that after availing the business loan facility, the defendants failed to comply with the terms and conditions and despite several request and reminders, the defendants failed to regularize loan account with applicant Bank. The applicant bank issued loan recall notice on 03.01.2024 calling upon the defendants to pay the entire outstanding dues with interest to the applicant bank but the defendants did not clear the dues of the applicant bank. Hence, the applicant bank has approached this Hon'ble tribunal for recovery of their dues.

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0.A. No. 70 of 2024

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Notices of this O.A. were issued to the defendants and despite proper service including publication in newspaper, the defendants have chosen to absent from the proceedings. As per order dated 07.10.2025, the defendants have been proceeded ex-parte as they have not appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Prateek Chibber, authorized representative of the applicant who has proved the documents such as Letter of Authority, Loan Application Form, Loan Agreement, Loan Recall Notice, Statement of Account & Foreclosure Statement alongwith Certificate under Banker's Books Evidence Act marked as Exhibit A-1 to A-5.

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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.

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

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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 laid down by the Hon'ble Apex Court in the case of Central Bank of India Vs. Ravindra & Others. Taking stock of all the sd-

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O.A. No. 70 of 2024

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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.

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

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ORDER

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I, allow this OA and direct the defendants to pay to the applicant bank, jointly or severally, within 30 days, a sum of Rs.37,02,856.63 (Rupees Thirty Seven Lacs Two Thousand Eight Hundred Fifty Six and Paisa Sixty Three Only) as on 02.01.2024 together with pendentelite and future interest ©12.00% per annum along with costs from 02.01.2024 till the date of realization. In case of default, the aforesaid amount shall be recovered from the sale of moveable and immovable property of the defendants.

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

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(III)^{Parties are directed to appear before Recovery Officer,} DRT I, Delhi on 27.02.2026.

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

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

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(Dictated and pronounced in open court) Dated: 29.12.2025

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Idfc First Bank Ltd. v. Eco Polyfibres Pvt. Ltd.

Case brief

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Idfc First Bank Ltd. v. Eco Polyfibres Pvt. Ltd.

Case brief

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