Allowed

Yes Bank Ltd. v. M/S Shiva Overseas and Others

DRT25 Sept 2025OA/953/2025

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the applicant bank's original application filed under Section 19 of the RDB Act. The Tribunal held the defendants jointly and severally liable to repay the outstanding sum with modified interest of 8% p.a. and directed the issue of a Recovery Certificate.

What did the court decide?

The defendants are jointly and severally liable to pay Rs. 31,60,855.61 with costs and simple interest @ 8.00% p.a.; Recovery Certificate issued; attachment and sale of personal assets directed.

Yes Bank Ltd. versus M/S Shiva Overseas and Others — Contract and Commercial Disputes | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.953/2025

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 22.07.2025

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DATE OF DECISION: 25.09.2025

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Yes Bank Ltd., a banking company carrying on banking business under the Banking Regulations Act, 1949 incorporated under The Companies Act, 1956 and having its registered office at Yes Bank House, off Western Express Highway, Santacurz (E) Mumbai-400055 and one of its branch offices amongst other places known as Yes Bank Ltd., Situated in SCO129-130, 2nd Floor, Sector-9C, Near Citco Petrol Pump, Chandigarh 160009 through its Manager Sh. Aashiv Bhayana.

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……..Applicant Versus

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M/s Shiva Overseas through its partners having its registered 4142, Street no.4, Chandigarh Road, Near Hotel Nav Classic, Beantpura, Ludhiana, Punjab-141010.

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Sh. Shatrughan Tiwari, S/o Sh. Devki Nandan Tiwari Partner M/s Shiva Overseas R/o 1913, Sector-32-A, Focal point, Ludhiana, Punjab-141010.

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Smt. Sashi W/o Sh. Shatrughan Tiwari Partner M/s Shiva Overseas R/o 1913, Sector-32-A, Focal point, Ludhiana, Punjab141010.

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….……Defendants

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Advocates:

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Argued by Sh. Sukhwinder Singh Chaudhary, Advocate proxy for Sh. Gaurav Gupta, Advocate for Applicant

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Defendants already ex parte

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, against the defendants for recovery of Rs.31,60,855.61p (Rupees

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OA/953/2025 YES BANK LTD VS SHIVA OVERSEAS AND OTHERS

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Thirty One Lacs Sixty Thousand Eight Hundred Fifty Five & Sixty One Paise Only). The Original Application has been filed through Sh. Aashiv Bhayana , Manager of the applicant , who are competent to institute the Original Application vide GPA of Bank official dated 28.03.2023, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendant no.1 through defendant nos.2 & 3 had approached the applicant for the grant of Business loan of Rs.75.00 Lacs vide loan application dated 09.02.2024, which is Annexure A3 to this OA.

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The applicant sanctioned Business loan of Rs.40.00 Lacs. Terms and conditions applicable to business loan dated 20.02.2024, is Annexure A5 to this OA and terms and conditions were duly accepted by the defendants.

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Documents executed :- GST Registration dated 02.08.2023, which is Annexure A2 to this OA; letter of authority by partnership firms for banking facilities dated 20.02.2024, which is Annexure A4 to this OA; Recall notice dated 27.06.2025, which is Annexure A6 to this OA; Foreclosure dated 26.06.2025, which is Annexure A7 to this OA and Statement of Account along with certificate under Banker’s Book Evidence, which is Annexure A8 to this OA.

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The loan account became irregular and were classified as NPA and after adjusting debit and credit entries in the loan account there was a debit of Rs.31,60,855.61p, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly. 6. The defendants were served notices to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte on 19.09.2025. 7. In support of the OA, affidavit of Sh. Aashiv Bhayana, Manager, Yes Bank Ltd., has been filed.

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OA/953/2025 YES BANK LTD VS SHIVA OVERSEAS AND OTHERS

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Heard ex-parte arguments and perused record. 9. It was argued by the learned proxy counsel for applicant that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexure A1 to A8 to this OA, it is proved that the defendants approached applicant for availing of the loan facility which was granted to them and for that they had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendants was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.31,60,855.61p (Rupees Thirty One Lacs Sixty Thousand Eight Hundred Fifty Five & Sixty One Paise Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the account.

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In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @15.50% p.a. with Monthly rests from 27.06.2025 till the realization.

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The Tribunal is of the considered opinion that sometimes inappropriate cases the prerogative of mercy is the brightest jewel in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including undertaking of the defendants, quantum of loan and prevalent market rates of interest which have gone drastically downhill in yester years, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @08.00%p.a. in the loan account from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of

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OA/953/2025 YES BANK LTD VS SHIVA OVERSEAS AND OTHERS

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Rs.31,60,855.61p (Rupees Thirty One Lacs Sixty Thousand Eight Hundred Fifty Five & Sixty One Paise Only) jointly and severally, with costs, current and future simple interest @8.00%p.a. in the loan account from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount by attachment and sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law.

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12. Any other application pending stands disposed of.

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Issue Recovery Certificate accordingly.

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Parties to appear before Learned Recovery Officer of this Tribunal on 17.10.2025.

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Copy of this order be given dasti to the applicant and be sent to defendants through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned.

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Pronounced by me in the open Tribunal .

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Dated: 25.09.2025

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(MRIDULESH KUMAR SINGH)

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Presiding Officer, DRT-III, Chandigarh

Yes Bank Ltd. v. M/S Shiva Overseas and Others

Case brief

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Yes Bank Ltd. v. M/S Shiva Overseas and Others

Case brief

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