Allowed

Phoenix Arc Pvt. Ltd. v. M/s Global Switchgears

DRT27 Jun 2025TA/1617/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal-I, Delhi allowed the recovery application filed by Phoenix ARC Pvt Ltd against four respondents for recovery of Rs.33.12 lakhs with interest at 15% per annum, directing payment within 30 days.

What did the court decide?

Respondents directed to pay Rs.33,12,108 with interest and costs within 30 days; liability of LRs limited to inherited assets; Recovery Certificate to be issued.

Phoenix Arc Pvt. Ltd. versus M/s Global Switchgears — Banking and Recovery | DRT (2025)

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Before SUSHIL^{KUMAR RASTOGI,Presiding Officer} Debts RecovelY^{Tribunal-Il,Delhi}

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TA NO.1617^{0F 2023}

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PHOENIX^{ARC A'T LTD VS }US GLOBAL SWITCHGEARS} & oRs

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Resewed on^{: O3.O6.2025}

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Pronounced^{on : 27.O6.20.25}

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Phoenix ARC^{hlt Ltd.} Vs.

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Applicant^bank

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M/s Global^Switchgears

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Mrs. Sunila^Chhabra

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Wo^{Late. Sh' Ashok Kumar Chhabra}

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(LR of Deceased^Partner)

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Sh. Gaurav^Chhabra

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S/o Late Sh'^{Ashok Kumar Chhabra} (partner as well as^{LR of Deceased parher)}

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Sh. Aditya^Chhabra

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S/o Late Sh'^{Ashok Kumar Chhabra} - Defendants (LR of Deceased Partner)

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Present: Shri^{Vishnu Jaiswal, counsel for applicant} FI. None for^defendants.

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FINAL ORDER

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This original^{application has been filed by the} applicant^{bank, on 13.01.2016 through Sh'Lokesh} Mittal, Authorised^{Representative of the applicant ban(} under Section^{19 of the RDB Act, 1993 against the} defendants^{for recovery of a sum of Rs'33,12,108/-} together with^{cost,charges and pendentelliteand} future interest^{as per contractual rate being @15'00o/o} p.a in respect from^{date of filing of this O'A' till the} realization^{in full.}

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The^{brief facts of the caseare that the defendant} no.3 and deceased^{Sh. Ashok Kumar Chhabra being the}

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partner of defendant^{no'l firm initially approached} the original^{lendor bank i.e', Barclays Bank for sanction} of business^{loan of Rs'25,00,000/-which was to be} repaid in^{48 equated monthly installments for sum of} Ps.72,7861-.Consequent^{to the non payment of regular} EMI the^{said loan was classified as bad' thereafterthe} saidloanwasrestructuredattherequestofdefendant no.3 being^{the partner of defendant no'l and on} 2g.O4.2OOg^{executed loan documentsin favourof} original^{lender bank.It is submittedthat the at the time} of reschedulement^{defendantno'1 through its paftner} had to^{repaid the loan amount for sum of} Rs.22,02,483/-^{was to be repaid by the defendant no'l} in 60 equated^{monthly installments for sum of} Ps.52pg71-^{i.e', upto 05'05'2014 under the loan} agreement^{no.3312625.The defendant no'1 had} entered into^{restructure for the Term Loan along with} theregisteredtermsandconditionsfortheloanfacility' acknowledgement^{form and demand promissory note} with the^{Barclays Bank. The loan agreementnumber} 33t2625dated^{29.04.2009 wherein the defendant no'3} and deceased^{Sh. Ashok Kumar Chhabrabeing the} partners of defendant^{no'1 are the borrowersin the} loan agreement^{with the BarclaysBank Plc' The} defendant^{nos.2 and 4 are impleaded being the LR's of} deceased^{Sh. Ashok Kumar Chhabra who was one of} the^{partners of defendant no'1 firm' The defendant} no.l agreed^{to repaythe said loan in equated monthly} installments^{to repaythe said loan along with agreed} rate of interest^{i.e., 15.00o/o as per the repayment} schedule^{to the loan documents in 60 equatedmonthly} installments^{for sum of Rs'52,39/-i'e" up to} 05.05.2014.^{The defendant executdthe documents}

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(and relied by^{the applicant company) in favourof the} Barclays^{Bank Ltd/ OriginalLandoron 29'04'2009' It is} submitted^{that the PhoenixARC PVt Ltd (in its Trustee} of the^{Phoenix Trust FY 13-1 SchemeB)' the applicant} company^{negotiated with BarclaysBank' for} assignmenVtransfer/devolution^{of its interest in the} present debt in^{its favour' It is submitted that after} negotiations, Barclays^{Bank Plc agreed to} its debt^{recoverablefrom the} transfer/assign defendants^{in favourof Phoenix ARC Pvt Ltd (in its} Capacity^{as Trustee of the Phoenix Trust FY 13-1} Scheme^{B) on the terms and conditions containedin} deed of^{assignment dated 06'11'2012'}

¶28

It is^{fufthersubmitted that the defendants} enjoyed and^{utilized the Loan facility'but failed to} maintain^{the financial discipline and failed to repay the} due amounts.^{The applicantbank requested the} defendants^{to regularize the loan account by visitsand} letters, but^{there was no response from the} defendants.^{Therefore, the applicant bank served a} notice dated^{23.11.2015 to the defendants but failed to} recover the^{same.Thus, the present O'M['A is} preferred by^{the applicant bank to recover its dues'}

¶29

On^{notice by this Tribunal, the defendantsput} appearance^{throughcounsel but failed to file written} statement^{and the right to file writtenstatement of} defendants^{was closed vide order dated27'O2'2020'}

¶30

The^{applicant bank has filedevidenceby way of} affidavit of^{Sh. Naveen Kumar' Aauthorized} Representative^{as Paper No'18to Paper No'69 which} have^{gone unchallengedand un-rebutted'Hence'the}

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case of^{the applicant bank stands fulty established} against^{the defendantswith respect to nonpaymentof} outstanding^amount.

¶35

After^{perusing the records, this Tribunalis of the} view that^{the applicant bank has provedits case} beyond^{reasonable doubts' The evidenceand} documents^{filed by the applicant banknot rebuttedby} the defendants^{by not placing any evidence and there} is no^{question of disbelievingthe evidenceand} documents^{fited by the applicant bank based upon the} written/Pri^{nted documents'}

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In the^{light of the above discussions'the presentT'A'} deserves^{to be allowed'}

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ORDER

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I hereby^{allow this T'A' of the Applicant Bank and} 1) direct^{the defendant nos' 1 to 4 to pay jointly and} severally^{to the applicantbank within30 days from today'} a total^{sum of Rs'33,12,108/- along with cost' expenses} and interest^{@15.00%from the date of filing of this OA} which^{has become T'A till the date of realization'} However,^{the liability of LRs of deceased Late Sh' Ashok} Kumar^{Chhabra is limitedto the extent of property/assets} inherited^{by them from deceased Late Sh' Ashok Kumar} Chhabra.^{The defendant no'3/ShriGauravChhabra as LR} of deceased^{Shri Ashok Kumar Chhabrais also liable to} pay to the^{applicant bank the amount to the extentof} aasets^{inherited by him from deceasedShriAshok Kumar} Chhabra.

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In^{case of failure to depositthe above amount within} the stipulated^{period, the same shall be recoveredfrom} g^

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sale of^{personalmovable and immovable assets of the} defendant^{nos. 1to 4'}

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3)^{RecoveryCeftificatebe issuedforthwith and be sent}

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to Recovery^{Officer, Debts Recovery Tribunal-Il'Delhi'}

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The^{registry of this Tribunal is hereby directedto} issue free^{copy of the order and sendthe same to both} the^parties.

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Parties^{are direct to appear before the Ld' Recovery} s) Officer,^{DRT-II,Delhi on 28'08'2025' PendingIAs' if any,} stand disPosed^of.

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File be^{consigned to records'}

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g.\

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Date:27.06.2025

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(SUSHIL KUMAR RASTOGI) PRESIDING^OFFICER DRT-II,^Delhi

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

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s-\ .-

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Date t^27.06.2025

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(SUSHIL KUI'TAR RAs^I UbI) PRESIDING^OFFICER DRT-II,^Delhi

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Phoenix Arc Pvt. Ltd. v. M/s Global Switchgears

Case brief

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Phoenix Arc Pvt. Ltd. v. M/s Global Switchgears

Case brief

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