Allowed

Asset Reconstruction Company India Ltd. v. Krishna Pratap Singh Chandel

DRT28 Oct 2025TA/1787/2022

Case brief

AI extract

What is this about?

In an ex-parte original application transferred to DRT-I Delhi, the Tribunal allowed the suit filed by the assignee financial interest seeking recovery of dues from borrowers who failed to service a loan secured by a mortgage of land in Agra.

What did the court decide?

Direction to pay Rs.4,00,74,453.28 with pendentelite and future interest within 30 days; recovery from sale of mortgaged and other properties; issuance of recovery certificate.

Asset Reconstruction Company India Ltd. versus… — Contract and Commercial Disputes | DRT (2025)

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T.A. No. 1787 of 2022

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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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T.A. No. 1787 of 2022

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sset Reconstruction Company (India) Ltd.

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nit/Office no.1008, 11th floor

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estend Mall, Janakpuri District Centre anakpuri, New Delhi-110058 Applicant

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ersus

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Sh. Krishna Pratap Singh Chandel (Borrower) 10 roperty on land adm. Area 400 sq. yds. ID n land bearing Minjumla

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hasra no.432, 434, 435

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hata no.44, situated at Mauja-Jaganapur ehsil & Khasra - Agra, Uttar Pradesh

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Iso at: -111, Chandel Bhawan, Indrapuri ew Agra-282005

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Iso at:

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-122, Chandel Ice Factory nderpuri, New Agra-282005

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Smt. Rachita Garg

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A-1111 Chandel Bhawan, Indrapuri New Agra-282005

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Also at:

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A-122, Chandel Ice Factory Inderpuri, New Agra-282005

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Smt. Niramala Chandel A-111, Chandel Bhawan, Indrapuri New Agra-282005

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Also at:

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A-122, Chandel Ice Factory Inderpuri, New Agra-282005

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T.A. No. 1787 of 2022

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Sh. Vikrant Singh Chandel A-111, Chandel Bhawan, Indrapuri New Agra-282005

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Also at:

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A-122, Chandel Ice Factory Inderpuri, New Agra-282005

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Sh. Anurag Singh Chandel A-111, Chandel Bhawan, Indrapuri New Agra-282005

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Also at: A-122, Chandel Ice Factory Inderpuri, New Agra-282005

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Smt. Aarti Chandel

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A-111, Chandel Bhawan, Indrapuri New Agra-282005

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Also at:

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A-122, Chandel Ice Factory Inderpuri, New Agra-282005

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Chandel Ice Factory Pvt.Ltd. A-111, Chandel Bhawan, Indrapuri New Agra-282005

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Also at:

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Kalpi Circular, Bye Pass Road Etawah, UP-206001

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Also at:

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A-122, Chandel Ice Factory Inderpuri, New Agra-282005

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Magma Fincorp Limited (Erstwhile GE Consumer Financial Services Ltd.) Regd Office: 401, 402, 4th Floor Aggarwal Millenium Tower E-1,2„3„ Netaji Subhash Place, Pitampura, Delhi-110034 Defendants

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Present: Ms. Usha Singh, Counsel for the applicant FI

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Date of Reserve: 07.10.2025 Date of Pronouncement: 28.10.2025

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T.A. No. 1787 of 2022

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FINAL ORDER

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This original application has been filed by the applicant I before DRT III, Delhi on 2107.2021 and then transferred to ID RT-I Delhi through Shri Nikki Kumar, authorized epresentative of the applicant FI under Section 19 of Recovery •f Debts and Bankruptcy Act, 1993 [as amended upto date] gainst the defendants for recovery of Rs.4,00,74,453.28/Rupees Four Crores Seventy Four Thousand Four Hundred iffy Three and paisa Twenty Eight only) as on 26.05.2021 ogether with pendentelite and future interest at documented ates from 26.05.2021 till the date of realization and costs.

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The brief facts of the case are that the debt of defendant o.1 to 7 was assigned to Applicant FI by defendant no.8 hereinafter referred as Assignor FI) vide Assignment greement dated 29.03.2017 together with all rights, title and interest, securities etc. and to continue / initiate legal roceedings for recovery of dues. The defendant no.8 has been roforma party and no relief is claimed against them. At the equest of defendant no.1 to 7 being borrowers and ortgagors engaged in the business of Ice Factory, the ssignor FI sanctioned loan facilities for a sum of s.40,00,000/- (Rupees Forty Lacs only) on 30.09.2006 @11% interest per annum to be repayable in 180 Equated Monthly nstallments of Rs.45,464/- each against mortgage of property.

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That in order to avail the said loan facility, the defendant o.1 to 7 submitted loan application and executed Power of ttorney, Demand Promissory Note, Declaration in favour of he applicant FI on 30.09.2006

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T.A. No. 1787 of 2022

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That in order to secure the loan facility, the defendants ortgaged the property being 'Property on land admsg. 400 q. yards on land bearing Minjumla, Khasra no.432, 434, 435, hata no.44, situated at Mauja-Jaganapur, Tehsil & District gra, Uttar Pradesh with the applicant FI on 30.09.2006 by 11 epositing original title deeds of the property.

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It has been submitted that after availing the aforesaid •an facility, the defendant no.1 to 7 miserably failed and eglected to pay the interest in the account and maintain inancial discipline as per sanction terms and conditions. The pplicant FI classified the account as NPA on 01.02.2013 as per BI guidelines and issued recall notice on 08.06.2021 by the pplicant FI but defendant no.1 to 7 did not any step for egularization of the account. Hence, the applicant FI has pproached this tribunal for recovery of its dues.

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Notices under Section 13(2) of the Securitization and econstruction of Financial Assets and Enforcement of Security nterest Act 2002 dated 12.06.2018 for Rs.3,31,50,229.51 hich was duly published in newspapers on 17.07.2018 but the efendant no.1 to 7 failed to regularize the account.

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Notices of this O.A. were issued to the defendants and espite proper service, the defendants have chosen to absent rom the proceedings. As per order dated 04.07.2025, the efendant No. 1 to 7 have been proceeded ex-parte as they ave not appeared before the Tribunal nor written statement, vidence and affidavit of assets have been filed.

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In order to prove its case, the applicant FI has filed its vidence by way of affidavit of Shri Nikki Kumar, authorized epresentative of the applicant who has proved the documents

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T.A. No. 1787 of 2022

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s Affidavit in Evidence, Registration Certificate by RBI, Power f Attorney, Assignment Agreement, Disbursal Request Letter, oan Agreement, Power of Attorney, Demand Promissory Note, eclaration, Title Deeds of Mortgaged Property, Notice under ection 13(2) of SARFAESI Act, Recall Notice alongwith racking Report / Dispatch Proof, Certified Statement of ccount alongwith Certificate under IT Act 2000 marked as x.AW-1/1 to Ex.AW-1/14.

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The applicant FI has fully corroborated the averments ade in the O.A. Even otherwise the whole case of the pplicant FI is based on the documents and the same have een duly proved.

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The case filed by the applicant FI gone unrebutted and here is no question of disbelieving the case of the applicant FI nd the applicant FI has proved its case beyond reasonable oubts.

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

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ORDER

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allow this OA and direct the defendant no.1 to 7 to pay o the applicant FI, jointly or severally, within 30 days, a sum •^{f Rs.4,00,74,453.28/- (Rupees Four Crores Seventy Four Lacs} our Hundred Fifty Three and paisa Twenty Eight only) as on 6.05.2021 together with pendentelite and future interest 11% per annum with monthly rests from 26.05.2021 till the •^{ate of realization along with costs failing which the aforesaid} mount shall be recovered from the sale of mortgaged property

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T.A. No. 1787 of 2022

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i.e. property on land adm. Area 400 sq. yards, on land bearing injumla, Khasra no.432. 434, 435, Khata no.44 situated at auja-Jaganapur, Tehsil & Khasra Agra, Uttar Pradesh. In case f shortfall, the same shall be recovered from the sale of ovable and immovable properties of the defendants. III) The recovery certificate be issued forthwith and be sent o the Recovery Officer, Debt Recovery Tribunal-I, Delhi. II) Parties are directed to appear before Recovery Officer, RT I, Delhi on 26.12.2025.

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III)^{Copies of final order as well as Recovery Certificate be} ent to all concerned free of cost.

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(GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI Dictated and pronounced in open court) 9 ated: 28.10.2025

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Asset Reconstruction Company India Ltd. v. Krishna Pratap Singh Chandel

Case brief

What is this about?

What did the court decide?

Asset Reconstruction Company India Ltd. v. Krishna Pratap Singh Chandel

Case brief

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What did the court decide?

What the court decided

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