Allowed

Idfc First Bank Limited v. Saisha Hospitality Private Limited

DRT4 Nov 2025TA/708/2023

Case brief

AI extract

What is this about?

The Tribunal allowed an original application filed by IDFC First Bank Limited against three respondents for recovery of outstanding dues from sanctioned business and supplementary loans amounting to Rs.43,15,150.47 along with interest and costs.

What did the court decide?

Payment of Rs.43,15,150.47 with pendent lite and future interest at 12% per annum and costs within 30 days.

Idfc First Bank Limited versus Saisha Hospitality… — Contract and Commercial Disputes | DRT (2025)

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T.A. No. 708 of 2023

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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. 708 of 2023

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IDFC First Bank Limited

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Upper Ground Floor No.62/20,

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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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Saisha Hospitality Pvt.Ltd.

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Bhagwanti Jummu Ram

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Manish Kumar Thakur

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All available at:

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Basement & Ground Floor, C-7, Vishal Enclave, Rajouri Garden New Delhi-110027

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All also at:

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G-127, 2nd Floor, Jeevan Niketan LIC Colony, Paschim Vihar New Delhi-110087 Defendants

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Present: Shri Jatin N.Sethi, Counsel for the applicant bank

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Date of Reserve: 15.10.2025

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Date of Pronouncement: 04.11.2025

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FINAL ORDER

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This original application has been filed by the applicant on 20.09.2021 before DRT-III, Delhi and then transferred to DRT-I, Delhi through Shri Farid Ahmed, Authorized representative of the applicant bank, under Section 19(1) of Recovery of Debts and Bankruptcy Act, 1993 against the

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T.A. No. 708 of 2023

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defendants for recovery of Rs.43,15,150.47 (Rupees Forty Three Lacs Fifteen Thousand One Hundred Fifty and paisa Forty Seven only) as on date together with pendentelite and future interest as per agreed loan agreement from filing of present application along with costs.

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The brief facts of the case are that on the request of defendant No.1 through defendant no.2 & 3 vide loan application dated 04.01.2020, the applicant bank sanctioned Business Loan facility of Rs.32,64,941/- (Rupees Thirty Two Lacs Sixty Four Thousand Nine Hundred Forty One only) @16% interest on 24.01.2020 to be repayable in 45 EMI of Rs.1,07,581/- and Supplementary loan of Rs.6,12,000/- under GECL scheme on 12.08.2020 to be repayable in 48 EMI of Rs.4,718/- @9.25% interest.

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In order to avail the said loan facilities, the defendants executed Business Loan Application Form, Sanction Letters, Business Loan Agreement, Sanction Letters, Promissory Notes, Disbursal Requests and Supplementary Loan Agreement dated 24.01.2020 & 12.08.2020.

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It has been submitted by the applicant that after availing the aforesaid loan facilities, the defendants failed to comply with the terms and conditions and despite several request and reminders, the defendants failed to regularize both the loan accounts with applicant Bank. The applicant bank issued legal notice on 25.08.2021 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.

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Notices of this O.A. were issued to the defendants and despite proper service including publication in newspaper, the

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T.A. No. 708 of 2023

defendants have chosen to absent from the proceedings. As per order dated 17.10.2023, 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 Farid Ahmed, authorized representative of the applicant who has proved the documents as Amalgamation of NBFCs as per order of NCLT Chennai Ex.AW-1/A, Certificate of Incorporation Ex.AW-1/B, Board Resolution Ex.AW-1/C, Documents to Loan Accounts Ex.AW1/D (Colly) & Ex.AW-1/E (Colly), Legal Notice dated 25.08.2021 along with Postal Receipts Ex.AW-1/F, Statement of Account and Foreclosure Letter along with Certificate of dues under Section 2A Bankers' Book Evidence Act Ex.AW-1/G (Colly).

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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

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T.A. No. 708 of 2023

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laid down by the Hon'ble Apex Court in the case of Central Bank of India Vs Ravindra & Others. Taking stock of all the 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.43,15,150.47 (Rupees Forty Three Lacs Fifteen Thousand One Hundred Fifty and paisa Forty Seven only) together with pendentelite and future interest @12.00% per annum along with costs from the date of filing of this O.A. 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 02.01.2026.

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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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<79

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

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(Dictated and pronounced in open court) Dated: 04.11.2025

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Idfc First Bank Limited v. Saisha Hospitality Private Limited

Case brief

What is this about?

What did the court decide?

Idfc First Bank Limited v. Saisha Hospitality Private Limited

Case brief

What is this about?

What did the court decide?

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