Allowed

Indian Bank v. Vinay Aggarwal

DRT6 Dec 2025TA/873/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal-I, Delhi allowed the applicant bank's application for recovery of Rs. 17,56,000/- along with interest and costs against the borrowers and guarantor, following an ex-parte proceeding due to the defendants' non-appearance. A recovery certificate was directed.

What did the court decide?

Direct the defendants to pay Rs. 17,56,000/- with interest within 30 days; issue recovery certificate; further recovery from sale of hypothecated vehicle and other properties in case of shortfall.

Indian Bank versus Vinay Aggarwal — Contract and Commercial Disputes | DRT (2025)

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T.A. NO.873 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. 873 of 2023

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Indian Bank (e-Allahabad bank) 1A, B.D. Estate, Timarpur, Delhi-54 Applicant

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Versus

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Mr. Vinay Aggrawal 4A, JD Block Pitampura, Delhi-34

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Mr. Ravi Gupta H-32/103, Sector-3 Ground Floor, Rohini Delhi-110085 Defendants

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Present: Shri Nirmal Mishra, Counsel for the applicant bank Date of Reserve: 26.11.2025 Date of Pronouncement: 06.12.2025

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FINAL ORDER

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This original application has been filed by the applicant bank on 27.10.2018 before DRT-III Delhi and then transferred to DRT-I Delhi through Shri Sanjeev Kumar, Authorized representative of the applicant bank, under section 19 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 against the defendants for recovery of a sum of Rs.17,56,000/- (Rupees Seventeen Lacs Fifty Six Thousand only) as on 08.03.2018 along with pendentelite and future interest @10.45% per annum with monthly rests plus 2% penal interest from the date of filing of this application till the date of realization along with costs. Further, the name of Mr. Sandeep

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T.A. NO.873 OF 2023

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Kr. Malik was substituted as new authorized representative of the applicant bank in place of Shri Sanjeev Kumar.

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The brief facts of the case are that at the request of defendant no.1 vide loan application dated 07.09.2015, the applicant bank sanctioned Car loan for a sum of Rs.18,00,000/(Rupees Eighteen Lacs only) on 17.09.2015 @9.95% per annum with monthly rests under Allahabad Bank Car Finance & All Bank Mo-bike Scheme for purchasing Car namely Mercedes Benz, C-220 CDI CKT, which was to be repayable in 84 Equated Monthly Installments of Rs.30,303/- each. The defendant no.2 stood as guarantor for the vehicle loan facility availed by defendant no.1 sanctioned by applicant bank.

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That in order to secure the aforesaid loan facility, the defendant no.1 submitted loan application dated 07.09.2015 along with Performa Invoice and executed Agreement for Term Loan for Medium Term Loan/General Letter of Hypothecation (Vehicle), Promissory Note, Letter of Waiving of Presentment of Pronote, Letter of Maintenance of Margin Money, Deed of Guarantee, Retail Credit Report, Credit Reports, Consent Clause, Declaration, Supply Letter, Acknowledgement receipt, PDC drawn on 10B with the applicant bank on 17.09.2015. The defendant no.2 executed Deed of Guarantee on 17.09.2015.

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In order to secure the vehicle loan facility, the defendant no.1 hypothecated the vehicle namely Mercedes Benz, C-220 CDI CKT bearing Registration no. DL1N4931, having Engine no.64293040920140 and Chassis no.WD02211226L006024 with the applicant bank.

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It has been submitted by the applicant bank that after availing the aforesaid loan facility, the defendants failed to comply with the terms and conditions and despite several

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T.A. NO.873 OF 2023

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requests and reminders dated 04.11.2016, 28.02.2017 and 25.10.2017, the defendants failed to pay the outstanding dues and monthly installments in time in time to the applicant bank. Ultimately, the applicant bank classified the account as NPA on 25.01.2018 as per RBI guidelines and issued loan recall notice dated 20.08.2018 but defendants neglected to clear the outstanding dues. Hence, the applicant bank has approached this Tribunal for recovery of their dues.

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Notices of this O.A. were issued to the defendants and despite proper service the defendants have chosen to absent from the proceedings. As per order dated 04.12.2023, the defendants have been proceeded ex-parte as they have not appeared before the Tribunal and even no written statement, evidence and affidavit of assets has been filed on behalf of the defendants.

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In order to prove its case, the applicant bank has filed its evidence by way of filing the various documents such as Power of Attorney, Loan Application, Sanction Letter, Acknowledgement of Sanction Letter, Term Loan Agreement for Medium Term Loan, Promissory Note, Letter of Waiving of Presentment of Pronote, Letter of Margin Money, Deed of Guarantee, Retail Credit report, Consent Clauses, Declaration, Supply Letter, Acknowledgement of receipt of Loan Application, PDC drawn on 10B, Acknowledgement of debt, Letters and Reminders, Statement of account, Recall notice marked as Annexure A-1 to A-22.

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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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T.A. NO.873 OF 2023

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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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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 a period of 30 days, a sum of Rs.17,56,000/- (Rupees Seventeen Lacs Fifty Six Thousand only) as on 08.03.2018 along with pendentelite and future interest @10.45% per annum with monthly rest from 08.03.2018 till the date of realization, failing which the aforesaid amount shall be recovered from the sale of the Hypothecated vehicle namely Mercedes Benz, C-220 CDI CKT, Registration no.DL1N4931 having Engine no.64293040920140 and Chassis no.WD02211226L006024. In case of shortfall, the same shall be recovered from the sale of movable and immovable properties of the defendants.

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(II) The recovery certificate be issued forthwith and be sent 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 04.02.2026.

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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 HARMA) PRESIDING OFFICER DRT-I, DELHI

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(Dictated and pronounced in open court) Dated: 06.12.2025

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Indian Bank v. Vinay Aggarwal

Case brief

What is this about?

What did the court decide?

Indian Bank v. Vinay Aggarwal

Case brief

What is this about?

What did the court decide?

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