Allowed

Hdfc Bank v. Electroplaza Technologies Private Limited

DRT4 May 2026MA/111/2026

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the bank's application for a Recovery Certificate. The court noted the defendants' breach of a Lok Adalat settlement by failing to pay agreed installments, despite a minor payment by a third party.

What did the court decide?

Issuance of a Recovery Certificate directing the Recovery Officer to realize the outstanding amount of Rs. 22,17,48,312.36 from the defendants' assets.

Hdfc Bank versus Electroplaza Technologies Private Limited — Company and Corporate | DRT (2026)

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Supp. Item No. 01 Case No. MA/111/2026 IN OA NO. 161/2023

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HDFC BANK Vs ELECTROPLAZA TECHNOLOGIES PRIVATE LIMITED

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Date: 04.05.2026

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Proceedings through hybrid mode Present:

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Shri Akash Sharma, Counsel for the Applicant

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Ms. Anjali Sharma, Counsel for the Respondents

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This Misc. application filed by the applicant bank for issuance of Recovery Certificate in OA no. 161/2023.

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This Original Application was filed by the applicant bank on 11.01.2026 for recovery of outstanding amount of Rs. 22,17,48,312.36/- from the Defendants.

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During the pendency of the aforesaid Original Application, the matter was referred to Lok Adalat, and the parties arrived at a settlement. The said settlement culminated into a final Award passed by the Lok Adalat dated 14.11.2025, whereby the Defendant(s) undertook to discharge their liability strictly in terms of the conditions mentioned in the said Award.

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As per the terms of the Lok Adalat Award dated 14.11.2025, the Defendant(s) were obligated to make payment of agreed settlement amount of Rs. 20,75,00,000/- (Rupees Twenty Crore Seventy Five Lakh Only), wherein the defendant had deposited a Demand Draft of Rs. 50,00,000/- dated 01.10.2025 bearing no. 513443 and a Demand Draft of Rs. 50,00,000/- dated 12.11.2025 bearing no. 513480 as a mode of down payment as agreed by the respondents. Further, the rest amount of Rs. 19,75,00,000/- (Rupees Nineteen Crore Seventy Five Lakh Only) was to be paid in the following manner as stated hereinafter: Installments:-

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a) Rs. 5.00 Crore till 28.02.2026

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b) Rs. 5.00 Crore till 30.06.2026 c) Rs. 5.00 Crore till 30.09.2026 d) Rs. 4.75 Crore till 31.12.2026

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The defendants herein has failed to even deposit even a single tranche with the applicant bank of Rs. 5,00,00,000/- (Rupees Five Crore Only) which was to be paid on or before 28.02.2026 and till date has only deposited an amount of Rs. 6,46,405.18/-

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(Rupees Six Lakh Forty Six Thousand Four Hundred Five and Eighteen Paise Only) after the settlement as agreed in the spirit of Lok Adalat on 14.11.2025. Perusal of account statement shows that Rs. 6,46,405.18/- (Rupees Six Lakh Forty Six Thousand Four Hundred Five and Eighteen Paise Only) have been deposited by some third party not by the respondent. Therefore, the applicant bank prayed for issuance of Recovery Certificate for recovery of the outstanding amount.

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In this matter, on the previous date the counsel for the respondent has requested to keep the matter on Monday i.e. today and they will come up with Demand Draft today. It is stated by the counsel for the respondent that Demand Draft is not available as the borrower is in West Bengal.

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Heard arguments and perused the record.

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a) The Defendants are jointly & severally liable to pay to the applicant bank a sum of Rs. 22,17,48,312.36 (Rupees Twenty Two Crore Seventeen Lakh Forty Eight Lakh Three Hundred Twelve and Paise Thirty Six Only) with interest @ 18% p.a. from 11.01.2023 till the date of realization.

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b) The amount recovered after filing of original application shall be reduced from recovery amount and Recovery Officer shall issue demand notice for balance amount.

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c) The applicant bank is entitled to recover the above amount from the sale of the following immovable assets:-

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i. Residential Property: Plot No. 1/45, Sector 1, Malviya Nagar, Jaipur-302017 admeasuring at 3225 sq. ft. standing in the name of defendant no. 3 and 4.

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ii. Office: Shop No. G- 8, Ground Floor, Plot No. 1, City Plaza, Doctors Bunglow, Nirvan Marg, Bani Park, Jaipur- 302016 Rajasthan admeasuring at 751 sq. ft. standing in the name of defendant no. 3.

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iii. Showroom: G- 41, Ground Floor, Plot No. 1, City Plaza, Doctors Bunglow, Nirvan Nagar, Bani Park, Jaipur- 302016, Rajasthan admeasuring at 4332.21 sq. ft. in the name of defendant no. 1.

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iv. Residential Property: Plot No. 208, Rameshwar Dham Colony, Murlipura, Sikar Road, Jaipur302013, Rajasthan admeasuring 6268 sq. ft. in the name of defendant no. З.

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v. Residential Property: Plot No. 209, Rameshwar Dham Colony, Murlipura, Sikar Road, Jaipur302013, Rajasthan admeasuring 5000 sq. ft. in the name of defendant no. 3.

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d) The applicant bank shall also entitle to recover the above amount from the personal movable and immovable properties/assets of Defendants. The applicant bank is entitled to proceed against the same towards recovery of its debt.

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The recovery certificate be issued forthwith and be sent to the Recovery Officer, DRT, Jaipur.

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Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 15.06.2026.

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10.Prepare Recovery Certificate accordingly.

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11.A copy of the Judgment and Recovery Certificate be given or sent by registered post to each of the parties free. A copy of the Recovery Certificate be sent to the Recovery Officer of this Tribunal for necessary action as per the law.

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12.In view of above, this Misc. Application stands disposed of as allowed. File be consigned to record and tagged with its original application, as per rules. Copy of order be uploaded on website.

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(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

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Order pronounced in the open Court today i.e. 04.05.2026.

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(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

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BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR

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PRESENT- SHRI VIMAL GUPTA

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PRESIDING OFFICER

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O.A. NO. 161 OF 2023

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DATE OF DELIVERY OF ORDER 04.05.2026

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RECOVERY CERTIFICATE

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(UNDER SUB Section 22 of the Recovery of Debts due to Banks and Financial Institutions Act, 1993 (Act 51 of 1993)

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HDFC Bank Limited having its Registered Office at HDFC Bank House, S.B. Marg, Lower Parel (West), Mumbai- 400013 and Branch Office at 414-417, Hawa Mahal Road, Subhash Chowk, Jaipur, Rajasthan - 302002, through its Authorized Signatory Sh. Kailash Sharma.

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. …..Applicant Bank…..

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VERSUS

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Electroplaza Technologies Private Limited Erstwhile as Envision Jaipur Sales Private Limited through its Directors, Address- F 103104, City Plaza, Space Cinema, Jhotwara Road, Jaipur- 302016, Rajasthan.

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Also at: -

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Electroplaza Technologies Private Limited Erstwhile as Envision Jaipur Sales Private Limited through its Directors, Address- A- 131, Nehru Nagar, Bassi, Sitaram Pura, Jaipur302015, Rajasthan.

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Mrs. Parul Surolia W/o Shri Sanjeev Kumar Surolia, Address-F 103-104, City Plaza, Space Cinema, Jhotwara Road, Jaipur302016, Rajasthan.

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Also at: -

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Mrs. Parul Surolia W/o Shri Sanjeev Kumar Surolia, Address- A- 131, Nehru Nagar, Bassi, Sitaram Pura, Jaipur- 302015, Rajasthan

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Mr. Sanjeev Kumar Surolia S/o Late Sh. Shyam Sundar Surolia, Address- F 103-104, City Plaza, Space Cinema, Jhotwara Road, Jaipur- 302016, Rajasthan.

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Also at: -

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Mr. Sanjeev Kumar Surolia S/o Late Sh. Shyam Sundar Surolia, Address- A131, Nehru Nagar, Bassi, Sitaram Pura, Jaipur- 302015, Rajasthan

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Mrs. Draupadi Devi Surolia W/o Late Sh. Shyam Sundar Surolia, Address- F 103-104, City Plaza, Space Cinema, Jhotwara Road, Jaipur- 302016, Rajasthan.

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Also at:-

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Mrs. Draupadi Devi Surolia W/o Late Sh.Shyam Sundar Surolia, AddressA- 131, Nehru Nagar, Bassi, Sitaram Pura, Jaipur- 302015, Rajasthan

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……Defendants…..

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Recovery Certificate for Rs. 22,17,48,312.36

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In terms of final order dated 04.05.2026 passed by this Tribunal in the above mentioned case, it is ordered that -

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a) The Defendants are jointly & severally liable to pay to the applicant bank a sum of Rs. 22,17,48,312.36 (Rupees Twenty Two Crore Seventeen Lakh Forty Eight Lakh Three Hundred Twelve and Paise Thirty Six Only) with interest @

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18% p.a. from 11.01.2023 till the date of realization.

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b) The amount recovered after filing of Original application shall be reduced from recovery amount and Recovery Officer shall issue demand notice for balance amount.

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c) The applicant bank is entitled to recover the above amount from the sale of the following immovable assets:-

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i. Residential Property: Plot No. 1/45, Sector 1, Malviya Nagar, Jaipur-302017 admeasuring at 3225 sq. ft. standing in the name of defendant no. 3 and 4.

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ii. Office: Shop No. G- 8, Ground Floor, Plot No. 1, City Plaza, Doctors Bunglow, Nirvan Marg, Bani Park, Jaipur- 302016 Rajasthan admeasuring at 751 sq. ft. standing in the name of defendant no. 3.

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iii. Showroom: G- 41, Ground Floor, Plot No. 1, City Plaza, Doctors Bunglow, Nirvan Nagar, Bani Park, Jaipur- 302016, Rajasthan admeasuring at 4332.21 sq. ft. in the name of defendant no. 1.

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iv. Residential Property: Plot No. 208, Rameshwar Dham Colony, Murlipura, Sikar Road, Jaipur302013, Rajasthan admeasuring 6268 sq. ft. in the name of defendant no. 3

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v. Residential Property: Plot No. 209, Rameshwar Dham Colony, Murlipura, Sikar Road, Jaipur302013, Rajasthan admeasuring 5000 sq. ft. in the name of defendant no. 3.

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d) The applicant bank shall also entitle to recover the above amount from the personal movable and immovable

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properties/assets of Defendants. The applicant bank is entitled to proceed against the same towards recovery of its debt.

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e) Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 15.06.2026.

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The Recovery Officer shall realize the amount as per this Certificate in the manner and mode prescribed under Section 25 and 28 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (as amended from time to time) from the above named Certificate Debtor.

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(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

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Hdfc Bank v. Electroplaza Technologies Private Limited

Case brief

What is this about?

What did the court decide?

Hdfc Bank v. Electroplaza Technologies Private Limited

Case brief

What is this about?

What did the court decide?

What the court decided

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Statutes considered

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Case details

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