Allowed

Yes Bank Ltd. v. Apolo Green Energy Limited and Another

DRT18 Feb 2026OA/1062/2025

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed Yes Bank Ltd.'s original application against Apollo Green Energy Ltd. and Sunil Aggarwal for recovery of INR 2.63 crore. The court authorized realization from hypothecated assets and personal property, modifying the interest rate to 8% p.a.

What did the court decide?

Recovery of INR 2,63,48,209.02 with 8% p.a. simple interest; order for issuance of Recovery Certificate.

Yes Bank Ltd. versus Apolo Green Energy Limited and Another — Company and Corporate | DRT (2026)

¶1

DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

¶2

ORIGINAL APPLICATION NO.1062/2025

¶3

PRESIDED OVER BY MRIDULESH KUMAR SINGH

¶4

DATE OF INSTITUTION: 27.07.2025

¶5

DATE OF DECISION: 18.02.2026

¶6

Yes Bank Ltd., a Banking Company, carrying on the Banking Business under the Banking Regulations Act, 1949, incorporated under the Companies Act, 1956 and having its Registered Office at Yes Bank House, Western Express Highway, Anand Nagar, Vakola, Santacruz(E) Mumbai-400055 and one of its branch offices amongst other places as Yes Bank Ltd., situated in B-XX, 2427-928, 1^ST Floor, Gobind Nagar, Ferozepur Road, Ludhiana-141001 through its Senior Manager Sh. Aashiv Bhayana.

¶7

… …..Applicant

¶8

Versus

¶9

Apollo Green Energy Ltd., through its Directors, Plot No.20, Apollo Tower, Sector 44, District Gurugram, Haryana-122002.

¶10

Sh. Sunil Aggarwal S/o Sh. Narendra Kumar Aggarwal, Director Apollo Green Energy Ltd., R/o 604, Pavilion Height, 3JP Wishtown, Sector 128, NOIDA, Gautam Buddha Nagar, Uttar Pradesh-201313.

¶11

……Defendants

¶12

Advocates:

¶13

Argued by Sh. Manav Singal, Advocate for the Applicant

¶14

Defendants already ex parte vide order dated 06.01.2026

¶15

FINAL ORDER

¶16

Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, against the defendant for recovery of Rs. 2,63,48,209.02 (Rupees Two Crore Sixty Three Lacs Forty Eight Thousand Two Hundred Nine and Paise Two Only). The Original Application has been filed through Sh. Aashiv Bhayana , Senior Manager of the applicant, who is competent to institute the Original Application vide Power of Attorney dated 28.03.2025, which is Annexure A1 to this OA.

¶17

The brief facts of the OA that the defendant no. 1 through its director approached the applicant for grant Term Loan of Rs.499.50

¶18

2 OA/1062/2025

¶19

YES BANK LTD. VS. APOLLO GREEN ENERGY LTD. AND ANOTHER

¶20

Lacs for purchase of Five units of construction equipment vide Loan Application dated 21.06.2024, which is Annexure A2 to this OA. Board Resolution dated 30.07.2024, which is Annexure A3 to this OA.

¶21

The applicant sanctioned the Term Loan of Rs.297.00 Lacs vide Sanction Letter dated 30.07.2024, which is Annexure A4 to this OA and terms and conditions were duly accepted by the defendants.

¶22

4. Defendant no. 1 through its director hypothecatedmachinery i.e. SANY SY215 EXCAVATOR (five nos.) detailed as under:
(i) SANY EXCAVATOR Model: SY215C-9, Machine Serial No.
SY021CE1032D8. Invoice of Machine dated 31.07.2024, which isAnnexure A6to this OA.
(ii) SANY EXCAVATOR Model: SY215C-9, Machine Serial No.
SY021CE1050D8. Invoice of Machine dated 31.07.2024, which isAnnexure A7to this OA.
(iii) SANY EXCAVATOR Model: SY215C-9, Machine Serial No: SY021CE1052D8. Invoice of Machine dated 31.07.2024, which isAnnexure A8to this OA.
(iv) SANY EXCAVATOR Model: SY215C-9, Machine Serial No: SY021CE1053D8. Invoice of Machine dated 31.07.2024, which isAnnexure A9to this OA.
(v) SANY EXCAVATOR Model: SY215C-9, Machine Serial No: SY021CE1054D8. Invoice of Machine dated 31.07.2024, which isAnnexure A10to this OA.
Documents executed: Agreement dated 31.07.2024, which is
Annexure A5to this OA; Loan Recall Notice dated 03.03.2025, which
isAnnexure A11to this OA; Statement of Accounts, which are
Annexures A12 to A16to this OA.
5. The loan accounts became irregular and were classified as NPA
and after adjusting debit and credit entries in loan accounts there were a debit of Rs. 2,63,48,209.02 which is recoverable and the defendants
were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

¶23

3 OA/1062/2025 YES BANK LTD. VS. APOLLO GREEN ENERGY LTD. AND ANOTHER

¶24

The defendants were served notices to appear before this Tribunal. Ms. Diksha Mehta, Advocate appeared on behalf of defendants on 07.10.2025. And file her Memo of Appearance on behalf of defendants and was directed to file Power of Attorney. Thereafter, neither any Power of Attorney was filed nor anyone appeared on behalf of defendants, therefore the defendants were proceeded ex-parte vide order dated 06.01.2026.

¶25

In support of the OA, affidavit of Sh. Aashiv Bhayana , Senior Manager, Yes Bank Ltd. has been filed.

¶26

Heard ex-parte arguments and perused record.

¶27

It was argued by learned counsel that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexures A1 to A16 to this OA, it is proved that the defendants approached applicant for availing of the loan facilities which were granted to them and for that they had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loans as per terms and conditions of the agreement between the parties. Subsequently, accounts of the defendants were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs. 2,63,48,209.02 (Rupees Two Crore Sixty Three Lacs Forty Eight Thousand Two Hundred Nine and Paise Two Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the accounts.

¶28

In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @24%p.a. with monthly rests from 09.07.2025 till the date of realization.

¶29

The Tribunal is of the considered opinion that sometimes in appropriate cases the prerogative of mercy is the brightest jewel in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including nature of the hypothecated assets, undertaking of the defendants, quantum of loans and prevalent market rates of

¶30

¶31

OA/1062/2025

¶32

YES BANK LTD. VS. APOLLO GREEN ENERGY LTD. AND ANOTHER

¶33

interest which have gone drastically downhill in yester years, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @08.00%p.a. in all the loan accounts from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.

¶34

In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs. 2,63,48,209.02 (Rupees Two Crore Sixty Three Lacs Forty Eight Thousand Two Hundred Nine and Paise Two Only) with costs, current and future simple interest @08.00%p.a. in all the loan accounts from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of hypothecated machineries of the defendants in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the applicant still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law.

¶35

12. Any other application pending stands disposed of. 13. Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 06.03.2026. 5. Copy of this order be given Dasti to the applicant and be sent to defendant through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned. Pronounced by me in the open Tribunal . Dated: 18.02.2026. (MRIDULESH KUMAR SINGH) Presiding Officer,

¶36

DRT-III, Chandigarh

¶37

¶38

OA/1062/2025

¶39

YES BANK LTD. VS. APOLLO GREEN ENERGY LTD. AND ANOTHER

Yes Bank Ltd. v. Apolo Green Energy Limited and Another

Case brief

What is this about?

What did the court decide?

Yes Bank Ltd. v. Apolo Green Energy Limited and Another

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

State Bank of India versus Sh. Bawa Ram

State Bank of India versus M/S Satkar Industries and Another

State Bank of India versus M/S King of Spices and Another

Kotak Mahindra Bank Limited versus Sh. Gursewak Singh and Others

Punjab Gramin Bank versus Sh. Balwinder Singh

Union Bank of India versus Sh. Jagtar singh and Others