Allowed

Kotak Mahindra Bank Limited v. Mr. Alok Raghuvanshi

DRT27 Aug 2026OA/110/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's original application under the SARFAESI Act and RDB Act for recovery of Rs. 5,21,28,421 along with interest and costs from the two defendants who failed to repay a home loan facility. The order was passed ex parte as defendants did not appear.

What did the court decide?

Direct respondents to pay jointly and severally Rs. 5,21,28,421 with interest at 18% per annum and costs within 30 days. Recovery from sale of assets if unpaid. Issue Recovery Certificate.

Kotak Mahindra Bank Limited versus Mr. Alok Raghuvanshi — Banking and Recovery | DRT (2026)

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Before SUSHIL^{KUMARRASTOGI, Presiding Officer} Debts RecoverY Tribunal-Il,^Delhi

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OA No.llo OF 2024 KOTAK MAHINDRA^{BANKLTDVS MR. ALOK} RAGHUVANSHI &^ORS

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Resewed on t L5.O7-2O26 Pronounced on^{: 27.O8.2026}

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Kotak Mahindra^{Bank Ltd} Vs.

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-Applicant bank

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Mr. Alok^Raghuvanshi

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Ms. Sunita^Raghuvanshi

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Defendants

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Present: Shri. Arun^{Aggarwal, Counsel appearsfor} applicant^bank. oLienaants^{are exparte, since, 01'04'2026'}

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FINAL ORDER

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This original^{application has been filed by the} applicant^{bank, on L6.0t.2024throughMr' Manish Sati'} Senior^{Managerof the applicantbank, underSection} 13(10) of^{the SARFAESIAct, 2002 and Rule 11 of the} Security^{Interest (Enforcement) Rules, 2002 read with} Section^{19 of the RDB Act, 1993 againstthe defendants} for recovery^{of a sum of Rs'5,21,28,42L1- along with} costs, charges^{and expenses as well as pendentelite and} future interest^{from date of fiting of this O'A' till the} realization^{in full.}

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The^{brief facts of the case are that the defendants} had approached^{Bajaj FinanceLimited/BFl to availa} Based on^{the request and} Home Loan^facilitY. representations^made by the defendants,^{BFL had} CI

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OANO. ll0of2024

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advanced loan^{of Rs.1,47,50,000, vide loan} account no.4O10HLO0L7397O^{agreement dated} 30.11.2011. in^{order to secure the said loan facility} defendants^{had createdequitable mortgage in favourof} BFL. The defendans^{had againapproachedBFL for} enhancement of^{the said loan facility and after} considering the^{requests and representations of the} defendants,^{BFL had granted the loan facilities i'e" Loan} account no'^{(1). 4010H100273409of Rs't,83'28'7941-} agreement^{dated 31.10'2Ot2'(2)' 4010H100273410of} Rs.88,71,251/-^{agreement dated 31'10'2012'(3)'} 4010H100404919^{of Rs.76,00,000/- agreement dated} 31.08.2013'^{(4). 4010H101768680of Rs'51'00'000/-} agreement^{dated 13.02'2014' It is further submiftedthat} account^{no.4010HL00173970was} the existing^loan closed from^the loan amount of loan^account loan^account Therefore, no.4010H100273409. 4010H100404919, nos.4010H100273409, 4010H100273410^{and 4010H101768680had become} operative.^{It is submitted that BFL has,vide an} assignment^{agreementdated 28'11'2016has assigned} and released^{to/in favour of the applicant,the right, title,} underlying^{security interest and financial documentsin} respect of^{the said loan accounts' As per the said} assignment^{agreement, applicanthad become full and} absoluteownerandassuchislegallyentitledtoreceive the repayment^{of the financial facilities or any part} thereof^{including the right to flle suit' institute such other} proceedings^{in its own name and to take such other} actions^{as may be required for the purposeof recovery} of said^{financialfacilities' from the records forwardedby} BFL at^{the time of assignmentit was observed that} pursuant to the^{defaultscommittedby the defendants in}

OANO. ll0 of 2024

making repayment of^{the loan facilities,BFL had} initiated Arbitration^{Proceedings against the defendants} under the^provisions of^{arbitration and conciliationact,} 1996 wherein the learned^{arbitrator was pleasedto pass} arbitral awards^{i.e., Loan Account- (1).4010HL0 0273409} of Rs.19002569.79.^{(2). 4010H100404919of Rs.} 8255802.55.^{(3).4010H1002734L0 of Rs' 9198'146.96.} (4).401OHLO 1768680 of Rs. 5547447.4L.The^applicant had filed execution^{petitions before Hon'bleDRT-I, Delhi} under section^31A of^{Recoveryof Debts and Bankruptcy} Act, 1993, against the^{arbitralawardsdated 11.09.2015} for issuance of^{Recovery Certificate, however, the learned} Debt Recovery^{Tribunal was pleased to dismiss the said} execution^{petitionsvide order dated 19.09.2023 giving} liberty to the applicant^{to approach appropriateforum for} getting the award executed.

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It is further submitted^{that the defendants enjoyed} and utilized the^{Loan facilities, but failed to maintain the} financial discipline^{and failed to repay the due amounts'} The applicant bank^{requested the defendants to} regularize the^{loan account by visits and letters, but there} was no response^{from the defendants. Hence, the} account was classified^{as NPA. The present O'A' is} preferred by the applicant bank^{to recover its dues'}

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On notice by^{this Tribunal, defendants failed to} put appearance at all, despite^{seruice.Accordingly, the} defendants were^{proceededagainst exparteon} 0t.04.2026.

S.\ \

OA NO. ll0 of 2024

The applicant bank has^{filed evidence by way of} affidavit of Shri. Manish Sati, Senior^Manager of the applicant bank as Paper No.1 to Paper^No.271,which have gone unchallenged and un-rebutted. Hence,^the case of the applicant stands fully established against the defendants with respect to nonpayment of outstanding amount.

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After^perusing the records, this Tribunal is of the view that the applicant bank has^proved its case beyond reasonable doubts. The evidence and documents filed by the applicant bank not rebufted by the defendants by not placing any evidence and there is no question of disbelieving the evidence and documents filed by the applicant bank based upon the written/printed documents.

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In the light of the above discussions, the^present O.A. deserues to be allowed.

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ORDER

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I hereby allow this O.A. of the applicant bank and direct the defendant nos.1 and 2 to^{pay jointly} and severally to the applicant bank within 30 days from today, a sum of Rs.5,21,28,4211- along with cost, expenses and interest @lt.67o/o from the date of filing of this O.A. till the date of realization.

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In case of failure to deposit the above amount within the stipulated^period, the same shall be recovered e_\

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OA NO. ll0 of 2024

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from the sale of^personal movable and immovable assets ofthe defendant nos.1 and2.

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Recovery Certificate be issued forthwith and be sent to Recovery Officer, Debts Recovery Tribunal-Il, Delhi.

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The registry of this Tribunal is hereby directed to issue free copy of the order and send the same to both the parties.

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Parties are directed to appear before the Ld. Recovery Officer, DRT-II, Delhi on 27.t0.2026. Pending lAs, if any, stand disposed of.

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File be consigned to records.

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s^ Date :27.08.2026 ( sus H r L-KU MAn'Cnstocr ) PRESIDING OFFICER DRT-II, Delhi

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This^judgement has been signed, dated and

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pronounced in open court.

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E-<br>

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Date:27.08.2026

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"' (susHrL KUMAR RASfOGT) PRESIDING OFFICER DRT-II, Delhi

Kotak Mahindra Bank Limited v. Mr. Alok Raghuvanshi

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Kotak Mahindra Bank Limited v. Mr. Alok Raghuvanshi

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