Allowed

Indusind Bank Limited v. Oplos Medicare Pharmaceuticals Private Limited

DRT27 Jul 2026OA/122/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by IndusInd Bank for recovery of outstanding dues. The tribunal directed all respondents, including the primary borrower and guarantors, to jointly and severally pay the principal amount with interest and costs, and directed the issuance of a recovery certificate.

What did the court decide?

Order allowing the application and directing respondents to pay Rs. 3,04,42,516/- with interest within 30 days; Recovery Certificate to be issued immediately.

Indusind Bank Limited versus Oplos Medicare Pharmaceuticals… — Company and Corporate | DRT (2026)

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O.A. No.122 of 2024

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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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O.A. No. 122 of 2024

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IndusInd Bank Limited Unit Nos.TF-2 to TF-8 Vasant Square Mall, 3rd Floor Vasant Kunj, New Delhi-110070 Applicant

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Versus
1. M/s Oplos Medicare Pharmaceuticals Private Ltd. Through its Directors: Plot No.93, 1st Floor, Block C, Sector-21Bawana DSIIDC, Delhi-110039
2. Sh.Vaibhav Arora R/o 43B, Alok Nagar, Garhi Bhadoria Agra, UP-282010
3. Sh.Arpit Vohra R/o C-203, Poojari Apartment Shiv Vihar, Paschim Vihar New Delhi-110087
4. Sh.Subhash Chandra Vohra R/o 43B, Alok Nagar, Garhi Bhadoria Agra, UP-282010
5. Ms.Nikita Agarwal Vohra R/o C-203, Poojari Apartment Shiv Vihar, Paschim Vihar New Delhi-110087 Defendants
Present: Ms Usha Singh, Counsel for the applicant bank
Date of Reserve: 10.07.2026
Date of Pronouncement: 27.07.2026

O.A. No.122 of 2024

FINAL ORDER

This original application has been filed by the applicant bank on 23.02.2024 through Sh.Yatendra Kumar, authorized representative of the applicant bank under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 (as amended upto date) read with Rule 8 of the Debt Recovery (Procedure) Rules 1993 against the defendants for recovery of Rs.3,04,42,516/(Rupees Three Crores Four Lacs Forty Two Thousand Five Hundred Sixteen only) as on 31.01.2024 together with pendentelite and future interest @documented rate of interest until date of realization and costs.

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The brief facts of the case are that defendant no.1 being private limited company through its directors being defendant no.2. and 3 along with defendant no.2 to 5 as guarantors, was sanctioned Cash Credit (Hyp) limit of Rs.200.00 lacs (Rupees Two Crores only) on 03.05.2017 @10.75% interest per annum with monthly rests for working capital requirement which was renewed on 27.04.2020 against hypothecation of current assets, stock of raw materials, work in progress, book debts and equitable mortgage of property no.43B, Alok Nagar, Garhia Bhadoria, Agra, UP owned by defendant no.4 who stood guarantor for the credit facilities sanctioned in favour of defendant no.1. On the request of defendant no.1, the applicant bank sanctioned WCTL facility under GECL of Rs.40.33 lacs (Rupees Forty Lacs Thirty-Three Thousand only) on 31.07.2020. The defendant no.1 through Board Resolution dated 27.04.2020 and 31.07.2020 accorded approval for availing credit facilities with terms and conditions from applicant bank. The defendant no.2 mortgaged his property for the credit facilities availed by defendant no.1.

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O.A. No.122 of 2024

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In order to avail the credit facilities, the defendant no.1 through its directors / guarantors executed Sanction Letters, Master General Terms Agreement, Agreement of Cash Credit/Overdraft Facility with Terms and Conditions, Hypothecation Agreement for Multi Facility Purpose for Plant & Machinery and other Movable Assets and book debts, Letter for Continuing Guarantee by defendant no.1 on 04.05.2017 as well as Letter of Lien & Set Off, Declaration for Takeover of Properties by Defendant no.4 on 06.05.2017.

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4. The defendants executed Letter of Acceptance, Demand Promissory Note, Agreement for WCTL, Master Agreement and Authorization Letter on 30.03.2021 after restructuring of the account. Further, the defendants executed Letter of Acceptance of Sanction of Terms & Conditions, Master Agreement, Agreement of FITL, Authorizations, Undertakings after restructuring of the account on 30.09.2021 and 30.10.2021.

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That in order to secure the credit facilities, the defendant no.1 hypothecated the entire Stocks, Book Debts, Plant & Machinery, Furniture & Fittings, Receivables and other Currents Assets as prime security on 06.05.2017 held at Plot No.93, 1st Floor, Block C, Sector-2, Bawana, DSIIDC and also executed Ungedged Foreign Currency Exposure Undertaking on 27.04.2020, Undertaking dated 31.07.2020 and Supplemental Deed of Hypothecation for Plant & Machinery and other Movable Assets, Term Loan Agreement on 14.08.2020 towards applicant bank.

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In addition, defendant no.4 executed Memorandum of Entry for Deposit of Title Deed on 02.06.2017 by depositing

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O.A. No.122 of 2024

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title deed of property bearing No.43B, Alok Nagar, Garhia Bhadoria, Agra, UP-282010 to create equitable mortgage in favour of applicant bank for credit facilities availed by defendant no.1. Further, defendant no.4 executed Supplemental Memorandum of Entry under NCGTC and Declaration dated 14.08.2020 for creating security interest.

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It has been submitted by the applicant bank that after availing the loan facilities, the defendants miserably failed and neglected to pay the interest and instalment and maintain financial discipline as per terms and conditions despite various notices and reminders. The applicant bank classified the account as NPA on 31.03.2022 as per extant RBI guidelines but defendants made no efforts to regularize the account hence the applicant bank has approached this tribunal for recovery of its dues.

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Notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 dated 01.06.2022 was issued to the defendants calling to pay outstanding of Rs.2,41,47,355/- as on 31.03.2022 along with future interest.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Yatendra Kumar as authorized representative of the applicant who has proved the documents such as Affidavit in Evidence, Power of Attorney, Sanction Letters, Agreement of Cash Credit/Overdraft Facility, Hypothecation Agreement for Multi Facility Purpose, Letter for Continuing Guarantee, Declaration for Takeover of Properties, Letter of Lien & Set Off, Memorandum of Entry for Deposit of Title Deed, Request and Sanction Letter, Unhedged Foreign Currency Exposure Undertaking, Letters dated 20.07.2020,

Si)

O.A. No.122 of 2024

Undertaking dated 31.07.2020, Supplemental Deed of Hypothecation, Term Loan Agreement, Supplemental Memorandum of Entry, Certified Statement of Accounts, Certificate u/s 2A of Banker's Books Evidence Act marked as Ex.AW1/1 to Ex.AW1/22.

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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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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.3,04,42,516/- (Rupees Three Crores Four Lacs Forty Two Thousand Five Hundred Sixteen only) as on 31.01.2024 together with pendentelite and future interest @10.35% per annum with monthly rests from 01.02.2024 till the date of realization with costs, failing which the aforesaid amount shall be recovered from the sale of hypothecated stocks, book debts, machinery, current assets and sale of mortgaged property bearing no.43B, Alok Nagar, Garhia Bhadoria, Agra, UP owned by defendant no.4. In case of

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O.A. No.122 of 2024

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shortfall, the same shall be recovered from the sale of movable and immovable properties of defendants.
(II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.
(III)Parties are directed to appear before the Recovery Officer, DRT I, Delhi on 25.09.2026.
(IV)Copies of final order as well as Recovery Certificate are
to be sent to all concerned free of cost. (GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI
(Dictated and pronounced in open court) Dated: 27.07.2026

Indusind Bank Limited v. Oplos Medicare Pharmaceuticals Private Limited

Case brief

What is this about?

What did the court decide?

Indusind Bank Limited v. Oplos Medicare Pharmaceuticals Private Limited

Case brief

What is this about?

What did the court decide?

What the court decided

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