OA NO. 1264/2025 KOTAK MAHINDRA BANK LIMITED VS. BHED RAM AND ANOTHER of the applicant, who is competent to institute the Original Application vide Resolution dated 29.11.2024, which is Annexure A1 to this OA. 2. The brief facts of the OA are that the Defendant no.1 approached the applicant for grant of Term Loan for purchase of construction equipment i.e. Hydraulic Excavator SY210R of Rs.50,29,140.00 vide Individual Customer Relation Form dated 01.12.2023, which is Annexure A3 to this OA. Defendant no. 2 stood as Guarantor. 3. The applicant sanctioned Term Loan for purchase of construction equipment of Rs.50,29,140.00 and the terms and conditions were duly accepted by the defendants, vide Loan cum Guarantee Agreement along with schedules dated 01.12.2023, which is Annexures A4 to this OA. 4. Defendant no.1 hypothecated his Construction Equipment namely Hydraulic Excavator SY210R, bearing Serial No. 23SY210C001947, vide Tax Invoice dated 30.11.2023, which is Annexure A2 to this OA. Documents executed: Demand Promissory Note dated 01.12.2023, which is Annexure A5 to this OA; Power of Attorney dated 01.12.2023, which is Annexure A6 to this OA; Loan Recall Notice dated 22.08.2025, with postal receipts, which is Annexure A7 to this OA; Statement of account with certificate, which is Annexure A8 to this OA. 5. The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in the loan account there was a debit of Rs.37,60,934.17 (Rupees Thirty Seven Lacs Sixty Thousand Nine Hundred Thirty Four & Paise Seventeen Only), 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. 6. The defendants were served summons to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte vide order dated 30.03.2026.
