Allowed

State Bank of India v. Nng Import Export Pvt. Ltd.

DRT27 Jul 2026OA/17/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the original application filed by the applicant bank for recovery of dues amounting to Rs.1,21,98,714/- along with interest and costs, passed an ex-parte order against the absent defendants, and directed recovery from hypothecated assets and properties.

What did the court decide?

Direct defendants to pay Rs.1,21,98,714/- with interest @15% p.a. within 30 days, recoverable from hypothecated goods, book debts, and properties.

State Bank of India versus Nng Import Export Pvt. Ltd. — Company and Corporate | DRT (2026)

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O.A. No.17 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. 17 of 2024

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M^{ate Bank of India}

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$ARB-II Branch, SBI House 18/4, 4th Floor, Arya Samaj Road Karol Bagh, New Delhi-110005 Applicant

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Versus

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M/s NNG Import Export Pvt.Ltd. Through its directors Plot No.20, Secona Floor, Pocket-2 ,)asola, Defence Colony, New Delhi-110025

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Also at:

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Plot No.T-7, Ground Floor, Okhla Industrial Area Phase II Delhi-110020

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Iso at: -4, Second Floor, Nyay Khand djacent to Aggarwal Sweets I dirapuram, Ghaziabad, UP-201014

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Also at:

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D-133, Ground Floor, Okhla Industrial Area hase I, New Delhi-110020 . Sh.Aakash Arora s/o Sh.Brij Mohan Arora irector/Guarantor lot No.20, Second Floor, Pocket-2 asola, Defence Colony, New Delhi-110025

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Smt.Madhu Sharma d/o Sh.Nathu Lal Dixit /o H.No.931, Second Floor, iti Khand-I, Shipra Sun City I dirapuram Fatiyabad, Nihaura haziabad, UP-201102 Defendants resent: Sh.Ashok Kumar Bahl, Counsel for applicant bank Date of Reserve: 03.07.2026 Date of Pronouncement: 27.07.2026

O.A. No.17 of 2024

FINAL ORDER

This original application has been filed by the applicant bank on 28.12.2023. through Shri Sharavan Kumar Jha, uthorized representative of the applicant bank under Section 19 of Recovery of Debts and Bankruptcy Act,1993 against the efendants for recovery of a sum of Rs.1,21,98,714/- (Rupees ne Crore Twenty One Lacs Ninety Eight Thousand Seven Ilundred Fourteen only) as on 31.10.2023 together with endentelite and future interest @15.00% per annum with Monthly rest from 01.11.2023 with costs.

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The brief facts of the case are that defendant No.1 O^{rough its directors/guarantors being defendant no.2 & 3 were} enjoying Export Packing Credit (EPC) facility of Rs.20.00 lacs nd Inland LC Bills Discounting limits of Rs.20.00 lacs with the applicant bank. On the request of defendant no.1, the applicant lank enhanced the EPC limit to Rs.60.00 lacs along with orward Contract Limit of Rs.20.00 lacs and Derivative limit of s.1.30 lacs on 11.10.2017 which was renewed / modified from time to time, lastly on 04.08.2021 by sanctioning EPC limit of s.80.00 lacs @10.90% interest, GECL loan of Rs.16.00 lacs 7.40% interest, Demand Loan (CCECL) of Rs.6.00 lacs 7.75% interest and additional GECL 10% of Rs.8.00 lacs 65% interest per annum, totaling Rs.110.00 lacs against h pothecation of stock, book debts and current assets of defendant no.1. The demand loan (CCECL) was to be repaid

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10 EMIs of Rs.58,111/- after moratorium of 24 months, ECL limit to be repaid in 36 EMIs of Rs.44,445/- from January 2023 and additional 10% GECL limit to be repaid in 36 EMIs of s.22,223/- which was agreed by the defendant no.1. the d fendants agreed to pay penal interest @5% in respect of i regularities in the account.

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O.A. No.17 of 2024

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That in order to avail the loan facilities, the defendant 0.1 through its directors executed Board Resolution cum Application dated 04.08.2021 with KYC & Other documents, [letter of Arrangements, Revival Letters, Supplemental Agreement of Loan cum Hypothecation, Letters of Guarantees rrangements on various dates as and when the limits were viewed/modified/sanctioned by the applicant bank.

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It has been submitted by the applicant bank that after vailing the various loan facilities, the defendants failed and neglected to adhere to the financial discipline as per terms and conditions of the sanction and regularize the account despite r gular follow up. Ultimately, the account became irregular and applicant bank classified the account as NPA on 29.12.2022 as per RBI guidelines and issued legal notice to defendants on 09.11.2023 recalling the outstanding but no response, hence, t e applicant bank has approached this Tribunal for recovery o their dues.

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Notice under section 13(2) of the Securitization and econstruction of Financial Assets and Enforcement of Security I terest Act 2002 dated 19.01.2023 was issued by the applicant bnk but defendants failed to clear the dues or give sufficient securities against the dues as promised.

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Notices of this O.A. were issued to the defendants and despite of proper service, the defendants have chosen to absent from the proceedings. As per order dated 22.04.2026, the defendants have been proceeded ex-parte as not appeared before the Tribunal and even no written statement, evidence and affidavit of assets have been filed by the defendants.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Sharavan Kumar Jha,

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O.A. No.17 of 2024

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uthorized representative of the applicant bank who has roved the documents such as Board Resolution cum 1,pplication of Respondent No.1, Letters of Arrangement, evival Letter, Supplemental Agreement of Loan-cumypothecation, Guarantee Agreement, Notice u/s 13(2) of ARFAESI Act dated 19.01.2023, Legal Notice dated 9.11.2023, Statement of Loan Accounts certified under ankers' Books Evidence Act marked as Ex.AW-1/1 to Ex.AW1/13(Colly).

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The applicant bank has fully corroborated the averments ade in the O.A. Even otherwise the whole case of the ,pplicant bank is based on the documents and the same have een duly proved.

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The case filed by the applicant bank gone unrebutted and t ere is no question of disbelieving the case of the applicant ank and the applicant bank has proved its case beyond r asonable doubts.

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In the light of the above discussions, the Original pplication 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 pplicant bank, jointly or severally, within a period of 30 days, sum of Rs.1,21,98,714/- (Rupees One Crore Twenty One acs Ninety Eight Thousand Seven Hundred Fourteen only) as n 31.10.2023 together with pendentelite and future interest 15.00% per annum from 01.11.2023 till the date of realization iling which the aforesaid amount shall be recovered from the le of hypothecated goods/assets, book debts etc. and costs.

O.A. No.17 of 2024

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

State Bank of India v. Nng Import Export Pvt. Ltd.

Case brief

What is this about?

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State Bank of India v. Nng Import Export Pvt. Ltd.

Case brief

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What did the court decide?

What the court decided

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