Allowed

Idfc First Bank Ltd. v. Ms Yo Yatra Tours and Travels Private Limited

DRT22 May 2026OA/27/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by IDFC First Bank Ltd. for recovery of Rs. 28.89 Lakhs dues from three defendants, including a private limited company and its directors, as the case was proved beyond doubt and stood unrebutted.

What did the court decide?

Defendants directed to pay Rs. 28,89,725.21 with interest and costs within 30 days; recovery certificate issued; sale of properties authorized if payment not made.

Idfc First Bank Ltd. versus Ms Yo Yatra Tours and Travels Private Limited — Arbitration | DRT (2026)

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O.A. No. 27 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. 27 of 2024

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IDFC First Bank Ltd. Upper Ground Floor No.62/20 Opposite to New Prem Dhaba New Rohtak Road, Karol Bagh New Delhi-110005

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Applicant

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Versus

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M/s Yo Yatra Tours & Travels Pvt.Ltd. 47/22, F-103, Aman Chamber Old Rajender Nagar, Pusa Road New Delhi-110060

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Sh.Sanjay Madan s/o Manohar Lal R/o M-1/B-8, Jhulelal Apartment Road 44 Pitampura, Saraswati Vihar, Delhi-110034

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Ms Chandrika Madan w/o Sh.Sanjay Madan R/o M-1/B-8, Jhulelal Apartment Road 44 Pitampura, Saraswati Vihar, Delhi-110034 Defendants

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Present: Sh.Sejal Jain, Counsel for the applicant bank

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Date of Reserve: 07.05.2026

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Date of Pronouncement: 22.05.2026

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FINAL ORDER

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This original application has been filed by the applicant on 12.01.2024 through Shri Prateek Chibber, authorized representative of the applicant bank under Section 19(1) of Recovery of Debts and Bankruptcy Act, 1993 against the defendant for recovery of a sum of Rs.28,89,725.21 (Rupees

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O.A. No. 27 of 2024

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Twenty Eight Lac Eighty Nine Thousand Seven Hundred Twenty Five & paisa Twenty only) as on 09.01.2024 together with pendentelite and future interest @24% per annum with monthly rests from 09.01.2024 till the date of its realization along with costs.

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The brief facts of the case are that at the request of defendants vide loan application dated 18.09.2017, the applicant bank sanctioned Business Instalments Loan facility for a sum of Rs.19,72,574/- (Rupees Nineteen Lacs Seventy Two Thousand Five Hundred Seventy Four only) as working capital requirement on 28.09.2017 @20.00% interest per annum, which was to be repayable in 36 EMIs of Rs.70,843/-. Further, on the request of defendants, the applicant bank sanctioned second Business Loan facility of Rs.12,16,131/- for business expansion to be repayable in 36 EMIs of Rs.411636/@18% rate of interest for business expansion. In addition, the applicant bank sanctioned Loan of Rs.2,50,000/- @9.25% floating interest rate repayable in 48 EMIs of Rs.7,980/- after moratorium period of 12 months.

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That in order to avail the credit facilities, the defendants submitted loan application forms and executed Business Loan Agreements along with terms and conditions in favour of the applicant bank on 28.09.2017 and 11.03.2019. In addition, the defendants executed Supplementary Sanction Letter and Supplementary Loan Agreement on 14.08.2020 towards the applicant bank.

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It has been submitted by the applicant that after availing the credit facilities, the defendants failed to comply with the terms and conditions and failed to adhere to the terms and

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O.A. No. 27 of 2024

conditions of sanction either towards principle or interest despite several requests of the applicant bank. The applicant bank issued loan recall notice dated 04.01.2024 for Rs.28,82,688.13 calling upon the defendants to clear to pay the amount outstanding but defendants failed to response for adjustment of the accounts. Hence, the applicant bank has approached this tribunal for recovery of its dues.

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Notices of this O.A. were issued to the defendants and despite proper service, the defendants have chosen to absent from the proceedings. As per order dated 13.11.2025, the defendants have been proceeded ex-parte as not appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Prateek Chibber, authorized representative of the applicant who has proved the documents such as Letter of Authorization, Loan Application Forms dated 18.09.2017, 07.03.2019, Loan Agreements, Sanction Letters, Supplementary Sanction Letter, Supplementary Loan Agreement, Loan Recall Notice, Postal Receipts, Statements of Accounts & Foreclosure Statement, Certificate under Section 2A of Bankers' Book Evidence Act 1891 marked as Exh.AW-1/1 to Exh.AW-1/10.

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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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O.A. No. 27 of 2024

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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 within 30 days, jointly or severally, a sum of Rs.28,89,725.21 (Rupees Twenty Eight Lac Eighty Nine Thousand Seven Hundred Twenty Five & paisa Twenty only) as on 09.01.2024 together with pendentelite and future interest @24% per annum from 09.01.2024 till the date of its realization along with costs, failing which, the aforesaid amount shall be recovered from the sale of movable and immovable properties of the defendants.

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(II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

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(III) Parties are directed to appear before Recovery Officer, DRT I, Delhi on 21.05.2026.

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(IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

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51—

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(GOVIND BALLABH SHAA) PRESIDING OFFICER DRT-I, DELHI

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(Dictated and pronounced in open court) Dated: 22.05.2026

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Idfc First Bank Ltd. v. Ms Yo Yatra Tours and Travels Private Limited

Case brief

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Idfc First Bank Ltd. v. Ms Yo Yatra Tours and Travels Private Limited

Case brief

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