Allowed

Hdfc Bank v. M/s Banyan Industries

DRT5 Jun 2026OA/535/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by HDFC Bank Limited for the recovery of a debt of approximately Rs. 57.54 lakhs along with interest and costs. The bank proved its evidence, including loan documentation and the defendants' failure to comply with terms, unchallenged by the absent defendants.

What did the court decide?

Order allowing the original application and directing the defendants to jointly or severally pay Rs. 57,54,295.14 along with interest and costs within 30 days or face recovery from hypothecated stocks

Hdfc Bank versus M/s Banyan Industries — Contract and Commercial Disputes | DRT (2026)

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O.A. No. 535 of 2023

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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. 535 of 2023

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HDFC Bank Limited

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5th Floor, Ansal Classique Tower

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Plot no.1, J Block, Near Community Center

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Opp. Surya Continental Hotel

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Rajouri Garden, New Delhi-110027

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Applicant

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Versus

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M/s Banyan Industries Proprietor — Ms. Anjali Jain Ground Floor, 290-291, Pocket E-20 Sector-3, Rohini, Delhi-110085

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Also at:

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M/s Banyan Industries Proprietor — Ms. Anjali Jain

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177, HSIIDC Industrial Area Phase I Tehsil Gannaur Barhi, Sonipat-131101

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Ms. Anjali w/o Mr. Puneet Jain R/o House No.24, Block F-22, Sector-3, Rohini, Delhi-110085 Defendants

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Present: Mr. Dhruv Tamta, Counsel for the applicant bank

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Date of Reserve: 13.05.2026 Date of Pronouncement: 05.06.2026

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ORDER

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This original application has been filed by the applicant bank on 01.06.2023 through Shri Anirudh Bhargav, authorized representative of the applicant bank under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 against the

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O.A. No. 535 of 2023

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defendants for recovery of a sum of Rs.57,54,295.14 (Rupees Fifty Seven Lacs Fifty Four Thousand Two Hundred Ninety Five and paisa Fourteen only) as on 29.05.2023 along with pendentelite and future interest @18% per annum with monthly rests from the date of filing of this application till its realization with costs.

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The brief facts of the case are that on the request of defendant no. 1 being sole proprietorship concern of defendant no.2 in the manufacturing business of readymade garments vide loan application dated 23.02.2021, the applicant bank sanctioned Cash Credit facility for a sum of Rs.60,00,000/(Rupees Sixty Lacs only) for working capital on 25.03.2021 @9.00% per annum with monthly rests against hypothecation of stocks, book debts and receivables which was renewed on 27.07.2022 by the applicant bank. The defendant no.2 stood as guarantor for the loan facility sanctioned in favour of the defendant no.1.

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In order to avail and secure the credit facility, the defendant no.2 being proprietor of defendant no.1 executed Sanction Letter dated 25.03.2021, Master Facility Agreement, Deed of Hypothecation creating exclusive Charge on Stock, Book Debts & Receivables, Letter of Continuing Guarantee and Power of Attorney for Hypothecated Book Debts in favour of the applicant bank on 25.03.2021.

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It has been submitted by the applicant that after availing the aforesaid loan facility, the defendants failed to comply with the terms and conditions and not routed their transactions thru the account for regularization of the account with applicant Bank. As the defendants neglected to maintain their financial

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O.A. No. 535 of 2023

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discipline despite several requests, the applicant bank issued legal notice dated 09.05.2023 recalling the defendants to clear the outstanding due amount but defendants failed to do so. Hence, the applicant bank has approached this Hon'ble Tribunal for recovery of their 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 18.09.2025, the defendants have been proceeded ex-parte as they have 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 Anirudh Bhargav, authorized representative of the applicant bank who has proved the documents such as Board Resolution, Loan Application Form, Sanction Letter, Master Facility Agreement, Deed of Hypothecation of Stocks in Trade and Book Debts & Receivables, Letter of Continuing Guarantee, Power of Attorney, Renewal Letter, Statement of Account duly Certified under Banker's Books of Evidence Act, Recall Notice with Courier receipts and Tracking report marked as Ex.AW-1/1 to Ex.AW-1 /9.

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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 approved.

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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 has proved its case beyond reasonable doubts.

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Sal

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O.A. No. 535 of 2023

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In the light of the above discussions, the Original Application deserves to be allowed.

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FINAL 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.57,54,295.14 (Rupees Fifty Seven Lacs Fifty Four Thousand Two Hundred Ninety Five and paisa Fourteen only) as on 29.05.2023 along with pendentelite and future interest @18% per annum with monthly rests from the date of filing of this application till the date of realization with costs failing which the aforesaid amount shall be recovered from hypothecated stock, book debts, receivables etc. In case of shortfall, the same shall be recovered from sale of the moveable and immovable properties of 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 the Recovery Officer, DRT I, Delhi on 04.08.2026.

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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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sd (GOVIND BALLABH SHARIViA) PRESIDING OFFICER DRT-I, DELHI

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(Dictated and pronounced in open court) Dated: 05.06.2026

Hdfc Bank v. M/s Banyan Industries

Case brief

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Hdfc Bank v. M/s Banyan Industries

Case brief

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