Allowed

Kotak Mahindra Bank Limited v. M/s Geomovers Infra Pvt. Ltd.

DRT22 May 2026OA/549/2026

Case brief

AI extract

What is this about?

The DRT allowed the Original Application filed by Kotak Mahindra Bank for recovery of dues from M/S Geomovers Infra and its directors/guarantors. The court reduced the claimed interest from 24% to 8% p.a. and ordered joint and several liability with a direction for enforcement via asset sale.

What did the court decide?

The defendants were ordered to pay the declared principal amounts jointly and severally with simple interest @ 8% p.a. The applicant was granted liberty to recover the amount through sale of hypotheca

Kotak Mahindra Bank Limited versus M/s Geomovers Infra… — Execution and Attachment | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO. 549/2026

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 07.04.2026

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DATE OF DECISION: 22.05.2026

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Kotak Mahindra Bank Ltd., a Body Corporate incorporated under the Companies Act, 1956 having its Registered Office at 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai- 400051 and having Branches all over India and one of its Branch Offices situated at SCO no. 131-132-133, 2^nd Floor, Apra Tower, Feroze Gandhi Market, Ludhiana, Punjab- 141001 through its Manager, Sh. Rakesh Kumar

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……..Applicant

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Versus

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M/S Geomovers Infra Pvt. Ltd., through its Directors, Shop no. 352, Sector 8, Tehsil and District Hanumangarh, Rajasthan335513

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Sh. Sanjay, S/o Sh. Chet Ram, Director M/S Geomovers Infra Pvt. Ltd., R/o Village Teja Khera, Tehsil Mandi Dabwali, District Sirsa, Haryana- 125055

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Sh. Rameshwar, S/o Sh. Khimshi Ram, Director M/S Geomovers Infra Pvt. Ltd., R/o Village Teja Khera (52) Chautala, Tehsil Dabwali, District Sirsa, Haryana- 125055

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Sh. Prem Kumar, S/o Sh. Kana Ram, R/o Teu, Shri Dungagarh, Bikaner, Rajasthan- 331803

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….……Defendants

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Advocates:

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Argued by Sh. Rahul Garg, Advocate for applicant

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None for defendants (already ex-parte vide order dated 20.05.2026)

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, against the defendants for recovery of Rs. 58,22,154.03 (Rupees Fifty Eight Lacs Twenty Two Thousand One Hundred Fifty Four and Paise Three Only). The Original Application has been filed through Sh. Rakesh Kumar, Manager of the applicant, who is competent to institute

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2 OA/549/2026 KOTAK MAHINDRA BANK LIMITED VS. M/S GEOMOVERS INFRA PVT. LTD. AND OTHERS

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the Original Application vide Resolution dated 29.11.2024, which is Annexure A1 to this OA.

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The brief facts of the OA are that defendant no. 1 through its Director defendant no. 2 approached the applicant for grant of Term Loan of Rs. 46,44,500.00 for purchase of construction equipment machinery vide Non-Individual Customer Relation Form dated 25.05.2022, which is Annexure A4 to this OA. Thereafter, defendant no. 1 through its Director defendant no. 2 approached the applicant for grant of Term Loan of Rs. 65.60 Lacs for purchase of construction equipment machinery vide Non-Individual Customer Relation Form dated 03.03.2023, which is Annexure A9 to this OA. Thereafter, defendant no. 1 through its Director defendant no. 2 again approached the applicant for grant of Term Loan of Rs. 86.00 Lacs for purchase of commercial vehicle vide Non-Individual Customer Relation Form dated 12.12.2023, which is Annexure A15 to this OA.

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The applicant sanctioned Term Loan of Rs. 41.75 Lacs for purchase of construction equipment machinery vide Loan-cumGuarantee Agreement dated 03.06.2022, which is Annexure A5 to this OA. Defendant no. 3 stood as guarantor. Thereafter, the applicant sanctioned Term Loan of Rs. 65.39 Lacs for purchase of construction equipment machinery vide Loan-cum-Guarantee Agreement dated 28.03.2023, which is Annexure A11 to this OA. Defendant nos. 3 and 4 stood as guarantors. Thereafter, the applicant sanctioned Term Loan of Rs. 41,26,316.00 for purchase of commercial vehicle vide Loancum-Guarantee Agreement dated 04.01.2024, which is Annexure A17 to this OA. Defendant no. 2 stood as guarantor. 4. Defendant no. 1 through its Director defendant no. 2 hypothecated their movable assets namely: i. Hydraulic Excavator Kobelco bearing Machine no. YP09505517 and Engine no. D04FR-031900 vide Tax Invoice dated 20.05.2022, which is Annexure A3 to this OA; ii. SEM 915 Motor Grader bearing Serial no. S9E00151, Engine no. H9225011482 and Chassis no. 568282901510722 vide Tax Invoice dated 06.03.2023, which is Annexure A10 to this OA;

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3 OA/549/2026 KOTAK MAHINDRA BANK LIMITED VS. M/S GEOMOVERS INFRA PVT. LTD. AND OTHERS

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iii. Tata Motors Ltd. Signa 2830.TK BSVI HD 16BOX bearing Registration no. RJ31GB2964, Engine no. B6.7B62300D03132L64347453 and Chassis no. MAT567005P36316 vide Tax Invoice dated 28.12.2023 and Virtual RC, WHICH IS Annexure A16 to this OA. Documents Executed: Certificate of Incorporation dated 12.12.2019, which is Annexure A2 to this OA; DP Note and Power of Attorney, both dated 03.06.2022, which are Annexure A6 and A7 to this OA; Board Resolution dated 23.02.2023, which is Annexure A8 to this OA; DP Note and Power of Attorney, both dated 28.03.2023, which are Annexure A12 and A13 to this OA; Board Resolution dated 10.12.2023, which is Annexure A14 to this OA; DP Note and Power of Attorney, both dated 04.01.2024, which are Annexure A18 and A19 to this OA; Loan Recall Notice dated 29.08.2025 along with postal receipts, which is Annexure A20 to this OA and Statement of Accounts, which are Annexure A21 to A23 to this OA.

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The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in loan accounts there was a debit of Rs. 58,22,154.03 which is recoverable and the defendants were served recall notice 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 20.05.2026. 7. In support of the OA, affidavit of Sh. Rakesh Kumar, Manager, Kotak Mahindra Bank Limited h as been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned counsel that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexure A1 to A23 to this OA, it is proved that the defendant no. 1 through its Director defendant no. 2 approached applicant for availing of the loan facilities which were granted to them. Defendant nos. 2, 3 and 4 stood as guarantors.

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4 OA/549/2026 KOTAK MAHINDRA BANK LIMITED VS. M/S GEOMOVERS INFRA PVT. LTD. AND OTHERS

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Defendants had executed all the relevant documents in favour of the applicant. The defendants failed to pay back the loans as per terms and conditions of the agreement between the parties. Subsequently, accounts of the defendants were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs. 1,33,182.84 (Rupees One Lac Thirty Three Thousand One Hundred Eighty Two and Paise Eighty Four Only) from defendant nos. 1 to 3, Rs. 32,59,114.61 (Rupees Thirty Two Lacs Fifty Nine Thousand One Hundred Fourteen and Paise Sixty One Only) from defendant nos. 1 to 4 and Rs. 24,29,856.58 (Rupees Twenty Four Lacs Twenty Nine Thousand Eight Hundred Fifty Six and Paise Fifty Eight Only) from defendant nos. 1 and 2, along with interest, jointly and severally, from the date of filing of the present Original Application till realization of the amount.

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In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @24%p.a. with monthly rests from 16.08.2025 till the realization.

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The Tribunal is of the considered opinion that sometimes in appropriate cases the prerogative of mercy is the brightest jewel in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including nature of the hypothecated assets, undertaking of the defendants, quantum of loans and prevalent market rates of interest which have gone drastically downhill in yester years, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @8.00% p.a. in all the loan accounts from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly. 11. In the result, the application is allowed declaring that the defendant nos. 1 to 3 are liable to pay to the applicant a total sum of Rs. 1,33,182.84 (Rupees One Lac Thirty Three Thousand One Hundred Eighty Two and Paise Eighty Four Only), defendant nos. 1 to 4 are liable to pay to the applicant a total sum of Rs. 32,59,114.61 (Rupees Thirty Two Lacs Fifty Nine Thousand One Hundred Fourteen and Paise Sixty One Only) and defendant nos. 1 and 2 are liable to pay to the applicant a total sum of Rs. 24,29,856.58 (Rupees Twenty Four Lacs

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OA/549/2026

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KOTAK MAHINDRA BANK LIMITED VS. M/S GEOMOVERS INFRA PVT. LTD. AND OTHERS

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Twenty Nine Thousand Eight Hundred Fifty Six and Paise Fifty Eight Only), jointly and severally, with costs, current and future simple interest @8.00% p.a. in all the loan accounts from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of hypothecated assets of the defendants in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the applicant still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law.

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12. Any other application pending stands disposed of.

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Issue Recovery Certificate accordingly.

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Parties to appear before Learned Recovery Officer of this Tribunal on 15.06.2026.

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Copy of this order be given dasti to the applicant and be sent to defendants through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned.

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Pronounced by me in the open Tribunal .

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Dated: 22.05.2026

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(MRIDULESH KUMAR SINGH)

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Presiding Officer, DRT-III, Chandigarh

Kotak Mahindra Bank Limited v. M/s Geomovers Infra Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Kotak Mahindra Bank Limited v. M/s Geomovers Infra Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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