Partly allowed

Idfc First Bank Ltd. v. Glentech Ventures Private Limited

DRT25 Aug 2026OA/735/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal granted interim relief in an original application by IDFC FIRST BANK LTD against Glentech Ventures. The court restrained the respondent from alienating mortgaged assets, appointed a bank manager as receiver for hypothecated vehicles, and directed asset disclosure.

What did the court decide?

Restraint on alienating mortgaged assets; appointment of bank manager as receiver for hypothecated vehicles; direction to disclose assets and maintain status quo.

Idfc First Bank Ltd. versus Glentech Ventures Private Limited — Company and Corporate | DRT (2026)

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Debts Recovery Tribunal-I, Delhi

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OA/735/2025

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IDFC FIRST BANK LTD Vs GLENTECH VENTURES PRIVATE LIMITED

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25.08.2026

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Item no. 05

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Present: Mr. Rahul Gupta, Ld. counsel for the applicant bank. The Matter is taken up by this Tribunal through hybrid mode.

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Ld. counsel for the applicant bank submitted that as recorded in para 3 of order dated 13.05.2026 the objections has already been removed and he has requested to issue fresh notice.

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As it is a fresh OA filed on behalf of the apPlicant bank. Registry is directed to issue Notice to the defendant/s. Notice shall be served by official of applicant bank through Dasti Service as well as through Registered Post/Speed Post, email, whatsapp. Etc. in accordance with rules and procedure, upon all the defendants and file Affidavit of Service in the Registry.

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Registry is also directed to serve the copy of OA containing copy(s) of the documents filed along with the Application filed on behalf of the applicant bank through Registered post. The applicant bank shall file the Affidavit of Service at least one week prior to the next date of hearing.

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Written Statement be filed by the defendants within 30 days with directions to supply advance copy of the same to the Ld. Counsel for the applicant bank.

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Ld. Counsel for applicant bank also states that this OA is for recovery of more than Rs.37.06 Lacs, and there is an apprehension that the defendants will dispose off their property/assets which are mortgaged/ hypothecated with the applicant bank.

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Ld. Counsel for applicant bank has prayed to grant interim relief(s) of the plaint.

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I have heard the arguments of Ld. Counsel for applicant bank. This OA has been supported with an affidavit. I have perused the OA, affidavit and the contents of documents executed by the defendants. Having considered the arguments of Ld. Counsel and after perusal of the record I am of the view that applicant bank has succeeded in

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54 -

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establishing a prima facie case in their favour. The balance of convenience also lies in their favour and if ex-parte interim order is not granted in favour of the applicant bank, it may suffer and irreparable loss be caused which cannot be compensated in terms of the money.

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Looking into the facts & circumstances of the OA, prayers at para no. 7.7 (A) of OA is allowed to the extent that the defendants are restrained from selling, alienating, transferring or creating and third party interest in respect of the mortgaged properties/ hypothecated assets-stocks till further orders of this Tribunal, further, as prayed for in Para 7.7(A) of the OA, Sh. Honey Rana, manager of the applicant bank is hereby appointed as Receiver to take physical possession of the hypothecated vehicle/s/equipment. He may take police assistance from the SHO of the police station, under whose jurisdiction, the vehicle is traced. It is also made clear that the court receiver shall give at least 15 days' prior notice before taking physical possession of the aforesaid hypothecated vehicle.

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The prayer at para no 7.7 (D) is concerned, this prayer is allowed to the extent that the defendants are directed to disclose on oath their assets/ properties, movable and immovable before this Tribunal before the next date and defendants are also directed to maintain status quo qua the disclose assets till further orders.

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Let notice on other prayer as mentioned in the O.A. M also issued to the defendants inviting their reply(s).

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List this matter on^{**20.11.2026,**before the Ld. Registrar for} completion of pleadings.

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(GOVIND BALLABH SHARMA) Presiding Officer, DRT-I, Delhi

Idfc First Bank Ltd. v. Glentech Ventures Private Limited

Case brief

What is this about?

What did the court decide?

Idfc First Bank Ltd. v. Glentech Ventures Private Limited

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

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