Allowed

Omkara Assets Reconstruction Private Limited v. M/S Lakshmi Trading Pvt. Ltd. and Others

DRT27 Mar 2026OA/799/2024

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an Original Application filed by Omkara Assets Reconstruction Pvt. Ltd. for recovery of a debt assigned from IndusInd Bank. The defendants were declared liable to pay the outstanding principal and uniform simple interest at 8% per annum. Relief was granted declaring the amount recoverable from hypothecated/mortgaged properties through execution proceedings.

What did the court decide?

Applicant declared entitled to recover Rs.2,88,08,739.48 plus uniform simple interest @08.00% p.a. Sale of hypothecated/mortgaged properties authorized for realization.

Omkara Assets Reconstruction Private Limited versus M/S… — Execution and Attachment | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.799/2024

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 19.06.2024

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DATE OF DECISION:27.03.2026

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Omkara Assets Reconstruction Pvt. Ltd. (Acting in its capacity as Trustee of OmkaraPS06/2021-22 Trust)

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Registered Office at No.9, M.P. Nagar, First Street, Kongu Nagar Extn. Tirupur-641607

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Corporate Office at Kohinoor Square, 47^th Floor, N.C. Kelkar Marg, R.G. Gadkari Chowk, Dadar (W), Mumbai-400028

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……. Applicant

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Versus

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M/s Lakshmi Trading Co., SCO 7, Ist Floor, New Market, Rajpura140401, Punjab

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Also at :Shop No.7, New Market, Rajpura, Patiala-140401, Punjab

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Sh. Sumit Grover S/o Sh. Ramesh Grover, House No.1846, Near Shiv Mandir, Rajpura, Patiala-140401, Punjab

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Sh. Rohit Grover S/o Sh. Ramesh Grover, House No.1846, Near Shiv Mandir, Rajpura, Patiala-140401, Punjab

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Smt. Sonia Kalra W/o Sh. Sumit Grover, House No.1846, Near Shiv Mandir, Rajpura, Patiala-140401, Punjab

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….……Defendants

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Advocates:

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Argued by Ms. Usha Singh, Advocate for Applicant (through VC) Defendants already ex-parte vide order dated 11.03.2026

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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.2,88,08,739.48 (Rupees Two Crores Eighty Eight Lacs Eight Thousand Seven Hundred Thirty Nine and Paise Forty Eight only). Registration Certificate of Applicant, which is Annexure A1 to this OA. The Original Application has been filed through

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2 OA No.799/2024 OMKARA ASSETS RECONSTRUCTION PVT. LTD. VS. M/S LAKSHMI TRADING CO. AND OTHERS

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Sh. Zuber Khan, Authorised Signatory of the applicant who is competent to file this application vide Board Resolution dated 21.06.2023, w hich is Annexure A2 to this OA.

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The brief facts of the OA are that the defendant no.1 being a Proprietorship concern of defendant no. 2 and defendant nos. 2 and 4 ae guarantors. The defendant no. 1 availed credit facilities from IndusInd Bank Ltd. which were assigned to the applicant vide Assignment Agreement dated 25.06.2021, which is Annexure A4 to this OA.

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In the year 2017 defendant no.1 through defendant no.2 had approached the Assignor Bank i.e. IndusInd Bank Ltd. for financial assistance i.e. Cash Credit Limit of Rs.2.00 Crores vide request letter dated 05.12.2017. Defendant nos. 2 to 4 stood as guarantors.

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The Assignor Bank i.e. IndusInd Bank Ltd. sanctioned Cash Credit Limit of Rs. 2.00 Crore vide sanction letter dated 14.12.2017. Loan application dated 05.12.2017 and sanction letter dated 14.12.2017, which are Annexure A5 (Colly) to this OA.

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Defendant no. 1 through its proprietor hypothecated entire current assets including stock of raw material, work in progress, finished goods, receivables, book debts, other current assets, etc. vide Hypothecation Agreement dated 15.12.2017 which is Annexure A10 to this OA.

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Defendant no. 2 & 3 mortgaged their Commercial Shop No.7, New Market, Rajpura-140401, Punjab through equitable mortgage of title deed no. 2312 dated 24.11.2025 and 2202 dated 19.11.2015. Declaration of mortgage dated 15.12.2017, memorandum of entry for deposit of title deeds dated 27.12.2017, memorandum of entry for deposit of title deeds dated 27.12.2017, which are Annexure A12(Colly) to this OA.

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Documents executed : GST Registration Certificate of Defendant no.1,

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which is Annexure A3 to this OA. Master General Terms Agreement

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3 OA No.799/2024 OMKARA ASSETS RECONSTRUCTION PVT. LTD. VS. M/S LAKSHMI TRADING CO. AND OTHERS

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dated 15.12.2017, which is Annexure A6 to this OA; Undertaking, which is Annexure A7 to this OA; Unhedged Foreign Currency Exposures Undertaking, which is Annexure A8 to this OA; Affidavits dated 15.12.2017, which are Annexure A9 (Colly) to this OA; Letter of Guarantee dated 15.12.2017, which is Annexure A11 to this OA; Notice dated 10.08.2022 u/s 13(2) of SARFAESI Act, 2002 along with its proof of dispatch, which is Annexure A13(Colly) to this OA; Statement of Account with certificate which are Annexure A14 &

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Annexure A15 to this OA.

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The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in the loan account there was a debit of Rs.2,88,08,739.48 which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

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The defendants were served notices to appear before this Tribunal. Ms. Vibhu Aggarwal, Advocate appeared on behalf of defendants on 15.02.2026. Power of Attorney of Ms. Vibhu Aggarwal, Advocate and Shri Mukul Gupta, Advocate was filed on behalf of defendants on 05.02.2025. WS on behalf of defendants was filed on 09.04.2025. Since the WS filed by defendants was beyond stipulated period, the same was taken on record vide order dated 26.08.2025 subject to payment of cost of Rs. 2000/-, which was paid by the defendants. Rejoinder to the WS of defendants was filed by applicant on 24.09.2025. The matter was listed for admission or denial of documents on 25.02.2026 wherein Sh. Nirmal Singh, Assistant Manager of applicant appeared with original documents but no one appeared on behalf of defendants. Since no one appeared on behalf of defendants after 23.09.2025, they were proceeded e-parte vide order dated 11.03.2026. 7. In support of the OA, affidavit of Sh. Zuber Khan, Authorised Signatory, Omkara Assets Reconstruction Pvt. Ltd. h as been filed.

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4 OA No.799/2024 OMKARA ASSETS RECONSTRUCTION PVT. LTD. VS. M/S LAKSHMI TRADING CO. AND OTHERS

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Heard ex-parte arguments and perused record. 9. It was argued by learned counsel for applicant through video conferencing 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 Annexures A1 to A15 to this OA, it is proved that the defendants availed the loan facility from IndusInd Bank Ltd. which was granted to them and for that they had executed all the relevant documents in favour of the said bank. Thereafter, the debt was assigned by IndusInd Bank Ltd. to the applicant. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendants was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.2,88,08,739.48 (Rupees Two Crores Eighty Eight Lacs Eight Thousand Seven Hundred Thirty Nine and Paise Forty Eight only) along with interest from the defendants, from the date of filing of the present Original Application till realization of the account. 10. In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has interest @9.62% p.a. (as per statement of account) from 01.04.2024 till the realization. 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 mortgaged property/hypothecated assets, undertaking of the defendants, quantum of loan 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 @08.00%p.a. in the loan account from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.

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5 OA No.799/2024 OMKARA ASSETS RECONSTRUCTION PVT. LTD. VS. M/S LAKSHMI TRADING CO. AND OTHERS

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum Rs.2,88,08,739.48 (Rupees Two Crores Eighty Eight Lacs Eight Thousand Seven Hundred Thirty Nine and Paise Forty Eight only) with costs, current and future simple interest @08.00%p.a. in the loan account 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/mortgaged properties 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 17.04.2026.

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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. Pronounced by me in the open Tribunal . Dated: 27.03.2026

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(MRIDULESH KUMAR SINGH)

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Presiding Officer, DRT-III, Chandigarh

Omkara Assets Reconstruction Private Limited v. M/S Lakshmi Trading Pvt. Ltd. and Others

Case brief

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Omkara Assets Reconstruction Private Limited v. M/S Lakshmi Trading Pvt. Ltd. and Others

Case brief

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What did the court decide?

What the court decided

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