Allowed

Kotak Mahindra Bank Limited v. M/S Anjali Enterprises and Others

DRT13 Jul 2026OA/802/2026

Case brief

AI extract

What is this about?

In this ex-parte original application under the RDB Act, 1993, the Debt Recovery Tribunal allowed the bank's claim for recovery of a term loan defaulting by the respondents. The court decreed the principal amount along with interest at 8% p.a. and directed issuance of a recovery certificate.

What did the court decide?

Decree of Rs. 50,70,281.88 with costs and interest at 8% p.a.; issue of Recovery Certificate.

Kotak Mahindra Bank Limited versus M/S Anjali… — Contract and Commercial Disputes | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO. 802/2026

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 27.05.2026

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DATE OF DECISION: 13.07.2026

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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 Anjali Enterprises through its Proprietor, Office 1404, Village Mundlana, Tehsil Gohana, District Sonipat, Haryana131305

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Sh. Sahdev, S/o Sh. Ranbir Singh, Proprietor M/S Anjali Enterprises, R/o House no. 1253, Bhadothi Taluka Bechirag, Village Mundlana, Tehsil Gohana, District Sonipat, Haryana131306

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Sh. Deepak, S/o Sh. Ranbir Singh, R/o House no. 1253, Village Mundlana, Tehsil Gohana, District Sonipat, Haryana- 131306

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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 03.07.2026)

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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. 50,70,281.88 (Rupees Fifty Lacs Seventy Thousand Two Hundred Eighty One and Paise Eighty Eight Only). The Original Application has been filed through Sh. Rakesh Kumar, Manager of the applicant, who is competent to institute the Original Application vide Resolution dated 29.11.2024, which is Annexure A1 to this OA.

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2 OA/802/2026 KOTAK MAHINDRA BANK LIMITED VS. M/S ANJALI ENTERPRISES AND OTHERS

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The brief facts of the OA are that defendant no. 1 through its Proprietor defendant no. 2 approached the applicant for grant of Term Loan of Rs. 59,75,270.00 for purchase of construction equipment vide Non-Individual Customer Relation Form dated 01.02.2025, which is Annexure A2 to this OA.

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The applicant sanctioned Term Loan of Rs. 58,98,563.00 for purchase of construction equipment vide Loan cum Guarantee Agreement dated 25.02.2025, which is Annexure A4 to this OA and terms and conditions were duly accepted by the defendants. Defendant no. 3 stood as guarantor. 4. Defendant no. 1 through its Proprietor defendant no. 2 hypothecated their movable asset namely Komatsu Hydraulic Excavator bearing Machine no. N735646 vide Tax Invoice filed on 07.07.2026 in compliance of order dated 06.07.2026. Documents Executed: Deed of Hypothecation dated 21.02.2025, which is Annexure A3 to this OA; DP Note and Power of Attorney, both dated 25.02.2025, which are Annexure A5 and A6 to this OA; Loan Recall Notice dated 12.05.2026, which is Annexure A7 to this OA and Statement of Account, which is Annexure A8 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 loan account there was a debit of Rs. 50,70,281.88 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 03.07.2026. 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.

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3 OA/802/2026 KOTAK MAHINDRA BANK LIMITED VS. M/S ANJALI ENTERPRISES AND OTHERS

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From the perusal of all the Annexure A1 to A8 to this OA, it is proved that the defendant no. 1 through its Proprietor defendant no. 2 approached applicant for availing of the loan facility which was granted to them. Defendant no. 3 stood as guarantor. Defendants had executed all the relevant documents in favour of 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. 50,70,281.88 (Rupees Fifty Lacs Seventy Thousand Two Hundred Eighty One and Paise Eighty Eight Only) along with interest from the defendants, 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 pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @24%p.a. with monthly rests from 12.05.2026 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 asset, 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 simple interest @8.00% 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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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.50,70,281.88 (Rupees Fifty Lacs Seventy Thousand Two Hundred Eighty One and Paise Eighty Eight Only) jointly and severally, with costs, current and future simple interest @8.00% 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 asset of defendant nos. 1 and 2 in execution proceedings if not sold earlier under the

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OA/802/2026 KOTAK MAHINDRA BANK LIMITED VS. M/S ANJALI ENTERPRISES AND OTHERS

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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 28.07.2026.

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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: 13.07.2026

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(MRIDULESH KUMAR SINGH)

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Presiding Officer, DRT-III, Chandigarh

Kotak Mahindra Bank Limited v. M/S Anjali Enterprises and Others

Case brief

What is this about?

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Kotak Mahindra Bank Limited v. M/S Anjali Enterprises and Others

Case brief

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