Allowed

Hdfc Bank v. M/s. Hr Integrated Media Pvt. Ltd.

DRT16 Mar 2026OA/82/2022

Case brief

AI extract

What is this about?

In this recovery application, the Tribunal allowed the petitioner bank's claim against the borrower and guarantors for recovery of aggregated dues and directed the issuance of a Recovery Certificate for enforcement of hypothecated securities.

What did the court decide?

Payment of ₹36,70,477.80/- with future interest; Issuance of Recovery Certificate; Direction to secure via hypothecated properties.

Hdfc Bank versus M/s. Hr Integrated Media Pvt. Ltd. — Banking and Recovery | DRT (2026)

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ORIGINAL APPLICATION NO.82 OF 2022

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DEBTS RECOVERY TRIBUNAL No.2, MUMBAI

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PRESIDING OFFICER: HARISH KUMAR KAUSHIK

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ORIGINAL APPLICATION NO.82 OF 2022

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Date of Institution: 24.03.2021 Date of Decision: 16.03.2026

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TOTAL CLAIM AMOUNT :

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₹ 36,70,477.80/-

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HDFC BANK LTD

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Having its Regd. office at: HDFC Bank House, S. B. Marg, Lower Parel (W), Mumbai-400013 and having branch office amongst others at: Andheri Branch, Trade Star, A, B and C Wing, Floor, Opp. J.B. Nagar. Fish Market, Andheri (E), Mumbai-400 059 and having its Recovery Office at: Department of Special Operation, 4th floor, Tower-B, Peninsula Business Park, Lower Parel, Mumbai-400013 and (through authorized signatory Mr. Rupesh Waghe)

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… Applicant

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Versus

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M/s. H R INTEGRATED MEDIA PRIVATE LIMITED, Having its Registered Office at: B- 1303, Odyessey Building, Bhakti Park, Anik Wadala Link Road, Near Imax Cinema, J Wadala East, Mumbai-400 037 and also at: Office no.202, De Elams, Near

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Page 1 of 11

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ORIGINAL APPLICATION NO.82 OF 2022

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Corporate Zone, Sonawala Cross Road No.2, Goregaon East, Mumbai - 400063 and also at: 03/004, Shree Samruddhi CHSL, Building No.9, Off. Mira Bhayandar Road, Poonam Gardens, Mira Road East, Mira 1 Bhayandar Thane 401107 (through its director)

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MR. RAVIKIRAN VENKATRAO KULKARNI Having address at: B-1303, Odyessey Building, Bhakti Park, Anik Wadala Link J Road, Near Imax Cinema, Wadala East, Mumbai-400 037 and also at: Office no.202, De Elams, Near Corporate Zone, J Sonawala Cross Road No.2, Goregaon East, Mumbai 400063 and also at: 03/004, Shree Samruddhi CHSL, Building No.9, Off. Mira Bhayandar Road, Poonam Gardens, Mira Road East, Mira Bhayandar Thane-401107

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MRS. RESHMA RAVIKIRAN KULKARNI, Having address at: B-1303, Odyessey Building, Bhakti Park, Anik Wadala Link Road, Near Imax Cinema, Wadala East, Mumbai-400 037 and also at: Office no.202, De Elams, Near Corporate Zone, Sonawala Cross Road No.2, Goregaon East, Mumbai 400063 and also at: 03/004, Shree Samruddhi CHSL, Building No.9, Off. Mira Bhayandar Road, Poonam

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Page 2 of 11

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ORIGINAL APPLICATION NO.82 OF 2022

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Gardens, Mira Road East, Mira Bhayandar Thane-401107 …Defendants

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APPEARANCES For the Applicant

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: Mr Arkesh Ayyagari i/b Mr Meghnath Navlani - Advocate

For Defendants

: None

J U D G M E N T

(1) This is an application under Section 19(1) of the Recovery of the Debts due to Banks and Financial Institutions Act, 1993 renamed as Recovery of the Debt and Bankruptcy Act, 1993 (for short, ‘the 1993 Act’) to recover ₹36,70,477.80/- (Rupees Thirty-Six Lakhs Seventy Thousand Four Hundred Seventy-Seven and paisa Eighty Only) with future interest @ 18% per annum with monthly rest thereon from the date of presentation of the Original Application i.e. 24.03.2021 till payment/realization and to enforce the hypothecated securities.

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The details of the claim amount are as under: -

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S r	N a t u r e o f	O / s . a m o u n t	U n a p p l i e d a n d	P e n a l I n t e r e s t	B a l a n c e	L e s s : C r e d i t	T o t a l A m o u n t
N	F a c i l i t y		a c c r u e d			g i v e n a s
o			i n t e r e s t @ 1 0 . 5 0 % p e r a n n u m f r o m 3 1 . 0 8 . 2 0 2 0 t o 2 2 . 0 3 . 2 0 2 1			p e r e x - g r a t i a S c h e m e

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Page 3 of 11

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ORIGINAL APPLICATION NO.82 OF 2022

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1 A c c o u n t N o . 5 0 2 0 0 0 3 5 0 0 7 8 9 0	₹2 4 , 0 8 , 5 3 3 . 4 9 / -	₹1 , 4 0 , 3 1 1 . 5 1 / -	@ 7 . 5 0 % p e r a n n u m f r o m 3 1 . 0 8 . 2 0 2 0 t o 2 2 . 0 3 . 2 0 2 1 = ₹1 , 0 0 , 2 2 1 . 4 0 / -	₹2 6 , 4 9 , 0 6 6 . 4 0 / -	₹2 , 7 4 3 . 3 0 / -	₹2 6 , 4 6 , 3 2 3 . 1 0 / -
2 A c c o u n t N o . 5 0 2 0 0 0 3 4 9 4 1 5 7 3	₹9 , 3 1 , 0 9 6 . 0 8 / -	₹5 9 , 4 5 4 . 1 0 / -	@ 6 . 5 0 % p e r a n n u m f r o m 3 1 . 0 8 . 2 0 2 0 t o 2 2 . 0 3 . 2 0 2 1= ₹3 3 , 6 0 4 . 5 0 / -	-	-	₹1 0 , 2 4 , 1 5 4 . 7 0 / -
T o t a l A m o u n t	-	-	-	-	-	₹ 3 6 , 7 0 , 4 7 7 . 8 0 / -

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(2) It is undisputed fact in the matter that the Defendant nos.1 to 3 were duly served with the summons vide order-sheet dated 09.02.2024. Despite service, the defendants did not enter their appearance and therefore, they were set ex-parte on 02.12.2025.

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(3) Defendant no.1, a Private Limited Company is the principal borrower who approached the Applicant Bank sought financial assistance by way of Cash Credit and Overdraft against fixed deposit Facility wherein Defendant nos.2 and 3 are the Guarantors of the said loan. Pursuant to the loan application vide Application Form Working Capital Facilities – MSE’s dated 03.10.2018 made by defendants, the Applicant sanctioned the loan vide Sanction Letter dated 05.11.2018 for an aggregate sum of ₹75,00,000/- (Rupees Seventy-

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Page 4 of 11

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ORIGINAL APPLICATION NO.82 OF 2022

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Five Lakhs Only) wherein as sum of ₹25,00,000/(Rupees Twenty-Five Lakhs Only) under Cash Credit payable with interest at the rate of 10.5% per annum and a sum of ₹50,00,000 (Rupees Fifty Lakhs Only) under Over Draft AG Fixed Deposit payable with interest at the rate of 2% per annum. The said is covered under CGTMSE Scheme. The borrowers approached the bank vide Letter dated 24.10.2019 for renewal of credit facilities and thus the said loan was enhanced vide Addendum dated 04.02.2020, wherein the rate of interest was enhanced to rate of 5.15% per annum + Spread of 4.85% per annum = 10% per annum.

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The details of the Sanction amount are as under: -

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S r N o	D a t e o f S a n c t i o n	N a t u r e o f F a c i l i t i e s	A m o u n t	R O I		P r i m a r y S e c u r i t y	C o l l a t e r a l S e c u r i t y
1	0 5 . 1 1 . 2 0 1 8	C a s h C r e d i t	₹2 5 , 0 0 , 0 0 0 / -	1 0 . 5 %		H y p o t h e c a t	( i ) F a c i l i t y
		O D A G F i x e d D e p o s i t	₹5 0 , 0 0 , 0 0 0 / -	2 %		i o n o f S t o c k , D e b t o r s , F D e t c .	i s c o v e r e d u n d e r C G T M S E S c h e m e . ( i i ) G u a r a n t e e d b y M r R a v i k i r a n V e n k a t r a o K u l k a r n i a n d M r s R e s h m a R a v i k i r a n K u l k a r n i .
	T o t a l A m o u n t	-	₹ 7 5 , 0 0 , 0 0 0 / -	-		-	-
2	0 4 . 0 2 . 2 0 2 0	-	-	5 . 1 5 % a n n u m S p r e a d 4 . 8 5 % a n n u m 1 0 % a n n u m	p e r + o f p e r = p e r	-	-

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Page 5 of 11

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ORIGINAL APPLICATION NO.82 OF 2022

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(4) On the dates given below, defendants signed and executed the loan and security documents as set out in paragraph nos. 5(iv) to (viii) of the Original Application. Defendants hypothecated Stock, Debtors, FD etc. and All Debts including Book Debts, outstandings, monies, receivables, claims, bills, invoice documents, contracts, guarantees, and rights which are now due and owing or which may at any time hereafter during the continuance of this security becomes due and owing to Borrower in the course of its business by any person, firm, company or body corporate or by a government department or office or any municipal or local or public or semi-government body or authority or anybody corporate or undertaking or project whatever in the public sector to secure the loan.

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The details of the documents executed by the Defendant are as under: -

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(a) Loan Application dated 03.10.2018;

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(b) Board Resolution dated 05.11.2018; (c) Master Facility Agreement dated 01.12.2018 executed defendant no.1;

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(d) Demand Promissory Note dated 01.12.2018 executed by Defendants;

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(e) Letter of Continuity Security dated 01.12.2018 executed by Defendants;

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Page 6 of 11

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ORIGINAL APPLICATION NO.82 OF 2022

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(f) General Lien and Set Off dated 01.12.2018 executed by Defendants;

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(g) Hypothecation dated 01.12.2018 executed by Defendant no.1;

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(h) Power of Attorney dated 01.12.2018 executed by Defendant no.1;

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(i) Amendment Agreement dated 01.12.2018 executed by Defendant no.1;

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(j) Letter of Continuity Guarantee dated 01.12.2018 executed by Defendant nos.2 and 3;

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(k) Memorandum relating to charge over fixed deposits dated 01.12.2018 executed by Defendant no.1;

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(l) Memorandum relating to charge over fixed deposits dated 05.01.2019 executed by Defendant no.1;

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(m) Letter dated 24.10.2019;

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(n) Addendum dated 04.02.2020.

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(5) After availing the loan, defendants did not adhere to the financial discipline and committed default in payment of instalments and repayment of the loan and accordingly the accounts of the borrowers were declared as Non-Performing Assets (N.P.A.) on 27.08.2020 as per RBI Guidelines. Therefore, on 25.01.2021, the applicant, through its advocate, called upon defendants to liquidate

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Page 7 of 11

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ORIGINAL APPLICATION NO.82 OF 2022

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the outstanding in the sum of ₹35,11,255.25/(Rupees Thirty-Five Lakhs Eleven Thousand Two Hundred Fifty-Five and paisa Twenty-Five Only) alongwith further interest till realisation within 7 days from receipt of the said notice. Despite notice, defendant nos. 1 to 3 failed and neglected to pay.

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(6) As on 22.03.2021, there was owing, due and payable by defendants to the applicant the aggregate sum of ₹36,70,477.80/- (Rupees ThirtySix Lakhs Seventy Thousand Four Hundred Seventy-Seven and paisa Eighty Only) with future interest @ 18% per annum with monthly rest thereon. The applicant has maintained the loan ledger extract and the entries posted therein are made in the usual and ordinary course of the banking business.

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(7) Since, defendants failed and neglected to make the payment, the applicant was left with no other alternate but to file the Original Application which was presented on 24.03.2021.

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(8) The applicant has filed affidavit (exhibit-6) in lieu of examination in chief of Mr Rupesh Waghe, Authorised Signatory and list of documents (exhibit-7) thereby adducing in evidence the documents at Annexure-A to Annexure-I-7, which are admitted in evidence, read, recorded and exhibited.

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Page 8 of 11

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ORIGINAL APPLICATION NO.82 OF 2022

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(9) Accordingly, in the Original Application was filed for the recovery of ₹36,70,477.80/(Rupees Thirty-Six Lakhs Seventy Thousand Four Hundred Seventy-Seven and paisa Eighty Only) with future interest @ 18% per annum with monthly rest thereon from the date of presentation of the Original Application i.e. 24.03.2021 till payment/realisation.

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(10) The Tribunal has scrutinised and examined the allegations contained in the Original Application and analysed the evidence adduced by the applicant which has gone unchallenged, uncontroverted and unrebutted.

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(11) Upon careful scrutiny and the examination of the Original Application, analysing the evidence and giving due weightage to the documentary evidence adduced by the applicant, the Tribunal views that there is no reason to disbelieve the claim made by the applicant bank.

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(12) In view of the observations made hereinabove, Original Application filed by the applicant deserves to be allowed.

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(13) Hence, the following order:

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ORDER

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(A) The Original Application No.82 of 2022 is allowed with costs.

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(B) Defendant no.1, a Private Limited Company and the guarantors i.e. Defendant nos.2 and 3 are

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Page 9 of 11

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ORIGINAL APPLICATION NO.82 OF 2022

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ordered and directed to pay to the applicant, either jointly or severally, the aggregate sum of ₹36,70,477.80/- (Rupees Thirty-Six Lakhs Seventy Thousand Four Hundred Seventy-Seven and paisa Eighty Only) with future simple interest @ 12% per annum thereon from the date of presentation of the Original Application i.e. 24.03.2021 till payment/realization.

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(C) The aforesaid adjudicated amount is secured by the valid and subsisting hypothecated properties, that is, Stock, Debtors, FD etc. and All Debts including Book Debts, outstandings, monies, receivables, claims, bills, invoice documents, contracts, guarantees, and rights which are now due and owing or which may at any time hereafter during the continuance of this security becomes due and owing to Borrower in the course of its business by any person, firm, company or body corporate or by a government department or office or any municipal or local or public or semigovernment body or authority or anybody corporate or undertaking or project whatever in the public sector.

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(D) Defendant no.1, a Private Limited Company and the guarantors i.e. Defendant nos.2 and 3 are entitled to redeem the hypothecated properties as per law failing which the applicant has right to proceed to sell the hypothecated properties and

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Page 10 of 11

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ORIGINAL APPLICATION NO.82 OF 2022

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recover dues as per law.

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(E) The Applicant is also hereby directed to submit the details of claim amount received from the Central Government since the facility is granted under CGTMSE Scheme.

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(F) Issue Recovery Certificate.

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(G) The learned Registrar is directed to send a copy of the judgment and recovery certificate to (i) the applicant, (ii) defendant and (iii) the Recovery Officer by post and email.

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Sd/-

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(Harish Kumar Kaushik) Presiding Officer, DRT-2, Mumbai

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Page 11 of 11

Hdfc Bank v. M/s. Hr Integrated Media Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Hdfc Bank v. M/s. Hr Integrated Media Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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Case details

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