Allowed

Idfc First Bank Ltd. v. Indu Kishan

DRT3 Jan 2026OA/932/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an Original Application filed by IDFC First Bank Ltd. for recovery of dues from two defendants. After proving its case ex-parte, the Tribunal awarded the principal amount along with future interest at 12% p.a. and directed the issuance of a recovery certificate.

What did the court decide?

Directing defendants to pay Rs.65,09,520.60 with 12% p.a. interest from 01.10.2023 and issuance of recovery certificate.

Idfc First Bank Ltd. versus Indu Kishan — Banking and Recovery | DRT (2026)

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O.A. No. 932 of 2023

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Debts Recovery Tribunal-I, Delhi 4th floor, leevan Tara Building, Parliament Street, New Delhi

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Presiding Officer: Shri Govind Ballabh Sharma

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O.A. No. 932 of 2023

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IDFC First Bank Ltd.
Upper Ground Floor No.62/20,
Opposite New Prem Dhaba & Big Bazar
New Rohtak Road, Karol Bagh
New Delhi-110005	Applicant

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Versus

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1.Mrs. Indu Kishan Tiwari 1307 B, Ground Floor, Green Field Colony Faridabad, Haryana-121003
2. Sh.Krishan Mohan Tiwari 1307 B, Ground Floor, Green Field Colony Faridabad, Haryana-121003 Defendants
Present: Sh.Harshit Singh Sisodia, Counsel for applicant bank
Date of Reserve: 17.12.2025
Date of Pronouncement: 03.01.2026

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FINAL ORDER

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This original application has been filed by the applicant on 06.12.2023 through Shri Ashutosh Sharma, authorized representative of the applicant bank under Section 19 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 to be read with Sub-Section (10) of Section 13 of Securitization Act 2002 against the defendants for recovery of a sum of Rs.65,09,520.60 (Rupees Sixty Five Lacs Nine Thousand Five Hundred Twenty and paisa Sixty Only) as on

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O.A. No. 932 of 2023

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30.09.2023 together with pendentelite and future interest @ contractual rate of interest from 01.10.2023 along with costs.

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The brief facts of the case are that at the request of defendants vide loan application form dated 03.03.2016, the applicant bank sanctioned Loan Against Property of Rs.49,98,800/- (Rupees Forty Nine Lacs Ninety Eight Thousand Eight Hundred only) on 15.03.2016 and disbursed the amount subject to periodical review / renewal against property being 892-B, Khasra No.76/19 & 76/22, Village Sarai Khawaja, Faridabad, Haryana.

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In order to avail the loan against property facility, the defendants submitted Loan application and Sanction Letter with terms and conditions and Loan Agreement on 28.03.2016 in favour of application bank.

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That in order to secure the credit facility, the defendants created security interest of immovable property being All that piece and parcel of the Property being no.892-B, Khasra No.76/19 & 76/22, Village Sarai Khawaja, Faridabad, Haryana towards applicant bank.

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It has been submitted by the applicant that after availing the aforesaid loan against property facility, the defendants failed to comply with the terms and conditions either towards principle or interest or charges despite several requests, personal visits by representatives of the Applicant Bank. The applicant bank classified the account as NPA on 31,12.2017 as per RBI guidelines but no response from defendants to clear the outstanding dues, hence the applicant bank has approached this tribunal for recovery of its dues.

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O.A. No. 932 of 2023

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Notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 dated 03.05.2018 was issued to the defendants to liquidate the outstanding. The applicant bank took physical possession of property and auctioned the property on 09.06.2023 for Rs.36,90,000/- to the highest bidder namely Ms. Apoorva Jain. The applicant bank issued Sale Certificate dated 05.07.2023 and appropriated the amount in the account of defendants and issued demand notice dated 23.11.2023 for repayment of remaining outstanding. Amount after adjustment of sale proceeds.

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Notices of this O.A. were issued to the defendants and despite proper service including publication in newspaper, the defendants have chosen to absent from the proceedings. As per order dated 04.11.2025, the defendants have been proceeded ex-parte as they have not appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Ashutosh Sharma, authorized representative of the applicant who has proved the documents as Letter of Authority Exhibit A-1, Loan Application Form Exhibit A-2, Sanction Letter Exhibit A-3, Loan Agreement Exhibit A-4, Demand Notice u/s 13(2) Exhibit A-5, Sale Certificate Exhibit A-61^{Calculation Sheet and Statement of} Account under Bankers Book Evidence Act Exhibit A-7, Demand Notice dated 10.10.2023 Exhibit A-8.

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The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the

O.A. No. 932 of 2023

applicant bank is based on the documents and the same have been duly proved.

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10.^{The case filed by the applicant bank gone unrebutted and} there is no question of disbelieving the case of the applicant bank and the applicant bank has proved its case beyond reasonable doubts.

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11.^{As per the provision of Section 19(20) of the Recovery of} Debts Due to Banks and Financial Institution Act, 1993 which is analogous to Section 34 of CPC, on filing of the suit/claim, the contract between the parties comes to an end and the Court/Tribunal has a discretion to award the same depending upon the circumstances of each case. Same principle has been laid down by the Hon'ble Apex Court in the case of Central Bank of India Vs. Ravindra & Others. Taking stock of all the circumstances and keeping in view that there is a drastic fall in rates of interest globally and domestically, I am of the opinion that interest of justice will be served if the interest at the rate of 12% p.a. is awarded.

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12.^{In the light of the above discussions, the Original} Application deserves to be allowed.

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ORDER

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al!ow this OA and direct the defendants to pay to the applicant bank, jointly or severally, within 30 days, a sum of Rs.65,09,520.60 (Rupees Sixty Five Lacs Nine Thousand Five Hundred Twenty and paisa Sixty Only) as on 30.09.2023 together with pendentelite and future interest @12% per annum from 01.10.2023 till the date of realization along with costs. In case of shortfall, the aforesaid amount shall be

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recovered from the sale of movable and immovable property of the defendants.

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(II)^{The recovery certificate be issued forthwith and be sent} to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

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(III)^{Parties are directed to appear before Recovery Officer,} DRT I, Delhi on 02.03.2026.

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(IV)^{Copies of final order as well as Recovery Certificate be} sent to all concerned free of cost.

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