Allowed

Uv Arc Ltd. (Icici Bank Limited) v. M/S De Bono Flexcom India Ltd. and Ors.

DRT18 Jul 2026TA/252/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an original application filed by an asset reconstruction company for recovery of loans assigned from ICICI Bank. The defendants failed to appear. The court directed payment of the principal sum with interest and costs.

What did the court decide?

Directed payment of Rs. 14,54,56,747.40 with interest and costs; recovery certificate to be issued; parties to appear before Recovery Officer.

Uv Arc Ltd. (Icici Bank Limited) versus M/S De Bono Flexcom… — Company and Corporate | DRT (2026)

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T.A. No. 252 of 2022

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Debts Recovery Tribunal-I, Delhi 4th Floor, Jeevan Tara Building, Parliament Street, New Delhi

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Presiding Officer: Shri Govind Ballabh Sharma

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T.A. No. 252 of 2022

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UV Asset Reconstruction Company Ltd. (ICICI Bank Ltd.- Assignor Bank) Regd.Office: 704, 7th Floor, Deepali Building 92, Nehru Place, New Delhi-110019

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Corporate Office:

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1304/1304A, Chiranjeev Tower 43, 43, Nehru Place, New Delhi-110019

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Applicant

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Versus

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M/s De Bono Flexcom (India) Ltd. House No.2634, Block WZ, Landmark Railway Road Sri Nagar Shakur Basti, Delhi-110034

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Also at:

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46, 1st Floor, Kukreja House Rani Jhansi Road, Jhandewalan Extension New Delhi-110055

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Sh.Tarun Kukreja

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B-51 Preet Vihar, Delhi-110092

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Also at:

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Sh.Tarun Kukreja 46, 1st Floor, Kukreja House Rani Jhansi Road, Jhandewalan Extension New Delhi-110055

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Ms Punita Chaudhari d/o Sh.Darshan Kumar Kukreja B-199, 2nd Floor, Priyadarshini Vihar Delhi-110092

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Sh.Varun Kukreja s/o Sh.Darshan Kumar Kukreja SV-1/12, Eldeco Utopia Sector-93, Expressway, Noida, UP-201301 _s4

T.A. No. 252 of 2022

Defendants

Also at:

46, 1st Floor, Kukreja House Rani Jhansi Road, Jhandewalan Extension New Delhi-110055

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Present: Sh.Dhananjay Kumar, Counsel for the applicant FI

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Date of Reserve: 03.07.2026

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Date of Pronouncement: 18.07.2026

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FINAL ORDER

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This original application has been filed by the applicant FI before DRT III, Delhi on 26.02.2020 and then transferred to DRT-I Delhi under Section 19 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 read with Section 13(10) of the SARFAESI Act 2002 against the defendants for recovery of Rs.14,54,56,747.40 (Rupees Fourteen Crores Fifty Four Lacs Fifty Six Thousand Seven Hundred Forty Seven and paisa Forty only) as on 31.01.2020 together with pendentelite and future interest @12.50% in Cash Credit account and @18.15% in Term Loan account from 01.02.2020 till the date of its realization and costs. Further, the name of Shri Pallavi Pandey was substituted as authorized representative in place of Sh.Nalin Punera, erstwhile AR for the applicant FI.

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The brief facts of the case are that the debt of defendant no.1 to 4 was assigned to Applicant FI by ICICI Bank Ltd. (hereinafter referred as Assignor bank) vide Assignment Agreement dated 29.01.2025 together with all rights, title and interest, securities if any etc. and to continue / initiate legal proceedings for recovery of dues under Section 5(1) of SARFAESI Act 2000.

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T.A. No. 252 of 2022

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The brief facts of the case are that on the request of defendant no.1 through its directors/guarantors being defendant no.2 to 4, credit facilities of Rs.1400.00 lacs was sanctioned by applicant bank within which Cash Credit of Rs.900.00 lacs and BG of Rs.500.00 lacs on 28.05.2012. The applicant bank enhanced / modified the credit facilities from time to time and lastly renewed on 30.03.2017 for Rs.2200.00 lacs, out of which Cash credit facility of Rs.1300.00 lacs @12.50% interest per annum (w/w WCDL of Rs.1100.00 lacs @11.95%) for working capital requirements and Bank Guarantee of Rs.900.00 lacs (w/w L/C of Rs.100.00 lacs) against hypothecation of stocks, book debts, receivables, unencumbered moveable fixed assets, plant & machinery and immovable properties owned by defendant no.1 to 3. The Board of Directors in their meetings on various dates resolved to avail credit facilities from applicant bank authorizing defendant no.3 to execute loan and security documents and creation / extension of mortgage of property at Sahibabad in favour of applicant bank.

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That in order to avail the aforesaid credit facilities, the defendant no.1 thru its directors executed Master Facility Agreement, Deed of Hypothecation, Joint Deeds of Guarantee, Supplemental and Amendatory Facility Agreements, Supplemental Deeds of Hypothecation, Supplementary Confirmatory Letters on various dates between 28.06.2012 to 07.12.2015 in favour of the applicant bank.

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That in order to secure the credit facilities sanctioned by applicant Dank, the defendant no.1 hypothecated first charge on its current assets, movable properties and receivables in favour of applicant and mortgaged the immovable properties

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T.A. No. 252 of 2022

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of defendants on 21.08.2012 and extended thereafter as and when the limits were enhanced/modified/renewed in favour of defendant no.1 by executing Mortgage Declarations dated 07.12.2015 and Memorandum of Entries dated 08.12.2015 i.e

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i) Factory land & Building at Plot No.A48/8, Site IV, Sahibabad Industrial Area, Ghaziabad together with all building and structure thereon including plant & machinery attached;

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ii) Entire built up property no.WZ-263, measuring 163.75 sq.yds out of total land measuring 2 Bighas and 18 Biswas comprised in Khasra No.21, Rectangle No.40, Village Shakurbasti, Delhi owned by defendant no.2;

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iii) Entire built up property no.WZ-263, measuring 163.75 sq.yds out of total land measuring 2 Bighas and 18 Biswas comprised in Khasra No.21, Rectangle No.40, Village Shakurbasti, Delhi owned by defendant no.3.

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The applicant bank got approval from UPSIDC to create equitable mortgage of property at Sahibabad owned by defendant no.3 being leasehold property on 18.08.2012 and executed Mortgage Declaration on 21.08.2012 and drawn Memorandum of Entry dated 22.08.2012 evidencing deposit of title document with intention to create equitable mortgage.

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The applicant registered its charge with ROC on Form 8 and CHG-I form with Registrar of Companies, Delhi & Haryana on the hypothecated assets and mortgaged properties of defendant no.1 vide Certificate of Registration of Charge dated 23.08.2012, 04.03.2013, 11.10.2013 and 30.12.2015 issued by ROC in favour of applicant.

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T.A. No. 252 of 2022

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The defendants acknowledged an outstanding amount of Rs.1933.00 lacs as on 27.02.2017 to be due and payable to the applicant bank.

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It has been submitted that after availing the credit facilities, the defendants failed and neglected to make repayment of invoked bank guarantees along with interest and also failed to serve interest in Cash Credit account on time as per sanction terms and conditions. The applicant classified the account as NPA on 31.12.2017 as per RBI guidelines under intimation to defendant on 22.01.2018 and issued recall cum invocation of guarantee notice dated 12.03.2018 but defendants not taken any step for regularization of the account. Hence, the applicant FI has approached this tribunal for recovery of its dues.

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Notices under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 dated 17.04.2018 for Rs.18,81,65,706.17 to the defendant and sold plant & machinery installed at Sahibabad for Rs.20.70 lacs on 14.12.2018 by issuing Sale Certificate. The applicant bank auctioned the factory land & building and property at Shakurbasti, Delhi properties for Rs.7,26,00,000/- and Rs.3,05,05,500/- respectively on 10.09.2019 and issued Sale Certificates dated 16.10.2019 and 10.12.2019. The defendant no.1 admitted the liability of Rs.12,32,03,169/- in Cash Credit facility is due and payable as on 31.03.2017 in its balance sheet signed on 05.09.2017 secured by hypothecated plant & machinery and land and building.

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Notices of this O.A. were issued to the defendants and despite proper service, the defendants have chosen to absent

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T.A. No. 252 of 2022

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from the proceedings. As per order dated 17.06.2022, 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 FI has filed its evidence by way of affidavit of Shri Nalin Punera, authorized representative of the applicant who has proved the documents such as Power of Attorney, CAL of various dates with Terms and Conditions, Board Resolutions, Master Facility Agreement, Deeds of Guarantees, Charge IDs with ROC, Permission Letter from UPSIDC for Equitable Mortgage over Sahibabad property, Mortgage Declaration, Memorandum of Entry's, Certificate of Registration, Mortgage Declarations along with Copy of Title Documents, Amendment for Renewal/Extension-cumModification of Facility Agreement, Deed of Hypothecation for Derivative Facility, Supplemental & Amendatory Agreement, Supplemental Deed of Hypothecation, Notice CAL with Amendment dated 05.11.2012, Recall Notice-cum-Invocation of Guarantee, Notice under Section 13(2) of SARFAESI Act along with Postal Receipts, Copies of Certificate of Sale, Certified Statement of Account under Bankers Book Evidence Act 1882, Balance Sheet of Defendant no.1 for the year 31.03.2017 marked as Exh.AW/A-1 to Exh.AW/A-56 (Colly).

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The applicant FI has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant FI is based on the documents and the same have been duly proved.

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The case filed by the applicant FI gone unrebutted and there is no question of disbelieving the case of the applicant FI

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T.A. No. 252 of 2022

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and the applicant FI has proved its case beyond reasonable doubts.

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In the light of the above discussions, the Original Application deserves to be allowed.

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ORDER

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I, allow this OA and direct the defendants to pay to the applicant FI within 30 days, jointly or severally, a sum of Rs.14,54,56,747.40 (Rupees Fourteen Crores Fifty Four Lacs Fifty Six Thousand Seven Hundred Forty Seven and paisa Forty only) as on 31.01.2020 together with pendentelite and future interest @12.50% per annum with monthly rests (as no proper bifurcation of amounts) from 01.02.2020 till the date of realization along with costs failing which the aforesaid amount shall be recovered from the sale of movable and immovable properties 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 the Recovery Officer,} DRT I, Delhi on 17.09.2026

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(II) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

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(GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI

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(Dictated and pronounced in open court) Dated: 18.07.2026

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Uv Arc Ltd. (Icici Bank Limited) v. M/S De Bono Flexcom India Ltd. and Ors.

Case brief

What is this about?

What did the court decide?

Uv Arc Ltd. (Icici Bank Limited) v. M/S De Bono Flexcom India Ltd. and Ors.

Case brief

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