Allowed

Hdfc Bank v. M/S Aspire Vision Pvt. Ltd. and Ors.

DRT22 May 2026TA/578/2023

Case brief

AI extract

What is this about?

The tribunal allowed an original application filed by HDFC Bank Ltd. for recovery of dues from defendants who defaulted on loan facilities. The case was tried ex-parte as defendants did not appear. The bank recovered the principal, interest, and costs, and issuance of recovery certificate was directed for enforcement from movable or immovable properties.

What did the court decide?

Directed respondents to pay Rs.44,59,960.27 with pendent lite and future interest at 18% p.a. and costs; recovery certificate directed to be issued for enforcement from movable or immovable properties

Hdfc Bank versus M/S Aspire Vision Pvt. Ltd. and Ors. — Company and Corporate | DRT (2026)

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T.A. No.578 of 2023

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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. 578 of 2023

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HDFC Bank Ltd.

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Department for Special Operations 5th Floor, Ansal Classique Tower Plot No.1, J Block, Community Centre Opposite Surya Continental, Rajouri Garden, New Delhi-110027

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Applicant

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Versus

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M/s Aspire Vision Pvt.Ltd. Through its Directors B-6/25, Sector-3, Rohini, Delhi-110085

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Also at:

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M/s Aspire Vision Pvt.Ltd. UG-4, Vishal Tower-1, District Centre Janak Puri, New Delhi-110058

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Sh.Vaibhav Aggarwal Director of M/s Aspire Vision Pvt.Ltd. B-6/25, Sector-3, Rohini, Delhi-110085

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Also at:

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Sh.Vaibhav Aggarwal UG-4, Vishal Tower-1, District Centre Janak Puri, New Delhi-110058

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Ms.Shweta Aggarwal Director of M/s Aspire Vision Pvt.Ltd. B-6/25, Sector-3, Rohini, Delhi-110085

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Also at:

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Ms.Shweta Aggarwal UG-4, Vishal Tower-1, District Centre Janak Puri, New Delhi-110058 Defendants

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Present: Ms Sunanda Kumari, Counsel for applicant bank

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T.A. No.578 of 2023

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Date of Reserve: 06.05.2026

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Date of Pronouncement: 22.05.2026

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FINAL ORDER

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This original application has been filed by the applicant bank on 22.06.2022 before DRT-III Delhi & then transferred to DRT-I Delhi under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 against the defendants for recovery of a sum of Rs.44,59,960.27 (Rupees Forty Four Lacs Fifty Nine Thousand Nine Hundred Sixty & paisa Twenty Seven only) as on 31.05.2022, out of which Rs.37,79,982.69 in Cash Credit account and Rs.6,79,977.58 in WCTL account under GECL scheme as on 31.05.2022 along with pendentelite and future interest @18.00% per annum with monthly rest from 01.06.2022 till the date of realization and costs.

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The brief facts of the case are that at the request of defendant no.1 being private limited company through its directors being defendant no.2 & 3 vide their loan application dated 20.06.2018 along with KYC documents, the applicant bank sanctioned Cash Credit facility of Rs.35,00,000/- (Rupees Thirty Five Lacs only) for working capital on 06.07.2018 @11.00% interest per annum against hypothecation of stock and book debts covered under CGTMSE scheme which was renewed from time to time lastly on 05.07.2021 @9.80% and @8.25% rate of interest per annum respectively for Cash credit and WCTL facility. Further, the applicant bank sanctioned WCTL limit of Rs.7,07,000/- (Rupees Seven Lacs Seven Thousand only) @8.25% rate of interest under ECGLS scheme towards meeting working capital requirements on 02.07.2020. In case of default, the defendants were liable to pay interest

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T.A. No.578 of 2023

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@18% per annum plus penal interest @2% on overdue amount over agreed rate of interest.

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That in order to avail the credit facilities, the defendant no.1 executed Master Facility Agreement, Demand Promissory Note, Deed of Hypothecation for stocks and book debts, Power of Attorney, Amendment Agreement, Letter of Continuing Guarantee by defendant no.2 and 3, Undertaking for Sales, Debit Authority Letter, Undertaking for name not appearing in RBI defaulters list etc. in favour of applicant bank on 07.07.2018 and also submitted CA Certificate, No dues for Statutory Dues, Board Resolution dated 20.07.2020, Document Verification Certificate, Copy of Lease Deed, Net Worth Certificates, Memorandum of Articles and Association with applicant bank. In addition, the defendant no.1 executed Facility Agreement, Supplemental Deed of Hypothecation, Declaration cum Undertaking, Supplemental Letter of Continuing Guarantee, No Dues Certificate, Addendum Agreement, etc. on various dates as and when renewal of limits were sanctioned by the applicant bank.

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That in order to secure the credit facilities, the defendant no.1 through its directors hypothecated the stock and book debts towards the applicant bank.

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It has been submitted by the applicant bank that after availing the credit facilities, the defendant no.1 failed to comply with the terms and conditions of sanction despite several requests and reminders. The defendants committed default in repayment of interest and instalments in the account with the applicant bank therefore account was classified as NPA on 07.03.2022 as per RBI guidelines and applicant bank issued recall notice on 06.06.2022 to clear the dues but neglected by

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T.A. No.578 of 2023

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the defendants. Hence, the applicant bank has approached this Tribunal for recovery of their dues.

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Notices of this O.A. were issued to the defendants and despite of proper service the defendants have chosen to absent from the proceedings. As per order dated 21.01.2026, the defendants have been proceeded ex-parte as they have not appeared before the Tribunal and even no written statement, evidence and affidavit of assets has been filed on behalf of the defendants.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Neeraj Mahajan, authorized representative of the applicant bank who has proved the documents such as Board Resolution, Loan Application Form, Sanction Letters, Master Facility Agreements, Demand Promissory Note, Deeds of Hypothecation, Amendment Agreement, Letter of Continuity, Power of Attorney, Undertaking for Sales, Debit Authority Letter, Undertaking for name not appearing in RBI defaulters List, CA Certificate, No Dues for Statutory Dues, Board Resolution, Document Verification Certificate, Copy of Lease Deed, Net Worth Certificates, No Dues Certificate for Pendency of Statutory Dues, Memorandum of Articles & Association, Terms and Conditions Letters, Supplemental Deed of Hypothecation, Declaration cum Undertaking, Supplementary Letter of Continuing Guarantee, Addendum Agreement, Recall Notice with Postal Certificate, Certified Statement of Account under Bankers' Books Evidence Act marked as Exhibit AW1/1 to Exhibit AW1/42 (colly).

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T.A. No.578 of 2023

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

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The case filed by the applicant bank gone unrebutted and there is no question of disbelieving the case of the applicant bank 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 bank within a period of 30 days, jointly or severally, a sum of Rs.44,59,960.27 (Rupees Forty Four Lacs Fifty Nine Thousand Nine Hundred Sixty & paisa Twenty Seven only) as on 31.05.2022, out cf which Rs.37,79,982.69 in Cash Credit account and Rs.6,79,977.58 in WCTL account together with pendentelite and future interest @18% per annum with monthly rest from 01.06.2022 till the date of its realization with costs from sale of hypothecated stocks and book debts, 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 21.07.2026.

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T.A. No.578 of 2023

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

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(Dictated and pronounced in open court) Dated: 22.05.2026

Hdfc Bank v. M/S Aspire Vision Pvt. Ltd. and Ors.

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Hdfc Bank v. M/S Aspire Vision Pvt. Ltd. and Ors.

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