Allowed

Canara Bank v. M/S Seabuck Ayurveda Pvt. Ltd.

DRT27 Mar 2026TA/935/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the recovery application filed by Canara Bank for Rs. 81,95,264/- against a company and its guarantors. The respondents did not oppose the claim, and the debt was confirmed based on the bank's evidence.

What did the court decide?

Directed defendants to pay Rs. 81,95,264/- with interest and costs within 30 days or recover via sale of assets. Recovery Certificate to be issued.

Canara Bank versus M/S Seabuck Ayurveda Pvt. Ltd. — Contract and Commercial Disputes | DRT (2026)

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Before susHIL^{KUMARRAsroGI, Prcsidingofficer} Debts Recovery^{Tribunal-Il,Delhi}

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TA No.935^{OF 2023} CANARABANKvsM/sSEABUCKAYURVEDAPvT LTD & ORS

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Reserued on z 20.02'2026

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Pronounced^{on t 27.03'2026}

Canara^Bank

-Applicant bank

Vs.

1 . M/s Seabuck^{AYurueda h/t Ltd}

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2 Mr. Vishal^Modi

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3 Mr. Meenal^Modi 4 Mr. Ankit^lain

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Defendants

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Present: Ms. Chinnmayee,^{proxycounselfor Mr' JP} Crpt , C"rnt'd^{appears for applicant bank'} Deiendants^{are expartedated 13'06'2025'}

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FINAL^ORDER

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This original^{application has been filed by the} applicant^{bank, on 28.10 '2020 through Shri' Manohar} Singh, Senior^{Managerand PrincipalOfficer of the} applicant^{bank, under Section 19 of the RDB Act' 1993} against^{the defendantsfor recoveryof a sum of} Rs.81,95 ,2641-^{together with cost' charges and} [email protected] of filing^{of this O.A' till the realization in full'}

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2.Thebrieffactsofthecasearethatthedefendant no.UcomPaf,Y,^{through its authorizeddirector' while} availingtheopenCashCreditFacilityofRs.50.00Lacs and^{Ad-hocLimit Facilityof Rs'10'00 Lacs' had lastly} approachedinthemonthofJune20lBforrenewal,the applicant^{bank renewedthe Open C'ashCreditFacility} --^< sd

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TA NO.^{935 of 2023}

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of Rs.50.00^{Lacs and Ad- hoc Limit Facility of} Rs.l0.00LacsunderCGTMSE,videsanctionletter dated^{03.03.2017.The defendantno.Ucompany,} through^{its authorizeddirector had executed all} necessry^{loaning documents on 17 '02'20t8 and} 25.06.2018,^{in continuation to the earlier loan} L7 '02'2018^and documents^{executed on 03'03'20 t7} ' 25.06.20ts.Itissubmittedthatforsecuringthe repaymentofthesaidaforesaidfacility,thedefendant nos.2 to^{4 in their individual and personalcapacity,had} given their^{continuing, co-extensive and subsisting} personalguaranteesfromtimetotimeforitsapplicable limitatthatrelevanttimeandinterestthereuponon 03.03.2017andL7.o2.2o18byexecutingsigningand deliveringtheseparateguaranteecoveringletterand guarantee^{agreementalong with required stamp paper'}

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It^{is further submitted that the defendants} enjoyedandutilizedtheLoanfacilities,butfailedto maintainthefinancialdisciplineandfailedtorepaythe due^{amounts.The applicantbank requested the} defendantstoregularizetheloanaccountbyvisitsand letters,^{but there was no response from the} defendants,^{hence the account was classifiedas NPA} on 27.tL2018'^{The applicant bank served a demand} noticedatedlS.04.20lgtothedefendantsbutfailedto recover^{the same' Thus' the present O'A'|I'A' is} preferred^{by the applicant bank to recover its dues'}

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4.^{On notice by this Tribunal' defendant nos't to 3} put appearance^{through counsel but failed to file} written^{statement'Thereafter' the defendantnos'l to} 3 failed^{to put appeag!!:in the matter' despite} gr^

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TA NO.^{935 of 2023}

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issuanceofdefaultnotice.Accordingly,thedefendant nos.l to 3^{were proceeded againstexparte on} 13.06.2025.Thedefendantno.4failedtoput appearanceatall,despiteissuanceofdefaultnotice. Accordingly,thedefendantno.4wasproceededagainst proceeded^{exParte on 13'06 '2025'}

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5.^{The applicant bank has filed evidenceby way of} affidavit^{of sh. Manohar singh, senior Manager of the} applicant^{bank as Paper No'l to Paper No'162' which} havegoneunchallengedandun-rebutted'Hence'the caseoftheapplicantstandsfullyestablishedagainst the defendants^{with respect to nonpaymentof} outstanding^amount'

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After^{perusing the records'this Tribunalis of the} view that^{the applicant bank has proved its case} beyond^{reasonable doubts' The evidenceand} documents^{filed by the applicantbank not rebuttedby} the defendants^{by not placing any evidenceand there} is no^{question of disbelievingthe evidenceand} documents^{filed by the applicantbank based upon the} written/ Pri^{nted docu ments'}

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In the^{light of the abovediscussions,the presentT'A'} deserves^{to be allowed'}

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ORDER

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I^{hereby allow this T'A' of the applicant bank and} direct^{the defendant nos' t to 4 to pay jointly and} severally^{to the applicant bank within 30 days from} today,^{a sum of Rs'81'95} '2641-^{along with cost'} the date^{of filing} expenses^{and interest@} lL'|so/ofrom €A\

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TA NO. 935 of 2023

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of this O.A. which has become^T.A till^{the date of} realization.

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In case of failure to deposit the above^amount within the stipulated^period, the same shall^be recovered from the sale of the hypothecated^{assets. In} case of shoft fall, the same shall be recover^{from the} sale of personal movable and immovable^{assets of the} defendant nos. 1 to 4.

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Recovery Certificate be^{issued forthwith and be} sent to Recovery Officer, Debts^{Recovery Tribunal-Il,} Delhi.

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The registry of this Tribunal is^{hereby directed to} issue free copy of the order and send the^same to^both the pafties.

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Parties are directed to appear^{before the Ld.} Recovery Officer, DRT-II, Delhi on^{28.05 .2026.Pending} IAs, if ?oy, stand disposed of.

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File be consigned to records.

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Date : 27.03.2026

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s4 (susHrL KUMAR RASTOGI) PRESIDING OFFICER DRT-II, DCIhi

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This^judgement has been signed, dated and

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pronounced in open couft.

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Date : 27.03.2026

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gx (susHrL KUI'{AR RASTOGI) PRESIDING OFFICER DRT-II, Delhi

Canara Bank v. M/S Seabuck Ayurveda Pvt. Ltd.

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Canara Bank v. M/S Seabuck Ayurveda Pvt. Ltd.

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