Allowed

Ifci Ltd. v. Arcotech Ltd.

DRT30 Apr 2026TA/945/2023

Case brief

AI extract

What is this about?

In this application filed under section 19 of the RDB Act, 1993, IFCI Limited sought recovery of outstanding dues from Arcotech Limited and others. The Tribunal found the applicant's case fully established due to lack of rebuttal and allowed the application, directing joint and several payment of the principal, costs, and interest.

What did the court decide?

Payment of Rs. 70,76,76,437/- along with costs and interest @12.20% from the date of filing of the TA. Recovery via sale of specified assets in case of default.

Ifci Ltd. versus Arcotech Ltd. — Company and Corporate | DRT (2026)

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Before SUSHIL KUMAR RASTOGI,^Presiding Officer Debts Recovety Tribunal-Il,^Delhi

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TA No.945 OF 2023

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IFCI LIMITED VS ARCOTECH^{LIMITED & ORS}

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Reserued on : O1.O4.2026

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Pronounced on^{: 30'04.2026}

IFCI Limited

-APPlicant FI

Vs.

t. Arcotech Ltd

Mr. Arvind^{K. Saraf}

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Punjab National^Bank

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Syndicate Bank

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Defendants

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present: Mr. Aditya Kumar Jha, counsel^{appears for} aPPlicant^FI.

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Ms. Akriti Sharma,^{Counsel for defendant} no.3^{(exParte, since,15.02'2023)'} Defendants are^{expafte, since, 15'02'2023'}

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FINAL ORDER

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This original application^{has been filed by the} applicant , on^{22.04.20L9throughMr' Varinder Malik'} Manager^{(Law) of the applicant company,under} section 19 of^{the RDB Act, 1993 againstthe defendants} for recovery^{of a sum of Rs.70 ,76,76,437/- together} with cost,^{chargesand pendentelliteand future interest} @18o/o^{from date of filing of this O.A. till the realization} in full.

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The^{brief facts of the caseare that at the request} of defendant^{no.1, the applicant company sanctioneda} Loan Facility^{of Rs.t10,o0,oo,o00/-,vide sanctionletter} datedlS.03.2ol5.Thedefendantno.lhadagain approached^{the applicantwith the permission to utilize} a^part of the^{above said} loan^{(approx' Rs'10-11 Crore)} .g :

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TA NO. 945 of 2023

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for the^purpose of^{prepayment of the dues to Punjab} National Bank. The applicant^{considered the request of} the defendant no.1 and allowed^{the request vide} sanction letter dated^{19.03.2015on the terms and} conditions of the said letter,^{one conditionof the said} letter was that on^prepayment of^{dues of PNB, the} applicant shall have^{exclusivefirst chargeover the} entire immovable and^{movable fixed assets of the} defendant no.1 and^{secondpari passu charge over the} entire current asset^{(excludingbook debts) of the} defendant no.l. Again,^{at the request of defendant} no.t, the applicant^{reduced the sanctionedloan} amount to Rs.110^{Crore to Rs.101 crore, vide LoI} dated 22.05.20L5.^{The defendant nos.1 & 2 have} executed all^{necessary loaning documents on} 06.07.2015.^{The defendant no.1 fuftheragreed to} create the securities^{for the purpose of securing the} above said loan^{i.e., (a). First Pari-passucharge on the} entire immovable^{and movable fixed assets of the} defendant no.1^{includingthe first pari passu charge} over the^{propefi situated at 181, Sec-3, Industrial} Growth centre,^{Bawal-123501 in the state of Haryana.} (b). Second^{pari-passu chargeon the entire current} assets^{(excluding book debts)of the defendant no.1.} (c). second^{pari-passucharge on residential property} situated on a^{Plot size of approx. 3.30 acres at 56,} sultanpur^{Farms, New Delhi-110030. (d). Personal} guarantee of the^{promoter Director,defendant no.2. It} is also^{pertinent to mentionthat the existing charge} holders over the^{above said properties viz Punjab} Nationat Bank^{and canaraBank has also issued No-} objection^{letters for the purPose of ceding second pari} n\

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TA NO. 945 of 2023

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passu charge over the said property. It is submitted that consequent to the sanction of aforesaid^{loan of} Rs.110,00,00,000/- to the defendants by the^applicant company (which later on reduced^to Rs.101,00,00,000/-) and execution of the^financing& security documents, an amount of^{Rs.99,00,00,000/-} was disbursed in favour of the defendant^{no.1 at the} request of defendant no.l. The balance^{loam amount} was not availed by the company within^{the availability} period, consequently, the balance loan amount stood automatically cancelled.

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It is further submitted^{that the defendants} enjoyed and utilized the^{Loan facilities, but failed to} maintain the financial discipline^{and failed to repay the} due amounts. The applicant^{requestedthe defendants} to regutarize the loan account^{by visits and letters, but} there was no response^{from the defendants.Hence the} account was classified^{as NPA on 30.06.2018. The} applicant serued a^{demand notice dated 03.01.2019to} the defendants but^{failed to recoverthe same. Thus,} the^present O.A. lT.A.^{is preferredby the applicant to} recover its dues.

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On notice by this^{Tribunal, defendantnos.1 to 3} put appearance through counsel.^{The defendantnos.l} & 3 have filed^{writtenstatement but failed to file} evidence. The defendant^{no.4 failed to put appearance} at all. Thereafter,^{the defendantsfailed t9 put} appearance in the^{matter, despite seruice.Accordingly,} the defendants^{were proceededagainstexpafteon} Ls.oz.zoz3. frr

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TA NO. 945 of 2023

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The applicant company has^{filed evidence by way} of affidavit of Sh. Varinder Malik, Manager^{(Law) of the} applicant company as Annexure^{A- 1 to Annexure A-zL,} which have gone unchallenged and un-rebutted. Hence, the case of the applicant stands^fully established against the defendants with^{respect to} nonpayment of outstanding amount.

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After^perusing the records,^{this Tribuna! is of the} view that the applicant has^{proved its case beyond} reasonable doubts. The evidence and^{documents filed} by the applicant bank not rebutted^{by the defendants} by not^placing any evidence and^{there is no questionof} disbelieving the evidence and^{documents filed by the} applicant based upon the written/printed^documents.

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In the light of the above discussions,^{the presentT.A.} deseryes to be allowed against^defendants.

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ORDER

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I hereby allow this T.A. of^{the applicant and direct} the defendant nos.1 and² to^{pay jointly and severally} to the appticant within 30 days^{from today, a sum of} Rs.70,76 ,76,4371- along with^{cost expenses and} interest @L2.20o/o from the date^{of filing of this O.A.} which has become T.A till^{the date of realization.}

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In case of failure to^{depositthe above amount} within the stipulated^{period, the same shall be} recovered from the sale of^{hypothecatedassets and the} sale of mortgaged^{propefties i.e., immovable property} bearing no.1B1, Sector-3,^{Locatedat IndustrialGrowth} Centre, Bawal in the^State of^{Haryanaad measuring} 20.BOO sq. mtrs and immovglle^{property situatedat 56,}

s)\a\

TA NO. 945 of 2023

Sultanpur Farms, New Delhi-l10030.^{In case of short} fall, the same shall be recover from the^sale of^personal movable and immovable assets of the defendant^nos.1 and 2.

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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 sameto both} the pafties.

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Parties are directed to appear^{before the Ld.} Recovery Officer, DRT-II, Delhi^{on 30.06 .2026. Pending} IAs, if dry, stand disposed of.

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File be consigned to records.

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IsI

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Date :30.04.2026^{(SUSHILruMAn nnsroq)} PRESIDING OFFICER DRT-II, Delhi

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This^judgement has been^{signed, dated and} pronounced in oPen coutt.

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9A Date :30.04.2026 (SUSHIL KUMAR RASTOGI)PRESIDING OFFICER DRT.II, DCIhi

Ifci Ltd. v. Arcotech Ltd.

Case brief

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Ifci Ltd. v. Arcotech Ltd.

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