DEBTS RECOVERY APPELLATE TRIBUNAL, DELHI

Appeal No.129/2018

(Arising out of S.A.No. 62/2015 decided byDRT-I, Delhi)

1. M/s Joule Infrastructure Private Ltd.

2. Mr.Hari Singh Walia

&.Appellants

Vs.

1. Indian Overseas Bank

2. IsoluxCorsan

&.Respondents

(CorsanCorviamConstruccion S.A.)

04.12.2019

CORAM: Mr.Justice P.K. Bhasin, Chairperson

Appearance:

Mr.HemantChaudharyand Mr.Anish Gupta, advocates for the

appellants

Mr.Pramod Kumar, advocate for respondent no.1 Bank.

None for respondent no.2

ORDER

Appellant no.1 had availed of loan facilities of crores of rupees

from respondent no.1 Bank for implementation of one contract for

some road construction by respondent no.2. Re-payment of the loans

was guaranteed by appellant no.1 by mortgaging his residential house

in Friends Colony, New Delhi. The appellant no.1 defaulted in re-

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Appeal No.129/2018

payment of the dues of the respondent no.1 Bank which default led to

its accounts being declared Non Performing Asset(NPA) in the year

2015. A demand notice under Section 13(2) of the SARFAESI Act was

then served upon the borrower Company and guarantor/mortgagor

requiring them to re-pay the o