𝐅𝐚𝐯𝐨𝐮𝐫𝐚𝐛𝐥𝐞 𝐑𝐞𝐜𝐨𝐯𝐞𝐫𝐲 𝐎𝐫𝐝𝐞𝐫 𝐏𝐚𝐬𝐬𝐞𝐝 𝐢𝐧 ₹139.57 𝐂𝐫𝐨𝐫𝐞 𝐂𝐥𝐚𝐢𝐦 𝐟𝐨𝐫 𝐀𝐱𝐢𝐬 𝐁𝐚𝐧𝐤 𝐚𝐧𝐝 𝐂𝐚𝐧𝐚𝐫𝐚 𝐁𝐚𝐧𝐤 𝐁𝐞𝐟𝐨𝐫𝐞 𝐇𝐨𝐧’𝐛𝐥𝐞 𝐃𝐑𝐓-𝐈𝐈𝐈, 𝐃𝐞𝐥𝐡𝐢 { 𝐚 𝐒𝐩𝐞𝐜𝐢𝐚𝐥𝐢𝐳𝐞𝐝 𝐓𝐫𝐢𝐛𝐮𝐧𝐚𝐥 𝐟𝐨𝐫 𝐇𝐢𝐠𝐡-𝐕𝐚𝐥𝐮𝐞 𝐌𝐚𝐭𝐭𝐞𝐫𝐬 𝐄𝐱𝐜𝐞𝐞𝐝𝐢𝐧𝐠 ₹100 𝐂𝐫𝐨𝐫𝐞𝐬}

Aretha Legal is pleased to announce a significant recovery order secured before the Debts Recovery Tribunal-III, Delhi, in TA No. 33/2022, arising out of a complex consortium lending dispute.

The matter was led by Ronnie S. Brara, Principal Associate, under the guidance of Mrs. Aanchal Tandon, Senior Partner, representing Axis Bank and Canara Bank (erstwhile Syndicate Bank) against M/s LEEL Electricals Ltd. and other group entities, formerly known as Lloyd Electric & Engineering Limited.

In a heavily contested and document-intensive matter involving multiple rounds of sanction, renewal, and enforcement of both fund-based and non-fund-based credit facilities, the Tribunal allowed the Original Application, directing recovery of ₹139.57 Crores plus interest at 18% p.a., from the borrower, guarantors, and mortgagors.

Significantly, the Tribunal also preserved the banks’ rights to revive proceedings against entities currently undergoing CIRP before the Hon’ble NCLT.

This matter involved intricate analysis of voluminous evidence including personal and corporate guarantees, mortgage documents, and hypothecation deeds culminating in a robust and well-reasoned recovery order.

We remain committed to delivering effective solutions for our banking and financial sector clients in complex high-stakes debt recovery litigation.