AVANTHA HOLDINGS LIMITED vs ICICI BANK LIMITED AND ORS

$~ * IN THE HIGH COURT OF DELHI AT NEW DELHI % Reserved on : 27.01.2026 Date of decision: 12.02.2026 W.P.(C) 19835/2025, CM APPL. 82791/2025 AVANTHA HOLDINGS LIMITED .....Petitioner Through: Mr. Sandeep Bajaj, Ms. Shruti Kanodia, Mr. Rishabh Dua, Mr. Kshitij Ujala, Mr. Maya Bihani, Advs. versus ICICI BANK LIMITED AND ORS. .....Respondents Through: Mr. Sanjiv Kakra, Sr. Adv. with Mr. Bhamsen Jain, Mr. Akash Madan, Advs. CORAM: HON'BLE MR. JUSTICE VIVEK CHAUDHARY HON'BLE MS. JUSTICE RENU BHATNAGAR JUDGMENT 1. The present writ petition has been filed under Article 227 of the Constitution of India, assailing the Order dated 16.12.2025 passed by the Debts Recovery Appellate Tribunal, Kolkata (holding Additional Charge of Debts Recovery Appellate Tribunal, Delhi) [“DRAT”] in Miscellaneous Appeal No. 222 of 2024, rejecting its appeal. In the appeal, the petitioner had challenged the Order dated 03.07.2024 passed by the Debts Recovery Tribunal-III, Delhi (“DRT”) dismissing the application filed by the petitioner seeking condonation 2. The essential facts are that respondent no.1/Bank granted a Letter of Credit facility of US$ 50 million to respondent no.2, which is a subsidiary of the peti