AVANTHA HOLDINGS LIMITED vs ICICI BANK LIMITED AND ORS

Judgment text excerpt

$~ * IN THE HIGH COURT OF DELHI AT NEW DELHI % Reserved on : 27.01.2026 Date of decision: 12.02.2026 + W.P.(C) 19835/2025, CM APPL. 82791/2025 AVANTHA HOLDINGS LIMITED .....Petitioner Through: Mr. Sandeep Bajaj, Ms. Shruti Kanodia, Mr. Rishabh Dua, Mr. Kshitij Ujala, Mr. Maya Bihani, Advs. versus ICICI BANK LIMITED AND ORS. .....Respondents Through: Mr. Sanjiv Kakra, Sr. Adv. with Mr. Bhamsen Jain, Mr. Akash Madan, Advs. CORAM: HON'BLE MR. JUSTICE VIVEK CHAUDHARY HON'BLE MS. JUSTICE RENU BHATNAGAR JUDGMENT 1. The present writ petition has been filed under Article 227 of the Constitution of India, assailing the Order dated 16.12.2025 passed by the Debts Recovery Appellate Tribunal, Kolkata (holding Additional Charge of Debts Recovery Appellate Tribunal, Delhi) [“DRAT”] in Miscellaneous Appeal No. 222 of 2024, rejecting its appeal. In the appeal, the petitioner had challenged the Order dated 03.07.2024 passed by the Debts Recovery Tribunal-III, Delhi (“DRT”) dismissing the application filed by the petitioner seeking condonation Signature Not Verified W.P.(C) 19835/2025 Page 1 of 8 Signed By:ROHIT SAIN Signing Date:12.02.2026 03:05:13 of delay of 14 days in filing the written statement in Original Application No.7/2024 (“O.A.”). 2. The essential facts are that respondent no.1/Bank granted a Letter of Credit facility of US$ 50 million to respondent no.2, which is a subsidiary of the petitioner. To secure this facility, the petitioner and respondent no.2 executed the necessary loan and security documents, and the facility was revised and renewed over time with fresh documents being signed. Respondent no.2 committed repeated defaults in making payments under the Letter of Credit, leading the Bank to issue several demand notices to the petitioner, respondent no.2 and responden