PUNJAB NATIONAL BANK vs PRACHI SHARMA SAPNA on 25 September 2026

**FINAL ORDER**

This original application has been filed by the applicant bank on 07.04.2022 before DRT-III, Delhi & then transferred to DRT-I, Delhi under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 against the defendant for recovery of a sum of Rs.21,17,590.36 (Rupees Twenty-One Lacs Seventeen Thousand Five Hundred Ninety And Paisa Thirty Six Only) as on 31.03.2022 along with pendent lite and future interest thereon @9.20% p.a. with monthly rests till the date of its realization in full. Further, the name of Sh.Birendra Kumar was *Sd/-*

substituted as authorized representative in place of erstwhile AR for the applicant bank.

2. The brief facts of the case are that on the request of the defendant being proprietor of M/s Paredhaan Impex vide loan application dated 28.10.2020 with relevant documents, engaged in the business of manufacturing of wearing apparels, the applicant bank sanctioned Cash Credit Hypothecation limit of Rs.20,00,000/- (Rupees Twenty lacs only) on 28.10.2010 against hypothecation of stocks, receivables and other current assets @8.20% per annum with monthly rests covered under CGTMSE scheme. In case of default in repayment of interest, the defendant agreed to pay penal interest @2% over existing rate of interest to the applicant bank.

2. In order to avail the aforesaid credit facility, the defendant executed Hypothecation Agreement of Goods and Book Debts, Hypothecation Agreement of Movable Assets, Hypothecation Agreement of Book Debts and Master Agreement on 29.10.2020 in favour of applicant bank.

3. That in order to secure the credit facility, the defendant hypothecated the stocks, receivables and other current assets – both present and future towards the applicant bank on 29.10.2020.

4. It has been submitted by the applicant bank that after availing the credit facility, the defendant failed to adhere to the financial discipline and committed defaults in repayment of interest in the account. The applicant bank classified the account of defendant as NPA on 11.11.2021 as per RBI guidelines and issued legal notice dated 23.11.2021 and sd- demand notice under Section 13(2) on 09.02.2022 to pay entire outstanding by invoking the guarantee of defendant but the defendant neglected to regularize the account. Hence, the applicant Bank was constrained to approach this Tribunal for recovery of dues.

5. Notice of this O.A. was issued to the defendant and despite of proper service, the defendant has chosen to absent from the proceedings. Vide order dated 16.12.2025, the defendant has been proceeded ex-parte as not appeared before the Tribunal and even evidence and affidavit of assets have not been filed by the defendant.

6. In order to prove its case, the applicant bank has filed its evidence by way of Affidavit of Sh. Edmund Pradeep Aind, authorized officer of the applicant bank who has submitted the documents such as Power of Attorney, Loan Application Sanction letter dated 28.10.2020, Hypothecation Agreement of Goods and Book Debts, Hypothecation Agreement of Movable Assets, Hypothecation Agreement of Book Debts, Master Agreement dated 29.10.2020, Legal Notice, Demand Notice and Statement of Accounts marked as EX.AW1/1 to EX.AW 1/10 (Colly).

7. The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant bank is based on the documents and the same have been duly proved.

8. The case filed by the applicant bank gone unrebuted and there is no question of disbelieving the case of the applicant bank and the applicant bank has proved its case beyond reasonable doubts.

sd-

9. In the light of the above discussions, the Original Application deserves to be allowed.

**ORDER**

I, allow this OA and direct the defendant to pay to the applicant bank within a period of 30 days, a sum of Rs.21,17,590.36 (Rupees Twenty One lacs Seventeen thousand Five hundred Ninety and paisa Thirty Six only) as on 31.03.2022 along with pendentelite and future interest @9.20% per annum with monthly rests from 01.04.2022 till the date of its realization and costs in full, failing which, the amount shall be recovered from hypothecated stocks, receivables and other current assets of the firm. In case of shortfall, the same shall be recovered from sale of movable and immovable properties of the defendant.

(II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

(III) Parties are directed to appear before the Recovery Officer, DRT I, Delhi on 25.11.2026.

(IV) Copies of final order as well as Recovery Certificate are to be sent to all concerned free of cost.

*Sd - 25.09.2026* **(GOVIND BALLABH SHARMA)** **PRESIDING OFFICER** **DRT-I, DELHI**

(Dictated and pronounced in open court) Dated: 25.09.2026