Debts Recovery Tribunals and Appellate Tribunals
PUNJAB NATIONAL BANK vs AMAN MALHOTRA on 7 February 2026
Debts Recovery Tribunal-I, Delhi
4th floor, Jeevan Tara Building,
Parliament Street, New Delhi
Presiding Officer: Shri Govind Ballabh Sharma T.A. No. 2057 of 2022
Punjab National Bank
Bara Hindu Rao Branch
Delhi-110007
Versus
1. Sh.Aman Malhotra s/o Sh.Rahul Malhotra R/o 308, 3rd Floor, Gulabi Bagh Delhi-110007
Also at:
Sh.Aman Malhotra s/o Sh.Rahul Malhotra
R/o 4159, Subzi Mandl, Roshanara Road
Delhi-110007
2. Sh.Raj Kumar s/o Sh.Matadin
R/o 184, 3rd Floor, Pocket 7
Rehaishy Apartment, Sector 12
Dwarka, New Delhi-110075
Applicant
Defendants
Present: Sh.Ajay Kumar Sharma, Counsel for applicant bank Date of Reserve: 21.01.2026
Date of Pronouncement: 07.02.2026
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FINAL ORDER
This original application has been filed by the applicant bank on 28.05.2019 before DRT-III, Delhi & then transferred to DRT-I under Section 19 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 against the defendants for recovery of a sum of Rs.11,38,784 (Rupees Eleven Lacs Thirty
Eight Thousand Seven Hundred Eighty Four only) as on 25.05.2019 together with interest @9.75% with pendentelite and future interest with monthly rest plus 2% penal interest from 25.05.2019 till the date of realization and costs.
2. The brief facts of the case are that on the request of defendant no.1, the applicant bank sanctioned Vehicle Loan facility for a sum of Rs.9,50,000/- (Rupees Nine Lacs Fifty Thousand only) on 31.05.2016 @9.75% rate of interest to be repayable in 84 EMIs of Rs.15,800/- in order to purchase Mahindra Scorpio S4 car. In case of default, the defendants agreed to pay 2% penal interest on overdue amount. That the defendant no.2 stood as guarantor for loan facility sanctioned in favour of defendant no.1 by applicant bank.
3. That in order to avail the vehicle loan facility, the defendant no.1 submitted loan application cum Appraisal / Sanction Form and executed Letter of Hypothecation and defendant no.2 executed Agreement of Guarantee dated 31.05.2016 in favour of applicant bank.
2. That in order to secure the vehicle loan facility, the defendant no.1 executed and delivered letter of hypothecation dated 31.05.2016 of Mahindra Scorpio car having Registration No.DL8CQ3208 towards applicant bank.
3. It has been submitted by the applicant bank that after availing the loan facility, the defendants failed to maintain financial discipline and failed to pay monthly interest and installments despite repeated reminders from the applicant bank. Ultimately, the account was classified as NPA on 05.07.2017 by the applicant bank as per RBI guidelines and issued recall notices on 26.07.2017, 03.08.2017 and 29.05.2008 but defendants neglected to pay the outstanding dues. Hence, the applicant bank has approached this Tribunal for recovery of their dues. . 4. Notices of th:s O.A. were issued to the defendants and despite of proper service, the defendants have chosen to absent from the proceedings. As per order dated 15.05.2025, the defendants have been proceeded ex-parte as they have not appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed.
5. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Upendra Singh, authorized representative of the applicant bank who has proved the documents as Power of Attorney Exh.AW-1/1, Loan Application Form Exh.AW-1/2, Sanction Letter Exh.AW-1/3, Agreement of Hypothecation of Book Debts Exh.AW-1/4, Agreement of Guarantee Exh.AW-1/5, Letter of Recall Exh.AW-1/6, Notices Exh.AW-1/7, Statement of Account Exh.AW-1/8.
6. The case filed by the applicant bank gone unrebutted and there is no question of disbelieving the case of the applicant bank and the applicant bank has proved its case beyond reasonable doubts.
7. In the light of the above discussions, the Original Application deserves to be allowed.
ORDER
allow this OA and direct the defendants, to pay to the applicant bank, jointly or severally, within a period of 30 days, a sum of Rs.11,38,784 (Rupees Eleven Lacs Thirty Eight
Thousand Seven Hundred Eighty Four only) as on 25.05.2019 together with interest @11.75% with pendentelite and future interest with monthly rest from 25.05.2019 till the date of realization and costs, failing which, the same shall be recovered from sale of hypothecated Mahindra Scorpio car having Registration No.DL8CQ3208. In case of shortfall, the same shall be recovered from the sale of movable and immovable properties of the defendants. (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 08.04.2026. (IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. (GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 07.02.2026