PUNJAB NATIONAL BANK vs M/S KRISHNATTREY CONSTRUCTION COMPANY on 22 May 2026

FINAL ORDER

This original application has been filed by the applicant bank on 14.02.2019 through Shri Nikhil Sharma, authorized representative of the applicant bank under Section 19(1) of Recovery of Debts and Bankruptcy Act, 1993 against the defendants for recovery of a sum of Rs.32,50,018/- (Rupees Thirty Two lacs Fifty Thousand Eighteen only) as on 11.02.2019 together with pendentelite and future interest @14.25% per annum with monthly rests from the date of filing of this application till the date of realization and costs.

2. The brief facts of the case are that at the request of defendant no.1 being partnership firm through its partners/guarantors vide loan application dated 26.09.2006 with partnership deed etc., the applicant bank sanctioned Cash Credit limit of Rs.70,00,000/- (Rupees Seventy Lacs only) on 27.09.2006 @11.50% interest per annum against hypothecation of goods and book debts and Corporate Guarantee of M/s Gaur Dream House Pvt.Ltd. On the request of defendant no.1 through its changed partners, the applicant bank enhanced the Cash credit limit from Rs.70.00 lacs to Rs.100.00 lacs, then to Rs.200.00 lacs on 22.06.2011 and again the limit was reduced to Rs.100.00 lacs on 24.12.2014.

3. That in order to avail the credit facility, the defendant no.1 through its partners submitted loan application and enhancement / modification in limits on various dates and executed Sanction Letters, Agreement of Hypothecation of Goods and Book Debts to secure Cash Credit facility, Letter of Undertaking, Deeds of Guarantees, Deed of Corporate Guarantee, Letter of Continuity, Consent Clause, Letter of

Undertaking, Deeds of Guarantee and Mortgage Deed on 28.09.2006 and thereafter on various dates lastly on 21.10.2010 towards the applicant bank.

4. That in order to secure the credit facility, Shri Mahit Gaur on behalf of M/s Gaur Dream House Pvt.Ltd. created mortgage of property bearing No.B-28, Radhey Puri, Delhi on 28.09.2006 which was substituted by mortgage of property bearing No.64, Old Anarkali, Krishna Nagar, Delhi-51 owned by Sh.Kanishka Sharma on 24.01.2009. At the time of enhancement of limit on 03.03.2010, property of Sh.Kanishka Sharma was released on 19.05.2010 and property no.X1720, Khasra No.149, Village Ghondli, Main Road, Shandara Delhi was mortgaged on 19.05.2010. This property was substituted with immovable property bearing No.X-1583/1, Khasra No.147, Village Ghondli, Street No.19, Rajgarh Colony, Shandara, Delhi owned by Mrs.Madhu Gaur w/o Ram Kishore Gaur by depositing title deed on 19.05.2010 through letter dated 20.05.2010, duly acknowledged by applicant bank on 25.08.2010. Again on enhancement of limit to Rs.200.00 lacs, property at 7/3, Krishna Nagar, Delhi was mortgaged on 11.07.2011 which was released on 26.03.2012 and property at 8/33, East of Village Ghondli, owned by Gaur Dream House Pvt.Ltd. was mortgaged on 24.03.2012 and released on 26.12.2014.

5. It has been submitted by the applicant bank that after availing the credit facility, the defendants miserably failed to pay the interest in the account and maintain financial discipline as per sanction terms and conditions. The applicant bank issued recall notice on 02.02.2017 for Rs.1,01,58,654.45 and classified the account as NPA on 30.06.2017 as per RBI guidelines but no action taken by the defendants, hence, the SD

applicant bank has approached this tribunal for recovery of its dues.

6. Notice under section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 dated 10.07.2017 was issued by the applicant bank and possession notice u/s 13(4) read with Rule 8 of Sarfaesi Rules 2002 and taken physical possession of property no. X-1583/1, measuring 125 sq.yds., out of Khasra No.147, Village Ghondli, Street No.19, New Rajgarh Colony, Illaqua Shandara, Delhi on 28.09.2017. After taking possession, the property put up for E-auction on 23.02.2018 and auctioned for Rs.81.05 lacs in favour of Smt.Kajal Aggarwal vide Sale Certificate dated 18.04.2018. After adjustment of sale consideration and other recovery amount of Rs.89,98,155/-, amount of Rs.32,50,018/- upto 11.02.2019 is remained due against the defendants.

7. One Sh.Sanjeev Gaur filed civil suit on 05.05.2018 against Punjab National Bank and others before ADJ Karkardooma Court Delhi praying for cancellation of power of attorney fig. Ram Kishore Gaur and sale agreement and sale executed by him in favour of Mrs.Madhu Gaur which is pending adjudication.

8. Notices of this O.A. were issued to the defendants and despite proper service, the defendants have chosen to absent from the proceedings. As per order dated 25.08.2025, the defendants have been proceeded ex-parte as not appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed.

9. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Nikhil Sharma, authorized representative of the applicant who has proved the documents such as General Power of Attorney, Partnership Deed, Loan Application, Sanction Letters, Terms & Conditions, Agreements of Hypothecation of Goods and Book Debts, Letters of Undertaking, Deeds of Guarantee, Deed of Corporate Guarantee, Mortgage Deed dated 28.09.2006, Letter of Enhancement of Limit Sanctioned, Photocopy of Sale Deed, Agreements of Guarantee, Memorandum of Deposit of Title Deeds, Acknowledgement of Title Deeds, Recall Notice dated 02.02.2017, Demand Notice u/s 13(2), Possession Notice u/s 13(4), Sale Certificate, Computation Sheet of Total Claim Amount and Certificate u/s 2A of Bankers' Books Evidence Act marked as Exhibit AW-1/1 to Ex.AW-1/27.

10. 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.

11. 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.

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

ORDER

I, allow this OA and direct the defendants to pay to the applicant bank within 30 days, jointly or severally, a sum of 5d

Rs.32,50,018/- (Rupees Thirty Two lacs Fifty Thousand Eighteen only) as on 11.02.2019 together with pendentelite and future interest @14.25% per annum with monthly rests from the date of filing of this application till its realization along with costs failing which the aforesaid amount shall be recovered from the sale of hypothecated stocks, book debts. 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 21.07.2026. (IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. SC1 (GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 22.05.2026