PUNJAB NATIONAL BANK (E-OBC) vs NOOR AHMED NAUSHAD AND ORS on 24 August 2026

FINAL ORDER

This original application has been filed by the applicant bank on 15.02.2019 under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 against the defendants for recovery of a sum of Rs.1,62,19,885/- (Rupees One Crore Sixty-Two Lacs Nineteen Thousand Eight Hundred Eighty Five only) as on 10.01.20191 out of which: Rs.39,50,447/- in Housing Loan account @9.50% pendentelite and future interest and Rs.1,22,69,438/- @12.45% pendentelite and future interest from the date of filing of this application till the date of its realization and costs.

2. The brief facts of the case are that on the request of defendant No.1 and 2 as borrowers, the applicant bank sanctioned housing loan of Rs.40,00,000/- (Rupees Forty Lacs only) on 30.10.2014 to be repayable in 240 EMI of Rs.39,280/- @10.25% interest per annum with monthly rests for purchasing Entire Second Floor, C-321 area measuring 140 sq.meters, Jafrabad Residential Scheme, New Jafrabad, Shandara, Delhi from Mohd Yaqoob Qureshi, Mrs.Shehnaz Begum, Mohd. Imran, Mohd. Rehajn and Abdur Rehman. On the request of defendant no.1 being proprietor of M/s Pezzeria Garments in the business of trading of garments, the applicant bank sanctioned Cash Credit facility of Rs.100.00 lac (Rupees One crores only) on 07.11.2014 for augmenting the business against personal guarantee of defendant no.2, hypothecation of stocks, receivables and extension of mortgage of property purchased out of bank finance. The limit was renewed by applicant bank on 01.07.2015 and 29.02.2016.

3. That in order to avail the housing loan facility, the defendants submitted Loan Application and executed Agreement of Individual Housing Loan (Doc-48) AND Common Agreement(Doc-38) on 30.10.2014 towards applicant bank. in addition, the defendant no.1 as sole proprietor executed Sole Proprietorship Letter (Doc-21), Agreement of Hypothecation of Assets (Doc-1), Common Agreement (Doc-38), Supplementary Agreement to Secure Credit/loan facilities (Doc-13), Agreements of Hypothecation of Assets (Doc-1) and Agreements of Guarantee (Doc-11) on various dates towards the applicant bank.

4. That in order to secure both the credit facilities, the defendants created equitable mortgage of property by depositing original title deeds along with previous chain of documents of property bearing Entire Second Floor, C-32, area measuring 140 sq.meters, Jafrabad Residential Scheme, New Jafrabad, Shandara, Delhi and executed Memorandum of Deposit of Original Title Deed (LTR-21) in favour of applicant bank on 07.11.2014 and extended further at the time of renewal of the limits.

5. The defendant no.1 executed Balance and Security confirmation on 16.06.2016 acknowledging the debt of Rs.1,01,06,582/- towards applicant bank.

6. It has been submitted by the applicant bank that after availing the aforesaid loan facilities, the defendants failed to maintain financial discipline and violated the terms and conditions despite several reminders for regularization of the accounts but defendants failed and neglected to clear the dues. Ultimately, the account became highly irregular and was declared NPA on 30.09.2017 by the applicant bank as per RBI guidelines, hence, the applicant bank has approached this Tribuna! for recovery of their dues.

7. Notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 dated 20.08.2018 for Rs.1,53,99,887/- was served on defendants but defendants failed to pay the dues of the applicant bank.

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 19.03.2026, the defendants have been proceeded ex-parte, due to non-filing of written statement, evidence and affidavit of assets before this Tribunal.

9. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Akhouri Binay, authorized representative of the applicant bank who has proved the documents such as General Power of Attorney Ex.AW-1/1, Sanction Letters Ex.AW-1/2, AW-1/9, AW-1/16, Agreement of Individual Housing Loan Ex.AW-1/3, Common Agreement Ex.AW-1/4„ Memorandum of Deposit of Title Deeds Ex.AW-1/5, Conveyance Deed Ex.AW-1/6, Sale Deed Ex.AW-1/7 & AW-1/8, Sole Proprietorship Letter Ex.AW-1/10 & AW-1/17, Agreement of Hypothecation of Assets Ex.AW-1/11 & AW-1/18, Common Agreement Ex.AW-1/12 & AW-1/19, Agreements of Guarantee Ex.AW-1/13, AW-1/15 & AW-1/20, Supplementary Agreement to secure Credit/loan facilities Ex.AW-1/14, Balance & Security Confirmation Ex.AW-1/21, Recall Notice u/s 13(2) with Postal

Receipts Ex.AW-1/22(Colly), Legal Notice Ex.AW-1/12(0SR), Statement of Account Ex.AW-1/13, Statement of Accounts along with Certificate. under Section 2 of Banker's Book of Evidence Act Ex.AW-1/23.

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 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 a period of 30 days, jointly or severally, a sum of Rs.1,62,19,885/- (Rupees One Crore Sixty-Two Lacs Nineteen Thousand Eight Hundred Eighty Five only) as on 10.01.2019 out of which:

- Rs.39,50,447/- in Housing Loan account @9.50% pendentelite and future interest;

- Rs.1,22,69,438/- in Cash Credit account @12.45% pendentelite and future interest, from 10.01.2019 till the date of realization and costs, failing which the aforesaid amount shall be recovered from sale of hypothecated stocks, receivables and mortgaged property bearing Entire Second Floor, C-32, area measuring 140 5 4'

sq.meters, Jafrabad Residential Scheme, New Jafrabad, Shandara, Delhi. 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 27.10.2026. (IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. sal (GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI (Dictated and pronounced in open court) Dated: 24.08.2026