PUNJAB NATIONAL BANK vs M/S WORKAHOLICS EVENT SOLUTIONS PVT LTD on 20 July 2026

ORDER

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- Defendants

This original application has been flled by the applicant bank, on Og'L2'2021through Sh' Narendra Singh Chauhan, Chief Manager of the applicant bank' under Section 19 of the RDB Act' 1993 against the defendans for recovery of a sum of Rs'1'05'08'295/- bgether with cost, charges and pendentellite and future interest @11'97olo from date of filing of this O'A' till the realization in full'

2. The brief facts of the case are that at the request of defendant no'l through its directors' defendant nos.2 & 3, tire applicant bank sanctioned a Cash Credit (Hypothecation) of *'19Y/-' vide sanction letter g"\

TANO.878of2023 2 executd in the year 2009' The defendats executed all necessary loaning documents have 06.03.2009' The defendants also hypothecated on the stocks, book debts and assets as well as all kind of receivable and other current assets of the company (present & future), other such security acceptable to the bank from time to time' The defendant nos'2 to 4 executed agreements of guarantee dated 06'03'2009' Again, at the request of defendants' the applicant bank renewed/enhanced the aforesaid loan facility time to time and lastly was renewed/enhanced on 19'03'2019 of Rs.100 Lakhs. The defendants have executed all necessry loaning documents on 25'03'2019' The defendants also hypothecated the stocks' book debts and assets as well as all kind of receivables and other currentassetsofthecompany(presentandfuture), other such security acceptable to the bank from time to time. The defendant nos'2 & 3 executed agreement of guarantee dated 25'03'2019 and stood in favour of the aPPlicant bank'

3. It is further submitted that the defendants enjoyed and utilized the Loan facilities' but failed to maintain the flnancial discipline and failed to repay the due amounq' The applicant bank requested the defendants to regularize the loan account by visits and letters, but there was no response from the defendants' Hence, the account was classified as NPA dated 30'06'2020' The applicant bank served a legal notice dated OL'LLj2OZLIo the defendantS but failed to recover the same Thus' the present O'A'fl-'A' is preferred by the aPPlicant bank to recover its dues' <A

TANO.878of2023

4. On notice bY this Tribunal, defendants failed to put appearance at all, despite service' Accordingly' the defendants were proceeded against exparte on 04.08.2023.

5. The applicant bank has flled evidence by way of affidavit of Mr' Narendra Singh Chauhan' Chief Manager of the applicant bank as Annexure-A1 to Annexure- A27, which have gone unchallenged and un- rebutted. Hence, the case of the applicant stands fully established against the defendants with respect to nonpayment of outstanding amount'

6. After perusing the records' this Tribunal is of the view that the applicant bank has proved its case doubts. The evidence and beyond reasonable documents filed bY the the defendants bY not is no question of d documents fited bY the applicant bank not rebutted bY placing anY evidence and there isbelieving the evidence and applicant bank based uPon the written/Printed documents' In the light of the above discussions' the present T'A' deserves to be allowed'

ORDER

1) I hereby allow this T'A' of the applicant bank and direct the defendant nos'1 to 4 to pay jointly and severally to the applicant bank within 30 days from today, a sum of Rs'1,05,08'2g51- along with cost' expenses and interest @10'25o/o from the date of filing of this O.A. which has become T'A tilt the date of realization. s.\

TANO.878of2023

In case of failure to deposit the above amount within the stiPulated Period' the same shall be recovered from the sale of hypothecated assets' In case of short fall, the same shall be recovered from the sale of personal movable and immovable assets of the defendant nos.1 to 4'

3) Recovery Certificate be issued forthwith and be sent to Recovery Officer, Debts Recovery Tribunal-Il' Delhi.

4) The registry of this Tribunal is hereby directed to issue free copy of the order and send the same to both

5) Pafties are directed to appear before the Ld' Recovery Officer, DRT-II, Delhion 2L'09'2026' Pending IAs, if anY, stand disPosed of' File be consigned to records' q s\; (susHIL fr** EXYrbcrl PRESIDING OFRCER DRT-II, Delhi the Parties. Date : 20'07.2026 This judgement has been pronounced in oPen court' Date 20.07.2026 signed, dated and d\ (SUSHIL KU-IVIAR NNSTOO) PRESIDING OFFICER DRT-II, Delhi