PUNJAB NATIONAL BANK vs M/S PARV COLLECTION on 28 July 2026

FINAL ORDER

This original application has been filed by the applicant bank, on 12.03.2019 through Sh. Varinder Singh Bhandari, Chief Manager of the applicant bank, under Section 19 of the RDB Act, 1993 against the defendants for recovery of a sum of Rs.1,57,52,501.09 together with cost, charges and pendentellite and future interest @12.600lo p.a. from date of filing of this O.A. till the realization in full.

2. The brief facts of the case are that the defendant no.1 through defendant no.2, the applicant bank Cash Credit Facility of Rs.100 lacs on 15.09.2016. The defendants executed all necessary loaning documents on 22.06.2017. In order to fu(her secure the liability under e"\.

TANO. 541of2022 2 the aforesaid facilities & loan, the defendant no.2 created equitable mortgage of freehold property bearing Plot No.C-129, Pandav Nagar, New Delhi on 12.09.2016 by depositing of original title deeds being registered sale deed dated 24.03.2016. Again, at the request of defendants, the applicant bank enhanced the fund based working capital limit from Rs.100 Lacks to Rs.140 Lacks. The defendants executed all necessary loaning documents on 22.06.20L7. In order to fufther secure the liability under the aforesaid facilities the defendant no.2 executed the letter of continuity dated 23.06.2017 and extended the aforesaid mortgage property 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 financial discipline and failed to repay the due amounts. 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 30.06.2018. The applicant bank served a recall notice dated 17.07.2018 to the defendants but failed to recover tte same Thus, the present O.A.ff.A. is preferred by the applicant bank to recover its dues.

4. On notice by this Tribunal, defendants to put appearance at all, despite seruice. Accordingly, the defendants were proceeded against exparte on 26.05.2025. d- TA NO. 541 of 2022

5. The applicant bank has filed documents along with O.A. as Annexure Ay'1 to Annexure Ay'11, 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 beyond reasonable doubts. The documents filed by the applicant bank not rebutted by the defendants by not placing any evidence and there is no question of -disbelieving the documents filed by the 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 and 2 to pay jointly and severally to the applicant bank within 30 days from today, a sum of Rs.1,57,52,501.09 along with cost, expenses and interest @10.00% from the date of filing of this O.A. which has become T.A till the date of realization.

2) In case of failure to deposit the above amount within the stipulated period, the same shall be recovered from the sale of hypothecated assets and the sale of mortgage property bearing Plot No.C-129 in abadi of C Block, Pandav Nagar, Shahdra, New Delhi- 92. In case of eA.

TANO. 541of2022

shortfall, the same shall be recovered from the sale of personal movable and immovable assets of the defendant nos.1 and 2.

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 the parties. I

5) Parties are directed to appear before the Ld. Recovery Officer, DRT-II, Delhi on 28.09.2026. Pending lAs, if any, stand disposed of. File be consigned to records. 9r Date:28.07.2026 (suSHIL(uMAnnasrocU PRESIDING OFFICER DRT-II, Delhi This judgement has been signed, dated and pronounced in oPen couft. Date:28.07.2026 (SUSHIL KUMAR RASTOGI) PRESIDING OFFICER DRT-II, Delhi SA