PUNJAB NATIONAL BANK vs MS VATIS LIFE SCIENCE PVT LTD on 7 August 2026

FINAL ORDER

This original application has been filed by the applicant bahk, on 15.02.2019 through Sh' Bhupender Kumar Sarsoonia, Manager of the applicant bank' under Section 19 of the RDB Act, 1993 against the defendants for recovery of a sum of Rs'1,84,82,980'65 together with cost, charges and pendentellite and future interest @15.25olo p.a' 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 defendan$, the applicant bank sanctioned a Cash Credit (Hypothecation) Facility of Rs'150'00 Lakhs' vide sanction letter dated 19'03'2016' The defendants executed all necessary loaning documents on 17'03'2016 and 19.03.2016. The said credit facility was primarily secured by hypothecation of stocks and goods' book s\ Shri. Arun Bhardwaj, Counsel appears for applicant bank. Deiendants are expafte, since, 07'01'2026'

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deb(receivables and other current assets as specifically rnentioned in the loan as well as security documents. The defendant no.4 created equitable moftgage of the immovable property by depositing the title deeds of the property by depositing the title deeds of the property bearing Plot No.1, Nawada Housing Complex Khara No.60/5 Village Hastsal Delhi-110059 admeasuring 200 sq ft with the applicant bank.

3. It is fufther 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 30.09.2017. The applicant bank served a recall/demand notice dated 03.10.2017 to the defendants but failed to recover the 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 failed to put appearance at all, despite publication. Accordingly, the defendants were proceeded against exparte on 07.0L.2026.

5. The applicant bank has Rled documents as Annexure P-1 to Annexure P-14, 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. 4A\.,

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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 to 4 to pay jointly and severally to the applicant bank within 30 days from today, a sum of Rs.1,84,82,980.65 along with cost, expenses and interest @11.45olo 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 mortgaged property bearing Plot No.1, Nawada Housing Complex Khara No.60/5 Village Hastsal Delhi-110059 admeasuring 200 sq ft. In case of shott fall, the same shall be recovered from the sale of personal movable and immovable assets of the defendant nos.l 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 the parties. +

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5) Parties are directed to appear before the Ld. Recovery Officer, DRT-II, Delhi on 07.L0.2026. pending IAs, if any, stand disposed of. File be consigned to records. er Date : 07.08.2026 (SUSHTL rull'lnn nnbiocr) PRESIDING OFFICER DRT-II, Delhi This judgement has been signed, dated and pronounced in open court. sr. Date : 07.08.2026 (susHrl ruNnn nAsrocr) PRESIDING OFFICER DRT-II, Delhi