PUNJAB NATIONAL BANK vs M/s Weld Aid India on 26 May 2025

FINAL ORDER

This original application has been flled by the applicant bank, on 09.05'2016 through Sh' Gopal Devnani, Senior Manager of the applicant bank, under Section 19 ofthe RDB Act, 1993 againstthe defendants for recovery of a sum of Rs.22,72,920'89 together with cost, charges and pendentellite and future interest @10.85o/o p.a. from date of flling of this O'A' till the realization in full.

2. The brief facts of the case are that at the request of defendant no'2 in the name and style of defendant no.1, the applicant bank sanctioned a Cash Credit Facility (against Hypothecation of Stocks & Book Debts) under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) Scheme of Rs'20'00 lacs, L-- - cI

TANO.207 of2022

vide sanction letter dated 08'09'2012'The defendant no.2 executed all necessary loaning documents on 08.09.2012. The defendant no'1 requested the applicant bank on 10.08'2013 to release Rs'2'00'000/- from the CC Limit account for business requirement' The CC Limit mentioned above was fully availed by the defendants. The defendant no'2 executed balance and security confirmation letter from time to time'

3. It is fufther submitted that the defendants enjoyed and utilized the Loan facility' but failed to maintain the financial discipline and failed to repay the due amounts. The applicant bank requested the defendantstoregularizetheloanaccountbyvisitsand lefters, but there was no response from the defendants, hence the account was classified as NPA on30.0g.2015.Therefore,theapplicantbankserved recall notice to the defendants' demanding the amount due, but failed to recover the same' Thus' the present OM[.A. is preferred by the applicant bank to recover its dues.

4. On notice by this Tribunal' the defendants put appearance through counsel and filed WS but failed to file evidence' Thereafter, the defendants failed to put appearance, despite issuance of default notice' Accordingly, the defendants were proceeded against exparte on L4.02'2025'

5. The applicant bank has filed the evidence by way oftheaffidavitofMr.AjayKumar,SeniorManagerof applicant bank as Paper No -1 to Paper No -70 along e\- TANO.207 of 2022

with the OA which have gone unchallenged and un-rebutted. Hence, the case of the applicant bank stands fully established against the defendants with respect to non-payment of EMI/ 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 evidence and documents filed by the applicant bank not rebutted by the defendants by not placing any evidence and there is no question of disbelieving the evidence filed by the applicant bank based documents. upon the written/Printed In the light of the above discussions' the present OA/TA deserves to be allowed'

ORDER

realization.

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 & 2' e\

1) I hereby allow this T'A' of the Appticant Bank and direct the defendant nos' 1 & 2 to pay jointly and severally to the applicant bank within 30 days from today, a sum of Rs'22,72,g20'89 along with cost' expenses and interest @ 10'85% from the date of filing of this O.A. which has become TA till the date of TANO.207 of2022

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 paties.

5) Parties are directed to appear before the Ld' Recovery Officer, DRT-II, Delhion 28'07'2025' Pending IAs, if any, stand disPosed of' File be consigned to records' Date :26.05.2025 This judgement has been pronounced in oPen court' Date :26.05.2025 ( sr\ I (SUSHIL KUMAR RASTOGI) 'pnestolnc oFFICER DRT-II, Delhi signed, dated and {o1 r ( SUSHIL KU MA.R RASTOGI) PRESIDING OFFICER DRT-II, Delhi T