PUNJAB NATIONAL BANK vs MS MANISH YOCARZ SERVICES PVT LTD on 17 June 2025

FINAL ORDER

This original application has been filed by the applicant bank, on 06.02.2019 through Shri. 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.14,74,899.68 together with cost, charges and pendentellite and future interest @ t4o/o 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 the defendants, the applicant bank snctiond a Cash Credit (Hypothecation) Limit Facility of Rs.3.00 lakhs and Term Loan Facility of Rs.14.50 Lakhs under CGTMSE scheme to augmentit's business of Automobile Service Industry, vide sanction letter dated 29.08.2016. The defendant nos. 2 & I exg:uted agreements of d..

TA NO. t283t2024 2 guarantee in favor of applicant bank to secure the credit facilities on 20.09.2016. The defendants executed all necessary loaning documents on 19.09.2016 and 20.09.2016. Again, at the request of defendants, the applicant sanctioned the enhanced credit facility i.e., Cash Credit of Rs.7.00 lakhs under CGTMES Scheme, vide sanction letter dated 08.02.2018. The defendants executed all necessary loaning documents on 08.02.2018. The defendant nos. 2 & 3 executed agreements of guarantee in favor of applicant bank on 08.02.2018.

3. It is further 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 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 on 31.05.2018. Therefore, the applicant bank served a recall/demand notice dated 01.06.2018 to the defendants demanding the amount due as on that date, but failed to recover the same. Thus, the present O.AffA 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, defendants were proceeded against exparte on L7.t0.2024.

5. The applicant bank has filed the relevant documents as Annexure P-1 to Annexure P-18 along <)

TA NO. 1283/2024 3 with the O.A which have gone unchallenged and un-rebutted. Hence, the case of the applicant bank stands fully established against the defendants with respect to nonpayment 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 documents filed by the applicant bank not rebutted by the defendants by not placing any documents 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 3 to pay jointly and severely to the applicant bank within 30 days from today, a sum of Rs.8,09,983.52 in Cash Credit account and Rs.6,64,916.16 in Term Loan account along with cost, expenses and interest @ 10.55olo from the date of filing of this O.A. which has become TA 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 the hypothecated assets. In case of shoft fall, the same shall be recovered from the sale of personal movable and immovable assets of the defendant nos. 1 to 3. A.

TA NO. t283t2024 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.

5) Parties are direct to appear before the Ld. Recovery Officer, DRT-II, Delhion 18.08.2025. Pending IAs, if any, stand disposed of. File be consigned to records. Date : 17.06.2025 This judgement has been signed, dated and pronounced in open court. $t (SUSHIL KUMAR RASTOGI) PRESIDING OFFICER DRT-II, Delhi sJ- (SUSHIL KUMAR RASTOGI) PRESIDING OFFICER DRT-II, Delhi Date : 17.06.2025