Debts Recovery Tribunals and Appellate Tribunals
EARCL vs PSL LTD on 17 September 2025
DEBTS RECOVERY TRIBUNAL-III, DELHI
4th Floor, Jeevan Tara Building,
Parliament Street, New Delhi
PRESIDING OFFICER: MR. SHIV KUMAR - I
(TA No.: 410/2022)
1) M/s Edelweiss Asset Reconstruction Company Limited
(acting in its capacity as Trustee of EARCL Trust SC 18, SC 30, SC 211 & SC 233)
Having its Registered Office at
Edelweiss House,
Off C.S.T. Road, Kalina,
Mumbai – 400098
Bank of Baroda
Having its Office at
3, Walachand Hirchand Marg,
1st Floor, Bulliar Pler,
Mumbai - 400001
Regd. Office at
Baroda Bhawan, R.C. Dutt Road,
Alkapuri,
Baroda -390007
Canara Bank
Having its Office at
Prime Corporate Branch - 1,
Maker Tower, F Wing,
20th Floor, Cuffe Parade,
Mumbai – 400050
Regd. Office at
No. 112, JC Road,
Bangalore - 560002
4) Indian Overseas Bank
Having its Office at
Radhasaomi Apartments,
36th Road,
T.P.S. III, Bandra (West),
Mumbai -- 400050
Regd. Office at
763, Anna Salai,
Chennai
Union Bank of India
Having its Office at
Union Bank Bhawan, 1st Floor,
Industrial Finance Branch,
239, Vidhan Bhavan Marg,
Nariman Point,
Mumbai -- 400021
Regd. Office at
Union Bank Bhawan,
239, Vidhan Bhavan Marg,
Nariman Point,
Mumbai -400021,
Maharashtra, India
The Federal Bank Ltd.
Having its Office at
Federal Towers Bank Junction,
Aluva Emakulam Dist.,
Kerala -683101
And its Branch Office at
Mumbai Fort Branch 32/24,
Church Gage House Veer Nariman Road,
Fort Mumbai - 400023
And also at
Loan Collection and Recovery Department
Mumbai Division
134, 13th Floor, Jolly Maker Chamber No. 2, Nariman Point, Mumbai Maharashtra – 400021
7) Punjab National Bank (erstwhile Oriental Bank of Commerce)
Having its Corporate Office at
Plot No. 5, Sector - 32,
Institutional Area,
Gurgaon - 122001
And its Branch at
Large Corporate Branch,
14th Floor, Maker Tower,
F Wing,
Cuffe Parade,
Mumbai - 400005
8) Export Import Bank of India (EXIM Bank)
Having its Office at
Centre One Building,
Floor 21, World Trade Centre Complex,
Cuffe Parade,
Mumbai – 400005
9) Abu Dhabi Commercial Bank
Having its Office at
75, Rehmat Manzil,
Veer Nariman Road,
Churchgate,
Mumbai - 400020
ICICI Bank Ltd.
Having its Office at
ICICI Bank Tower,
Near Chakli Circle,
Old Pedra Road,
Vadodara -390017,
Gujarat, India
Corporate Office at
ICICI Bank Limited,
ICICI Bank Towers,
Bandra Kurla Complex,
Mumbai - 400051
Delhi Regional Office at
ICICI Bank Towers
Bhisham Pitamah Marg,
NBCC Place, Pragati Vihar,
New Delhi – 110003
Assets Care & Reconstruction Enterprises Ltd.
(ACRE)
(Assignee of DBS Bank Ltd.)
Having its Office at
2nd Floor, Mohan Devi Building,
13, Tolstoy Marg,
New Delhi – 110001
IDBI Bank Ltd.
Having its Office at
IDBI Tower, WTC Complex,
Cuffe Parade,
Mumbai - 400005
13) Canara Bank (erstwhile Canara Bank)
Having its Office at
Large Corporate Branch,
Maker Tower,
2nd Floor, Maker Tower `E' Wing,
Cuffe Parade,
Mumbai - 400005
14) Вank of Bahrain & Kuwait
Having its Office at
255, Jolly Maker Chambers II
Nariman Point,
Mumbai - 400021
Also at
3 & 4 Ground Floor,
Eros Corporate Tower,
Nehru Place, lat
TA-410/2022
New Delhi - 110019
Versus
1) M/s PSL Limited
Having its Registered Office at
P.O. Box No. 25,
Kachigam, Daman (U.T.) – 396210
Principal/Corporate Office at
3rd Floor Punj House,
M-13A, Connaught Circus,
New Delhi - 110001
Keshav A. Punj
S/o Mr. Ashok Yogender Punj,
R/o 1, Lotus Road, J Tata Round,
Church Gate, Mumbai – 400020
Raghav Punj
S/o Mr. Alok Yogender Punj,
R/o 1, Lotus Road, J Tata Round,
Church Gate, Mumbai – 400020
Ashok Punj
S/o Late Mr. Yogender Prakash Punj,
R/o 19/20, Lotus Road,
J. Tata Round,
Church Gate,
Mumbai - 400 020
Y.P. Punj Family Trust
Flat No. 19/20, Fourth Floor,
Lotus Court, J. T. Round,
Church Gate,
Mumbai – 400 020
6) Punj International Private Limited
Having its registered office at
PSL Towers, 615 Makwana Road,
Marol, Andheri (E)
Mumbai – 110034
..... Applicants
7) Punj Investment Private Limited
Having its registered office at
PSL Towers, 615 Makwana Road,
Marol, Andheri (E)
Mumbai – 110034
PSL Corrosion Control Services Limited
Having its registered office at
P.O. Box No. 25,
Kachigam, Daman (U.T.) – 396210
Having its branch office at
3rd Floor, Punj House,
M-13A, Connaught Circus,
New Delhi - 110001
Broken Hills International Private Limited Having its registered office at 8/2, Monthieth Lane, Egmore, Chennai - 600008
Kotak Mahindra Bank (erstwhile Bank ING Vyasya Bank)
Having its office at
Plot No. C12, `G' Block, 8th Floor,
Bandra Kurla Complex (BMC),
Bandra (East), Mumbai - 400051
Regd. Office at
ING Vysya House,
No. 22, M.G. Road.
Indian Bank
Having its office at
Mittal Towers, Ground Floor,
210, Nariman Point,
Mumbai – 110021
12) IDBI Trusteeship Services Limited
Asian Building, Ground Floor,
17, R. Kamani Marg, Ballard Estate,
Mumbai - 400001
. Defendants
Date of Institution: 05.07.2018
Date of Pronouncement: 17.09.2025
Counsels: Mr. R.P. Aggarwal and Ms. Manisha Aggarwal, for Applicants.
Mr. Nishant Grover, for Defendant no. 1.
Ms. Jasmine Dumkewala, for Defendant no. 3.
Mr. Kunal Mimani, for Defendants no. 4 & 5.
Mr. Shubhang Tandon, for Defendants no. 2, 6, 7& 9.
Mr. Kartikey Bhatt, for Defendant no. 8.
None for Defendants no. 10 to 12.
Defendants no. 1 is before Ld. NCLT,
Ahmedabad,
Defendants no. 2 & 4 are before Ld. NCLT, Mumbai.
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FINAL ORDER
1. This original application has been filed by the Applicants No. 1 to 14, on 05.07.2018, through Ms. Amruta Modak, Authorized Signatory of Applicant no. 1; Mr. Surendra Kanubhai Rathod, Chief Manager of Applicant No. 2; Mr. S.V. Mayekar, Sr. Manager of Applicant No. 3; Mr. K. Shankar, Assistant General Manager of Applicant No. 4; Mr. Ranjit Kumar, Assistant General Manager of Applicant No. 5;
Ms. Sonia C,. Assistant Vice President & Branch Head of Applicant no. 6; Mr. Jay Shankar Kumar, Chief Manager of Applicant No. 7; Mr. Ashok Kumar Vartia, Assistant General Manager of Applicant No. 8; Mr. Sant Kumar, Senior Vice President of Applicant No. 9; Mr. Chetan Prakash, Manager (Legal) of Applicant No. 10; Mr. R.R. Mahapatra, Associate Vice President of Applicant No. 11; Mr. Sanjay Shandilya, Deputy General Manager of Applicant No. 12; Ms. Urmila, Sr. Manager of Applicant No. 13 and Mr. Izhar Ahmad, Manager of Applicant No. 14; being their authorized representative, under Section 19 of the Recovery of Debts Due to Banks and Financial Institution Act, 1993 against the defendants no. 1 to 9 for recovery of following amounts:- SI. No. Applicant(s) Details of amount due
1. Applicant No. 1 (Edelweiss Asset Reconstruction Company Ltd.) As Assignee of Yes Bank As Assignee of ICICI Bank As Assignee Axis Bank of Rs. 116,43,07,504.75 together with interest at the contractual rate of penal interest @2% p.a. on simple basis w.e.f. 21.06.2018 till the date of realization. Rs. 877,37,52,559.65 together with interest at the contractual rate of 10.85% p.a. with monthly rests and penal interest @2% p.a. on simple basis w.e.f. 21.06.2018 till the date of realization. Rs. 84,83,10,271.01 together with interest at the contractual rate of 12.35% р.a. with monthly rests and penal interest @2% p.a. on simple basis w.e.f. 21.06.2018 till the date of realization.
As Assignee of SBI Applicant No. 2 (Bank of Baroda) Rs. 17,98,13,28,185.92 together with interest at the contractual rate of 14.25% p.a. with monthly rests and penal interest @2% p.a. on simple basis w.e.f. 21.06.2018 till the date of realization.
2. Rs. 540,52,79,871.00 together with interest at the contractual rate of 10.40% р.a. with monthly rests and penal interest @2% p.a. on simple basis w.e.f. 21.06.2018 till the date of realization.
3. Applicant No. 3 (Canara Bank) Rs. 648,11,35,137.00 together with interest at the contractual rate of penal interest @2% p.a. on simple basis w.e.f. 21.06.2018 till the date of realization.
4. Applicant No. 4 (Indian Overseas Bank) Rs.638,14,17,418.00together with interest at the contractual rate of 11.70% р.a. with monthly rests and penal interest @2% p.a. on simple basis w.e.f. 21.06.2018 till the date of realization.
5. Applicant No. 5 (Union Bank of India) Rs. 387,80,63,772.00 together with interest at the contractual rate of penal interest @2% p.a. on simple basis w.e.f. 21.06.2018 till the date of realization.
6. Applicant No. 6 (Federal Bank) Rs. 188,57,40,657.67 together with interest at the contractual rate of 9.98% p.a. with monthly rests and penal interest @2% p.a. on simple basis w.e.f. 21.06.2018 till the date of realization.
7.
8. Applicant No. 7 (Oriental Bank of Commerce) Applicant No. 8 (Exim Bank) Rs. 80,06,96,898.00 together with interest at the contractual rate of penal interest @2% p.a. on simple basis w.e.f. 21.06.2018 till the date of realization. Rs. 157,90,45,592.00 together with interest at the contractual rate of
9. Applicant No. 9 (Abu Commercial Bank) Dhabi 10.50% p.a. with monthly rests and penal interest @2% p.a. on simple basis w.e.f. 21.06.2018 till the date of realization. Rs. 36,02,23,197.70 together with interest at the contractual rate of 10.25% р.a. with monthly rests and penal interest @2% p.a. on simple basis w.e.f. 21.06.2018 till the date of realization.
10. Applicant No. 10 (ICICI Bank) Rs. 27,50,83,873.48 together with interest at the contractual rate of I BASE + 10% p.a. with monthly rests w.e.f. 21.06.2018 till the date of realization.
11. Applicant No. 11 (Asset Care & Reconstruction Enterprises Ltd.) Rs. 219,32,71,546.00 together with interest at the contractual rate of penal interest @2% p.a. on simple basis w.e.f. 21.06.2018 till the date of realization.
12. Applicant No. 12 (IDBI Bank Ltd.) Rs. 42,04,76,027.82 together with interest at the contractual rate as mentioned in Para 5.90 of this OA with monthly rests and penal interest @2% p.a. on simple basis w.e.f. 21.06.2018 till the date of realization.
13. Applicant No. 13 (Syndicate Bank) Rs. 42,62,53,004.16 together with interest at the contractual rate of penal interest @2% p.a. on simple basis w.e.f. 21.06.2018 till the date of realization.
14. Applicant No. 14 (Bank of Bahrain and Kuwait BSC) Rs. 46,98,16,910.00 together with interest at the contractual rate as mentioned in Para 5.98 of this OA with monthly rests and penal interest @2% p.a. on simple basis w.e.f. 21.06.2018 till the date of realization. along with all costs and charges and other relief(s).
1.2 It is pertinent to note here that this OA bearing no. 953/2018 was originally filed before Ld. DRT-I, Delhi, however, in pursuance to Gazette Notification No. 4718 (E) dated 04.10.2022 issued by Government of India, Department of Financial Services, Ministry of Finance, this case file was transferred by Ld. DRT-I, Delhi to this Tribunal in October 2022 and was numbered at TA-410/2022. 1.3 It is also pertinent to mention here that during the pendency of this OA, applicants filed an IA No. 724/2019 for seeking amendment of OA which was allowed vide order dated 25.06.2019 of the Tribunal and additional pages bearing nos. 41A and 41B were filed and inserted in original OA.
2. The brief facts of the case (as per amended OA) are that the Applicant No. 1 / Edelweiss Reconstruction Company is a company incorporated under the Companies Act 1956. It is a Company registered with Reserve Bank of India as an Asset Reconstruction Company under Section 3 of the SARFAESI Act vide Certificate of Registration dated 16.10.2009 and bearing No. 13/2009. Applicant No. 1 is a financial institution within the meaning of Section 2(h) of the RDB Act, 1993. It is further stated in the OA that the Applicant no. 1 has acquired the debt of the Defendant no. 1 Company from Yes Bank Ltd., State Bank of India, ICICI Bank Ltd. Axis Bank (Assignor Banks) along with all the underlying securities, rights, claims, benefits etc. vide Deeds of Assignment dated 10.09.2013, 27.06.2014, 29.06.2016 & 20.03.2017 respectively [details given in Para 5(5.2) of the OA].