M/S PRAG ALLLIED CHEMICALS vs PUNJAB NATIONAL BANK on 21 April 2026

MA No. 1 8/2026 DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH MA/18/2026 IN SA/8 1/2025 M/S PRAG ALLLIED CHEMICALS AND OTHERS Vs AUTHORIZED OFFICER, PUNJAB NATIONAL BANK 21.04.2026 Item No. 1 32 Present : Mr. Adit Singal, Counsel for the Applicants. Mr. D.K. Gupta, Counsel for respondent Bank. This order will dispose of M.A. No.18/2026, filed by the Applicants for restoration of S. A. No.81/2025, which was dismissed on the statement of counsel for the Applicants dated 05.02.2026. On 05.02.2026, the following order was passed by this Tribunal based on the statement of counsel for the Applicants: - Counsel for the applicant pleads no instructions from the applicant. He states that in this case, the auction purchaser has not been impleaded as a party. He has communicated with the applicant many a time and'has asked him to come and sign the papers. He has also produced on the record a copy of the registered letter dated 29.01.2026, sent by him to the applicant. However, he states that he has not received any reply from the applicant. in view of this, SA stands disposed of Since, SA stands disposed of, the interim order dated 24.11.2025 also stands recalled.

2. Applicants in the present M. A. have alleged that Parmod Gupta was arrested by Delhi Police in FIR No.360 of 2025 under Sections 318(4), 336, 340, 61(2), 18A, 18(a)(c) of BNS and under Section 27(C) of the Drugs and Cosmetics Act. He was released on bail on 13.02.2026 by the Court of CJM, Delhi. It is alleged that the counsel for the Applicants had sent registered letters to the family members o Applicant N,.2, r,qu„ti.g th,m t, ,ig. th, ,ppli,ati,„ f,r

MA No. 18/2026 impleadment of the auction purchaser as a necessary party, along with the custody certificate of Parmod Gupta, and the said letter was received by the children of the Applicant. It is alleged that only Parmod Gupta was well conversant with the facts of the case, and his children were hopeful of his release before 05.02.2026; therefore, they could not communicate with the counsel. Accordingly, vide order dated 05.02.2026, this Tribunal disposed of the S.A. It is alleged that the non-appearance and inability to pursue the matter were neither deliberate nor intentional but occurred due to circumstances beyond the control of the Applicants.

3. In reply to the M. A., the Bank has denied the facts and alleged that the Bank had sold the property by auction on 17.12.2025. It is denied that the other Applicants or children were unable to provide instructions to their counsel. However, it is also stated that it is the duty of the Applicants to apprise their counsel of the latest updates. Accordingly, it is stated that the application be dismissed.

4. 1 have heard Mr. Adit Singal, counsel for the Applicants, and Mr. D.K. Gupta, counsel for the respondent Bank.

5. Mr. Adit Singal, counsel for the Applicants, has argued that the Applicants were prevented by sufficient cause from appearing before this Tribunal. Accordingly, the application for restoration of the S.A. be allowed.

6. Per contra, Mr. Gupta, argues that the Applicant has a son, Dipanshu Gupta, who can very well pursue the case. There is no sufficient cause; accordingly, the application be dismissed. a

MA No. 1 8/2026

7. First of all, the applicant has not disclosed the date on which he was taken into custody. He has also not placed on record a copy of the bail order. Admittedly, the property was sold on 17.12.2025. On 13.01.2026, counsel for the Bank had informed the counsel for the applicant in S. A. No.81/2025 that the Bank had sold the property. Counsel for the Bank had also supplied the particulars of the auction purchaser to the counsel for the Applicants. Despite that, no application was moved. Ultimately, on 05.02.2026, counsel for the Applicants himself pleaded “no instructions,” and this Tribunal disposed of the S.A.

8. 1 am of the considered view, that no ground for restoration of the S. A. is made out; accordingly, the M. A. is hereby dismissed. Registrar is directed to send a copy of this order to all the parties, as per rule. File be consigned to record room after due compliance. I DRT-I, Chandigarh

Pronounced in open court Dated: 21.04.2026 PAN K .\J