Debts Recovery Tribunals and Appellate Tribunals
CANARA BANK vs M/S SAI BABA SHUTTERING MATERIAL on 9 June 2026
IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
TA No: 62/2022
Date of Institution: 18.10.2019
Date of Decision: 09.06.2026
Canara Bank, a Branch at Talab Tillo, Jammu
……..Applicant
Vs.
1.
M/s Sai Baba Shuttering Material, Through its Prop. Naresh Kumar, C/o Shop No. 15, Vishwakarma Market, Bakshi Nagar, Jammu - 180001
2.
Naresh Kumar S/o Sh. Pritam Chand, R/o H. No. 135, Kartholi Morh, Dhansar, Bari - Brahmana District Samba - 181133
……….Defendants
Advocates
Mr. Sukhvinder Singh, proxy Counsel for Mr. Sumit Batra, Counsel for the applicant bank.
Defendants – ex parte
TA for the Recovery of Rs.20,84,595/- with interest @11.45% per annum with monthly rests from 18.10.2019.
Citations and Judicial Treatment
Cited by
0
Decisions in the index citing it
Cites
0
Decisions referred to
In this index
0
Of the decisions it cites
Overruled / Questioned
0
No negative treatment found
Loading the citing and cited decisions…
This judgment in the centre: on the left the decisions it cites, on the right the decisions citing it. Colour is the treatment; choose a decision to open it.
ORDER
1. Canara Bank had filed the suit for the recovery of Rs.20,84,595/- with interest against M/s Sai Baba Shuttering Material and another (defendants) in the Ld. Principal District Judge, Jammu. Vide order dated 21.09.2022, the suit was transferred by the Court of Additional District Judge, Jammu, to DRT-1, Chandigarh.
2. Bank’s case is that on 06.11.2015, it had granted a OCC limit of Rs.15.00 Lac to defendant No.1 through defendant No.2 for business purpose. To secure the loan, the defendants had hypothecated the stocks and machinery, along with collateral security in the form of an R.D of Rs.5,000/- per month for five years and book debts arising from trade (Annexure – IX). The loan was chargeable to interest @11.45% per annum with monthly rests. On 10.10.2019,
2 a sum of Rs.20,84,595/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this suit.
3. On 16.07.2024, this Tribunal sent summonses to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 24.02.2026, they were proceeded ex parte.
4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Gurdev Singh, Manager along with the loan and original security documents.
5. I have perused the evidence on the record. I am of the considered view that the Bank has proved its case that it had advanced the loan of Rs.15.00 Lacs and on 10.10.2019 a sum of Rs.20,84,595/- was due.
6. Accordingly, the application of the bank for the recovery of Rs.20,84,595/- (Rupees Twenty Lacs Eighty Four Thousand Five Hundred and Ninety Five Only) with interest @11.45% per annum with monthly rests from 18.10.2019, till the date of payment is hereby allowed with costs. Bank can recover its dues by the sale of hypothecated stocks and machinery, along with collateral security in the form of an R.D of Rs.5,000/- per month for five years and book debts arising from trade as well as from the personal movable and immovable property(ies) of the defendants.
7. Pending IAs, if any, stand disposed of.
8. Recovery Certificate be issued accordingly.
9. Parties are directed to appear before Recovery Officer on 10.07.2026, who is directed to distribute the sale proceeds of the mortgaged property as per the provisions of Section 19(20-AB) of the Act.
10. A Copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties.
Pronounced in the open court.
(A S Narang) Dated: 09.06.2026 Presiding Officer DRT-1, Chandigarh HARSH