Debts Recovery Tribunals and Appellate Tribunals
PUNJAB NATIONAL BANK vs M/S NAND TRADERS on 9 June 2026
IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
TA No: 155/2024
Date of Institution: 13.02.2014
Date of Decision: 09.06.2026
Punjab National Bank, a Branch at R.S. Pura, Jammu.
……..Applicant
Vs.
1.
M/s Nand Traders, Sheetla Mata Mandir Shopping Complex, Damblehar Road, R.S.Pura, Jammu through its Partners: -
(1) Sh. Janak Raj S/o Sh. Nand Lal and (2) Sh. Vipan Kumar S/o Sh. Janak Raj Both R/o Vill. Chakrohi, Tehsil R.S.Pura, Distt.
Jammu.
2.
Sh. Janak Raj S/o Sh. Nand Lal R/o Vill. Chakrohi, Tehsil R.S.Pura, Distt. Jammu.
3.
Sh. Vipan Kumar S/o Sh. Janak Raj S/o Sh. Nand Lal R/o Vill.
Chakrohi, Tehsil R.S.Pura, Distt. Jammu.
4.
Sh. Sat Pal S/o Sh. Ajal Ram R/o Vill. Garani, Tehsil R.S. Pura, Distt. Jammu.
……….Defendants
Advocates
Mr. Sukhvinder Singh, proxy Counsel for Mr. Anirudh Gupta, Counsel for the applicant bank.
Defendants – ex parte
TA for the Recovery of Rs.31,58,263/- with interest @12.25% per annum with monthly rests from 13.02.2014.
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ORDER
1. Punjab National Bank had filed the suit for the recovery of Rs.31,58,263/- with interest against M/s Nand Traders and others (defendants) in the Ld. District Judge, Jammu. Vide order dated 28.04.2023, this suit was transferred by the Court of Additional District Judge, Jammu, to DRT-1, Chandigarh.
2. Bank’s case is that in the year 2010, it had granted a C.C. limit of Rs.25.00 Lacs to defendant No.1 through defendant No.2 and defendant
No.3 for business purpose. Defendant No.4 had stood guarantor. To secure the loan, Defendant No.2 and 4 had mortgaged their properties and stocks fully detailed in para-No.7 of the plaint (Annexure E). The loan was chargeable to interest @12.25% per annum with monthly rests. On 01.12.2013, a sum of Rs.31,58,263/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this suit.
3. On 18.10.2016, Defendants No.1 to 3 had filed their written statement wherein they alleged that the suit had not been filed by the competent person; defendants were not allowed to go through the loan documents and were forced to execute the documents under pressure and misrepresentation of facts; bank being in dominant position made the defendants to sign the Deed of Guarantee. They further state that the bank filed the present suit without declaring the loan account of the defendants as NPA. On 03.02.2025, this Tribunal sent summonses to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 05.08.2025, they were proceeded ex parte.
4. In order to prove its case, the Bank has placed on record the affidavit of Sh. Piara Lal Moten, 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.25.00 Lacs and on 01.12.2013, a sum of Rs.31,58,263/- was due.
6. Accordingly, the application of the bank for the recovery of Rs.31,58,263/- (Rupees Thirty One Lacs Fifty Eight Thousand Two Hundred and Sixty Three Only) with interest @12.25% per annum with monthly rests from 13.02.2014 till the date of payment is hereby allowed with costs. Bank can recover its dues by the sale of mortgaged property(ies) and stocks fully detailed in para No.7 of the plaint (Annexure E), 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(ies) and stocks 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