Debts Recovery Tribunals and Appellate Tribunals
PUNJAB NATIONAL BANK vs M/S KRISHAN TRADERS on 12 June 2026
IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
TA No: 240 of 2024
Date of Institution: 30.10.2010
Date of Decision: 12.06.2026
Punjab National Bank at Shalamar, Jammu.
……..Applicant
Vs.
1. M/s Krishan Traders, yard no.5, Shop no. 23 and 24 Transport Nagar, Narwal, Jammu.
2. Sm.t Brij Mohni Sharma w/o SH. Padam Sharma r/o A37, Bharat Nagar, Talab Tillo, Jammu.
3. Sh. Amit Sharma s/o Sh. Padam Sharma, A37, Bharat Nagar, Talab Tillo, Jammu.
4. Sh. Rajesh Kumar s/o Sh. Tirth Ram r/o 178, Mohalla Paharian, Jammu.
5. Sh. Padam Sharma s/o Late Sh. Jagan Nath, r/o 37-A, Bharat Nagara, talabv Tillo, Jammu.
……….Defendants
Advocates
Sh. Abhijeet Taneja proxy counsel for Ms. Anuradha Gupta, Counsel for the applicant bank.
Defendants - ex parte.
TA for the Recovery of ₹95,12,796/- with interest @12% per annum with monthly rests from 30.10.2010.
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ORDER
1. On 30.10.2010 Jammu & Kashmir Bank, filed the suit for the recovery of ₹95,12,796/- with interest against M/s Krishna Traders and others (defendants) in the Civil Court Jammu. However, vide order dated 28.04.2023, this suit was transferred by the Court of Additional District Judge, (Bank Cases), Jammu to DRT-I, Chandigarh.
2. Defendant no.1 is a partnership firm of Defendant nos. 2 and 3 are its partners. Bank’s case is that on 17.04.2006, it had granted a loan of ₹20.00Lacs to defendant nos. 1 to 3 in the form of C.C Limit (Book Debt
Facility) for business purpose. To secure the loan, Defendant no.2 mortgaged property (fully detailed in para No.4 of the plaint). Defendant nos. 2 and 5 stood as the guarantors. 2A. On 24.05.2007, bank enhanced the existing limit from ₹20.00Lacs and ₹30.00Lacs in the form of C.C. Limit for business purpose. To secure the loan, Defendant no.2 extended charge over the property (fully detailed in para No.6 of the plaint) and also mortgaged another property (fully detailed in para No.6 of the plaint). Defendant nos. 3 and 4 stood as the guarantors. 2B. On 15.01.2008, bank enhanced the existing limit from ₹30.00Lacs to ₹75.00Lacs in the form of C.C. Limit for business purpose. To secure the loan, Defendant no.2 extended charge over the properties (fully detailed in para No.4 and 6 of the plaint) and Defendant no.4 also mortgaged property (fully detailed in para No.7 of the plaint). Defendant nos. 4 and 5 stood as the guarantors. To secure the additional loan, Defendant no.2 extended charge over the property (fully detailed in para No.4 of the plaint) and Defendant no.4 also mortgaged property (fully detailed in para No.7 of the plaint). The loan was chargeable to interest @12% per annum with monthly rests. On 20.10.2010, a sum of ₹95,12,796/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, the suit.
3. The Civil Court sent summons to the defendants which was duly served. After receiving the file by transfer from Jammu, this Tribunal sent summonses to the defendants which were duly served. However, defendants did not put in appearance and vide order dated 22.01.2026 they were proceeded ex parte.
4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Ashok Kumar Dogra, Executive Manager Law, along with the original loan and 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 loan of ₹75.00Lacs and on 20.10.2010, a sum of ₹95,12,796/- was due.
6. Accordingly, the case of the bank for the recovery of ₹95,12,796/- (Rupees Ninety Five Lacs Twelve Thousand Seven Hundred and Ninety Six Only) with interest @12% per annum with monthly rests from 30.10.2010, till the date of payment is hereby allowed with costs. The liability of all the defendants would be joint and several. Bank can recover its dues by the sale of mortgaged properties fully detailed in para No.4, 6, 7 of the plaint 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 14.07.2026.
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: 12.06.2026 Presiding Officer DRT-1, Chandigarh