Debts Recovery Tribunals and Appellate Tribunals
JAMMU AND KASHMIR DEVELOPMENT FINANCE CORPORATION LIMITED vs M/S VIKAS DOCUMENT CENTER on 15 June 2026
IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
TA No: 219/2024
Date of Institution: 03.06.2022
Date of Decision: 15.06.2026
Jammu and Kashmir Development Finance Corporation Limited having its registered complex Jammu and the Corporate Office at Ground Floor Sanat Ghar Bemina Srinagar.
……..Applicant
Vs.
1. M/s Vikas Document Center, 93-A, Gole Market, Gandhi Nagar, Jammu, a proprietorship Concern sole proprietor of it Vikas Gupta s/o Sh. Ram Prakash Gupta, r/o 93-A, Gole Market, Gandhi Nagar, Jammu.
2. Vikas Gupta s/o Sh. Ram Prakash Gupta, r/o 93-A, Gole Market, Gandhi Nagar, Jammu, also as Guarantor of defendant No.1.
……….Defendants
Advocates
Ms. Sonal Chabbra proxy counsel for Sh. Agam Bansal, Counsel for the applicant Corporation.
Defendants-ex parte vide order dated 17.12.2025.
TA for the Recovery of ₹48,98,492/- with interest @10.15% per annum with monthly rests from 03.06.2022.
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ORDER
1. On 03.06.2022, Jammu and Kashmir Development Finance Corporation Limited, filed the suit for the recovery of ₹48,98,492/- with interest against M/s Vikas Document Center and another (defendants) in the Court of Principal District Judge, Jammu. However, vide order dated 03.03.2023, this suit was transferred by the Court of Additional District Judge, (Bank Cases), Srinagar, to DRT-I, Chandigarh.
2. Corporation’s case is that on 28.05.2018, it had granted Term Loan of ₹35,75,543/- under CGTMSE Scheme to defendant No.1
through its proprietor defendant No.2 for business purpose. To secure the loan, Defendant No.1 had hypothecated assets (fully detailed in para No.21 of the plaint). Defendant No.2 stood as guarantor. The loan was chargeable to interest @10.15% per annum with monthly rests. The defendant had acknowledged their liability towards the debt on 01.06.2021 by signing a D.P.N. On 31.05.2022, a sum of ₹48,98,492/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, the suit.
3. The defendants had filed a joint written statement wherein they admitted the claim of the bank and prayed for the decree of recovery of ₹48,98,492/- with costs and interest pendent lite and future interest. 3A. After transfer of this suit, summonses were sent to the defendants. However, they did not put in appearance. Vide order dated 17.12.2025, they were proceeded ex parte.
4. In order to prove its case, the Corporation has placed on record the affidavit of Mr. Gowhar Arif, General Manager, 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 Corporation has proved its case that it had advanced the loan of ₹35,75,543/- and on 31.05.2022, a sum of ₹48,98,492/- was due.
6. Accordingly, the case of the Corporation for the recovery of ₹48,98,492/- (Rupees Forty Eight Lacs Ninety Eight Thousand Four Hundred Ninety Two Only) with interest @10.15% per annum with monthly rests from 03.06.2022, till the date of payment is hereby allowed with costs. The liability of all the defendants would be joint and several. Corporation can recover its dues by the sale of hypothecated assets fully detailed in para No.21 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 17.07.2026, who is directed to distribute the sale proceeds of the hypothecated assets 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: 15.06.2026 Presiding Officer DRT-1, Chandigarh MANOJ KALRA