Debts Recovery Tribunals and Appellate Tribunals
PUNJAB AND SIND BANK vs M/S KPMG IMPEX CO. PVT LTD on 9 July 2026
IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
TA No: 27 of 2022
Date of Institution: 09.01.2020
Date of Decision: 09.07.2026
Punjab & Sind Bank having branches all over India having a branch at Digiana, Jammu.
……..Applicant
Vs.
1. M/s KPMG Impex Co. Pvt. Ltd., 20-A, Near Sant Mela Singh Technical Ashram, Digyana, Jammu through its Director S.
Mohinder Singh.
2. S. Mohinder Singh s/o Isher Singh r/o 20-A, Near Sant Mela Singh Technical Ashram, Digyana, Jammu.
3. Smt. Parvinder Kaur w/o S. Mohinder Singh, r/o 20-A, Near Sant Mela Singh Technical Ashram, Digyana, Jammu.
4. Smt. Rajinder Kaur w/o S. Harbans Singh r/o 20-A, Near Sant Mela Singh Technical Ashram, Digyana, Jammu.
5. Tilak Raj s/o Babu Ram r/o Chak Salarian, Tehsil Samba, District Samba.
……….Defendants
Advocates
Sh. R.K. Jindal, Counsel for the applicant bank.
Defendants - ex parte.
TA for the Recovery of Rs.28,27,583/- with interest @14.70% per annum with monthly rests from 09.01.2020.
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ORDER
1. On 09.01.2020, Punjab & Sind Bank filed the suit for the recovery of Rs.28,27,583/- with interest against M/s KPMG Impex Co. Pvt. Ltd. & others (defendants) in the Court of District Judge (Bank Cases), Jammu. However, vide order dated 13.09.2022, the Additional District Judge (Commercial Court) Jammu, transferred this suit to DRT-I, Chandigarh.
2. Bank’s case is that on 07.02.2008, it had granted a loan of Rs.10.00 Lacs to Defendant no. 1 through its directors Defendant nos. 2 and 3 in the form of Term Loan Facility for business purpose. To secure the loan, Defendant nos.2, 4 and 5 had mortgaged their properties (fully detailed in para No.9-B and 9-C of the plaint). Defendant nos. 2, 3 and 4 stood as the guarantors. The loan was chargeable to interest @14.70% per annum with monthly rests. The defendants acknowledged their liability towards the debt on 18.01.2014. On 30.11.2019, a sum of Rs.28,27,583/- 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 by registered post, which was duly served. After the transfer of the suit, summonses were sent to the defendants which were duly served. However, the Defendants did not put in appearance and were proceeded ex parte on 20.09.2023.
4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Ishan Sharma, Manager and Ms. Nisha Talwar, Senior Manager, along with original the 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 the loan of Rs.10.00 Lacs and on 30.11.2019, a sum of Rs.28,27,583/- was due.
6. Accordingly, the case of the bank for the recovery of Rs.28,27,583/- (Rupees Twenty Eight Lacs Twenty Seven Thousand Five Hundred Eighty Three Only) with interest @14.70% per annum with monthly rests from 09.01.2020, till the date of payment is hereby allowed with costs. The liability of all the defendants would be joint and several. No personal claim against defendant no.5 being the mortgager. Bank can recover its dues by the sale of mortgaged land fully detailed in para No. 9-B and 9-C of the plaint as well as from the personal movable and immovable property(ies) of the defendant nos. 1 to 4.
7. Pending IAs, if any, stand disposed of.
8. Recovery Certificate be issued accordingly.
9. Parties are directed to appear before Recovery Officer on 11.08.2025, who is directed to distribute the sale proceeds of the mortgage properties and 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: 09.07.2026 Presiding Officer DRT-1, Chandigarh