Debts Recovery Tribunals and Appellate Tribunals
PUNJAB NATIONAL BANK (ORIENTAL BANK OF COMMERCE) vs M/S A.P. INDUSTRIES on 14 July 2026
IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
TA No: 168/2024
Date of Institution: 01.06.2020
Date of Decision: 14.07.2026
Punjab
National
Bank
(erstwhile
Oriental
Bank
of
Commerce), B/u Trikuta Nagar, Jammu.
...Applicant
Vs.
1. M/s A.P. Industries, Village Gharota, Tehsil & District Jammu.
Through its Proprietor, Sh. Ankush Puri.
2. Sh. Ankush Puri S/o Sh. Tilak Raj Puri R/o F-667/B, Opp. Krishna Building, New Plot, Jammu.
...Defendants
Advocates
Ms. Suditi Suri, Counsel for the Applicant Bank.
Defendants – ex parte.
TA for the Recovery of Rs.45,59,481/- with interest @11.25% per annum with monthly rests from 01.06.2020.
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ORDER
1. On 01.06.2020, Punjab National Bank (erstwhile Oriental Bank of Commerce) filed the suit for the recovery of Rs.45,59,481/- with interest against M/s A.P. Industries and another (defendants) in the Court of Learned Principal District Judge, Jammu. However, vide order dated 07.12.2022, this suit was transferred by the Court of Additional District Judge (Commercial Court), Jammu, to DRT-I, Chandigarh.
2. Bank’s case is that on 16.07.2014, it had granted a Cash Credit Hypothecation Limit of Rs.15.00 lacs and a Term Loan of Rs.6.00 lacs to defendant No.1, through its proprietor, for business purpose. To secure the limits, defendant No.1, through its proprietor had hypothecated its assets (fully detailed in Annexure E attached with the plaint). The Cash Credit Hypothecation Limit and the Term Loan were chargeable to interest @11.25% per annum with monthly rests. On 11.08.2015, Bank had enhanced the Cash Credit Hypothecation Limit from Rs.15.00 lacs to Rs.25.00 lacs and sanctioned an additional Term Loan of Rs.2.40 lacs to defendant No.1, through its proprietor. On 06.09.2016, Bank had further enhanced the Cash Credit Hypothecation Limit from Rs.25.00 lacs to Rs.40.00 lacs. On 30.04.2020, a sum of Rs.45,59,481/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this suit.
3. On 03.02.2025, summons were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 19.12.2025, they were proceeded ex parte.
4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Viney Kumar, Branch 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 Cash Credit Hypothecation Limit of Rs.40.00 lacs; Term Loans of Rs.6.00 lacs and Rs.2.40 lacs to defendant No.1, through its proprietor, and on 30.04.2020, a sum of Rs.45,59,481/- was due.
6. Accordingly, the application of the Bank for the recovery of Rs.45,59,481/- (Rupees Forty-Five Lacs Fifty-Nine Thousand Four Hundred and Eighty-One Only) with interest @11.25% per annum with monthly rests from 01.06.2020 till the date of payment is hereby allowed with costs. Bank can recover its dues by the sale of the hypothecated assets (fully detailed in Annexure E attached with 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 14.08.2026, 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: 14.07.2026 Presiding Officer DRT-1, Chandigarh HARSH