THE JAMMU AND KASHMIR BANK LTD vs M/S PIONEER PRINTING AND PACKAGING on 11 August 2026

ORDER

1. On 12.06.2015, Jammu & Kashmir Bank Ltd., filed a suit for the recovery of Rs.23,11,777.32p with interest against M/s Pioneer Printing and Packaging and others (defendants) in the District Court Jammu. However, vide order dated 23.09.2022, the suit was transferred by the Court of Additional District Judge, (Commercial Court), Jammu to DRT- I, Chandigarh.

2. Bank’s case is that on 28.02.2012, it had granted a loan of Rs.11.97Lacs in the form of Term Loan for business purpose to defendant no.1 through its partners Defendant nos. 2 and 3. On 26.06.2012, bank had granted a loan of Rs.5.73Lacs in the form of C.C. Limit for business purpose to defendant no.1 through its partners

Defendant nos. 2 and 3. To secure the loan, Defendant no.1 had hypothecated assets (fully detailed in para No.4 of the suit). The loans were chargeable to different rates of interest. On 28.02.2015, a sum of Rs.23,11,777.32p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, the suit.

3. The Civil Court sent summonses to the defendants by registered post, which were duly served. Defendants did not put in appearance before the Civil Court and were proceeded ex parte on 15.01.2024. After the transfer of the present suit, none of the defendants have put in appearance before the Tribunal despite service.

4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Navneet Khajuria, Authorised Officer, along with 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 total loan of Rs.17.70Lacs and on 28.02.2015, a sum of Rs.23,11,777.32p was due.

6. Accordingly, the case of the bank for the recovery of Rs.23,11,777.32p (Rupees Twenty Three Lacs Eleven Thousand Seven Hundred Seventy Seven and Thirty Two Paise Only) with interest @11% per annum with monthly rests from 12.06.2015, 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 hypothecated assets fully detailed in para No.4 of the suit 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 14.09.2026, 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: 11.08.2026 Presiding Officer DRT-1, Chandigarh