Debts Recovery Tribunals and Appellate Tribunals
PUNJAB NATIONAL BANK vs M/S FORTUNE MULTI PRODUCTS AND TRADERS on 3 September 2026
IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
TA No: 167/2024
Date of Institution: 08.12.2021
Date of Decision: 03.09.2026
Punjab National Bank having its branches all over India and a branch at Last Morh, Gandhi Nagar, Jammu.
……..Applicant
Vs.
1. M/s Fortune Multi Products & Traders, through its proprietor, Sh. Bansi Lal, NH Opposite RC Plaza, Bari Brahmana, Samba.
2. Sh. Bansi Lal s/o Sh. Ishar Lal, Proprietor, M/s Fortune Multi Products & Traders, r/o 1076, Raipur Domana, Jammu.
3. Mohd. Naseem s/o Mr. Abdul Majeed, r/o H.No.126, Ward No.6, Bari Brahmana, Samba.
4. Rafiq Chaudhary s/o Sh. Abdul Majeed, r/o Rajiv Colony, Bari Brahmana.
……….Defendants
Advocates
Ms. Suditi Suri, Counsel for the applicant bank.
Defendants- ex parte vide order dated 04.05.2026.
TA for the Recovery of ₹32,13,169.33p with interest @12.50% per annum with monthly rests from 08.12.2021.
ORDER
1. On 08.12.2021, Punjab National Bank, filed the suit for the recovery of ₹32,13,169.33p with interest against M/s Fortune Multi Products & Traders and others (defendants) in the Court of Learned District Judge (Bank Cases) Jammu. However, vide order dated 20.02.2023, Additional District Judge, (Bank Cases), Srinagar, transferred this suit to DRT-I, Chandigarh.
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2. Bank’s case is that on 01.11.2013, it had granted C.C. Limit of ₹20.00 Lacs to defendant No.1 through its proprietor defendant No.2 for business purpose. To secure the loan, Defendant No.3 had mortgaged his property (fully detailed in para No.10 of the application). Defendant Nos.3 and 4 stood as guarantors vide Deed of Guarantee dated 01.11.2013. The loan was chargeable to interest @12.50% per annum with monthly rests. On 26.11.2021, a sum of ₹32,13,169.33p 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. After transfer of this suit, summonses were sent to the defendants which were duly served. However, they did not put in appearance. Vide order dated 04.05.2026, they were proceeded ex parte.
4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Hans Raj, Authorized Officer, 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 the loan of ₹20.00 Lacs and on 26.11.2021, a sum of ₹32,13,169.33p was due.
6. Accordingly, the case of the bank for the recovery of ₹32,13,169.33p (Rupees Thirty Two Lacs Thirteen Thousand One Hundred Sixty Nine and Paise Thirty Three Only) with interest @12.50% per annum with monthly rests from 08.12.2021, 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 property fully detailed in para No.10 of the application as
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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 06.10.2026.
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: 03.09.2026 Presiding Officer DRT-1, Chandigarh MANOJ KALRA
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