PUNJAB NATIONAL BANK vs TASHKAND AQUA FARM on 9 June 2026

**J U D G M E N T**

1. 1. Give underThis is an application under Section 19(1) of Recovery of the Debt and Bankruptcy Act, 1993 (for short, 'the 1993 Act') to recover Rs.87,60,536.55/- with future interest thereon from the date of presentation of the Transfer Original Application till payment/realization and to enforce the mortgaged securities.

2. 2. The Defendants were granted a Working Capital Facility for a sum of Rs.75 Lakhs vide sanctioned letter dt.05.09.2013 as specified in para no.5.4 of the Transfer Original Application and on them executing loan and security documents.

3. 3. Defendants mortgaged the property viz., Bungalow situated at Chandra Prabhu Nagar, Plot No.2, 3/C of City Naliya Taluka Abdasha, Dist. Kutch, Gujarat - 1540 sq. ft. in favour of the applicant to secure the loan.

4. 4. By way of the additional claim affidavit filed by the applicant, it is stated that the applicant bank had sold the property viz., Commercial Office property at 104, 1st floor, Sahil Apartment CHSL, Opposite Navsari Railway Station, Navsari, Gujarat 341 sq. ft. of under SARFAESI Act, 2002 Original Application.

5. Despite the undertaking effected by Defendants they had failed to regularise the account and service interest in the account. So the account remained out of order since long time resulting in it to be declared as NPA on 01.08.2016.

6. Despite issuance of letters, personal visits, telephonic conversation and reminders the Defendants had failed to regularise the account. So the Applicant had caused the issuance of lawyer notice to Defendants to pay up the dues with interest.

7. Since the defendants failed to make the repayment, the applicant was left with no other alternative other than to file the Original Application which was presented on 14.03.2019. Defendants were duly served with the summons for appearance on 26.11.2021 despite receipt of summons, the defendants did not appear. They had remained absent without any representation for them and so, they were set at exparte.

8. The applicant filed an affidavit (exhibit-18) in lieu of examination in chief through Mr. Sandeep Shrimantrao Nimbalkar, Manager of the bank, had produced documents, which are admitted in evidence, read, recorded and exhibited and were marked as AW-1 to AW-20.

1. 9. Accordingly, the Original Application was filed for the recovery of Rs.87,60,536.55/- and Applicant bank sold the mortgage properties viz., Commercial Office property at 104, 1st floor, Sahil Apartment CHSL, Opposite Navsari Railway Station, Navsari, Gujarat 341 sq. ft. and the same was sold by the applicant for sum of Rs.9,01,000/- and the same amount was adjusted in the Claim amount and now the claim amount is Rs.78,59,536.55/- with further interest @ 12.15% p.a. along with penal interest @2% p.a. and other expenses for the period from the date of filing of this T.O.A. till payment/realization.

2. 10. A scrutiny of the averments in the Original Application and an analysis of the evidence adduced by the applicant, which has gone unchallenged, uncontroverted and unrebutted, shows that there is no reason to reject the claim made by the applicant bank.

3. 11. In view of the observations made hereinabove, Transfer Original Application filed by the applicant deserves to be allowed.

4. 12. Hence, the following order is passed:

ORDER

1. a. T.O.A. stands allowed with cost and the Defendant No. 1 to 3 are held liable jointly and severally to pay to the Applicant Bank within two months a sum of Rs.78,59,536.55/- with further interest @ 12.15% p.a. along with penal interest @2% p.a. and other expenses from the date of filing of this O.A. till the date of realization; failing which the aforesaid amount shall be recovered from the sale of mortgage property viz., Commercial Office property at 104, 1st floor, Sahil Apartment CHSL, Opposite Navsari Railway Station, Navsari, Gujarat 341 sq. ft. and in case of shortfall, the same shall be recovered from the sale of the movable and immovable properties of the Defendants.

2. b. Defendants are directed to declare, on oath, to the Recovery Officer, Debts Recovery Tribunal – I, Mumbai, both their moveable and immoveable assets for the purpose of attachment and sale for realizing the shortfall, if any.

3. c. Let a Recovery Certificate be issued with a memo of cost immediately u/s 19(22) of The Recovery of Debts and Bankruptcy Act, 1993 together with the details of the properties, if any.

4. d. The Defendants are restrained from depleting, transferring, encumbering, alienating or in any way dealing with their properties/assets without first paying the claim of the Applicant Bank.

5. e. Copies of this judgment be sent to the parties free of cost and file be consigned to the record room.

f. my hand and the seal of this Tribunal on this date :09.06.2026.

(Dictated to my Stenographer, transcribed by him, corrected and signed by me and pronounced in open forum on 09.06.2026).

Place:- Mumbai Date:- 09.06.2026

Presiding Officer, DRT-1, Mumbai (Sreekala Suresh)