Debts Recovery Tribunals and Appellate Tribunals
PUNJAB NATIONAL BANK vs M/S. SAMSTAR on 9 June 2026
Date of filing : 27.05.2016
Decided on :09.06.2026
**IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI
TRANSFER ORIGINAL APPLICATION NO. 1596 OF 2016**
Punjab National Bank
Constituted as a banking company under the Banking Companies ( Acquisition and Transfer of Undertaking) Act, 1970, having its Head Office at 7, Bhikhaji Cama Place, Africa Avenue, New Delhi-110 607 and having one of its branches amongst other at Foreshore Road Branch at 1st Floor, Raheja Chambers, Nariman Point, Mumbai 400 021.
...Applicant
**VERSUS**
1. 1. M/s Samstar A registered partnership firm, having its address at: 31, Aarti, 85, Tardeo Road, Mumbai 400 034.
2. 2. Shri Samyak Mehta Having his address at Flat No 3401, 34th floor,
Thakkar Tower, 369, Tulsiwadi Road,
Near RTO, Tardeo Mumbai-400034.
3. Smt Nikita Satish Mehta, Having his
address at Flat No 3401, 34th floor,
Thakkar Tower, 369, Tulsiwadi Road,
Near RTO, Tardeo, Mumbai-400034.
4. Shri Satish Mehta Having his address
at Flat No 3401, 34th floor, Thakkar
Tower, 369, Tulsiwadi Road, Near
RTO, Tardeo, Mumbai-400034.
...Defendants
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Counsel for the Applicant : Advocate Bhavesh Poojary i/b MDP &
Legal.
Counsel for the Defendants : Advocate Sanjana Ghogare.
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J U D G M E N T
1. This is an application under Section 19(1) of Recovery of the Debt and Bankruptcy Act, 1993 (for short, 'the 1993 Act') to recover Rs.4,30,83,193/- with future interest thereon from the date of presentation of the Transfer Original Application till payment/realization and to enforce the mortgaged securities.
2. The Defendants were granted a Credit Facility for a sum of Rs.400 Lakhs as specified in para no.5.4 of the Transfer Original Application and on them executing loan and security documents.
3. Defendants mortgaged the property viz., Flat No.3401, Thakkar Tower, Plot No.369, Tulsiwadi Road, Near RTO, Tardeo, Mumbai-400034, in favour of the applicant to secure the loan.
4. 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 30.11.2015.
5. 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.
6. 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 27.05.2016. Defendants were duly served with the summons for appearance on 24.06.2016. Despite receipt of summons, the defendants had filed Vakalatnama on 11.07.2016 had not filed their Written Statement. So, their right to file written statement was forfeited on 07.12.2017.
1. 7. The applicant filed an affidavit (exhibit-10) in lieu of examination in chief through Ms. Angana Doloi, Manager of the bank, had produced documents, which are admitted in evidence, read, recorded and exhibited and were marked as AW-1 to AW-23.
2. 8. Accordingly, the Transfer Original Application was filed for the recovery of Rs.4,30,83,193/- with further interest @ 16.10% p.a. (including penal interest @ 2% p.a.) and other expenses for the period from the date of filing of this T.O.A. till payment/realization.
3. 9. 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 unrebuted, shows that there is no reason to reject the claim made by the applicant bank.
4. 10. In view of the observations made hereinabove, Transfer Original Application filed by the applicant deserves to be allowed.
11. Hence, the following order is passed:
ORDER
1. a. T.O.A. stands allowed with cost and the Defendant No. 1 to 4 are held liable jointly and severally to pay to the Applicant Bank within two months a sum of Rs.4,30,83,193/- with further interest @ 16.10% p.a. (including 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., Flat No.3401, Thakkar Tower, Plot No.369, Tulsiwadi Road, Near RTO, Tardeo, Mumbai-400034, 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 immovable 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)