Debts Recovery Tribunals and Appellate Tribunals
PUNJAB NATIONAL BANK vs M/S JAGRAN INFRAPROJECTS PRIVATE LTD on 10 August 2026
Date of filing : 20.01.2015
Decided on :10.08.2026
**IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI
TRANSFER ORIGINAL APPLICATION NO. 611 OF 2016**
Punjab National Bank a body Corporate,
constituted under Banking Companies
Act, 1970, having its Head Office at 7,
Bhikaji Cama Place, New Delhi, and
amongst other Branch office at Jay
Apartment. Linking Road, Opp H.D.F C.,
Santacruz (West), Mumbai 400054.
...Applicant
**VERSUS**
1.M/s Jagran Entertainment Media
Pvt.Ltd Having office at, 400, 4th floor, Sangeeta Ellipse, Sahakar Road, Behind Gaeware House, Vile Parle East, Mumbai
400057.
2. Mr. Sanjeev Mohan Gupta. Director of
Jagran Entertainment Media Pvt.Ltd
400,4th floor, Sangeeta Ellipse, Sahakar Road, Behind garware House, Vile Parle East, Mumbai 400057.
3. Mr. Anshuman Mohan Gupta Director
of Jagran Entertainment Media Pvt. Ltd
400, 4th floor, Sangeeta Elipse, Sahakar Road, Behind Garware House, Vile parle East, Mumbai 400057.
...Defendants
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Counsel for the Applicant : Advocate A. W. Barwe Counsel for the Defendants : Advocate Anand Kumar & Kaulat Jehangir.
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J U D G M E N T
1. 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.1,33,27,235/- with future interest thereon from the date of presentation of the Transfer Original Application till payment/realization.
2. 2. The Defendants were granted a Cheque Discounting Facility or Instant Credit for an amount of Rs.1,19,80,306/- vide Cheque No.337112 dt.21.03.2014 drawn on The Business Co-op. Bank Ltd., Mahatma Nagar Branch Nashik as specified in para no.5.3 of the Transfer Original Application and on them executing loan and security documents.
1. 3. 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.
2. 4. 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.
3. 5. Since the defendants failed to make the repayment, the applicant was left with no other alternative other than to file the Transfer Original Application which was presented on 20.01.2015. Defendants were duly served with the summons for appearance on 17.06.2015. Defendant No.1 to 3 filed vakalatnama on 27.07.2015 and WS by the Defendants on 08.10.2015.
4. 6. The applicant filed an affidavit (exhibit-18) in lieu of examination in chief through Mr. Hemant Kumar, Senior Manager of the bank, who had produced documents, which are admitted in evidence, read, recorded and exhibited and were marked as AW-1 to AW-8. Though the defendants had filed WS on 12.06.2017, they had remained absent subsequently, without making any representation on their behalf. Even after the case being repeatedly posted, no steps have been attempted by defendants to put forth their case before the Tribunal. The averments in the raised in the Written Statement, against the claim of applicant, will not suffice to substantiate their contentions in the Written Statement. As no attempts are made by Defendants to establish their averments in the, written statement the matter is being proceeded on the basis of the Written arguments and contentions of the applicant.
7. Accordingly, the Transfer Original Application was filed for the recovery of Rs.1,33,27,235/- with further interest @18.75% p.a. with monthly rests and other expenses for the period from the date of filing of this O.A. till payment/realization.
8. A scrutiny of the averments in the Transfer 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.
9. In view of the observations made hereinabove, Transfer Original Application filed by the applicant deserves to be allowed.
10. Hence, the following order is passed:
ORDER
1. a. T.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.1,33,27,235/- with further interest @18.75% p.a. and other expenses from the date of filing of this T.A. till the date of realization; failing which the aforesaid amount 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.
6. f. Give under my hand and the seal of this Tribunal on this date :10.08.2026.
(Dictated to my Stenographer, transcribed by him, corrected and signed by me and pronounced in open forum on 10.08.2026).
Place:- Mumbai Date:- 10.08.2026
Presiding Officer, DRT-1, Mumbai (Sreekala Suresh)