PUNJAB NATIONAL BANK vs M/S JAGRAN ENTERTAINMENT MEDIA PVT LTD on 25 August 2026

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.1,33,49,144/- 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.1,20,00,000/- as specified in para no.5.3 of the Transfer Original Application and on them executing loan and security documents.

3. 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.

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.

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 31.10.2014. Defendants were duly served with the summons for appearance on 17.06.2015. Defendant No.1 to 3 filed vakalatnama and WS on 03.09.2015. Subsequently since 23.05.2017, the defendants had remained absent without any effective representation for them.

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

7. Accordingly, the Transfer Original Application was filed for the recovery of Rs.1,33,49,144/- 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.

1. 8. As stated earlier apart from filing a written statement, no effective representation is made by the defendants since 23.05.2017. Apart from filing the written statement no attempt is made by the defendants to substantiate thus contentions. Mere pleadings in the written statement cannot supplant the substantiation of the said pleading by arguing the matter or by filing argument notes. Even though applicant had filed CAOD and written argument notes nothing is attempted to by defendants who had persistently remained absent since 23.05.2017. So, the contentions of the applicant are being accepted.

2. 9. 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.

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

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

A handwritten signature, possibly in ink, consisting of stylized, overlapping strokes that form a recognizable initial or monogram.

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.1,33,49,144/- 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 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.

6. f. Give under my hand and the seal of this Tribunal on this date :25.08.2026.

(Dictated to my Stenographer, transcribed by him, corrected and signed by me and pronounced in open forum on 25.08.2026).

Place:- Mumbai Date:- 25.08.2026

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