Debts Recovery Tribunals and Appellate Tribunals
PUNJAB NATIONAL BANK vs JAGRAN PRODUCTION LTD on 28 September 2026
Date of filing : 31.10.2014
Decided on : 28.09.2026
**IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI
TRANSFER ORIGINAL APPLICATION NO. 610 of 2016**
Punjab National Bank a body corporate, constituted under Banking Companies (Acquisition & Transfer of undertakings) 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 400 054. (Through Senior Manager Mr. Hemant Kumar Chaganlal Rathod).
...Applicant
VERSUS
1. Jagran Production Ltd. having office at 400, 4th Floor, Sangeeta Ellipse, Sahakar Road, Behind Garware House, Vile Parle (East), Mumbai - 400 057.
2. Mr. Sanjeev Mohan Gupta Director of Jagran Production Ltd. Flat No. 1203, 'B' Wing, Shivalaya Heights, Azad Nagar 2,
Veera Desai Road, Andheri (West), Mumbai 400 053.
3. Mr. Anshuman Mohan Gupta Director of
Jagran Production Ltd., Flat No. 1203, 'B'
Wing, Shivalaya Heights, Azad Nagar 2,
Veera Desai Road, Andheri (West), Mumbai 400 053.
...Defendants.
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Counsel for the Applicant : Advocate Komal Kalyani i/b Adv. A. W.
Barwe.
Counsel for the Defendants : NIL- Defendants Ex -parte
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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.89,40,379/- with future interest thereon from the date of presentation of the Transfer Original Application till payment/realization.
2. 2. The Defendant no.1 was granted credit facility for a sum of Rs.79,49,942/- (after deducting bank charges as Rs.50,058/-) as specified in para no.5.4 of the Transfer Original Application and on them executing loan and security documents.
1. 3. Despite the undertaking effected, Defendants had failed to regularise the account and service interest in the account. So the account remained out of order since long time resulting it to be declared as NPA.
2. 4. Despite issuance of letters, personal visits, telephonic conversation and reminders the Defendant has 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 31.10.2014. Defendants were duly served with the summons for appearance on 17.06.2015. Vakalatnama was filed by the Defendant no. 1 to 3 on 27.07.2015, and on 08.10.2015. WS was also filed by them.
4. 6. The applicant filed an affidavit (exhibit-10) 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.
5. 7. As stated earlier, apart from filing a written statement, no effective representation is made by the defendants since 12.06.2017. No attempt is made by the defendants to substantiate their 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 12.06.2017. So, the contentions of the applicant are being accepted.
8. Accordingly, the Transfer Original Application was filed for the recovery of Rs.89,40,379/- with further interest @18.75% p.a with monthly rests and other expenses for the period from the date of filing of this T.O.A. till payment/realization.
9. The claim of the applicant for interest @ 18.75% p.a. with respect to said facilities, is hereby declined.
10. 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.
11. In view of the observations made hereinabove, Transfer Original Application filed by the applicant deserves to be allowed.
12. Hence, the following order is passed:
ORDER
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.89,40,379/- with further interest @9.00% p.a and other expenses from the date of filing of this T.O.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.
- 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.
- 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.
- 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.
- e. Copies of this judgment be sent to the parties free of cost and file be consigned to the record room.
- f. Give under my hand and the seal of this Tribunal on this date :28.09.2026.
(Dictated to my Stenographer, transcribed by him, corrected and signed by me and pronounced in open forum on 28.09.2026).
Place:- Mumbai Date:- 28.09.2026
Presiding Officer, DRT-1, Mumbai (Sreekala Suresh)