PUNJAB NATIONAL BANK vs SWAPAN S SARKAR on 27 May 2026

J U D G M E N T

This is an application under Section 19(1) of the Recovery of the Debts due to Banks and Financial Institutions Act, 1993 renamed as Recovery of the Debt and Bankruptcy Act, 1993 (for short, ‘the 1993 Act’) to recover ₹10,59,261/- (Rupees Ten Lakhs Fifty-Nine Thousand Two Hundred Sixty- One Only) with future interest @ 10.50% per annum compounded with monthly rest thereon from the date of presentation of the Transferred Original Application i.e. 21.04.2014 till payment/realization and to enforce the hypothecated security.

The details of the claim amount are as under: - Sr No Nature of Facility O/s. am ou nt Penal Interest Total A m ou nt

Vehi cle L oan ₹10, 10, 452. 00/- ₹48, 809.00/ - ₹10,59,261.00/-

It is undisputed fact in the matter that the Defendant nos.1 and 2 were duly served with the transfer notice vide order-sheet dated 12.02.2026. Despite service, the defendants did not enter their appearance and therefore, they were set ex-parte on 21.05.2026.

Defendant no.1 is the principal borrower who approached the Applicant Bank and sought financial assistance by way of Term Loan Facility. Pursuant to the loan application made by defendants, the Applicant sanctioned the loan vide Sanction Letter dated 11.11.2009 in sum of ₹9,00,000/- (Rupees Nine Lakhs Only) payable in 84 EMIs of ₹15,175/- (Rupees Fifteen Thousand One Hundred Seventy-Five Only) per month with interest at the rate of 10.50% per annum.

The details of the Sanction amount are as under: - Sr No Date of Sanction Amount ROI Secu rity

11.11. 2009 ₹9,00, 000/- @ 10.50% per ann um. Hy pothecati on of Car Chevr olet Taver a D -1

Total Amount ₹9,00,0 00/ - - -

On the dates given below, defendants signed and executed the loan and security documents as set out in paragraph nos. 5.2 to 5.8 of the Transferred Original Application. Defendants hypothecated Motor Vehicle Chevrolet Tavera having Registration No.MH-04DC-9017, Chasis No. MA6AB6G767HD, Engine No.3DG56778 to secure the loan.

The details of the documents executed by the Defendants are as under: - (a) Loan Application dated 01.09.2009;

(b) Sanction Letter dated 11.11.2009;

(c) Letter of Hypothecation & R.C. Book dated 17.11.2009; (d) Letter of Guarantee dated 17.11.2009;

(e) Balance and Security Confirmation dated 22.03.2012;

(f) Balance and Security Confirmation dated 27.02.2013;

(g) Share Certificate dated 10.09.2004.

After availing the loan, defendants did not adhere to the financial discipline and committed default in payment of instalments and repayment of the loan and accordingly the accounts of the borrowers were declared as Irregular as per RBI Guidelines. Therefore, on 25.02.2014, the applicant, through its advocate, called upon defendants to liquidate the outstanding in the sum of ₹8,52,491/- (Rupees Eight Lakhs Fifty-Two Thousand Four Hundred and Ninety-One Only) due under Term Loan Facility with further interest at the rate of 10.50% p.a. with monthly rest from 04.02.2011 till payment and/or realization within 7 days from receipt of the said notice. Despite notice, defendant nos. 1 to 2 failed and neglected to pay.

As on 20.04.2014, there was owing, due and payable by defendants to the applicant the aggregate sum of ₹10,59,261/- (Rupees Ten Lakhs Fifty-Nine Thousand Two Hundred Sixty-One Only) with future interest @ 10.50% per annum compounded with monthly rest thereon. The applicant has maintained the loan ledger extract and the entries posted therein are made in the usual and ordinary course of the banking business.

Since, defendants failed and neglected to make the payment, the applicant was left with no other alternate but to file the Transferred Original Application which was presented on 21.04.2014.

The applicant has filed affidavit (exhibit-10) in lieu of examination in chief of Mr Girish Kumar, Deputy Manager and list of documents (exhibit-

11) thereby adducing in evidence the documents at Serial No.1 to Serial No.10 which are admitted in evidence, read, recorded and exhibited.

Accordingly, in the Transferred Original Application was filed for the recovery of ₹10,59,261/- (Rupees Ten Lakhs Fifty-Nine Thousand Two Hundred Sixty-One Only) with future interest @ 10.50% per annum compounded with monthly rest thereon from the date of presentation of the Transferred Original Application i.e. 21.04.2014 till payment/realisation.

The Tribunal has scrutinised and examined the allegations contained in the Transferred Original Application and analysed the evidence adduced by the applicant which has gone unchallenged, uncontroverted and unrebutted.

Upon careful scrutiny and the examination of the Transferred Original Application, analysing the evidence and giving due weightage to the documentary evidence adduced by the applicant, the Tribunal views that there is no reason to disbelieve the claim made by the applicant bank.

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

Hence, the following order:

ORDER

(A) The Transferred Original Application No.1776 of 2016 in Original Application No.534 of 2014 is allowed with costs. (B) Defendant nos.1 and 2 are ordered and directed to pay to the applicant, either jointly or severally, the aggregate sum of ₹10,59,261/- (Rupees Ten Lakhs Fifty-Nine Thousand Two Hundred Sixty- One Only) with future simple interest @ 10.50% per annum thereon from the date of presentation of the Transferred Original Application i.e. 21.04.2014 till payment/realization after adjusting the recoveries made by the Applicant under SARFAESI Act, 2002 or any other amount paid by the borrowers after filing of this T.O.A. No.1776 of 2016. (C) The aforesaid adjudicated amount is secured by the valid and subsisting hypothecated property, that is, Motor Vehicle Chevrolet Tavera having Registration No.MH-04DC-9017, Chasis No. MA6AB6G767HD, Engine No.3DG56778. (D) Defendant nos. 1 and 2 are entitled to redeem the hypothecated property as per law failing which the applicant has right to proceed to sell the hypothecated property and recover dues as per law. (E) Issue Recovery Certificate. (F) The learned Registrar is directed to send a copy of the judgment and recovery certificate to (i) the applicant, (ii) defendant and (iii) the Recovery Officer by post and email.

(Harish Kumar Kaushik) Presiding Officer, DRT-2, Mumbai