PUNJAB AND SIND BANK vs M/S. SATGURU BOUTIQUE & ORS. on 21 October 2026

FINAL ORDER

This original application has been filed by the applicant bank, on 05.12.2019 through Ms. Harvinder Kaur, Senior Manager of the applicant bank, under Section 19 of the RDB Act, 1993 against the defendants for recovery of a sum of Rs.63,49r451.68 together with cost, charges and pendentellite and future interest @11.25olo from date of flling of this O.A' tillthe realization in full.

2. The brief facts of the case are that at the request of defendant no.2 on behalf of defendant no.1, The applicant bank sanctioned a Cash Credit Facility of Rs.50,00,000 l -, vide sanctiogletter dated t9.06.20t7. cbt

TANO.637 of 2022

The defendant no.3 stood as guarantor. The above- mentioned credit facility in form of cash credit limit was secured by the hypothecation of stock of readymade garments, sari, dress material, suits, stitching machine and material current assets, present and future, bills receivable and hypothecation of book debts. The defendants executed all necessary loaning documents on L9.06.2077.

3. It is further submitted that the defundants enjoyed and utilized the Loan facilities, but failed to maintain the financial discipline and failed to repay the due amounts. The applicant bank requested the defendants to regularize the loan account by visits and letters, but there was no response from the defendants. Hence, the account was classified as NPA dated 31.03.2019. The applicant bank served a legal notice dated 05.04.2018 and 25.05.2019 to the defendants but failed to recover the same Thus, the present O.A.ff.A. is preferred by the applicant bank to recover its dues.

4. On notice by this Tribunal, defendants put appearance through counsel but failed to file written statement. Thereafter, the defendants failed to put appearance in the matter, despite issuance of default notice. Accordingly, the defendants were proceeded against exparte on 18.05.2026.

5. The applicant bank has flled evidence by way of affidavit of Ms. Harvinder Kaur, Senior Manager of the applicant bank as Annexure A-1 to Annexure A-22, which have gone unchallenged and un-rebutted. Hence, the case of the applicant stanEgqlv established against the C.\'

TANO. 637 of 2022 defendants with respect to nonpayment of oubtanding amount.

6. After perusing the records, this Tribunal is of the view that the applicant bank has proved its case beyond reasonable doubts. The evidence and documents filed by the applicant bank not rebutted by the defendants by not placing any evidence and there is no question of disbelieving the evidence and documents filed by the applicant bank based upon the written/printed documents. In the light of the above discussions, the present T.A. deserves to be allowed.

ORDER

1) I hereby allow this T.A. of the applicant bank and direct the defendant nos.l to 3 to pay jointly and severally to the applicant bank within 30 days from today, a sum of Rs.63,49,451.68 along with cost, expenses and interest @11.25olo from the date of filing of this O.A. which has become T.A till the date of realization.

2) In case of failure to deposit the above amount within the stipulated period, the same shall be recovered from the sale of hypothecated assets. In case of short fall, the same shall be recovered from the sale of personal movable and immovable assets of the defendant nos.1 to t., J

TA NO. 637 of 2022

3) Recovery Certificate be issued forthwith and be sent to Recovery Officer, Debts Recovery Tribunal-Il, Delhi.

4) The registry of this Tribunal is hereby directed to issue free copy of the order and send the same to both the parties.

5) Parties are directed to appear before the Ld. Recovery Officer, DRT-II, Delhi on 21.12.2026. Pending IAs, if any, stand disposed of. File be consigned to records. Date : 21.10.2026 t\ (susHrl (uuan RAslobr) PRESIDING OFFICER DRT-II, Delhi This judgement has been signed, dated and pronounced in open court. Date : 21.10.2026 ^ (susHrL KiJMAR nnsibcrl PRESIDING OFFICER DRT-II, Delhi