PUNJAB NATIONAL BANK vs BHAVNA JAJORIA AND ANR on 30 October 2026

**FINAL ORDER**

This original application has been filed before DRT-III, Delhi and then transferred to DRT-I, Delhi by the applicant bank on 05.10.2021 under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 (As amended) against the defendants for *Sd-*

recovery of a sum of Rs.57,73,842.10 (Rupees Fifty Lacs Seventy Three Thousand Eight Hundred Forty Two and paisa Ten only) as on 29.09.2021 along with pendentelite and future interest @13.10% per annum plus @2% penal interest from 29.09.2021 till the date of its realization along with costs.

2. The brief facts of the case are on the request of defendant no.1 as proprietress concern of M/s Heeya Traders engaged in trading business of garments, the applicant bank sanctioned Cash Credit facility of Rs.50.00 lacs (Rupees Fifty Lacs only) @11.35% interest per annum against hypothecation of stocks, goods, book debts and mortgage of property of defendant no.2 who stood as guarantor for the credit facility sanctioned by applicant bank for trading of vehicle parts on 14.12.2017. In case of default in repayment of interest or irregularity in the account, the defendants agreed to pay penal interest over the agreed rate of interest.

3. That in order to avail the cash credit loan facility, the defendant no.1 submitted loan application as proprietor of M/s Heeya Traders and executed Sanction Letter dated 14.12.2017 along with Terms and Conditions, Agreement for Hypothecation of Goods and Book Debts to secure Cash Credit facility, Agreement of Guarantee and Letter of Undertaking on 14.12.2017. That the defendant no.2 executed Agreement of Guarantee dated 14.12.2017 with applicant bank.

4. In order to secure the credit facility availed by defendant no.1, the defendant no.2 created equitable mortgage of property bearing Khasra No.298, Block-D, MPL No.5187A, Gali No.4, Basti Regar Pura, Krishna Nagar, Karol Bagh, New Delhi and confirm the same in favour of applicant bank on 14.12.2017.

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5. It has been submitted by the applicant bank that after availing the credit facility, the account maintained by defendants becoming irregular and failed to adhere to terms and conditions of sanction. Despite of several requests and reminders by the applicant bank, the defendants neither regularize the account nor liquidated the loan. Ultimately, the applicant bank classified the account as NPA on 30.09.2018 as per RBI guidelines but there was no response, hence, the applicant bank has approached this tribunal for recovery of their dues.

6. The defendants executed Balance and Security Confirmation letters on 04.10.2018 and 02.01.2020 duly acknowledged their liability towards the applicant bank.

7. Notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 dated 18.10.2018 was served to the defendants to pay the outstanding dues along with future interest and costs but they failed to make the payment. The applicant bank issued notice u/s 13(4) dated 09.09.2019 and defendants promised to clear the dues by January 2020 but neglected.

8. Notices of this O.A. were issued to the defendants and despite of proper service, the defendants have chosen to absent from the proceedings. As per order dated 22.02.2024, the defendants have been proceeded ex-parte as they have not appeared before the Tribunal and even written statement, evidence and affidavit of assets have not been filed by the defendants.

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9. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Akhouri Binay, authorized representative of the applicant who has proved the documents such as Power of Attorney Ex.AW-1/1, Registration Certificate Mark-A, Sanction Letter with Terms and conditions Ex.AW-1/2, Agreement for Hypothecation of Goods & Book Debts to secure Cash Credit Ex.AW-1/3, Agreements of Guarantee Ex.AW-1/4, Letter of Undertaking Ex.AW-1/5, Sale Deed Ex.AW-1/6, Letter of Confirmation of Mortgage Ex.AW-1/7, Balance & Security Confirmations Ex.AW-1/8 & Ex.AW-1/9, Demand Notice u/s 13(2) with Postal Receipts Ex.AW-1/10(Colly), Possession Notice u/s 13(4) Ex.AW-1/11, Letter dated 02.01.2020 Ex.AW-1/12, Statement of Account Ex.AW-1/13, Certificate u/s 65B of Indian Evidence Act Ex.AW-1/14, Certificate u/s 2A(b) of Bankers' Books Evidence Act Ex.AW-1/15 and ID proofs of Defendants Mark-B(Colly).

10. The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant bank is based on the documents and the same have been duly approved.

11. The case filed by the applicant bank gone unrebutted and there is no question of disbelieving the case of the applicant bank and the applicant bank has proved its case beyond reasonable doubts.

12. In the light of the above discussions, the Original Application deserves to be allowed.

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**ORDER**

I, allow this OA and direct the defendants to pay to the applicant bank, jointly or severally, within a period of 30 days, a sum of Rs.57,73,842.10 (Rupees Fifty Lacs Seventy Three Thousand Eight Hundred Forty Two and paisa Ten only) as on 29.09.2021 together with pendentelite and future interest @13.10% per annum from 29.09.2021 till the date of realization and costs; failing which the aforesaid amount shall be recovered from the sale of hypothecated assets, goods, book debts and mortgaged immovable property bearing Khasra No.298, Block-D, MPL No.5187A, Gali No.4, Basti Regar Pura, Krishna Nagar, Karol Bagh, New Delhi owned by defendant no.2. In case of shortfall, the same shall be recovered from the sale of movable and immovable properties of the defendants.

II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

III) Parties are directed to appear before the Recovery Officer, DRT I, Delhi on 29.12.2026.

IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

**(GOVIND BALLABH SHARMA)** **PRESIDING OFFICER** **DRT-I, DELHI**

(Dictated and pronounced in open court) Dated: 30.10.2026