Punjab National Bank v. Mosan Ricetech Pvt. Ltd.
Case brief
What is this about?
The Debt Recovery Tribunal adjudicated a debt recovery application under the RDB Act. The applicant bank proved its case via documentary evidence and affidavit, while defendants failed to appear. The Tribunal determined the debt liability and issued a Recovery Certificate for joint and several payment.
What did the court decide?
Declaration of joint and several liability for Rs.43,75,711.30 with interest; issuance of Recovery Certificate; attachment of secured assets.