Allowed

Punjab National Bank v. M/S Suman Rathore

DRT25 Nov 2025OA/1100/2022

Case brief

AI extract

What is this about?

The DRT-I, Chandigarh, allowed an original application filed by Punjab National Bank for the recovery of Rs.53,80,263/- along with interest. The court found that the bank proved the advance of the loan and the subsequent due amount. A recovery certificate was issued, and the case was remanded for the sale of mortgaged assets and distribution of proceeds.

What did the court decide?

Recovery of Rs.53,80,263/ along with interest allowed; recovery certificate issued; directions to sale mortgaged assets.

Punjab National Bank versus M/S Suman Rathore — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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OA No: 1100/2022 Date of Institution: 01.06.2022 Date of Decision: 25.11.2025

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Punjab National Bank having its branches all over India and a branch at Bye Pass Road, Near DAV School, Solan, Himachal Pradesh.

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……..Applicant

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Vs.

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M/s Suman Rathore a partnership concern, situated at Registered Office-Raj Building Sanora, PO-Karganoo, Tehsil Rajgarh, District Sirmour, Himachal Pradesh, through its proprietor Suman Rathore d/o Sh. Joginder Singh.

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Suman Rathore d/o Sh. Joginder Singh, r/o H.No., 431, Vikas Colony, Rabaun Tehsil and District Solan, Himachal Pradesh. 2^nd Address: Suman Rathore w/o Sh. Rajesh Kumar, r/o Village Dharmi, Dharmi (308), PO Jais, Tehsil Theog, Shimla, Himachal Pradesh.

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Suresh Kumar s/o Sh. Garjan Singh, r/o Village Narag, Tehsil Pachhad, District Sirmour, Himachal Pradesh.

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……….Defendants

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Advocates Ms. Anu Dhiman proxy counsel for Sh. A S Gagrha, Counsel for the applicant bank.

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Defendants - ex parte vide order dated 10.03.2023 .

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OA for the Recovery of Rs.53,80,263/- with interest @10.95% per annum with monthly rests from 01.06.2022.

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ORDER

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Punjab National Bank has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.53,80,263/- with interest against M/s Suman Rathore and others (defendants).

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Bank’s case is that on 11.06.2019, it had granted a loan of Rs.49.00Lacs to defendant No.1 through its proprietor i.e. defendant No.2

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in the form of C.C Limit for Business purpose. To secure the loan, Defendant had mortgaged his land and hypothecated stocks (fully detailed in para No.3A of the application). Defendant No.3 stood as guarantor vide guarantee agreement dated 11.06.2019. The loan was chargeable to interest @10.95% per annum with monthly rests. On 31.05.2022, a sum of Rs.53,80,263/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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3. On 20.06.2022, summonses were sent to the defendants by
registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 10.03.2023, they were proceeded_ex parte_.
4. In order to prove its case, the Bank has placed on record the
affidavit of Sh. Armaan Lovras, Senior Manager along with the loan and security documents and marked them as Exhibit A-1 to A-19.
5. I have perused the evidence on the record. I am of the considered
view that the Bank has proved its case that it had advanced the loan of
Rs.49.00Lacs and on 31.05.2022, a sum of Rs.53,80,263/- was due.
6. Accordingly, the application of the bank for the recovery of
Rs.53,80,263/- (Rupees Fifty Three Lacs Eighty Thousand Two Hundred
Sixty Three Only) with interest @10.95% per annum with monthly rests
from 01.06.2022, till the date of payment is hereby allowed with costs.
The liability of all the defendants would be joint and several. Bank can
recover its dues by the sale of mortgaged land and hypothecated stocks
fully detailed in para No.3A of the application as well as from the personal movable and immovable property(ies) of the defendants.
7. Pending IAs, if any, stand disposed of.
8. Recovery Certificate be issued accordingly.

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Parties are directed to appear before Recovery Officer on 31.12.2025, who is directed to distribute the sale proceeds of the mortgaged land and hypothecated stocks as per the provisions of Section 19(20-AB) of the Act . 10. A Copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties. Pronounced in the open Court. (A S Narang) Dated: 25.11.2025 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Punjab National Bank v. M/S Suman Rathore

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. M/S Suman Rathore

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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