Allowed

Central Bank of India v. M/S Nha Enterprises and Others

DRT28 Nov 2025OA/1297/2025

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the applicant bank's application for recovery of a principal sum of Rs. 1.94 crores plus interest. The court reduced the claimed interest rate to 8% p.a. and ordered issuance of a recovery certificate.

What did the court decide?

Applicant entitled to recover Rs. 1,94,57,430.28 with costs and simple interest at 8% p.a. Recovery Certificate issued. Order uploaded on official website.

Central Bank of India versus M/S Nha Enterprises and Others — Company and Corporate | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1297/2025

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 16.09.2025

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DATE OF DECISION: 28.11.2025

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Central Bank of India, a body corporate constituted under the banking companies (Acquisition & Transfer of undertakings) Act, 1970 having its Head Office at Chander Mukhi Building Nariman Point, Mumbai 400021 and having one of its branch situated at Central bank of India Branch kohara, Machhiwara Road Kumkalan, PO Kohara, District Ludhiana, Punjab through Sh. Ankur Madan, who is presently working as Senior Manager (Recovery) Central bank of India, Regional office K.P. Complex, Adj. Hotel Park Plaza, Ferozepur Road, Ludhiana, Punjab constituted power of attorney holder of the applicant.

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……..Applicant Versus

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M/s NHA Enterprises Through its partners, Sh. Narinder Singh and Smt. Jatinder Pal Kaur,

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Address: Village Rattangarh, sitauted at Koom Kalan to Ratangarh Road, Sub Tehsil Koom Kalan, District Ludhiana, Punjab.

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Sh. Narinder Singh (partner M/s NHA Enterprises) S/o Sh. Amar Singh, Village Rattangarh, sitauted at Koom Kalan to Ratangarh Road, Sub Tehsil Koom Kalan, District Ludhiana, Punjab.

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Smt. Jatinderpal Kaur (partner M/s NHA Enterprises) W/o Sh. Narinder Singh, Village Rattangarh, sitauted at Koom Kalan to Ratangarh Road, Sub Tehsil Koom Kalan, District Ludhiana, Punjab.

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……. Defendants

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Advocates:

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Argued by Sh. Surinder Nath Sharma, Advocate for applicant

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(through VC)

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Defendants already ex-parte

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2 OA NO. 1297/2025

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CENTRAL BANK OF INDIA VS M/S NHA ENTERPRISES AND OTHERS

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, against the defendants for recovery of Rs.1,94,57,430.28p (Rupees One Crore Ninety Four Lacs Fifty Seven Thousand Four Hundred Thirty & Paise Twenty Eight Only). The Original Application has been filed through Sh. Ankur Madan, Manager, o f the applicant, who is competent to institute the Original Application vide Power of Attorney dated 14.12.2017, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendant no. 1 through its partners defendant nos. 2 and 3 approached the applicant for grant Term Loan of Rs. 140.00 Lacs vide Loan application dated 01.11.2022, which is Annexure A2 to this OA. Thereafter, the defendant no. 1 through its partners defendant nos. 2 and 3 approached the applicant for grant of CC Limit of Rs. 50.00 Lacs vide loan application dated 30.06.2023, which is Annexure A15 to this OA.

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The applicant sanctioned Term Loans of Rs. 140.00 Lacs (Term Loan-I of Rs.52.00 Lacs for purchase of Land, Term Loan-II of Rs. 27.43 Lacs for construction and Term Loan-III of Rs. 60.57 Lacs for purchase of machinery) vide Sanction letter dated 06.12.2022, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants vide undertaking dated 07.12.2022, which is Annexure A7 to this OA. Thereafter, the applicant sanctioned the CC Limit of Rs. 50.00 Lacs vide sanction letter dated 27.07.2023, which is Annexure A16 to this OA and the terms and conditions were duly accepted by the defendants vide undertaking dated 28.07.2023, which is Annexure A17 to this OA.

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The defendant no. 1 through its partners mortgaged its immovable property measuring 6Kanal-15Marla, situated at Village Ratangarh, Hadbast no. 19, Sub Tehsil Koom Kalan, District Ludhiana, Punjab vide equitable mortgage of title deed no. 2022-23-100-1-645 dated 30.12.2022, along with its translations, which are Annexures

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3 OA NO. 1297/2025

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CENTRAL BANK OF INDIA VS M/S NHA ENTERPRISES AND OTHERS A5 and A5T to this OA. Legal security report dated 18.11.2022, which is Annexure A4 to this OA.

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The defendant no. 1 through its partners defendant nos. 2 and 3 hypothecated stock and book debts, plant and machinery vide hypothecation agreement of goods and debts dated 28.07.2023, which is Annexure A18 to this OA and composite hypothecation deed dated 28.07.2023, which is Annexure A19 to this OA.

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Documents executed :- Declaration cum undertaking by the borrower dated 07.12.2022, which is Annexure A6 to this OA; Declaration of partnership, Articles of agreement, Term loan agreements, letters of interest variation, Letter of guarantee, all dated 07.12.2022, which are Annexures A8 to A14 to this OA; Supplementary agreement, DP note, letter of waiver, Letter of interest variation, Letter of continuity, Letters of guarantee, all dated 28.07.2023, which are Annexures A20 to A26 to this OA; Notice dated 30.12.2024 u/s 13(2) of SARFAESI Act, which is Annexures A27 to this OA; Possession notice dated 18.03.2025, which is Annexure A28 to this OA; Valuation report dated 01.07.2023, which is Annexure A29 to this OA and statement of accounts, which are Annexures A30 to A33 to this OA.

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5. The loan accounts became irregular and were classified as NPA
and after adjusting debit and credit entries in loan accounts there was
a debit of Rs.1,94,57,430.28p, which is recoverable and the
defendants were served recall notices but they did not repay the
outstanding amount, therefore, the applicant requested to accept the
application and to issue Recovery Certificate accordingly.
6. The defendants were served notices to appear before this
Tribunal but no one appeared on behalf of defendants and they were
proceeded ex-parte on 26.11.2025.
7. In support of the OA, affidavit ofSh. Ankur Madan, Manager,
Central bank of India,has been filed.
8. Heard ex-parte arguments and perused record.

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4 OA NO. 1297/2025

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CENTRAL BANK OF INDIA VS M/S NHA ENTERPRISES AND OTHERS

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It was argued by learned counsel through video conferencing that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexures A1 to A33 to this OA, it is proved that the defendants approached applicant for availing of the loan facilities which were granted to them and for that they had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loans as per terms and conditions of the agreement between the parties. Subsequently, account of the defendants were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.1,94,57,430.28p (Rupees One Crore Ninety Four Lacs Fifty Seven Thousand Four Hundred Thirty & Paise Twenty Eight Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the account.

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In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @9.10%p.a. with monthly rests from 30.08.2025 till the realization. The Tribunal is of the considered opinion that sometimes in appropriate cases the prerogative of mercy is the brightest jewel in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including nature of the mortgaged property/hypothecated assets, undertaking of the defendants, quantum of loan and prevalent market rates of interest which have gone drastically downhill in yester years, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @08.00%p.a. in all the loan accounts from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.1,94,57,430.28p (Rupees One Crore Ninety Four Lacs Fifty Seven Thousand Four Hundred Thirty & Paise Twenty Eight Only) jointly and

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5 OA NO. 1297/2025

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CENTRAL BANK OF INDIA VS M/S NHA ENTERPRISES AND OTHERS severally, with costs, current and future simple interest @08.00%p.a. in all the loan accounts from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of hypothecated assets/mortgaged properties of the defendants in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the applicant still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law.

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12. Any other application pending stands disposed of. 13. Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 08.12.2025. 15. Copy of this order be given dasti to the applicant and be sent to defendants through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned. Pronounced by me in the open Tribunal . Dated: 28.11.2025.

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(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Central Bank of India v. M/S Nha Enterprises and Others

Case brief

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Central Bank of India v. M/S Nha Enterprises and Others

Case brief

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