Allowed

Union Bank of India v. M/S Regan Engg Solutions

DRT5 Aug 2025OA/1343/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery of Rs. 49,17,176.09 with interest against a proprietorship firm and its proprietor, confirming the loan advances and directing the issuance of a Recovery Certificate and property sale.

What did the court decide?

Recovery of Rs. 49,17,176.09 with interest; Recovery Certificate issued; Property sale proceedings directed; Notice of appearance fixed for 15.09.2025.

Union Bank of India versus M/S Regan Engg Solutions — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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OA No: 1343/2022

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Date of Institution: 27.12.2021 Date of Decision: 05.08.2025

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Union Bank of India at 548/1, Dayanand Colony, New Railways Road, Gurgram, Haryana-122001

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……..Applicant

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Vs.

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M/s Regan Engg. Solutions (a Proprietorship concern) represented through its Proprietor Sh. Vijay Prakash Chaubey, having its Registered Office at J-1408, Rampura, Mudana, Bhiwadi, Alwar, Rajasthan-301019

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lso at: Flat No. 509, Mid Panorama City, 5^th Floor, Bhiwadi, Alwar, Rajasthan-301019

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Sh. Vijay Prakash Chaubey S/o Sh. Om Prakash Chaubey, Proprietor M/s Regan Engg. Solutions, r/o 112/4, Lane No. 4, Kadipur Industrial Area, Gurugram, Haryana-122001

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……….Defendants

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Advocates

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Sh. Karan Dev Ray, Counsel for the applicant bank

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Defendants- ex parte

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OA for the Recovery of Rs.49,17,176.09p with interest @11.75% per annum with monthly rests from 27.12.2021.

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ORDER

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Union Bank of India (Applicant Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993

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(RDB Act) for the recovery of Rs.49,17,176.09p with interest against M/s Regan Engineering Solutions and Another (defendants).

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Defendant No. 1 is a Proprietorship firm of defendant No. 2. Bank’s case is that on 26.04.2019, it had granted loans of Rs.10.00 Lacs in the form of Cash Credit Facility and Rs.35.00 Lacs in the form of Term Loan Facility under CGTMSE Scheme and on 30.05.2020, Rs.2.00 Lacs in the form of UGECL Facility to the defendants for business purpose. The Cash Credit Facility and Term Loan Facility were chargeable to interest @11.75% per annum with monthly rests and UGECL Facility was chargeable to interest @7.5% per annum with monthly rests . On 30.11.2021, a sum of Rs.49,17,176.09p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application. 3. On 03.09.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 20.12.2023, they were proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Sh. Hans Raj, Chief Manager along with the loan and security documents and marked them as Exhibit A to X. 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 total loans of Rs.47.00 Lacs and on 30.11.2021, a sum of Rs.49,17,176.09p was due. 6. Accordingly, the application of the bank for the recovery of Rs.49,17,176.09p (Rupees Forty Nine Lakh Seventeen Thousand One Hundred Seventy Six and Nine Paisa Only) with interest @11.75% per

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annum with monthly rests from 27.12.2021, 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 hypothecated assets/stocks/goods/book debts etc. as well as from the personal movable and immovable property of the defendants.

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Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 15.09.2025 , who is directed to distribute the sale proceeds 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: 05.08.2025 Presiding Officer DRT-2, Chandigarh

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(Additional charge)

Union Bank of India v. M/S Regan Engg Solutions

Case brief

What is this about?

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Union Bank of India v. M/S Regan Engg Solutions

Case brief

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