Allowed

Kotak Mahindra Bank Limited v. Pawni Environment and Energy Management Pvt. Ltd. and Others

DRT19 Dec 2025OA/1409/2025

Case brief

AI extract

What is this about?

DRT-III, Chandigarh allowed an Original Application by Kotak Mahindra Bank Ltd. against Pawni Environment & Energy Management Pvt. Ltd. and its directors for recovery of Rs. 33.25 lakhs. The Tribunal ordered 8% simple interest and authorized enforcement through sale of hypothecated vehicles or personal assets.

What did the court decide?

Recovery of Rs. 33,25,354.28 jointly and severally with 8% p.a. simple interest; issuance of Recovery Certificate; liberty to attach and sell personal assets.

Kotak Mahindra Bank Limited versus Pawni Environment and… — Company and Corporate | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1409/2025

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 20.09.2025

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DATE OF DECISION: 19.12.2025

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Kotak Mahindra Bank Ltd. a Body Corporate, incorporated under the Companies Act, 1956 having its registered office at 27 BКС, С 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai-400051 and having branches all over India and one of its branch offices situated at SCO No.131-132-133, 2^nd Floor, Apra Tower, Feroze Gandhi Market, Ludhiana-141001 through its Manager Sh. Rakesh Kumar .

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……..Applicant

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Versus

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Pawni Environment & Energy Management Pvt. Ltd. through its Directors, House No.663/27, Kakroi Road, Dev Nagar, Tehsil & District Sonipat, Haryana-131001.

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Sh. Naveen Dahiya S/o Sh. Krishan Kumar, Director Pawni Environment & Energy Management Pvt. Ltd. R/o House No.663/27, Kakroi Road, Dev Nagar, Tehsil & District Sonipat, Haryana-131001.

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Smt. Pushpa Rani D/o Sh. Om Parkash, Director Pawni Environment & Energy Management Pvt. Ltd. R/o House No.663/27, Kakroi Road, Dev Nagar, Tehsil & District Sonipat, Haryana-131001 .

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………Defendants

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Advocates:

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Argued by Sh. Manav Singal, Advocate for Applicant

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Defendants already ex parte

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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 & Bankruptcy Act, 1993, against the defendants for recovery of Rs. 33,25,354.28 (Rupees Thirty Three Lacs Twenty Five Thousand Three Hundred Fifty Four & Paise Twenty Eight Only). The Original Application has been filed through Sh. Rakesh Kumar, Branch Manager of the applicant, who is competent to

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2 OA NO.1409/2025 KOTAK MAHINDRA BANK LIMITED VS. PAWNI ENVIRONMENT AND ENERGY MANAGEMENT PVT LTD AND OTHERS

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institute the Original Application vide Resolution dated 29.11.2024, 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 Directors defendant nos. 2 and 3 approached the applicant for grant of Commercial Vehicle Loans of Rs.95.50 Lacs for purchase of two commercial vehicles along with their bodies, vide Non Individual customer form dated 28.08.2022, which is Annexures A3 to this OA. 3. The applicant sanctioned Commercial Vehicle Loans of Rs.95.50 Lacs (Loan-I of Rs. 43.50 Lacs, Loan-II of Rs. 43.50 Lacs, Loan-III of Rs. 4.25 Lacs and Loan-IV of Rs. 4.25 Lacs) and the terms and conditions were duly accepted by the defendants. Loan cum Guarantee agreement dated 05.09.2022, which is Annexure A6 to this OA. 4. Defendant no. 1 through its Directors defendant nos. 2 and 3 hypothecated two commercial vehicles detailed as under: (i). TATA SIGNA 4825 bearing registration no. HR-69E-5803, Chassis No. MAT808008N1H23646, Engine No.B6.7B6A250D02122H64230457. (ii). TATA SIGNA 4825 bearing registration no. HR-69E-0166, Chassis No. MAT808008N1H23645, Engine No.7B6A250D02122H64230264. Tax invoice of Vehicles dated 27.08.2022 & 29.08.2022, Annexures A4 & A5 to this OA. Virtual Registration Certificates of vehicles filed on 15.12.2025 vide diary no. 20723 in compliance to order dated 14.11.2025. Documents executed: Board Resolution dated 28.08.2022, which is Annexure A1 to this OA; Demand Promissory note dated 05.09.2022, which is Annexure A7 to this OA; Power of Attorney, which is Annexure A8 to this OA; Loan Recall notice dated 29.08.2025, along with postal receipts, which is Annexure A9 to this OA and Statement of accounts, which are Annexures A10 to A13 to this OA. 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. 33,25,354.28 which is recoverable and the defendants were served recall notice but defendants did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

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3 OA NO.1409/2025 KOTAK MAHINDRA BANK LIMITED VS. PAWNI ENVIRONMENT AND ENERGY MANAGEMENT PVT LTD AND OTHERS

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The defendants were served notice to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte on 12.11.2025. 7. In support of the OA, affidavit of Sh. Rakesh Kumar, Branch Manager, Kotak Mahindra Bank Limited, has been filed. 8. Heard ex-parte arguments and perused record.

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It was argued by learned counsel 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 A13 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, accounts 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. 33,25,354.28 (Rupees Thirty Three Lacs Twenty Five Thousand Three Hundred Fifty Four & 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 accounts. 10. In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has interest @24%p.a. with monthly rests from 16.08.2025 till the realization.

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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 loans 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

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4 OA NO.1409/2025 KOTAK MAHINDRA BANK LIMITED VS. PAWNI ENVIRONMENT AND ENERGY MANAGEMENT PVT LTD AND OTHERS

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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. 33,25,354.28 (Rupees Thirty Three Lacs Twenty Five Thousand Three Hundred Fifty Four & Paise Twenty Eight Only) jointly and 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 vehicles 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. 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 07.01.2026. 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: 19.12.2025 (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Kotak Mahindra Bank Limited v. Pawni Environment and Energy Management Pvt. Ltd. and Others

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Kotak Mahindra Bank Limited v. Pawni Environment and Energy Management Pvt. Ltd. and Others

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