Allowed

Punjab National Bank v. M/S Sanchi Enterprises

DRT7 May 2025OA/1623/2022

Case brief

AI extract

What is this about?

This order confirms the recovery of dues by the Bank for Rs. 23,27,683.36p plus interest against the defendants, who were absent. The court allowed the ex parte application for the sale of hypothecated assets and issued a recovery certificate.

What did the court decide?

Application allowed; recovery of Rs. 23,27,683.36p with interest; Recovery Certificate issued; sale of hypothecated stocks directed.

Punjab National Bank versus M/S Sanchi Enterprises — Banking and Recovery | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

¶2

BEFORE: A S NARANG, PRESIDING OFFICER

¶3

OA No: 1623 of 2022 Date of Institution: 08.08.2022 Date of Decision: 07.05.2025

¶4

Punjab National Bank having its branches all over India and a branch at Dhariwal, District Gurdaspur, Punjab.

¶5

……..Applicant Vs.

¶6

M/s Sanchi Enterprises through its proprietor Nitin Chopra, situated at Opposite Dana Mandi, Khunda Road, Dhariwal, District Gurdaspur, Punjab.

¶7

Nitin Chopra s/o Sh. Ajit Chopra, r/o Opposite Dana Mandi, Khunda Road, Dhariwal, District Gurdaspur, Punjab.

¶8

……….Defendants

¶9

Advocates

¶10

Sh. Chaman Dahiya, Nodal Officer for the applicant bank. Defendants - ex parte .

¶11

OA for the Recovery of Rs. 23,27,683.36p with interest @10.35% per annum with monthly rests from 08.08.2022.

¶12

ORDER

¶13

Punjab National Bank (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs. 23,27,683.36p with interest against M/s Sanchi Enterprises and others (defendants).

¶14

Defendant no. 1 is the proprietorship firm of Defendant no. 2. Bank’s case is that on 06.01.2018, it had granted a loan of Rs.10.00Lacs which was enhanced to Rs.20.00Lacs on 05.01.2019, to Defendant no. 1 through its proprietor Defendant no. 2 in the form of C.C Limit for business purpose. To secure the loan, Defendant no. 2 had hypothecated stocks (fully detailed in para No. 5(i) of the application). The loan was chargeable to interest @10.35% per annum with monthly rests. On

¶15

¶16

31.03.2022, a sum of Rs. 23,27,683.36p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

¶17

On 12.01.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 05.07.2023, they were proceeded ex parte .

¶18

In order to prove its case, the Bank has placed on record the affidavit of Mr. Heemant Dogra, Senior Manager along with the loan and security documents and marked them as Exhibit A-1 to A-9.

¶19

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.10.00Lacs and on 31.03.2022, a sum of Rs. 23,27,683.36p was due. 6. Accordingly, the application of the bank for the recovery of Rs.23,27,683.36p (Rupees Twenty Three Lacs Twenty Seven Thousand Six Hundred Eighty Three and Thirty Six Paise Only) with interest @10.35% per annum with monthly rests from 08.08.2022, 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 hypothecated assets fully detailed in para No. 5(i) of the application as well as from the personal movable and immovable property(ies) of the defendants.

¶20

7.	Pending IAs, if any, stand disposed of.
8.	Recovery Certificate be issued accordingly.
9.	Parties are directed to appear before Recovery Officer on
10.0	6.2025,who is directed to distribute the sale proceeds of the
hypo	thecated stocks as per the provisions of Section 19(20-AB) of the Act.

¶21

¶22

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: 07.05.2025 Presiding Officer DRT-1, Chandigarh

Punjab National Bank v. M/S Sanchi Enterprises

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. M/S Sanchi Enterprises

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

All orders in this case

Similar cases

Karnataka Gramin Bank versus Yella Reddy

Punjab National Bank versus Dev Raj Gautam

Punjab National Bank versus Kushal Singh

Rajinder Singh versus State Bank of India

Smt Srilakhsmi versus india shelter finance corporation Ltd.

Manish Borida HUF versus State Bank of India