Allowed

Punjab National Bank v. M/S S.K. Industries

DRT11 Aug 2025OA/2057/2022

Case brief

AI extract

What is this about?

The DRT allowed an application under Section 19 RDB Act for recovery of ₹23.26 Lacs plus interest. The court found the loan advanced and due, ordered recovery via sale of mortgaged and other assets, issued a recovery certificate, and directed appearance before the Recovery Officer.

What did the court decide?

Recovery of Rs. 23,26,080.36/- with interest; sale of mortgaged and other properties to recover dues; issue of recovery certificate.

Punjab National Bank versus M/S S.K. Industries — Execution and Attachment | 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:2057/2022 Date of Institution: 07.11.2022 Date of Decision: 11.08.2025

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Punjab National Bank at Saharanpur Road, District Yamuna Nagar, Haryana

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……..Applicant Vs.

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M/s S.K. Industries, Village Mandebar, P.O. Aurangabad, Tehsil Jagadhri, District Yamuna Nagar, Haryana, through its Proprietor Sh. Sanjeev Kumar

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Sh. Sanjeev Kumar s/o Sh. Rajbir Singh, Proprietor of M/s S.K Industries, r/o Village Mandebar, P.O. Aurangabad, Tehsil Jagadhri, District Yamuna Nagar, Haryana

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……….Defendants

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Advocates

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Sh. Arpit Chawla, Counsel for the applicant bank. Defendants- ex parte .

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OA for the Recovery of Rs.23,26,080.36/- with interest @11.50% per annum with monthly rests from 07.11.2022.

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ORDER

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Punjab National Bank (Applicant Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.23,26,080.36/- with interest against M/s S.K. Industries and another (defendants).

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Defendant No. 1 is a proprietorship firm of Defendant No. 2. Bank’s case is that on 03.07.2018, it had granted a loan of Rs.17.10 Lacs in the form of C.C Limit and Rs.5.40 Lacs in the form of Term Loan to the defendants for business purpose. To secure the loans, Defendant No. 2 had mortgaged his property(ies) (fully detailed in para No.5.5 of the application). The Term loan was chargeable to interest @10.05% per annum with monthly rests and CC Limit was chargeable to interest @9.75% per annum with monthly rests. On 25.02.2022, a sum of Rs.23,26,080.36/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 16.06.2023, 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 .

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In order to prove its case, the Bank has placed on record the affidavit of Sh. Varinder Kumar Tiwari, General Attorney and Principal Officer along with the loan and security documents and marked them as Exhibit A-1 to A-11.

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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.22.50 Lacs and on 25.02.2022, a sum of Rs.23,26,080.36/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.23,26,080.36/- (Rupees Twenty Three Lacs Twenty Six Thousand Eighty and Thirty Six Paisa Only) with interest @11.50% per annum with monthly rests from 07.11.2022, 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 property(ies)

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fully detailed in para No.5.5 of the application	as well as from	the
hypothecated machinery/goods/stocks/assets/bo	ok debts etc.	and
personal movable and immovable property(ies) of	the defendants.
7. Pending IAs, if any, stand disposed of.
8. Recovery Certificate be issued accordingly.
9. Parties are directed to appear before	Recovery Officer	on
22.09.2025, who is directed to distribute the	sale proceeds of	the
mortgage property(ies) as per the provisions of Se	ction 19(20-AB) of	the
Act.
10. A Copy of this order along with Recover	y Certificate be sen	t to
the Recovery Officer as well as the parties.
Pronounced in the open Court. Dated: 11.08.2025	(A S Naran Presiding Offi DRT-2, Chandig (Additional char	g) cer arh ge)

Punjab National Bank v. M/S S.K. Industries

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. M/S S.K. Industries

Case brief

What is this about?

What did the court decide?

What the court decided

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