Allowed

Punjab National Bank v. M/S Reliable Laminators

DRT18 Sept 2025OA/372/2023

Case brief

AI extract

What is this about?

In an original application under Section 19 of the Recovery of Debts and Bankruptcy Act, the Debt Recovery Tribunal allowed the bank's petition for recovery of Rs. 84 lacs with interest against defaulting borrowers and guarantor who were absent.

What did the court decide?

Defendants directed to pay Rs.84,07,202.91 with 12% interest from 28.02.2023 and costs, failing which recovery through sale of secured properties.

Punjab National Bank versus M/S Reliable Laminators — Contract and Commercial Disputes | DRT (2025)

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O.A. No. 372 of 2023

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Debts Recovery Tribunal-I, Delhi 4th floor, Jeevan Tara Building, Parliament Street, New Delhi

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Presiding Officer: Shri Govind Ballabh Sharma

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O.A. No.372 of 2023

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Punjab National Bank Circle SASTRA, North Delhi, Vikrant tower 2nd floor, Rajendra Place Delhi-110008 Applicant

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Versus

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M/s Reliable Laminators Through its Proprietor Sh. Naveen Mishra H.No.24A, Kh.No.18/20 Gali no.2, Village Badali Delhi-110042

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Also at:

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Tower 20, 1305, Gulmohar Garden Raj Nagar Extension, Ghaziabad Uttar Pradesh-201017

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Also at:

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SFS Flats, Gulmohar Enclave Yusuf Sarai, New Delhi-110026

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Also at:

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B-1/18, B Block, East Punjabi Bagh Railway Colony, Delhi-110026

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Smt. Sapna Mishra w/o Mr. Naveen Mishra (Guarantor)

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HIG-25, Rapti Nagar Phase IV Behind Sports College City Distt. Gorakhpur, Uttar Pradesh-273001

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Also at:

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H.No.24A, Kh.No.18/20 Gali no.2, Village Badali Delhi-110042

O.A. No. 372 of 2023

Also at:

Tower 20, 1305, Gulmohar Garden Raj Nagar Extension, Ghaziabad Uttar Pradesh-201017

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Also at:

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B-1/18, B Block, East Punjabi Bagh Railway Colony, Delhi-110026 Defendants

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Present: Shri Anshuman Srivastava, Counsel for the applicant bank

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Date of Institution: 31.03.2023 Date of Pronouncement: 18.09.2025

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FINAL ORDER

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This original application has been filed by the applicant bank on 31.03.2023 before DRT-I Delhi through Sh.Vivek Kumar, authorized representative of the applicant bank under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 against the defendants for recovery of a sum of Rs.84,07,202.91 (Rupees Eighty Four Lacs Seven thousand Two Hundred Two and Paisa Ninety One only) along with pendentelite and future interest @10.5% per annum with monthly rests plus 2% penal interest from 28.02.2023 till the date of realization along with costs.

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The brief facts of the case are that on the request of the defendant no.1 through its proprietor, the applicant bank sanctioned Term Loan of Rs.5,90,000/- (Rupees Five Lacs Ninety Thousand only) to be repayable in 60 EMIs of Rs.9,833/and Cash Credit facility of Rs.4,00,000/- (Rupees Four Lacs only) on 09.02.2016 @11.95% interest per annum for expansion of garments business. Further, on the request of the defendants, Cash Credit facility was enhanced to sd-

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O.A. No. 372 of 2023

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Rs.35,00,000/- (Rupees Thirty Five Lacs only) on 18.10.2017 and further to Rs.48,75,000/-(Rupees Forty Eight Lacs Seventy Five Thousand only) on 29.01.2020 @10.30% interest against hypothecation of goods & book debts and mortgage of property. In addition, the applicant bank sanctioned Rs.4,87,000/- on 11.05.2020 as requested by defendants on 11.05.2020 as per Govt.of India guidelines under CECF due to COVID 19 and Term Loan of GECL of Rs.9,70,000/- on 03.06.2020 @7.65% interest per annum as per request dated 03.05.2020. The defendant no.2 stood as guarantor for the credit facilities sanctioned in favour of defendant no.1 by the applicant bank. The defendants agreed to pay @2% penal interest on default in payment of overdue.

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In order to avail the aforesaid credit facilities, the defendants submitted loan applications and acknowledged/ executed Hypothecation of Goods & Book debts to secure Cash Credit facility, Term Loan Agreement, Hypothecation of Assets, Letter of Authority, Master Agreement, Loan Agreement, Undertaking, Promissory Note (PNB-728) with the applicant bank on 08.02.2016, 18.10.2017, 29.01.2020 and 03.06.2020.

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That in order to secure the aforesaid loan facilities, the defendants created charge on stocks and book debts by way of hypothecation agreement and created equitable mortgage of property being H.No. HIG-25, Rapti Nagar Phase IV, Behind Sport College City, Tappa Khuthan Pargana Haveli, Tehsil Sadar City, Distt. Gorakhpur, Uttar Pradesh area 135 sq. meter owned by Smt.Sapna Mishra and Naveen Mishra with the applicant bank on 18.10.2017 by depositing title deeds dated 22.11.2006 of the property.

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O.A. No. 372 of 2023

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It has been submitted by the applicant bank that after availing the aforesaid loan facilities, the defendants failed to comply with the terms and conditions of sanction and failed to regularize the account with the applicant bank. Ultimately, the applicant bank classified the account as NPA on 01.04.2021 as per RBI guidelines but the defendants failed to regularize the account. Hence, the applicant bank has approached this Tribunal for recovery of their dues.

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Notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 dated 25.10.2022 was issued to the defendants calling upon them to pay the entire outstanding dues with the applicant bank but the defendants did not clear the dues.

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Notices of this O.A. were issued to the defendants and despite of proper service and publication in newspapers, the defendants have chosen to absent from the proceedings. As per order dated 01.05.2025, the defendants have been proceeded ex-parte as they have not appeared before the Tribunal and even written statement, evidence and affidavit of assets have not been filed by the defendants.

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In order to prove its case, the applicant bank has filed its evidence by way of Affidavit of Shri Vivek Kumar, authorized representative of the applicant bank who has proved the documents Power of Attorney, Loan Application Forms, Sanction Letters, Hypothecation of Goods & Book Debts to Secure Cash Credit Agreements, Term Loan Agreement, Hypothecation of Assets, Letters of Authority, Acknowled gement of Receipt of Title Deeds, Copy of Title/Sale

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O.A. No. 372 of 2023

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Deed of the Mortgaged Property, Undertakings for Covid-19 for CECF facility, Master Agreements, Promissory Note (PNB-728), Demand Notice u/s 13(2), Certificate under Bankers' Books Evidence Act & I.T. Act, Statement of Accounts marked as Ex.AW-1/1 to Ex.AW-1/25.

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The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant bank is based on the documents and the same have been duly approved.

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The case filed by the applicant bank gone unrebutted and there is no question of disbelieving the case of the applicant bank and the applicant bank has proved its case beyond reasonable doubts.

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In the light of the above discussions, the Original Application deserves to be allowed.

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ORDER

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I, allow this OA and direct the defendants to pay to the applicant bank, jointly or severally, within a period of 30 days, a sum of Rs.84,07,202.91 (Rupees Eighty Four Lacs Seven Thousand Two Hundred Two and Paisa Ninety One only) together with pendentelite and future interest @12.00% from 28.02.2023 till the date of realization and costs; failing which the aforesaid amount shall be recovered from the sale of hypothecated stocks, book debts, current assets and mortgaged property being H.No.HIG 25, Rapti Nagar Phase IV, Behind Sport College City, Tappa Khuthan Pargana Haveli, Tehsil Sadar City, Distt. Gorakhpur, Uttar Pradesh, area 135 sq. sa -

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O.A. No. 372 of 2023

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meter. In case of shortfall, the same shall be recovered from sale of movable and immovable properties of defendants.

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(II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

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(III) Parties are directed to appear before the Recovery Officer, DRT I, Delhi on 17.11.2025.

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(IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. sd

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(GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI

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(Dictated and pronounced in open court) Dated: 18.09.2025

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Punjab National Bank v. M/S Reliable Laminators

Case brief

What is this about?

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Punjab National Bank v. M/S Reliable Laminators

Case brief

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What did the court decide?

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