Allowed

Punjab National Bank v. Smt. Abha Sharma

DRT8 Oct 2025OA/459/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by Punjab National Bank for recovery of Rs.30,60,710.76 plus interest from Smt. Abha Sharma, an ex-parte defendant who did not appear in the proceedings. The court directed payment within 30 days and issuance of a recovery certificate.

What did the court decide?

Direction to pay Rs.30,60,710.76 plus interest within 30 days; issuance of recovery certificate; enforcement against hypothecated assets and properties.

Punjab National Bank versus Smt. Abha Sharma — Contract and Commercial Disputes | DRT (2025)

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OA No.459 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.459 of 2023

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Punjab National Bank Circle Sastra North Delhi, 2nd Floor, Vikrant Tower, Rajendra Place, Delhi-110008 Applicant

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Versus

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Smt. Abha Sharma w/o Sh. Alok Sharma Proprietor M/s Siddharth Industries R/o HIG Flat No. A-211, 2nd Floor, Rohini Heights, Sector-29, Delhi-110085

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Also at: Smt. Abha Sharma w/o Sh. Alok Sharma E-252, Sector-4, Bawana Industrial Area, Delhi-110039 Defendant

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Present: Mr. Puneet Pankaj, Ld. Counsel for the applicant bank Date of Reserve: 10.09.2025 Date of Pronouncement: 08.10.2025

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FINAL ORDER

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This original application has been filed by the applicant bank through Shri Vivek Kumar, the authorized representative of the applicant bank under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 against the defendant for recovery of a sum of Rs.30,60,710.76 (Rupees Thirty Lakhs Sixty Thousand

5d -

OA No.459 of 2023

Seven Hundred Ten and Seventy Six Paise Only) as on 31.03.2023 along with pendentelite and future interest @9.65% per annum plus 2% penal interest with monthly rests from 01.04.2023 till date of its realization and costs.

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The brief facts of the case are that on the request of the defendant vide his loan application on 11.09.2018, the applicant bank sanctioned Cash Credit Loan facility of Rs.12,00,000/(Rupees Twelve Lakhs Only) @11.75% interest per annum and Term Loan facility of Rs.12,00,000 (Rupees Twelve Lakhs Only) on 11.09.2018 with interest rate of @11.45% per annum subject to change as RBI guidelines against Hypothecation of goods, book debts and machinery. The term loan was to be repayable in 84 EMI of Rs.14,286/-

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That in order to avail the credit facilities, the defendant submitted Loan Application and executed Sanction Letter, Agreement of Cash Credit, Deed of Hypothecation of Goods and Book Debts to secure Cash Credit facility, Agreement for Hypothecation of Movable Assets, Term Loan Agreement, Agreement for Hypothication of Assets to secure Term Loan, Agreement of Hypothecation of Current Assets all dated 11.09.2018 in addition to Affidavit of Proprietorship by defendant dated 31.07.2018 in favor of the applicant Bank.

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It has been submitted by the applicant bank that after availing the aforesaid loan facilities, the defendant failed to comply with the terms and conditions of loan sanctioned and failed to submit stock sale purchase bill to the applicant bank. Due to financial indiscipline, the account of the defendant was classified as NPA on 06.04.2019 as per RBI guidelines and applicant bank made several requests and reminders for regularization of the account but neglected by the defendant.

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OA No.459 of 2023

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Hence, the applicant bank approached this tribunal for recovery of their dues.

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Notices of this O.A. were issued to the defendant and despite proper service, the defendant has chosen to absent from the proceedings. As per order dated 10.01.2025, the defendant has been proceeded ex-parte as has not appeared before the Tribunal and even the original sale deed was not deposited by the respondent.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Mr.Vivek Kumar as authorized representative of the applicant bank who has proved the documents as General Power of Attorney, Loan Application, Credit Appraisal Format Letter, Agreement of Cash Credit, Deed of Hypothecaiton of Goods & Book Debts to secure Cash Credit facility, Agrement for Hypothecation of Movable Assets, Term Loan Agreement, Deed of Hypothecation for Term Loan, Hypothecation of Current Assets, Copy of Affidavit, Letter dated 12.12.2018 for Irregularity, Balance and Security Confirmation Letters, Certified Statement of Account under Bankers' Books Evidence Act and Statement of Loan Accounts marked as Ex.AW1/1 to AW-1/14(Colly).

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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.

5d --

OA No.459 of 2023

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

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ORDER

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allow this OA and direct the defendant to pay to the applicant bank within a period of 30 days, a sum of Rs.30,60,710.76/- (Rupees Thirty Lakhs Sixty Thousand Seven Hundred Ten and Seventy Six Paise Only) together with pendentelite and future interest @11.65% per annum with monthly rests from 01.04.2023 till the date of realization and costs; failing which the amount shall be recovered from sale of hypothecated stocks, book debts & machinery. In case of shortfall, the same shall be recovered from the sale of movable and immovable properties of the defendant.

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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 05.12.2025.

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

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

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(Dictated and pronounced in open court) Dated: 08.10.2025

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Punjab National Bank v. Smt. Abha Sharma

Case brief

What is this about?

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Punjab National Bank v. Smt. Abha Sharma

Case brief

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