Debts Recovery Tribunal allowed an original application filed by a bank for recovery of dues and interests against a defaulting partnership firm and its guarantors, proceeding ex-parte due to non-appearance of respondents.
Directed respondents to pay Rs.37,84,555.11 with interest within 30 days; non-payment to be recovered from sale of assets.
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O.A. No.473 of 2023
Debts Recovery Tribunal-I, Delhi 4th floor, Jeevan Tara Building, Parliament Street, New Delhi
Presiding Officer: Shri Govind Ballabh Sharma
O.A. No. 473 of 2023
Punjab & Sind Bank 8p47, Roshanara Road Delhi-110007 Applicant
Versus
1 M/s Nirmala Printer & Stationers 347-B, Pocket — E, GTB Enclave Delhi-110093
'so at:
/s Nirmala Printer & Stationers 2 1-B, Pocket E, GTB Enclave elhi-110093
Also at:
/s Nirmala Printer & Stationers 1 /14-B, Damodar Park Industrial Area Near Telephone Exchange Dilshad Garden, Delhi-110095
2 Ms. Nirmal Devi (since deceased) P rtner of M/s Nirmala Printer & Stationers T rough legal heirs as defendant no.3 S .Virendra Mohan Sharma 3 7-B, Pocket — E, GTB Enclave D 'hi-110093
P esent: Shri Parveen Kumar, Counsel for the applicant bank
Date of Reserve: 12.12.2025 Date of Pronouncement: 20.12.2025
sd-
Q.A. No.473 of 2023
FINAL ORDER
This original application has been filed by the applicant bank on 12.05.2023 through Shri Pawan Kumar, authorized representative of the applicant bank under Section 19 of Recovery of Debts and Bankruptcy Act,1993 against the defendants for recovery of Rs.37,84,555.11 (Rupees Thirty Seven Lacs Eighty Four Thousand Five Hundred Fifty Five and paisa Eleven only) as on 03.05.2023 together with pendentelite and future interest @13.80% per annum in Cash Credit account from 01.05.2023, @9.50% per annum in Working Capital, @13.80% in FITL from 01.04.2023 with monthly rest and penal interest @2% simple basis with costs.
2
O.A. No.473 of 2023
No.159, Form No.199, Form No.200, Form No.216, Form o.192(RR) Agreement for Hypothecation of Book Debts, Loan greement, Undertaking regard to default, Undertaking for ate of Interest, Disclosure to CIBIL, Letter of Continuity and ertificate of execution of Documents all dated 07.03.2017 with he applicant bank. In addition, the defendants executed Term Loan Agreement and Deed of Hypothecation PSB A-11, Undertaking i.e. Annexure A on 17.07.2020 and Deed of Hypothecation and Term Loan Agreement on 29.06.2021.
That in order to secure the loan facilities, defendants ypothecated stocks and present and future current assets with pplicant bank and extended as and when sanction of term oan etc.
The defendants acknowledged their liability vide Revival Letter dated 31.12.2019 of Rs.25,70,396.83 and 01.12.2022 of Rs.26,85,399.50 as of 30.11.2022 towards applicant bank.
It has been submitted by the applicant bank that after vailing the aforesaid loan facilities, the defendants failed to perate the account, deposit the interest and installments due o which account was overdrawn and despite regular follow up. he applicant bank issued legal demand notice dated 7.09.2021 on the defendants to pay the outstanding dues but efendants failed to do so. The applicant bank classified the ccounts as NPA on 01.05.2022 as per RBI guidelines and issued legal notices on 15.09.2022, 26.05.2022 and 22.12.2022 but no response, hence, the applicant bank has approached his Tribunal for recovery of their dues.
3
1
O.A. No.473 of 2023
the defendants have been proceeded ex-parte as not appeared before the Tribunal and even no written statement, evidence and affidavit of assets have been filed by the defendants.
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 proved.
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O.A. No.473 of 2023
ORDER
I, allow this OA and direct the defendant no.1 and 3 (defendant no.2 expired) to pay to the applicant bank, jointly or severally, within a period of 30 days, a sum of Rs.37,84,555.11 (Rupees Thirty Seven Lacs Eighty Four Thousand Five Hundred Fifty Five and paisa Eleven only) as on 03.05.2023, out of which:
Rs.28,64,825.50 @13.80% interest together with pendentelite and future interest;
from 01.04.2023 till the date of realization failing which the aforesaid amount shall be recovered from the sale of hypothecated stocks and current / fixed assets etc. In case of shortfall, the same shall be recovered from the sale of movable nd immovable properties of the defendants.
II) The recovery certificate be issued forthwith and be sent o the Recovery Officer, Debt Recovery Tribunal-I, Delhi.
(IV) Copies of final order as well as Recovery Certificate be
ent to all concerned free of cost.
(GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI
Dictated and pronounced in open court) Lated: 20.12.2025
1 provisions across 1 enactments
Punjab & Sind Bank
M/s Nirmala Printer & Stationers
Nirmal Devi
S.Virendra Mohan Sharma
Govind Ballabh Sharma
As recorded by the court registry
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