Allowed

Punjab National Bank v. M/S Surinder Kumar and Company

DRT28 Aug 2025OA/522/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank suit for recovery of Rs.29,99,179 plus interest. The court found the bank proved the loan advance and demand, declining defendants to appear. A Recovery Certificate was directed and proceedings for realization were ordered.

What did the court decide?

Recovery certificate issued for Rs.29,99,179 with interest; recovery from mortgaged and personal property ordered.

Punjab National Bank versus M/S Surinder Kumar and… — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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OA No: 522/2022 Date of Institution: 14.03.2022 Date of Decision: 28.08.2025

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Punjab National Bank having its branches all over India and a branch at Bibi Wala Chowk, Bathinda, Punjab.

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……..Applicant Vs.

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M/s Surinder Kumar and Co. through its proprietor C/o Shop No.3A, MC NO.220-N, Subzi Mandi Mohalla Guru Nanak Pura, Street Shaheed Jarnail Singh Wali, Bathinda, District Bathinda, Punjab.

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Sh. Surinder Kumar s/o Sh. Madan Lal, proprietor M/s Surinder Kumar and Co., Shop No.3A, MC NO.220-N, Subzi Mandi Mohalla Guru Nanak Pura, Street Shaheed Jarnail Singh Wali, Bathinda, District Bathinda, Punjab.

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Sh. Santokh Singh s/o Sh. Lachman Singh, r/o H.No.07471, Street No.4, Shiv Colony, Bathinda, Punjab.

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……….Defendants

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Advocates

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Ms. Anuradha Gupta, Counsel for the applicant bank. Defendants - ex parte vide order dated 02.03.2023 .

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OA for the Recovery of Rs.29,99,179/- with interest @9.70% per annum with monthly rests from 14.03.2022.

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ORDER

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Punjab National Bank has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.29,99,179/- with interest against M/s Surinder Kumar and Co. and others (defendants).

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Bank’s case is that on 09.08.2017, it had enhanced the existing C.C. Limit of Rs.10.00 Lacs to Rs.25.00 Lacs to defendant No.1 through its proprietor i.e. defendant No.2 for Business purpose. To secure the loan, Defendant No.2 on behalf of defendant No.1 had mortgaged his property

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(fully detailed in para No.3A of the application). Defendant No.3 stood as guarantor. The loan was chargeable to interest @9.70% per annum with monthly rests. On 28.02.2022, a sum of Rs.29,99,179/- was due from the defendants. The defendants had duly acknowledged their liability towards the debt on 31.07.2020. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 06.04.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 02.03.2023, they were proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Sh. Naveen Sachdeva, Authorized Officer along with the loan and security documents and marked them as Exhibit A-1 to A-20. 5. 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.25.00 Lacs and on 28.02.2022, a sum of Rs.29,99,179/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.29,99,179/- (Rupees Twenty Nine Lacs Ninety Nine Thousand One Hundred Seventy Nine Only) with interest @9.70% per annum with monthly rests from 14.03.2022, 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 fully detailed in para No.3A of the application as well as from the personal movable and immovable property(ies) of the defendants.

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Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly.

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Parties are directed to appear before Recovery Officer on 08.10.2025, who is directed to distribute the sale proceeds of the mortgaged property as per the provisions of Section 19(20-AB) of the Act . 10. A Copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties.

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Pronounced in the open Court. (A S Narang) Dated: 28.08.2025 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Punjab National Bank v. M/S Surinder Kumar and Company

Case brief

What is this about?

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Punjab National Bank v. M/S Surinder Kumar and Company

Case brief

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What did the court decide?

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