Allowed

Punjab National Bank v. M/S De Rigueur Apparels Private Limited

DRT27 Oct 2025OA/983/2022

Case brief

AI extract

What is this about?

The applicant bank filed an original application under Section 119 RDB Act for recovery of dues against the defendant company. The defendant was absent, and the bank proved its case via documents including loan sanctions and accounts. The tribunal allowed the application.

What did the court decide?

Allowance of original application and direction to pay Rs.65,34,705/- plus pending and future interest within 30 days. Recovery certificate directed to Recovery Officer.

Punjab National Bank versus M/S De Rigueur Apparels Private… — Banking and Recovery | DRT (2025)

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O.A. No. 983 of 2022

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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. 983 of 2022

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

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Applicant

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Versus

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M/s De Rigueur Apparels Pvt. Ltd. Regd.Office: T-6, Plot no.2, 3rd floor Maalik Buildcon Plaza-1

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Sector-12, Dwarka New Delhi-110078

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Also at:

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B-4/311 C, Lawrence Road New delhi-110035

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Also at:

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Plot no.173, Pocket-K

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Sector-5, Bawana Indusrial area Delhi-110089

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Defendant

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Present: Sh.Nitin Garg, Counsel for the applicant bank

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Date of Reserve: 07.10.2025

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Date of Pronouncement: 27.10.2025

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FINAL ORDER

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This original application has been filed by the applicant before DRT I, Delhi on 01.11.2022 through Shri R.S. Rawat, Outhorized representative of the applicant bank under Section 119 of Recovery of Debts and Bankruptcy Act, 1993 against the

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O.A. No. 983 of 2022

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defendants for recovery of a sum of Rs.65,34,705/- (Rupees Sixty Five Lacs Thirty Four Thousand Seven Hundred Five only) as on 30.09.2022 together with pendentelite and future interest (rate of interest not mentioned) from 01.10.2022 till its realization in full.

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The brief facts of the case are that at the request of defendant as private limited company of two directors namely Ms. Hiteshi Prakasher and Ms. Tejasvi, the applicant bank sanctioned Cash Credit facility for a sum of Rs.35,00,000/(Rupees Thirty Five Lacs only) @10.85% interest per annum for manufacturing of ladies garments business against hypothecation of goods and book debts on 22.05.2017. Further, on the request of defendant, the applicant bank enhanced the limit from Rs.35,00,000/- to Rs.49,00,000/- on 24.12.2018 @9.70% interest covered under CGTMSE scheme.

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That in order to avail the loan facility, the defendant siubmitted loan application through its directors and executed Agreement of Hypothecation of Goods and Book Debts to ecure Cash Credit Facility in favour of the applicant bank on 2.05.2017 and 31.12.2018.

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It has been submitted by the applicant bank that after wailing the aforesaid loan facility, the defendant miserably failed and neglected to pay the interest in the account and filed to maintain financial discipline as per sanction. The applicant bank classified the account as NPA on 31.03.2021 as er RBI guidelines and issued legal notice on 06.10.2022 but the defendant failed to regularize the account. Hence, the applicant bank has approached this tribunal for recovery of its dues. cd-

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O.A. No. 983 of 2022

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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 09.07.2025, the defendant has been proceeded ex-parte as not appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri R.S. Rawat, authorized representative of the applicant who has proved the documents as General Power of Attorney, Loan Applications, Sanction Letters, Loan Agreements, Letter for Change of Address, Letters for Enhancement of Limit, Agreement for Hypothecation of Goods and Book Debts, Legal Notice, Statement of Account along with Calculation sheet and Certificate u/s 2A of Banker's Book Evidence Act marked as x.AW-1/1 to Ex.AW-1/12.

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The applicant bank has fully corroborated the averments niiade 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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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 rOasonable doubts.

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

O.A. No. 983 of 2022

ORDER

I, allow this OA and direct the defendant to pay to the applicant bank, within 30 days, a sum of Rs.65,34,705/(upees Sixty Five Lacs Thirty Four Thousand Seven Hundred Five only) together with pendentelite and future interest 011.70% per annum with monthly rests from 01.10.2022 till the date of realization along with costs failing which the Oforesaid amount shall be recovered from the sale of hypothecated stocks and book debts etc. In case of shortfall, the same shall be recovered from the sale of movable and irnmovable properties of the defendants.

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(I) The recovery certificate be issued forthwith and be sent tO the Recovery Officer, Debt Recovery Tribunal-I, Delhi. ( II) Parties are directed to appear before Recovery Officer, RT I, Delhi on 26.12.2025.

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gV) 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: 27.10.2025

Punjab National Bank v. M/S De Rigueur Apparels Private Limited

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. M/S De Rigueur Apparels Private Limited

Case brief

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What did the court decide?

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