Allowed

Punjab National Bank v. Pns Exim Pvt. Ltd.

DRT8 Sept 2025TA/1772/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an original application filed by Punjab National Bank against M/s PNS Exim Pvt.Ltd. and guarantors for recovery of a defaulted loan of Rs.5.55 crores. Since the defendants were absent, the Tribunal decreed the principal, interest, and costs, directing issuance of a recovery certificate for enforcement against the guarantors' and mortgagor's properties.

What did the court decide?

Directed payment of Rs.5,55,04,464/- with interest @12.25% per annum from 14.08.2018 and costs, recoverable from properties; recovery certificate to be issued.

Punjab National Bank versus Pns Exim Pvt. Ltd. — Banking and Recovery | DRT (2025)

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T.A. No. 1772 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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T.A. No.1772 of 2022

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Punjab National Bank

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(e-Oriental Bank of Commerce) Circle Sastra North Delhi Gurudwara Road, Karol Bagh New Delhi-110005

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Applicant

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Versus

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M/s PNS Exim Pvt.Ltd. Through its Chairman/Managing Director/Principal Officer Shop No.209, Satyam Plaza Near Civil Lines, Gurugram

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Haryana - 122001

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Sh. Neeraj Tiwari s/o Sh.Ram Chander Tiwari H.No.1384, 2nd Floor

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Sector-10A, Gurugram-122001

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Mrs. Kiran Oberoi w/o Late Sh.Inder Kumar Oberoi E-203, Alaknanda Apartment Plot No.45, Sector-56

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Gurugram-122011

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Sh. Shubham Dubey w/o Harsucharan Dubey 4/18, East Patel Nagar

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New Delhi-110008 Defendants

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Present: Sh.S.K.Garg, Counsel for the applicant bank

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Date of Institution: 14.08.2018

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Date of Pronouncement: 08.09.2025

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T.A. No. 1772 of 2022

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FINAL ORDER

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This original application has been filed before DRT-III, Delhi & then transferred to DRT-I, Delhi by the applicant bank on 14.08.2018 through Sh.Nem 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.5,55,04,464/- (Rupees Five Crores Fifty Five Lacs Four Thousand Four Hundred Sixty Four only) as on 13.08.2018 along with pendentelite and future interest @10.25% plus @2% penal interest from 14.08.2018 till the date of realization along with costs. Further, the name of Shri Narender Singh Bisht was substituted as authorized representative in place of Sh.Nem Kumar, erstwhile AR for the applicant bank.

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The brief facts of the case are that on the request of defendant no.1 being private limited concern, the applicant bank sanctioned Cash Credit (Hypothecation) facility of Rs.490.00 lacs (Rupees Four Crore Ninety Lacs only) @11.35% interest per annum for the business purpose on 09.06.2016 against hypothecation of stock of finished goods, receivables and mortgage of commercial property situated at Plot No.139, Zamroodpur Shopping Complex, New Deli owned by defendant no.3 and personal guarantees of defendant no.2 to 4.

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That in order to avail the loan facility, the defendant no.1 through its Board Resolution dated 10.06.2016 authorized the defendant no.2 or 4 to execute documents in favour of applicant bank for availing the credit facility. The defendant no.2 executed Agreement of Hypothecation of Assets, Common Agreement, Undertaking for Assignment of Receivable & Cash

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T.A. No. 1772 of 2022

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Flows and Undertaking on 13.06.2016 in favour of applicant bank. That the defendant no.2 to 4 executed Guarantee Agreements in favour of applicant bank on 13.06.2016 for the credit facility availed by defendant no.1 with the applicant bank.

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In order to secure the credit facility, defendant no.1 hypothecated the stocks and receivables with the applicant bank and the defendant no.3 created equitable mortgage of commercial property being Plot No.139, Zamroodpur Shopping Complex, Delhi admeasuring 198 square metres on 14.06.2016 as security with the applicant bank. The said property was also extended / continued for another loan of Rs.475.00 lacs availed by M/s Shri BBN Exim, being sole proprietorship concern of defendant no.2. The applicant bank also registered its charge with ROC Delhi and Haryana.

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It has been submitted by the applicant bank that after availing the aforesaid loan facility, the defendants did not maintain the financial discipline and miserably failed to adhere to the terms and conditions due to which account maintained becoming irregular despite of several requests by the applicant bank. The defendants neither regularize the account nor liquidated the loan with the applicant bank. Ultimately, the applicant bank classified the account as NPA on 31.10.2017 as per RBI guidelines but neglected to clear the dues. Hence, the applicant bank has approached this tribunal for recovery of their dues.

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Notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 dated 10.04.2018 was issued on the

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scf-

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T.A. No. 1772 of 2022

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defendants to pay the outstanding dues along with future interest and costs.

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Notices of this O.A. were issued to the defendants and despite of proper service, the defendants have chosen to absent from the proceedings. As per order dated 16.12.2019, the defendant no.1 has been proceeded ex-parte and vide order dated 26.09.2024, the defendant no.2 to 4 have been proceeded ex-parte as none appeared before the Tribunal and even written statement, evidence and affidavit of assets have not been filed by the defendants.

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8In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Sh.Nem Kumar, authorized representative of the applicant bank who has proved the documents such as Power of Attorney Ex.AW-1/1, Sanction Letter Ex.AW-1/2, Board Resolution Ex.AW-1/3, Agreement of Hypothecation of Assets Ex.AW-1/4, Common Agreement Ex.AW-1/5, Undertaking for Assignment of Receivables and Cash Flows Ex.AW-1/6, Undertakings Ex.AW-1/7, Personal Guarantees Ex.AW-1/8 to Ex.AW-1/10, Confirmation of Mortgage Ex.AW-1/11, Conveyance Deed Ex.AW-1/12, Mutation Letter Ex.AW-1/13, Death Certificate of Inder Kumar Oberoi Ex.AW-1/14, Perpetual Lease Ex.AW-1/15, Allotment of Alternative Plot Ex.AW-1/16, Information to Police Ex.AW-1/17, Affidavit Ex.AW-1/18, Certificate with ROC Ex.AW-1/19, Notice under Section 13(2) Ex.AW-1/20, Postal Receipts Ex.AW-1/21, Certified Statement of Account Ex.AW-1/22.

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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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T.A. No. 1772 of 2022

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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.5,55,04,464/- (Rupees Five Crores Fifty Five Lacs Four Thousand Four Hundred Sixty Four only) as on 13.08.2018 together with pendentelite and future interest @12.25% per annum from 14.08.2018 till the date of realization and costs; failing which the aforesaid amount shall be recovered from hypothecated stocks, receivables etc. and mortgaged commercial Plot No.139, Zamroodpur Shopping Complex, Delhi admeasuring 198 square metres owned by defendant no.3 and in case of shortfall, the same shall be recovered from the sale of movable and immovable properties of the 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 06.11.2025.

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T.A. No. 1772 of 2022

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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: 08.09.2025

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Punjab National Bank v. Pns Exim Pvt. Ltd.

Case brief

What is this about?

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Punjab National Bank v. Pns Exim Pvt. Ltd.

Case brief

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