Allowed

Punjab National Bank v. M/S P.R Polypack

DRT24 Feb 2025TA/2283/2022

Case brief

AI extract

What is this about?

The DRT allowed the bank's original application for recovery of an outstanding loan of approximately Rs. 62 lakhs against three defendants. Proceeding ex-parte due to the respondents' absence, the Tribunal directed the payment of the decretal amount with interest within 30 days and ordered the issuance of a recovery certificate.

What did the court decide?

Direct payment of Rs. 61,95,735 with interest within 30 days; issuance of recovery certificate; recovery from sale of hypothecated, movable, and immovable assets.

Punjab National Bank versus M/S P.R Polypack — Banking and Recovery | DRT (2025)

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T.A. No.2283 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. 2283 of 2022

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Punjab National Bank MSME Branch at
2030, Old Anaj Mandl, Narela Delhi-110040 Applicant
Versus
1. M/s P.R. Polypack hrough its partner Shri Pradeep Khatri S/o Dharambir Singh B-2331, DSIDC, Industrial Area, Narela, Delhi-110040
Iso at: -12, DSIDC, Narela, Delhi-110040
Sh. Pradeep Khatri S/o Dharambir Singh .No.168, Jaton Wali Gali, ikri Khurd, Delhi-110040
Sh.Pawan Kumar S/o Mahabir Singh .No.193, V.P.O. Bakarwala elhi-110040 Defendants
resent: Ms Simran Chadha, Counsel for the applicant bank Date of institution: 18.09.2019
Date of Pronouncement: 27.02.2025
FINAL ORDER
This original application has been filed by the applicant ank on 18.09.2019 before DRT-III Delhi & then transferred to
RT-I Delhi through Shri Saket Palod, authorized

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T.A. No.2283 of 2022

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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.61,95,735/- (Rupees Sixty One Lacs Ninety Five Thousand Seven Hundred Thirty Five only) as on 15.09.2019 along with pendentelite and future interest @10.80% per annum with monthly rest from the date of filing of this application till its realization and costs.

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The brief facts of the case are that at the request of efendant no.1 through defendant No.2 and defendant No.3 being its partners, the applicant bank sanctioned Cash Credit Facility of Rs.50,00,000/- (Rupees Fifty Lacs Only) on 4.02.2011 @14.25% floating rate of interest per annum ubject to change from time to time. The defendants agreed to ay penal interest @2% on overdue amount in case of violation f terms and conditions of the sanction charged by the pplicant bank. On the request of the defendants, the limit was enewed on 27.01.2014 by the applicant bank.

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That in order to avail the loan facility, the defendants ubmitted loan application and executed Agreement of ypothecation of Goods and Book Debts to secure Cash Credit acility, Agreement for Hypothecation of Movable Assets orming part of Fixed assets and Supplemental Agreement ated 14.02.2011 and 28.01.2014 in favour of applicant bank.

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The defendant no.1 through its partners acknowledged he debit by executing Balance Confirmation letter on 3.11.2016 and on 31.03.2017 by acknowledging the debt in heir balance sheet dated 31.03.2017.

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T.A. No.2283 of 2022

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It has been submitted by the applicant bank that after availing the loan facility, the defendants failed to maintain financial discipline and neglected to adhere to the terms and conditions by not routing their transactions through the applicant bank. Ultimately, the applicant bank classified the account as NPA on 12.10.2018 but defendants neglected to clear the outstanding 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 29.10.2018 was issued to the defendants by the applicant bank but the defendants failed to corn ply.

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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 rom the proceedings. As per order dated 11.05.2022, the •efendants have been proceeded ex-parte as they did not ppear before the Tribunal and even no written statement, -vidence and affidavit of assets has been filed by the • efendants.

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• In order to prove its case, the applicant bank has filed its vidence by way of affidavit of Sh.Saket Palod, authorized epresentative of the applicant bank who has proved the ocuments as Power of Attorney Ex.AW1/1, Partnership Deed x.AW1/2, Sanction Letters Ex.AW1/3 & Ex.AW1/6, Agreement f Hypothecation Ex.AW1/4, Ex.AW1/7 & Ex.AW1/8, upplemental Agreements Ex.AW1/5 & Ex.AW1/9, Balance onfirmation Letter Ex.AW1/10, Acknowledgement of Debt as per Balance Sheet Ex.AW1/11, Demand Notice u/s 13(2)

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T.A. No.2283 of 2022

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Ex.AW1/12, Statement of Account Ex.AW1/13, Calculation Sheet Ex.AW1/14.

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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 proved.

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The case filed by the applicant bank gone unrebuited and here is no question of disbelieving the case of the applicant •ank and the applicant bank has proved its case beyond easonable doubts.

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In the light of the above discussions, the Original pplication 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 pplicant bank, jointly or severally, within a period of 30 days, sum of Rs.61,95,735/- (Rupees Sixty One Lacs Ninety Five housand Seven Hundred Thirty Five only) along with endentelite and future interest @10.80% per annum from the 111 ate of filing of this application till the date of realization failing hich the aforesaid amount shall be recovered from the sale f hypothecation of stocks, goods and book debts. In case of hortfall, the same shall be recovered from the sale of oveable and immovable property of the defendants.

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(i I) The recovery certificate be issued forthwith and be sent t• the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

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5V-

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T.A. No.2283 of 2022

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(III) Parties are directed to appear before Recovery Officer, DRT I, Delhi on 28.04.2025.

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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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.5W

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

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(Dictated and pronounced in open court) Dated: 27.02.2025

Punjab National Bank v. M/S P.R Polypack

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. M/S P.R Polypack

Case brief

What is this about?

What did the court decide?

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