Allowed

Punjab National Bank v. M/S Ritu Textiles

DRT18 Jan 2025TA/2369/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's original application for recovery of a sum of Rs.26,26,144.46 together with interest from defendants who failed to repay a sanctioned cash credit facility. Proceeded ex-parte against absent defendants, the Tribunal directed payment and issuance of a recovery certificate.

What did the court decide?

Defendants directed to pay Rs.26,26,144.46 with 8.55% pendentelite and future interest within 30 days; recovery certificate issued for enforcement.

Punjab National Bank versus M/S Ritu Textiles — Contract and Commercial Disputes | DRT (2025)

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T.A. No.2369 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. 2369 of 2022

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Punjab National Bank Circle Sastra West Delhi First Floor, CSC, E Block Mayur Vihar Phase II, Delhi-91 Applicant Versus 1. M/s Ritu Textiles Proprietor firm of Smt. Ritu Sharma 9/1522, Second Floor, Shambhu Nath Building, Gandhi Nagar, Delhi-110031 2. Smt. Ritu Sharma Proprietor Ritu Textiles R/o 9/1522, Second Floor, Shambhu Nath Building, Gandhi Nagar, Delhi-110031 Also at: X-254, Ram Nagar, Delhi-110001 Also at: UG-2, C-16 & 17, Surbhi Plaza Main Road, Shyam Park Extn. Sahibabad, Ghaziabad, UP Defendants Present: Sh.G.P.S.Verma, Counsel for the applicant bank

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Date of Institution: 16.12.2021 Date of Pronouncement: 18.01.2025

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T.A. No.2369 of 2022

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FINAL ORDER

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This original application has been filed by the applicant bank on 16.12.2021 through Sh.Surendra Singh, 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.26,26,144.46 (Rupees Twenty Six Lacs Twenty Six Thousand One Hundred Forty Four & paisa Forty Six only) as on 10.11.2021 together with pendentelite and future interest ©8.55% plus overdue interest per annum with costs.

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The brief facts of the case are that at the request of defendant no.1 being proprietorship concern of defendant no.2 vide loan application dated 04.09.2016, the applicant bank sanctioned Cash Credit facility of Rs.25,00,000/- (Rupees Twenty Five Lacs Only) on 22.09.2016 against hypothecation of stock including current assets and book debts @11.60% interest with monthly rests.

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That in order to avail the said loan facility, the defendant No.1 through defendant no.2 executed Hypothecation of Goods and Book Debts to secure Cash Credit Facility, Hypothecation of Assets to Secure Term Loan dated 06.09.2016 with the applicant bank.

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It has been submitted by the applicant bank that after availing the aforesaid loan facilities, the defendants failed to comply with the terms and conditions and despite of several requests and reminders, failed to pay the outstanding dues in time to the applicant bank. The applicant bank classified the account as NPA on 29.06.2021 as per guidelines but no efforts

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T.A. No.2369 of 2022

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made by the defendants for regularization of the account. Hence, the applicant bank has approached this Tribunal for recovery of their dues.

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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 28.08.2024, 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.

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Notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 dated 12.07.2021 was issued to the defendant calling upon them to pay the entire outstanding dues with the applicant bank. The defendant lastly deposited some amount on 05.08.2021 in the account.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Sh.Surendra Singh, authorized representative of the applicant bank who has proved the documents as Power of Attorney Ex.AW-1/1, Loan Application Ex.AW-1/2, Sanction Letter Ex.AW-1/3, Hypothecation of Goods & Book Debts Ex.AW-1/4, Hypothecation of Assets to Secure Term Loan Ex.AW-1/5, Notice u/s 13(2) dated 12.07.2021 Ex.AW-1/6, Statement of Account Ex.AW1/7.

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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 unrebutted and there is no question of disbelieving the case of the applicant

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sd-

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T.A. No.2369 of 2022

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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.26,26,144.46 (Rupees Twenty Six Lacs Twenty Six Thousand One Hundred Forty Four & paisa Forty Six only) together with pendentelite and future interest @8.55% per annum from date of filing of this 0.A till the date of realization and costs failing which the aforesaid amount shall be recovered from the sale of hypothecated goods/assets and current assets etc. 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 19.03.2025.

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

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(Dictated and pronounced in open court) Dated: 18.01.2025

Punjab National Bank v. M/S Ritu Textiles

Case brief

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Punjab National Bank v. M/S Ritu Textiles

Case brief

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