Allowed

Punjab National Bank v. M/S Bala Enterprises

DRT17 Jun 2025TA/3408/2022

Case brief

AI extract

What is this about?

This judgment allows an original application filed by Punjab National Bank for recovery of a loan against M/s Bala Enterprises and guarantors. The defendants did not appear, and the tribunal allowed the bank's evidence on documents including guarantee agreements and security deposits, directing recovery of dues along with interest.

What did the court decide?

Direction to respondents to jointly or severally pay Rs. 1,29,27,283.66 along with interest and costs within 30 days or face recovery from sale of hypothecated/mortgaged properties.

Punjab National Bank versus M/S Bala Enterprises — Banking and Recovery | DRT (2025)

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T.A. No. 3408 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.3408 of 2022

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Punjab National Bank

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ARMB, 1st Floor, Vikrant Tower Rajendra Place, Delhi-110008 Applicant

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Versus

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M/s Bala Enterprises Through its Proprietor

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Sh. Bal Krishnan Pasricha 2835/18, Saraswati Marg Beadonpura, Karol Bagh Delhi-110005

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Sh. Bal Krishnan Pasricha Proprietor of M/s Bala Enterprises House no.53/66, Ramjas Road, Karol Bagh New Delhi-110005

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Also at:

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2835/18, Saraswati Marg Beadonpura, Karol Bagh New Delhi-110005

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Also at: 2664, Gali no.2-3, Beadonpura Karol Bagh, New Delhi-110005

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Mrs. Poonam Pasricha w/o Bal Krishnan Pasricha House no.53/66, Ramjas Road Karol Bagh, New Delhi-110005

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Also at:

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2664, Gali no.2-3, Beadonpura Karol Bagh, New Delhi-110005

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Mrs. Anju Khurana w/o Mr. Naresh Khurana N-29, Laxmi Nagar, Delhi-110092

Defendant

Sc.

T.A. No. 3408 of 2022

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Present: Shri Ajay Shankar, Counsel for the applicant bank

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Date of Institution: 06.09.2018 Date of Pronouncement: 17.06.2025

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FINAL ORDER

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This original application has been filed by the applicant bank on 06.09.2018 before DRT-III, Delhi and then transferred to DRT-1, Delhi through Ms. Urmila Sharma, authorized representative of the applicant bank under Section 19 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 against the defendants for recovery of a sum of Rs.1,29,27,283.66 (Rupees One Crore Twenty Nine Lacs Twenty Seven Thousand Two Hundred Eighty Three and paisa Sixty Six only) along with pendentelite and future interest @11.40% per annum from the date of filing this application till the date of realization along with costs. Further, the name of Sh.Ratnesh Kumar was substituted as authorized representative in place of Ms. Urmila Sharma, erstwhile AR for the applicant bank.

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The brief facts of the case are that on the request of the defendant no.1 through its proprietor being defendant no.2 in the business of hardware engineering equipment and cloth used in industry for various purposes, the applicant bank sanctioned Cash Credit Hypothecation Facility for a sum of Rs.1,30,00,000/- (Rupees One Crore Thirty Lacs only) on 12.01.2015 @13.75% rate of interest per annum with monthly rests against hypothecation of goods, book debts, moveable assets,, current assets and collateral security as mortgage of property. Defendant no.3 and 4 stood as guarantors for the

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5d-

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T.A. No. 3408 of 2022

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loan sanctioned by the applicant bank in favour of Defendant no.1 & 2.

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In order to avail the loan facility, the defendant no.1 through its proprietor being defendant no.2 submitted loan application and executed Hypothecation of Goods and Book Debts to Secure Cash Credit Facility, Hypothecation of Moveable Assets forming part of Fixed / Block Assets, Current Assets along with defendant no.3 and 4 executed Agreement for Guarantee with the applicant bank on 13.01.2015.

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That in order to secure the cash credit facility, the defendant no.3 & 4 mortgaged their property being Second Floor without roof right, DDA Flat No.5A/25, Pocket C, Janak Puri, New Delhi by depositing title deeds being Gift Deed with the applicant bank on 12.01.2015/13.01.2015.

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The defendant no.1 through its proprietor being defendant no.2 executed Balance and Security Confirmation Letter dated 04.09.2017.

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It has been submitted by the applicant bank that after availing the aforesaid loan facilities, the defendant failed to comply with the terms and conditions of sanction and failed to maintain financial discipline for regularization of the account with the applicant bank. Ultimately, the applicant bank issued recall notice dated 02.05.2017 but defendants failed to regularize the account therefore the applicant bank classified the account as NPA on 29.09.2017. Hence, the applicant bank has approached this Tribunal for recovery of their dues.

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Notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security

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T.A. No. 3408 of 2022

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Interest Act 2002 dated 24.10.2017 was issued to the defendants but the defendants did not clear the dues. The applicant bank also took symbolic possession of the secured assets i.e. Second Floor without roof right, DDA Flat no.5A/25, Pocket-C, Janak Puri, New Delhi.

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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 13.09.2024, the defendants have been proceeded ex-parte as not appeared before the Tribunal and even written statement, evidence and affidavit of assets have not been filed by the defendants.

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In order to prove its case, the applicant bank has filed its evidence by filing the documents such as General Power of Attorney, Hypothecation of Goods and Book Debts, Hypothecation of Moveable Assets forming part of Fixed Assets, Agreement for Hypothecation of Current Assets, Agreement of Guarantee, Balance & Security Confirmation Letter, Demand Notice, Legal Notice, Statement of account along with Memoranda Calculation and Certificate as Annexures A to I from Page no.1 to 53A.

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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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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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T.A. No. 3408 of 2022

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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.1,29,27,283.66 (Rupees One Crore Twenty Nine Lacs Twenty Seven Thousand Two Hundred Eighty Three and Paisa Sixty Six only) together with pendentelite and future interest @11.40% per annum with monthly rests from the date of filing this application till the date of realization and costs; failing which the aforesaid amount shall be recovered from the sale of hypothecated stock, book debts and mortgaged property i.e. Second floor without roof right, DDA Flat no.5A/25, Pocket-C, Janak Puri, New Delhi. 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 18.08.2025.

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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: 17.06.2025

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Punjab National Bank v. M/S Bala Enterprises

Case brief

What is this about?

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Punjab National Bank v. M/S Bala Enterprises

Case brief

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