Allowed

Punjab National Bank v. Radish Trading Pvt. Ltd.

DRT12 Dec 2025TA/463/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application by Punjab National Bank for recovery of dues from the borrowers and guarantors of an NPA loan account. The Tribunal directed payment of the principal amount along with interest and costs, issuing a recovery certificate.

What did the court decide?

Directed defendants to pay Rs. 3,66,94,066/- with pendente lite and future interest @12% p.a. within 30 days and issued a recovery certificate.

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

¶1

T.A. No. 463 of 2022

¶2

Debts Recovery Tribunal-I, Delhi 4th floor, leevan Tara Building, Parliament Street, New Delhi

¶3

Presiding Officer: Shri Govind Ballabh Sharma

¶4

T.A. No. 463 of 2022

¶5

Punjab National Bank

¶6

K.M.Tower, Near Radisson Hotel Kaushambi, Dist. Ghaziabad-201010

¶7

Applicant

¶8

Versus

¶9

M/s Radish Trading Pvt.Ltd. C-10, Ramprasth Ghaziabad-201011

¶10

Also at: M/s Radish Trading Pvt. Ltd C-1/326 Yamuna Vihar Delhi-110053

¶11

Sh. Raj Kumar Jain s/o Sh. V.K.Jain C-10, 3rd Floor, Ramprastha Ghaziabad-201011

¶12

Also at:

¶13

Sh. Raj Kumar Jain s/o Sh. V.K.Jain C-1/233, Yamuna Vihar Delhi-110053

¶14

Smt. Indu Jain w/o Sh. Raj Kumar Jain C-10, 3rd Floor, Ramprastha Ghaziabad-201011

¶15

Also at: Smt. Indu Jain w/o Sh. Raj Kumar Jain C-1/233, Yamuna Vihar Delhi-110053

¶16

Sh. Prateek Jain s/o Sh. V.K. Jain C-10, 3rd Floor, Ramprastha Ghaziabad-201011

¶17

¶18

T.A. No. 463 of 2022

¶19

Sh. Vijayant Jain s/o Sh. V K Jain C-10, 3rd Floor, Ramprastha Ghazia bad-201011

¶20

Sh. Tarun Kumar s/o Sh. Ajit Kumar C-294, Vivek Vihar Delhi-110095 7. Sh. Virendra Kumar Jain s/o Sh.T C Jain C-294, Vivek Vihar Delhi-110095 Defendants

¶21

Present: Ms. Akriti Sharma, Counsel for the applicant bank

¶22

Date of Reserve: 14.11.2025

¶23

Date of Pronouncement:12.12.2025

¶24

FINAL ORDER

¶25

This original application has been filed by the applicant before DRT II, Delhi on 22.05.2018 and then transferred to DRT-I Delhi through Shri C.S. Gupta 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 Rs.3,66,94,066/- (Rupees Three Crores Sixty Six Lacs Ninety Four Thousand Sixty Six only) as on 20.05.2018 together with pendentelite and future interest @14.75% per annum with monthly rests from 20.05.2018 till the date of realization and costs.

¶26

The brief facts of the case are that at the request of defendant no.2 authorized vide Board Resolution dated 28.12.2011, the applicant bank sanctioned Cash Credit facility of Rs.400.00 Lacs to defendant no.1 @14.75% interest per annum with monthly rests plus 2% penal interest against hypothecation of goods, current assets and mortgage of

¶27

sd-

¶28

T.A. No. 463 of 2022

¶29

property. The defendant no.2 to 7 stood as guarantors for the loan facilities sanctioned in favour of defendant no.1 by the applicant bank.

¶30

That in order to avail the said loan facility, the defendant no.1 through defendant no.2 submitted loan application dated 28.12.2011 and defendants no.2 and 3 authorized through Board Resolution dated 28.12.2011 executed Agreement of Hypothecation of Goods and Book debts to secure Cash Credit Facility, Agreement of Hypothecation of Current Assets, Agreement of moveable assets, Letter for purchase/collect/discount/cheque/draft, Agreement of Guarantee with the applicant bank on 31.12.2011.

¶31

That in order to avail the loan facility, the defendant no.4 created equitable mortgage of property on 31.12.2011 being Freehold Commercial area on Third Floor of Plot no.10, BlockC, Sector-12, Ramprastha Colony, Ghaziabad by way of deposit of title deeds duly registered with Sub-Registrar Office IV, Ghaziabad in BNahi No.1, Zild No.15196, Pages 167-352 at Serial No.9691 dated 06.04.2010 with the applicant bank.

¶32

The defendant no.2 & 3 also executed Balance & Security Confirmation Letters dated 07.07.2014 and 31.01.2017 acknowledging the outstanding balance with the applicant bank.

¶33

It has been submitted that after availing the aforesaid loan facility, the defendants miserably failed and neglected to pay the interest in the account and failed to maintain financial discipline as per terms and conditions. The applicant bank classified the account as NPA as per RBI guidelines and issued

¶34

T.A. No. 463 of 2022

¶35

letter dated 15.10.2014 for regularization of the account but neglected by the defendants. Hence, the applicant bank has approached this tribunal for recovery of its dues.

¶36

Notices under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 dated 16.12.2014 for Rs.3,99,99,665/- as on 01.12.2014 to the defendants but defendants failed to clear the dues. The applicant bank took symbolic possession of secured asset on 08.08.2015 and duly published in newspapers on 14.08.2015.

¶37

The defendant no.1 filed SA No.641/2015 before Hon'ble 8. DRT, Lucknow and vide order dated 20.11.2015, defendant no.1 was ordered to pay entire dues by end of December 2016. The applicant issued possession notice dated 08.03.2018 for handover the possession of mortgaged property.

¶38

Notices of this O.A. were issued to the defendants and 9. despite proper service, the defendants have chosen to absent from the proceedings. As per order dated 16.01.2025, the defendants have been proceeded ex-parte as they have not appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed.

¶39

In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri C.S. Gupta, AR of the applicant who has proved the documents General Power of Attorney, Certificate of Incorporation of Company, Memorandum of Association, Article of Association, List of Present Directors, Resolutions, Loan Sanction Note, Agreement of Hypothecation of Goods and Book Debts to secure Cash Credit facility, Agreement of Hypothecation of Current assets,

¶40

¶41

T.A. No. 463 of 2022

¶42

Agreement of moveable assets, Letters, Agreement of Guarantee, Sanction Letter, Intent Letter & Acknowledgement Letter, Title Deed Register Page, Title Deed page alongwith complete chain of documents, Balance & Security Confirmation Letters, Notice u/s 13(2) and 13(4) of SARFAESI Act, Copy of Newspapers, Order dated 20.11.2015, Possession Notice, Statement of Account duly certified under Banker Books Evidence Act marked as Ex.AW-1/1 to Ex.AW-1/30.

¶43

11.^{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.

¶44

12.^{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.

¶45

13.^{In the light of the above discussions, the Original} Application deserves to be allowed.

¶46

ORDER

¶47

I, allow this OA and direct the defendants to pay to the applicant bank, jointly or severally, within 30 days, a sum of Rs.3,66,94,066/- (Rupees Three Crores Sixty Six Lacs Ninety Four Thousand Sixty Six only) as on 20.05.2018 together with pendentelite and future interest @12% per annum with monthly rests from 20.05.2018 till the date of realization along with costs failing which the aforesaid amount shall be recovered from the sale of hypothecated stocks, assets and

¶48

T.A. No. 463 of 2022

¶49

mortgaged property being Plot no.10, Third Floor, Block-C, THA, Sector-12, Vill Maharajpur, Ramprastha, Ghaziabad. In case of shortfall, the same shall be recovered from the sale of movable and immovable properties of the defendants.

¶50

(II)^{The recovery certificate be issued forthwith and be sent} to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

¶51

(III)^{Parties are directed to appear before Recovery Officer,} DRT I, Delhi on 10.02.2026.

¶52

(IV)^{Copies of final order as well as Recovery Certificate be} sent to all concerned free of cost.

¶53

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

¶54

(Dictated and pronounced in open court) Dated: 12.12.2025

Punjab National Bank v. Radish Trading Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Radish Trading Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Parties & counsel

Coram

Case details

Similar cases

M/s Parin International versus Idbi Bank Ltd.

Punjab National Bank versus Sh Balwinder Singh

Canara Bank versus Sh. Balraj Singh

Amit Das versus Icici Bank Limited

Canara Bank versus Anmol Khanna

State Bank of India versus M/S Sarita Traders