Allowed

Punjab National Bank v. M/s. Rita Enterprises

DRT29 Sept 2025TA/524/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal-II, Delhi allowed the applicant bank's application for recovery of dues against defaulting borrowers in absentia, directing payment of principal, pending litis interest, and future interest with authority to sell hypothecated assets.

What did the court decide?

Directed defendants to pay Rs. 61,09,044.80 + interest to the applicant bank within 30 days; recovery certificate to be issued; recovery via sale of assets if not deposited.

Punjab National Bank versus M/s. Rita Enterprises — Banking and Recovery | DRT (2025)

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Before SUSHIL^{KUMAR RASTOGI,Presiding Officer} Debts Recovery^{Tribunal-Il,Delhi}

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TANOls24l2024 PUN]AB NATIONAL^{BANK VS M/S RITA ENTERPRISES &} oRs

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Reserued on :^11.09.2025

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Pronounced on^{: 29.09.2025}

Punjab National^Bank

-Applicant bank

Vs.

M/s Rita^EnterPrises

¶9

Ms. Rita Sharma

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Defendants

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Present: Mr. Surjeet^{Singh,Counsel for applicant} bank. Defendants^{are exparte,since,27'02'2020.}

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FINAL ORDER

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This original^{application has been filed by the} applicant^{bank, on 01.09.2014throughSmt' Nishi Bala} Mahajan,^{Officerof the Bank and ConstitutedAttorney} of the^{applicant bank, under Section 19 of the RDB Act'} 1993 against^{the defendantsfor recoveryof a sum of} Rs.61,09,0214'80^{along with pendentlite and future} interest @L4.75o/o^{p'a' in Cash Credit hypothecation} account^{and a sum of Rs'22,00,610/-in the term loan} account along^{with pendent lite and futureinterest} @15.25olo^{p.a. with monthly rests from the date of the} institute of^{the originalapplication till the date of} realization^{in full.}

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The^{brief facts of the caseare that at the request} of defendant^{nos'1 & 2, the applicant bank sanctioned} a Cash^{Credit Facility under CGTMSE to the extent of}

s,\

TNs24/2024

Rs.50 lakhs against hypothecation of stock in trade and other current assets of the firm,^goods in transit, whether lying in^{party's godown/warehouse} of the company or otherwise, in the name of the defendant no.1 and a Term Loan Facility of Rs.20 lakhs, against the hypothecation of machinery to be purchased from the term loan facility in the name of defendant no.1. The defendants executed all necessary loaning documents on 05.03.2012.

¶19

It is further submitted that the defendants enjoyed and utilized the Loan facility, but failed^to maintain the financial discipline and^failed to^{repay the} due amounts. The applicant bank requested^the defendants to regularize the loan account^{by visits and} letters, but there was no response from^the defendants, hence the account^{was classifiedas NPA.} Therefore, the applicant bank^served a^{notice dated} 28.10.2013 to the defendants but^{failed to recover the} same. Thus, the^present O.AILA.^{is preferredby the} applicant bank to^{recover its dues.}

¶20

On notice by this Tribunal, the^{defendant nos'1} and 2 failed to^put appearance^{at all, despite} publication. Accordingly, the defendant nos.l and² proceeded against exparte on 27.02'2020.

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The applicant^{bankhas filed evidenceby way of} affidavit of Mr. Tllak^{Raj Dogra,Chief Managerof the} applicant bank as^{Paper No-01 to Paper No-77 which} have^gone unchallenged^and un-rebutted'^Hence,the sA

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TN52412024

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case of the applicant bank stands fully^established against the defendants with^respect to^{nonpayment of} outstanding amount.

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After^perusing the^{records, this Tribunalis of the} view that the applicant bank has^{provedits case} beyond reasonable doubts. The^evidenceand documents filed by^{the applicant bank not rebuttedby} the defendants by not^{placing any evidenceand there} is no question of disbelieving^{the evidenceand} documents filed by the^{applicant bank based upon the} written/pri nted documents.

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In the light of the above^{discussions, the presentT.A'} deserves to be allowed.

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ORDER

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I hereby allow^{this T'A. of the Applicant Bank and} direct the defendant^{nos. I & 2 to pay jointly and severally} to the applicant^{bankwithin30 days from today, a total} sum of Rs.61,09,044.80^{along with pendentlite and future} interest @14.75o/o^{p.a. in Cash Credit hypothecation} account and a sum^{of Rs.22,00,610/-in the term loan} account along^{with pendentlite and future interest} @15.25olo^{p.a from the date of filing of this OA which has} become T.A till^{the date of realization'}

¶29

In case of^{failure to depositthe above amountwithin} the stipulated^{period, the same shall be recoveredfrom} sale of hypothecated^{assets. In case of shoft fall, the same} shall be recovered^{from sale of personal movableand} immovable assets^{of the deten(antno.1 & 2'} g;

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TN524t2024 4

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Recovery Certificate be issued forthwith and be sent to Recovery Offlcer, Debts Recovery Tribunal-Il, Delhi.

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The registry of this Tribunal is hereby directed to issue free copy of the order and send the same to both the parties.

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Parties are direct to appear before the Ld. Recovery Officer, DRT-II, Delhi on 0t.t2.2025. Pending IAs, if any, stand disposed of.

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File be consigned to records.

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e-,\ Date : 29.09.2025 (SUSHIL KUMAR RASTOGI) PRESIDING OFFICER DRT-II, Delhi

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This judgement has been signed, dated and pronounced in open court.

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(s\

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Date : 29.09.2025

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(SUSHIL KUMAR RASTOGI) PRESIDING OFFICER DRT-II, Delhi

Punjab National Bank v. M/s. Rita Enterprises

Case brief

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Punjab National Bank v. M/s. Rita Enterprises

Case brief

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