Allowed

Punjab National Bank v. Mrs. Neelu Kapoor

DRT15 Mar 2025TA/962/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the bank's application for recovery of dues amounting to Rs. 63,11,825.02. The court found that the defendants failed to meet loan obligations, leading to a recall notice and a final order directing payment with interest.

What did the court decide?

The defendants were directed to pay Rs. 63,11,825.02 along with costs and future interest, recoverable from the sale of hypothecated stock and mortgaged property with a shortfall recoverable from othe

Punjab National Bank versus Mrs. Neelu Kapoor — Money Laundering | DRT (2025)

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T.A. No.962 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 Cfficer: Shri Govind Ballabh Sharma

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T.A. No. 962 of 2022

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Punjab National Bank
CSC Complex, East Delhi
Pocket E, Mayur Vihar Phase II, Delhi-110091 Applicant
Versus
1. Mrs. Neelu Kapoor w/o Mr. Sanjay Kapoor Proprietress M/s Alankar Offset Printer R/o Plot no.22, WZ-17A, First Floor Hind Nagar, Tilak Nagar New Delhi-110018
Also at:
F-18, Mukhram Garden, Tilak Nagar New Delhi-110018
Also at: H-82, First Floor Backside Sant Nagar Extension Near Matoo Shah Cable New Delhi-110018
2. Mr. Sanjay Kapoor s/o Sh. Santi Kapoor Proprietor M/s Alankar Offset Printer R/o Plot No.22, WZ-17A, First Floor Hind Nagar, Tilak Nagar New Delhi-110018
3.Mrs. Sarla Kapoor W/o Shri Santi Kapoor R/o Plot no.-22, WZ-17A, First floor Hind Nagar, Tilak Nagar New Delhi-110018 Defendants
Present: Shri Sanjay Kumar, Counsel for the applicant bank Date of Institution: 20.09.2021
Date of Pronouncement: 15.03.2025
5a-

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T.A. No.962 of 2022

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FINAL ORDER

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This original application has been filed by the aoplicant bank on 20.09.2021 before DRT-III and then transferred to DRT-I, through Shri Akhouri Binay, authorized representative of the applicant under section 19 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 against the defendant for recovery of a sum of Rs.63,11,825.02 (Rupees Sixty Three Lacs Eleven Thousand Eight Hundred Twenty Five and Paisa Two only) as on 06.09.2021 along with pendentelite and future interest @12.65% per annum with monthly rests till the date of realization and costs.

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The brief facts of the case are that at the request of defendant No.1 being proprietress of Alankar Offset Printer vide their request dated 30.03.2016 together with necessary documents, the applicant bank sanctioned Cash Credit Facility of Rs.40,00,000/- (Rupees Forty Lacs only) for bus:less of offset printing against hypothecation of stock in process and finished goods on 02.04.2016. The Defendant No.2 & 3 stood as guarantors for the credit facility sanctioned in favor of defendant No.1 by the applicant bank.

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In order to avail the loan facility, the defendant no.1 executed Hypothecation of Good and Book Debts to secure Cash Credit Facility, Letter of Undertaking and Letter of Authority and all the defendants executed Agreement of Guarantee in favour of the applicant bank on 02.04.2016.

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That in order to secure the credit facility, the defendant No.2 and 3 created equitable mortgage of property bearing Plot No.27, Khasra No.12/21, Chaukhandi Village, Hind Nagar, Delhi with applicant bank on 02.04.2016 by deposiing the

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T.A. No.962 of 2022

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original Sale Deed dated 03.10.2012 which was substituted with another property bearing No.WZ-82/1, First Floor Back Portion without roof right, Sant Garh Extension, Gali no.5, (Village Chaukandi), Delhi by depositing original title deed dated 16.11.2012 and the applicant bank accepted and created equitable mortgage on 17.01.2017.

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It has been submitted that after availing the loan facility, the defendants failed to comply with the terms and conditions of sanction despite several requests and reminders. The defendants failed to operate the account regularly and not abide the terms of sanction and did not pay the dues in time to the applicant bank. Ultimately, the applicant bank classified the account as NPA on 31.03.2018 and issued recall notice on 02.07.2018 but defendants neglected, 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 Interest Act 2002 dated 10.07.2018 was issued to the defendants but the same was returned as unserved. The applicant bank obtained possession order dated 09.01.2020 from Ld. CMM Delhi and on visiting the property on 26.02.2020 for taking physical possession, it was found locked and another financial institution/bank has put their seal on property.

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The defendant no.1 acknowledged the debt by executing Balance and Security Confirmation dated 20.01.2017 and 12.06.2018 towards applicant bank.

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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 02.12.2024, the defendants have been proceeded ex-parte as they have

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T.A. No.962 of 2022

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not appeared before the Tribunal and even no written statement, evidence and affidavit of assets has been filed on behalf of the defendants.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Sh. Akhouri Binay, authorized representative of the applicant bank who has proved the documents as true copy of Gazette Notification EX.AW-1/1, General Power of Attorney EX.AW-1/2, Application for Cash Credit facility EX.AW-1/3(Colly), KYC documents EX.AW1/4(Colly), Sanction Letter EX.AW-1/5, Hypothecation Deed of Goods and Book Debts EX.AW-1/6, Agreement of Guarantee EX.AW-1/7 to EX.AW-1/9, Letter of Undertaking EX.AW-1/10, Letter of Authority EX.AW-1/11, Equitable Mortgage Register EX.AW-1/12(Colly), Balance and Security Confirmation Letter EX.AW-1/13(Colly), Letter dated 07.08.2017, Audited Balance Sheet & ITR EX.AW-1/14(Colly), Balance and Security Confirmation Letter EX.AW-1/15, Recall Notice EX.AW-1/16, Recall Notice with Postal Receipts EX.AW-1/17(Colly,, Notice dated 11.09.2019 with reply from Support Agency EX.AW1/18(Colly), Possession Notice and Photograph received from Court Receiver and Newspaper EX.AW-1/19(Colly), Statement of Accounts and Certificate EX.AW-1/20(Colly).

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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 has proved its case beyond reasonable doubts.

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Sct

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T.A. No.962 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 within a period of 30 days, jointly or severally, a sum of Rs.63,11,825.02/- (Rupees Sixty Three Lacs Eleven Thousand Eight Hundred Twenty Five and Paisa Two only) along with costs, pendentelite and future interest @12.65% per annum with monthly rests from the date of filing this application till the date of realization, failing which the aforesaid amount shall be recovered from the sale of hypothecated stock, book debt and mortgaged property bearing No.WZ-82/1, First floor, Back Portion without roof, Sant Garh Extension, Gali no.5, (Village Chaukandi), Delhi-110018. In case of shortfall, the same shall be recovered from the sale of movable and immovable properties of the defendant.

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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 14.05.2025.

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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) ated: 15.03.2025

Punjab National Bank v. Mrs. Neelu Kapoor

Case brief

What is this about?

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Punjab National Bank v. Mrs. Neelu Kapoor

Case brief

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