Allowed

Punjab National Bank v. M/S Sarthak Infra and Co.

DRT25 Jun 2026OA/107/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the applicant bank's original application for recovery of dues under Section 19 of the RDB Act, 1993, as the defendants appeared ex parte. The court directed payment of the principal, interest, and costs, and recovery from hypothecated and personal assets.

What did the court decide?

Order allowing the application and directing respondents to pay Rs. 1,25,96,134.44 with interest and costs within 30 days.

Punjab National Bank versus M/S Sarthak Infra and Co. — Money Laundering | DRT (2026)

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

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OA No.107 OF 2022

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PUNJAB NATIONAL BANK^{VS M/S SARTHAKINFRA} AND CO & ORS

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Reserued on : 21.05.2026

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Pronounced on : 25.O6.2026

Punjab National Bank

-Applicant bank

Vs.

M/s Sarthak^{Infra and Co.}

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Mr. Sanjeev^Kumar

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Defendants

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Present Mr. Jitesh Sharma,^{Counsel appears for} applicant bank. Detendants are^{exparte, since,24.09'2024'}

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FINAL ORDER

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This original^{appticationhas been filed by the} applicantbank,on0t.t0.2o2lthroughSh.Edmund Pradeep Aind,^{Managerof the applicant bank, under} Section 19^{of the RDB Act, 1993againstthe defendants} for recovery^{of a sum of Rs. L,25,96,L3L'44, together} with^{pendentelite and futureinterest at the contractual} rate of interest^{compounded with monthly rests plus} penal interest @2o/o^{p.a.( without compounding) w.e.f.} 01.09.2021^{along with cost and chargesfrom date of} filing of this^{O.A. till the realization in full'}

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The brief^{facts of the case are that at the request} of defendant^{no.l throughits proprietor defendant} no.Z, the applicant^{bank gangoned a Cash Credit} e<sup>',

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OA NO. 107 of 2022

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Facility under CGTMSE of Rs.100.00 Lacs for working capital requirement, vide sanction letter dated 19.10.2019 against hypothecation of stock of^goods, raw material and stock in^progress of material^{used in} lying of gas^pipeline, underground^{cable network and} recelvables etc. The DP is not being^markedon receivable older than 180 days.^{The defendants} executed all necessary loaning^{documents on} 19.10.2019. Again, at the^{request of defendants, the} applicant bank sanctioned^{a Working CapitalTermLoan} (WC[L) under GECL of Rs.12,00,000/-^{to meet} operational liabilities and^{restart the businessof the} firm, vide sanction^{letter dated 04.06.2020. The} defendants executed^{all necessary loaning documents} on 11.06.2020.^{Again, at the requestof defendants,the} applicant bank^{renewedthe existing Cash Credit Limit} of Rs.100.oo^{Lacs for t2 months subject to annual} review, vide^{sanction letter dated13.01.202L against} hypothecation of^{entirestocks (both present and} future) and all current^{assets of the firm out of loan} amount. The^{defendantsexecuted all necessary} loaning documents^{on 09.02.202L}

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It is^{further submitted that the defendants} enjoyed and^{utilizedthe Loan facilities, but failed to} maintain the^{financial discipline and failed to repay the} due amounts.^{The applicant bank requested the} defendants to^{regularize the loan accountby visits and} letters, but there^{was no response from the} defendants,^{hence the account was classifiedas NPA} on 31.03 .202L.^{The present o.A. is preferred by the} applicant bank^{to recovel^i!; dues.}

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OA NO. 107 of 2022

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on notice by^{this Tribunal, defendants failed} to put appearance at^{all, despitepublication.} Accordingly, the^{defendantswere proceeded against} exparte on 24.09.2024.

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The applicant^{bank has filed evidenceby way of} affidavit of Mr.^{Edmund Pradeep Aind, Manager of the} applicant bank^{as Annexure- A/1 to Annexure-A/30,} which have^{gone unchallengedand un-rebutted.} Hence, the case of^{the applicant 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^{disbelievingthe evidenceand} documents filed^{by the applicantbank based upon the} written/pri nted^{docu ments.}

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In the light of^{the abovediscussions,the present o.A.} deserues to^{be allowed.}

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ORDER

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I hereby^{allow this o.A. of the applicant bank and} direct the defendant^{nos.l and 2 to pay jointlyand} severally to^{the applicant bank within 30 days from} today, a sum^{of Rs. L,25,96,L3L'44along with cost'} expenses and^{interest @7.95o/ofrom the date of filing} of this O.A.^{till the date of-rsalization'} '94 r'

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OA NO. 107 of 2022

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In case of failure to deposit the above amount within the stipulated period, the same shall be recovered from the sale of hypothecated assets. In case of short fall, the same shall be recovered from the sale of personal movable and immovable assets of the defendant nos.1 and 2.

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Recovery Ceftificate be issued fotthwith and be sent to Recovery Officer, 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 directed to appear before the^Ld. Recovery Officer, DRT-II, Delhi on 25.08 .2026. Pending IAs, if any, stand disposed of.

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File be consigned to records.

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Date :25.06.2026

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\ 9r> (susHrl KUMAR R[frOGI) PRESIDING OFFICER DRT-II, Delhi

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

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Date :25.06.2026

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/.-'.fr s). (susHrL rUunrn[SocU PRESIDING OFFICER DRT-II, Delhi

Punjab National Bank v. M/S Sarthak Infra and Co.

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Punjab National Bank v. M/S Sarthak Infra and Co.

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