Allowed

Punjab National Bank v. Sh. Anil Verma and Others

DRT20 Mar 2026OA/1137/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by Punjab National Bank for recovery of loan dues. The Court declared the respondents liable to pay the outstanding amount with adjusted simple interest and directed the issuance of a recovery certificate.

What did the court decide?

Declaration of liability to pay Rs. 31,29,806.50 with interest @8% p.a. and order to issue Recovery Certificate.

Punjab National Bank versus Sh. Anil Verma and Others — Execution and Attachment | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1137/2025

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 22.05.2025

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DATE OF DECISION: 20.03.2026

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Punjab National Bank, a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Head Office at Plot No.4, Sector 10 Dwarka, New Delhi 110075 and one of its Branch Office Dharampura (016910), Ludhiana represented through its Constituted General Attorney & Manager Sh. Sukhjit Singh presently posted at Branch Office Asset Recovery Management Branch (ARMB), Site no. 5, Ferozepur Road, Ludhiana.

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……..Applicant

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Versus

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Sh. Anil Verma son of Sh. Mohinder Pal, resident of House No. 4 Street no. 1, Gobind Nagar, Mundian Kalan, Ludhiana, District Ludhiana (Punjab) 141015

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Smt. Kiran Verma Wife of Sh. Anil Verma, resident of House No. 4 Street no. 1, Gobind Nagar, Mundian Kalan, Ludhiana, District Ludhiana (Punjab) 141015

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M/s Gaurav Land Developers and Colonizers Pvt Ltd with its Registered Office at Adj Garden City, Village Bholapur, Chandigarh Road Ludhiana through its Managing Director/Director/Principal Officer/Authorized Person (Developer/ Builder/Promoter and also the recipient of the loan amount from defendant no.1-2).

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….……Defendants

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Advocates:

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Argued by Sh. Aseem Kataria, Advocate for Applicant

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Defendants already ex parte vide order dated 21.01.2026.

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts & Bankruptcy Act, 1993, against the defendants for recovery of Rs.31,29,806.50 (Rupees Thirty One Lacs Twenty Nine Thousand Eight Hundred Six and Paise Fifty Only). The

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Original Application has been filed through Sh. Sukhjit Singh, Branch

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2 OA/1137/2025 PUNJAB NATIONAL BANK VS. ANIL VERMA AND OTHERS

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Manager, of the applicant, who is competent to institute the Original
Application vide Power of Attorney dated 08.03.2024, which is
Annexure A1to this OA.
2. The brief facts of the OA are that the defendant no.1 & 2 had
approached the applicant for grant of Home Loan of Rs.30.00 Lacs for
purchase of Flat Residential Building Project of defendant no. 2 vide loan application dated 20.05.2022, which isAnnexure A2to this OA.
3. The applicant sanctioned the Home Loan of Rs.30.00 Lacs vide
sanction letter dated 27.05.2022, which isAnnexure A3to this OA and
terms and conditions were duly accepted by the defendant nos. 1 & 2.
4. Defendant nos.1 and 2 mortgaged their immovable property i.e.
all Part and Parcel of Flat no. 30, (2BHK, Carpet Area measuring 59.9
Sq. Meter i.e. 645.5 Sq. ft., Built-up area measuring 840 Sq. Ft. and
Super Area measuring 104.98 Sq. Meter i.e. 1130 Sq. ft., with one car
parking space) in Tower No. Clarence-10, 3^rdFloor, Project "The Eastern
Park by Garav Basera", Adj. Garden City, Village Bholapur, Chandigarh
Road, Ludhiana, Punjab vide agreement of sale dated 26.05.2022, which
isAnnexure A9to this OA. Permission to mortgage dated 27.05.2022,
which is Annexure A8 to this OA; Agreement for sale dated 26.05.2022, which isAnnexure A9to this OA; Allotment letter dated 26.05.2022,
which isAnnexure A10to this OA; CERSAI Registration, which is
Annexure A11Ato this OA. *However, as per the OA, defendant no. 3 has not completed*
*the project and has not delivered the physical possession of Flat*
*to defendant nos. 1 and 2 and also has not executed the title*
*deed/conveyance deed of the Flat.*
Documents executed: Agreement for Housing Loan, Term Loan
Agreement, Master Agreement, Pronote, Tripartite Agreement, all dated
27.05.2022, which areAnnexures A4 to A7, A11to this OA; Demand
notice dated 29.07.2023 u/s 13(2) of SARFAESI Act, which isAnnexure
A12to this OA; and Statement of account, which isAnnexure A13to
this OA.
5. The loan account became irregular and was classified as NPA and
after adjusting debit and credit entries in the loan account there was a

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3 OA/1137/2025 PUNJAB NATIONAL BANK VS. ANIL VERMA AND OTHERS

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debit of Rs.31,29,806.50, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

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The defendants were served notices to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte vide order dated 21.01.2026.

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In support of the OA, affidavit of Sh. Sukhjit Singh, Manager, Punjab National Bank has been filed.

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Heard ex-parte arguments and perused record. 9. It was argued by learned counsel through Video Conferencing that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexures A1 to A13 to this OA, it is proved that the defendant nos. 1 and 2 approached applicant for availing of the loan facility for purchasing Flat in project of defendant no. 3. The Loan facility was granted to defendant nos. 1 and 2 for which the defendants had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.31,29,806.50 (Rupees Thirty One Lacs Twenty Nine Thousand Eight Hundred Six and Paise Fifty Only), along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the accounts. 10. In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @11.00%p.a. with 2% penal interest and monthly rests from 01.05.2025 till the realization. The Tribunal is of the considered opinion that sometimes in appropriate cases the prerogative of mercy is the brightest jewel in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including nature of the mortgaged property, undertaking of the defendants, quantum of loan and prevalent market rates of interest

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4 OA/1137/2025 PUNJAB NATIONAL BANK VS. ANIL VERMA AND OTHERS

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which have gone drastically downhill in yester years, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @8.00%p.a. in the loan account from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly. 11. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.31,29,806.50 (Rupees Thirty One Lacs Twenty Nine Thousand Eight Hundred Six and Paise Fifty Only), jointly and severally, with costs, current and future simple interest @8.00%p.a. in the loan account from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of mortgaged property of defendants in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the applicant still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law. 12. Any other application pending stands disposed of . 13. Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 13.04.2026. 15. Copy of this order be given dasti to the applicant and be sent to defendants through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned. Pronounced by me in the open Tribunal . Dated: 20.03.2026. (MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Punjab National Bank v. Sh. Anil Verma and Others

Case brief

What is this about?

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Punjab National Bank v. Sh. Anil Verma and Others

Case brief

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What did the court decide?

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