Allowed

Punjab National Bank v. M/S National Industries

DRT14 Jul 2026OA/1142/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application under Section 19 of the RDB Act for the recovery of ₹6,90,54,669.51 along with interest, costs, and a recovery certificate against the respondents for outstanding loans.

What did the court decide?

Application for recovery of ₹6,90,54,669.51 with interest and costs allowed; Recovery Certificate issued; case remanded to Recovery Officer.

Punjab National Bank versus M/S National Industries — Execution and Attachment | DRT (2026)

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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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OA No: 1142 of 2024 Date of Institution: 08.06.2024 Date of Decision: 14.07.2026

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Punjab National Bank having its branches all over India and a branch at Faridkot City, Punjab.

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……..Applicant Vs.

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M/s National industries through any of its Partner C/o Sadiq road Faridkot-151203 Punjab.

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Mr. Rohit Monga S/o Sh. Mahesh Chand R/o #C-4, New Cantt Road Faridkot Punjab.

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Sh. Vikram Monga S/o Sh. RajPal Monga R/o # C-63, Gunny Niwas,New Cantt Road Street No 7 Faridkot Punjab.

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……….Defendants

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Advocates

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Ms. Anuradha Gupta, Counsel for the applicant bank. None for the Defendants. OA for the Recovery of ₹6,90,54,669.51p with interest @9.25% per annum with monthly rests from 08.06.2024.

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ORDER

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Punjab National Bank (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of ₹6,90,54,669.51p with interest against M/s National Industries and others (defendants).

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Defendant no.1 is a partnership firm and Defendant nos.2 and 3 are its partners. Bank’s case is that on 28.09.2005, it had granted a loan of ₹60.00Lacs to defendant no.1 through its partners in the form of C.C Limit for business purpose. The limit was enhanced and renewed from time to time and was lastly enhanced to ₹600.00Lacs on 19.07.2016. To secure the loan, Defendant no.1 had mortgaged property (fully detailed

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in para No.3A of the application). Defendant nos. 2 and 3 also stood as the guarantors in their personal capacity. On 03.06.2020, bank granted a W.CT.L. under G.E.C.L. of ₹120.00Lacs to the defendants. The loans were chargeable to different rates of interest. The defendants had acknowledged the liability towards the debt on 09.04.2008, 15.09.2016, 10.10.2018, 10.06.2019 and 21.04.2022. On 30.04.2024, a sum of ₹6,90,54,669.51p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 07.04.2025, the defendants were supplied the paper book yet they did not file the written statement. On 25.02.2026, the defendants were summoned for the purpose of admission and denial of the documents. Defendant nos. 1 and 2 put in appearance and admitted their signatures on the documents but denied their contents.

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In order to prove its case, the Bank has placed on record the affidavit of Mr. Raman Kataria, Authorised Officer along with the loan and security documents and marked them as Exhibit A-1 to A-52.

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I have perused the evidence on the record. I am of the considered view that the Bank has proved its case that it had advanced loan under different schemes and on 30.04.2024, a sum of ₹6,90,54,669.51p (₹6,50,98,748.31p in the C.C. Limit and ₹39,73,921.20p in the W.C.T.L.) was due.

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Accordingly, the application of the bank for the recovery of ₹6,90,54,669.51p (Rupees Six Crores Ninety Lacs Fifty Four Thousand Six Hundred Sixty Nine and Fifty One Paise Only) with interest @9.25% per annum with monthly rests from 08.06.2024, till the date of payment is hereby allowed with costs. The liability of all the defendants would be joint and several. Bank can recover its dues by the sale of mortgaged

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properties fully detailed in para No.3A of the application as well as from the personal movable and immovable property(ies) of the defendants.

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Pending IAs, if any, stand disposed of.

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Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 17.08.2026, who is directed to distribute the sale proceeds of the mortgaged property(ies) and standing crops as per the provisions of Section 19(20-AB) of the Act .

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A Copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties.

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Pronounced in the open Court. (A S Narang) Dated: 14.07.2026 Presiding Officer DRT-1, Chandigarh

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(Law Researcher)

Punjab National Bank v. M/S National Industries

Case brief

What is this about?

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Punjab National Bank v. M/S National Industries

Case brief

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