Allowed

Punjab National Bank v. M/S Shree Plast India

DRT25 Jun 2026OA/120/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the bank's original application filed under Section 19 RDB Act, 1993, and directed defendants to pay outstanding dues with interest.

What did the court decide?

Direct respondents to pay Rs.2,02,70,119.80 with interest within 30 days; Recovery Certificate to be issued; assets to be sold if not paid.

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

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Before SUSHIL^{KUMARRASTOGI, Presiding} Officer

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Debts Recovery Tribunal-Il,^Delhi

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OA No.120 OF 2023

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PUNIAB NATTONAL^{BANK VS M/S SHREE PLAST} INDIA & ORS

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Reserued on : 21.05.2026

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Pronounced on :^25.06.2026

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-Applicant bank Punjab National Bank Vs. 1. M/s Shree Plast^India 2. Smt. Simpy^Pansari - Defendants

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Present: Mr. Navin^{Kumar,Counselappears for} .aPPlicant bank. Defendants are exparte,^{since,02.05.2025'}

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FINAL ORDER

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This original apptication^{has been filed by the} applicant bank, on^{30.01.2023through Sh' Amit} Kumar, Manager of^{the applicant bank, under Section} 19 of the RDB Act,^{1993 againstthe defendantsfor} recovery of a sum of^{Rs.2,02,70,119.80 along with} future interest @10.950/o^{p.a. in CC Limit, interest} @L4.ZOo/o^{p.a. in working capitalTerm Loan, interest} @9.85^{p.a. in wcTL under CECF & interest @15.20olo} p.a. in Funded interest^{Term Loan from date of filing of} this O.A. till the^{realization in full.}

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The brief^{facts of the caseare that at the request} of defendant no.l^{through its proprietor defendant} no.Z, the applicant^{bank sanctioneda cash credit (H)} --^- -/,/

S.\ \

OA NO. 120 of 2023

of Rs.150 Lakhs, vide sanction letter dated 2L.03.2020. Again, the request of defendants, the applicant bank sanctioned/ restructured the credit facilities, vide sanction letter dated 28.06.2021 i.€., Cash Credit (Hypothecation) (Renewed/ Reduced) of Rs.75 lakhs reduced from Rs.150 Lakhs, Working Capital Term Loan (Fresh) of Rs.75 lakhs, WCTL under CECF (Fresh) of Rs.13.35 Lakhs, FITL-I of Rs.L6.L4 Lakhs- Total of Rs.179.49 Lakhs. The defendants executed all necessary loaning documents on 28.06.2021. Apart from the documents mentioned above the defendant no.1 also hypothecated the entire stocks of stores & spares, inward RRs/GRs, entire book debts arising out of^genuine credit sale transactions and all other current assets of the borrower lying in the godowns/ factory of the company along with book debts other current assets^(present & future) and other such security acceptable to the bank from time to time.

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It is further submitted that the defendants enjoyed and utilized the Loan facilities, but^{failed to} maintain the financia! 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^classified as^NPA on 01.05 .2022. The applicant bank^serued a^demand notice dated 09.05.2022 and recall notice^dated 20.L2.2022to the defendants but failed to^{recover the} same Thus, the^present O.A. is^preferred by^the applicant bank to recover its dues.

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OA NO. 120 of 2023

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4, On notice by this Tribunal, defendants^failed to put appearance at all, despite^publication. Accordingly, the defendants were^{proceeded against} expafte on 02.05.2025.

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The applicant bank^{has filed evidenceby way of} affidavit of Mr. Amit^{Kumar, Manager of the applicant} bank as Annexure-^{1 to Annexure-15, which have gone} unchallenged and un-rebutted.^{Hence, the case of the} applicant stands fully^{establishedagainst the} defendants with^{respectto nonpaymentof 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 applicant bank based upon the} written/pri nted^{docu ments.}

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In the light of the^{above discussions,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.1 and 2 to pay jointlyand} severally to^{the applicant bank within 30 days from} today, a sum of^{Rs.2,02,70,119.80along with cost'} expenses and^{interest @11 .95o/o from the date of filing} of this O.A.^{till the date} -of^realization'

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OA NO. 120 of 2023

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 shoft 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 Certificate be^{issued forthwith 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 sameto both} the pafties.

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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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9"> (susHIL rfrurnn ifhocrl PRESIDING OFFICER DRT-II, Delhi

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This^judgement has been^{signed, dated and} pronounced in oPen coutt.

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Date :25.06.2026

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( s). (susHrl KUMAR nASrocl) PRESIDING OFFICER DRT-II, Delhi

Punjab National Bank v. M/S Shree Plast India

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Punjab National Bank v. M/S Shree Plast India

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