Allowed

Central Bank of India v. M/S Bala Sundri Hosiery

DRT8 Sept 2026OA/1321/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by Central Bank of India for the recovery of ₹42,26,700/- with interest against M/s Bala Sundri Hosiery and its proprietor. The court found the bank proved its case regarding the loan advanced and the due amount. The application was proceeded ex parte as respondents did not appear, and a recovery certificate was issued.

What did the court decide?

Application allowed for recovery of ₹42,26,700/- with interest. Issuance of Recovery Certificate. Liability of respondents declared joint and several.

Central Bank of India versus M/S Bala Sundri Hosiery — Banking and Recovery | 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: 1321/2025 Date of Institution: 24.07.2025 Date of Decision: 08.09.2026

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Central Bank of India having its branches all over India and a branch at Moginand, Tehsil Nahan, District Sirmour, Himachal Pradesh.

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……..Applicant

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Vs.

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M/s Bala Sundri Hosiery Situated at Village Buddiyon, P.O. Tirlokpur, Kala Amb, Tehsil Nahan, District Sirmour, Himachal Pradesh through its proprietor Sh. Jagdev Singh Jaswal.

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Jagdev Singh Jaswal s/o Sh. Narayan Singh, r/o Village Buddiyon, P.O. Tirlokpur, Kala Amb, Tehsil Nahan, District Sirmour, Himachal Pradesh.

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……….Defendants

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Advocates

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Sh. Tilak Raj Kapoor, Counsel for the applicant bank. Defendants- ex parte vide order dated 22.01.2026 .

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OA for the Recovery of ₹42,26,700/- with interest @7.35% per annum with monthly rests from 24.07.2025.

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ORDER

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Central Bank of India has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of ₹42,26,700/- with interest against M/s Bala Sundri Hosiery and others (defendants).

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Bank’s case is that on 13.08.2012, it had granted C.C. Limit of ₹38.00 Lacs to defendant No.1 through its proprietor defendant No.2 for Business purpose. To secure the loan, Defendant No.2 being the proprietor of defendant No.1 had hypothecated assets (fully detailed in para No.3A of the application). The C.C. limit was renewed from time to time and lastly on 29.04.2023 at ₹38.00 Lacs. The loan was chargeable

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to interest @7.35% per annum with monthly rests. Defendants had duly acknowledged their liability towards the debt on 10.08.2015 and 05.08.2021. On 27.06.2025, a sum of ₹42,26,700/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 21.08.2025, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 22.01.2026, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Sh. Vishwadeep Chauhan, Senior Manager along with the loan and security documents and marked them as Exhibit A-1 to A-24.

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I have perused the evidence on the record. Sh. Tilak Raj Kapoor, counsel for the applicant bank is present along with the original documents which have been perused by me. The same have been returned to him after perusal. I am of the considered view that the Bank has proved its case that it had advanced the loan of ₹38.00 Lacs and on 27.06.2025, a sum of ₹42,26,700/- was due.

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Accordingly, the application of the bank for the recovery of ₹42,26,700/- (Rupees Forty Two Lacs Twenty Six Thousand Seven Hundred Only) with interest @7.35% per annum with monthly rests from 24.07.2025, till the date of payment is hereby allowed with costs. The liability of both the defendants would be joint and several. Bank can recover its dues by the sale of hypothecated assets 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 09.10.2026. 10. A Copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties. Pronounced in the open Court. (A S Narang) Dated: 08.09.2026 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Central Bank of India v. M/S Bala Sundri Hosiery

Case brief

What is this about?

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Central Bank of India v. M/S Bala Sundri Hosiery

Case brief

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