Allowed

Punjab National Bank v. M/S Best Seeds Karnal

DRT1 Sept 2026OA/1692/2024

Case brief

AI extract

What is this about?

The DRT-I, Chandigarh, allowed an application filed by Punjab National Bank for recovery of dues aggregating ₹35,55,608/- along with interest from the borrowers and guarantors, noting that the defendants failed to appear and the evidence on record was found satisfactory.

What did the court decide?

Recovery of ₹35,55,608/- with interest at 9.25% p.a. from 18.10.2024 allowed; liability is joint and several; recovery through sale of hypothecated vehicle or personal property; Recovery Certificate i

Punjab National Bank versus M/S Best Seeds Karnal — Contract and Commercial Disputes | 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: 1692/2024 Date of Institution: 18.10.2024 Date of Decision: 01.09.2026

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Punjab National Bank having its branches all over India and a branch at IBB, Lawrence Road, Amritsar, Punjab.

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……..Applicant

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1. M/s Best Seeds Karnal, Having Regd. office at 4, Phase 2, Chand Avenue, Fateh Garh Churian Road, Amritsar, Punjab. Factory Address: VPO Nawanpind, Ramdas Road, Ajnala, Amirtsar, Punjab.

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1. Chandev Jit Singh S/o Ranjit Singh, Village Nangal Sohal, Ramdass, Amritsar, Punjab. IInd Address: Plot private No. 86-87, Vrindavan Gardens Extensions, Near Marwari Mandir, Fatehgarh Churian Road, Tehsil & District Amritsar, Punjab.

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1. Amardeep Kaur W/o Sh. Balwinder Singh, R/o 15-B, Fatehgarh Churian Road, Chand Avenue, Amritsar, Punjab. ……….Defendants

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Advocates

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Sh. Anirudh Gupta, Counsel for the applicant bank. Defendants - ex parte vide order dated 02.05.2025 .

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OA for the Recovery of ₹35,55,608/- with interest @9.25% per annum with monthly rests from 18.10.2024.

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ORDER

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Punjab National Bank has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of ₹35,55,608/- with interest against M/s Best Seeds Karnal and others (defendants). 2. Bank’s case is that on 21.03.2022, it had granted a loan of ₹40.00Lacs to defendant No.1 through its partners defendant Nos.2 and 3

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in the form of C.C Limit for Vehicle purpose. To secure the loan, Defendant Nos. 2 and 3 being the partners of defendant No.1 had hypothecated vehicle bearing Registration No.PB02EJ0063 (fully detailed in para No.5.5 of the application). Defendant Nos.2 and 3 stood as guarantors. The loan was chargeable to interest @9.25% per annum with monthly rests. On 30.09.2024, a sum of ₹35,55,608/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 20.11.2024, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 02.05.2025, 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. Anwar Ali, Chief Manager along with the loan and security documents and marked them as Exhibit A-1 to A-13.

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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 the loan of ₹40.00 Lacs and on 30.09.2024, a sum of ₹35,55,608/- was due. 6. Accordingly, the application of the bank for the recovery of ₹35,55,608/- (Rupees Thirty Five Lacs Fifty Five Thousand Six Hundred Eight Only) with interest @9.25% per annum with monthly rests from 18.10.2024, 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 hypothecated vehicle fully detailed in para No.5.5 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 02.10.2026. 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: 01.09.2026 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Punjab National Bank v. M/S Best Seeds Karnal

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. M/S Best Seeds Karnal

Case brief

What is this about?

What did the court decide?

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