Allowed

Central Bank of India v. M/S Veer Print Pack and Another

DRT23 Apr 2026OA/189/2025

Case brief

AI extract

What is this about?

DRT-III, Chandigarh allowed the Original Application filed by Central Bank of India against M/s Veer Print Pack and Ms. Sunita. The Tribunal held defendants liable to pay a principal sum of Rs.31,66,085.00 with costs and fixed future simple interest at 8% p.a., ordered issuance of a Recovery Certificate, and directed execution through hypothecated assets under SARFAESI.

What did the court decide?

Amount of Rs.31,66,085.00 declared recoverable with costs and 8% p.a. interest; Recovery Certificate issued; enforcement via sale of assets allowed.

Central Bank of India versus M/S Veer Print Pack… — Contract and Commercial Disputes | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.189/2025

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 15.02.2025

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DATE OF DECISION: 23.04.2026

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Central Bank of India, a body corporate, constituted under Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Central Office at Chander Mukhi, Nariman Point, Mumbai 400021 and one of its Branch Offices, at SCO No. 528, Sector-70, District SAS Nagar, Mohali, Punjab, through its Authorized Officer and Power of Attorney Holder Sh. Mitadru Banerjee.

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……..Applicant

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Versus

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M/s Veer Print Pack, through its proprietor Ms. Sunita D/o Sh. Kaku Ram, R/o Plot No. 70, Makhan Majra, Chandigarh-160001.

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Ms. Sunita D/o Sh. Kaku Ram, R/o House No. 116, Phase-2, Ram Darbar, Chandigarh.

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…….Defendants

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Advocates:

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Argued by Sh. Sanjay Gupta, Advocate for the applicant

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None for Defendants (already ex-parte vide order dated 20.04.2026)

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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 and Bankruptcy Act 1993, against the defendants for recovery of Rs.31,66,085.00 (Rupees Thirty One Lacs

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Sixty Six Thousand Eighty Five Only). The Original Application has been filed through Sh. Mitadru Banerjee, Branch Head o f the applicant, who is competent to institute the Original Application vide General Power of

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Attorney dated 29.08.2023, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendant no.1, through its proprietor defendant no.2, approached the applicant for grant of Cash

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2 OA/189/2025 CENTRAL BANK OF INDIA VS M/S VEER PRINT PACK AND ANOTHER

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Credit Limit of Rs.15.00 Lacs and Term Loan of Rs.15.00 Lacs vide Loan Application Form dated 22.06.2023, which is Annexure A2 to this OA. 3. The applicant sanctioned the Cash Credit Limit of Rs.15.00 Lacs and Term Loan of Rs.15.00 Lacs vide Sanction Letter dated 01.08.2023, which is Annexure A4 to this OA and terms and conditions were duly accepted by the defendants.

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Defendant no. 1 through its proprietor defendant no. 2 hypothecated moveable assets i.e. Stock and Book Debts and Machinery purchased out of Term Loan vide Hypothecation Agreements dated 01.08.2026, which are Annexures A11 & A14 to this OA. Documents executed: Assets and liabilities dated 22.06.2023, which is Annexure A3 to this OA; Lease Deed dated 06.06.2023, which is Annexure A5 to this OA; D.P. Note, Letter of Waiver, Letter of Interest, Letter of continuity, Consent by borrower, all dated 01.08.2023, which are Annexures A6 to A10 to this OA; Term Loan Agreement, Article of Agreement, both dated 01.08.2023, which are Annexures A12 & A13 to this OA; Declaration cum undertaking, dated 01.08.2023, which is Annexure A15 to this OA; Supplementary Agreement dated 01.08.2023, which is Annexure A16 to this OA; Letters dated 06.02.2024, which are Annexure A17(Colly) to this OA; Statement of Accounts with certificate, which are Annexures A18 & A19 to this OA; Recall Notice dated 13.01.2025, along with postal receipt, which are Annexures A20 to A22 to this OA.

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The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in loan accounts, there was a debit of Rs.31,66,085.00, 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. 6. The defendants were served summons to appear before this Tribunal but no one appeared on behalf of defendants and they were

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3 OA/189/2025 CENTRAL BANK OF INDIA VS M/S VEER PRINT PACK AND ANOTHER

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proceeded ex-parte vide order dated 20.04.2026.

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In support of the OA, affidavit of Sh. Mitadru Banerjee, Branch Head, Central Bank of India, h as been filed.

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Heard ex-parte arguments and perused record.

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It was argued by learned counsel that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case.

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From the perusal of all the Annexures A1 to A22 to this OA, it is proved that the defendants approached applicant for availing of the loan facilities, which were granted to them and for that they had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loans as per terms and conditions of the agreement between the parties. Subsequently, both the accounts of the defendants were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.31,66,085.00 (Rupees Thirty One Lacs Sixty Six Thousand Eighty Five 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.

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In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @13.85% p.a. in both loan facilities, with monthly rests from 11.01.2025 till the realization.

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The Tribunal is of the considered opinion that sometimes in

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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 hypothecated assets, undertaking of the defendants, quantum of loans and prevalent market rates of interest 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 @08.00%p.a. in both the

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4 OA/189/2025 CENTRAL BANK OF INDIA VS M/S VEER PRINT PACK AND ANOTHER

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loan accounts from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.31,66,085.00 (Rupees Thirty One Lacs Sixty Six Thousand Eighty Five Only), jointly and severally, with costs, current and future simple interest @08.00% p.a. in both the loan accounts 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 hypothecated assets of the 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.

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12. Any other application pending stands disposed of.

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Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 14.05.2026

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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: 23.04.2026

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(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Central Bank of India v. M/S Veer Print Pack and Another

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Central Bank of India v. M/S Veer Print Pack and Another

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