Allowed

Yes Bank v. M/S a K Packers and Others

DRT4 May 2026OA/26/2026

Case brief

AI extract

What is this about?

The DRT admitted the applicant's recovery application filed under Section 19 RDB Act without a defence from the defendants. The court declared the defendants liable to pay the outstanding dues with interest and directed issuance of the recovery certificate.

What did the court decide?

Order for recovery of Rs. 2,10,94,906.74 jointly and severally with simple interest at 8% per annum and direction to issue Recovery Certificate.

Yes Bank versus M/S a K Packers and Others — Company and Corporate | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.26/2026

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 05.01.2026

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DATE OF DECISION: 04.05.2026

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Yes Bank Ltd., Registered Office at Yes Bank House, Off Western Express Highway, Santacruz (E), Mumbai, Maharashtra- 400055 and Yes Bank Ltd. Northern Regional Corporate Office at SCO 129-130, Madhya Marg, Sector 9C, Chandigarh having its Branch Office at Ferozepur Road, Ludhiana, Punjab through its Attorney Holder, Sh. Aashiv Bhayana

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……..Applicant

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Versus

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M/S AK Packers through its Partners Sh. Sunil Kalra and Smt. Sarita Rani Kalra, Village Kakowal, Vishal Nagar, Ludhiana, Punjab- 1410087

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Sh. Sunil Kalra, S/o Sh. Roshan Lal Kalra, R/o 661/26/A1, Sarva Nand Colony, Sekhewal, Bajra, Basti Jodhewal, Ludhiana, Punjab- 141007

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Smt. Sarita Kalra, W/o Sh. Sunil Kalra, R/o 661/26/A1, Sarva Nand Colony, Sekhewal, Bajra, Basti Jodhewal, Ludhiana, Punjab- 141007

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…….Defendants

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Advocates:

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Argued by Sh. Amit Rishi, Advocate for applicant (through VC) Ms. Sheena Khanna, Advocate for defendants

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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. 2,10,94,906.74 (Rupees Two Crores Ten Lacs Ninety Four Thousand Nine Hundred Six and Paise Seventy Four Only). The Original Application has been filed through Sh. Aashiv Bhayana, Attorney Holder o f the applicant, who is

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2 OA/26/2026 YES BANK VS. M/S AK PACKERS AND OTHERS

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competent to institute the Original Application vide Power of Attorney dated 28.03.2025, which is Annexure A1 to this OA.

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The brief facts of the OA are that defendant no. 1 through its Proprietors defendant nos. 2 and 3 approached the applicant for grant of OD Facility of Rs. 300.00 Lacs and Short Term Loan of Rs. 300.00 Lacs vide Application Form dated 04.04.2023, which is Annexure A2 to this OA. 3. The applicant sanctioned OD Facility of Rs. 100.00 Lacs, Short Term Loan of Rs. 100.00 Lacs, OD- I Facility of Rs. 100.00 Lacs and WCTL of Rs. 5.00 Lacs vide Sanction Letter dated 25.09.2023, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants.

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(i) Defendant no. 3 mortgaged her immovable property i.e. Flat measuring 10 Sq. Yards situated at Flat no. 503, 5^th Floor, Shivalik Apartment, Tehsil Kharar, District SAS Nagar, Punjab vide Sale Deed bearing Registration no. 7583 dated 17.09.2019 and TSR Report dated 05.10.2023 along with Jamabandi, which are Annexure A11 and A14 to this OA.

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(ii) Defendant no. 2 mortgaged his immovable property i.e. Land measuring 100 Sq. Yards situated at House no. B25-661/26A1, Tarf Kazi Abadi, Sarwanand Colony, Ludhiana, Punjab vide Sale Deed bearing Registration no. 18671 dated 22.03.2021 and TSR report dated 06.11.2023 along with Jamabandi, which are Annexure A12 and A15 to this OA.

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Documents executed: Addendum to Facility Letter and Deed of Hypothecation, both dated 23.10.2023, which are Annexure A4 and A6 to this OA; Master Facility Agreement, Letter of Authority and Letter of Debit Authorization, all dated 29.09.2023, which are Annexure A5, A9 and A10 to this OA; Declaration cum Indemnity dated 29.11.2023, which is Annexure A7 to this OA; Letter intimation regarding takeover of Credit Facilities dated 28.09.2023, which is Annexure A8 to this OA; Memorandum of Entry for Creation of Mortgage by way of Deposit of Title Deeds dated 23.11.2023, which is

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3 OA/26/2026 YES BANK VS. M/S AK PACKERS AND OTHERS

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Annexure A13 to this OA; Demand Notice dated 17.12.2025, which is Annexure A16 to this OA and Statement of Account with certificate, which are Annexure A17 and A18 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. 2,10,94,906.74 which is recoverable and the defendants were served recall notice but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

¶26

The defendants were served summons to appear before this Tribunal and after service upon defendants, Ms. Sheena Khanna, Advocate appeared on behalf of defendants on 11.02.2026 and filed her Power of Attorney on behalf of defendants. Paper book was supplied to her. No WS was filed within stipulated period or even after expiry of stipulated period. Therefore, opportunity to file WS by defendants was closed and defence struck off vide order dated 20.04.2026.

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In support of the OA, affidavit of Sh. Aashiv Bhayana, Authorized Representative, Yes Bank Limited has been filed.

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Heard arguments and perused record.

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It was argued by learned counsel for applicant (through VC) that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. Learned counsel for defendants has not advanced any arguments.

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From the perusal of all the Annexure A1 to A18 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, 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. 2,10,94,906.74 (Rupees Two Crores Ten Lacs Ninety Four

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OA/26/2026 YES BANK VS. M/S AK PACKERS AND OTHERS

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Thousand Nine Hundred Six and Paise Seventy Four Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the amount. 10. In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @11.00% p.a. with half yearly rests from date of institution of this application till the realization.

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The Tribunal is of the considered opinion that sometimes in 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/mortgaged properties, 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 simple interest @8.00% p.a. in the 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.2,10,94,906.74 (Rupees Two Crores Ten Lacs Ninety Four Thousand Nine Hundred Six and Paise Seventy Four Only) jointly and severally with costs, current and future simple interest @8.00%p.a. in the loan accounts from the date of filing of OA till the date of realization of the amounts. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of hypothecated assets/mortgaged properties 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.

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OA/26/2026

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YES BANK VS. M/S AK PACKERS AND OTHERS

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Parties to appear before Learned Recovery Officer of this Tribunal on 25.05.2026.

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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.

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Pronounced by me in the open Tribunal.

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Dated: 04.05.2026

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(MRIDULESH KUMAR SINGH)

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Presiding Officer,

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DRT-III, Chandigarh

Yes Bank v. M/S a K Packers and Others

Case brief

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Yes Bank v. M/S a K Packers and Others

Case brief

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