Allowed

Punjab National Bank v. M/S Avyukta Dairy Products Ltd.

DRT29 Jul 2026OA/292/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal disposed of an application filed by Punjab National Bank for the recovery of a loan amount of over Rs.7.16 crores with interest and costs from M/s Avyukta Dairy Products Ltd and Ms. Anjani Mittal. The bank established its case via affidavit unchallenged by the defendants.

What did the court decide?

Direction to pay Rs.7,16,12,387.73 plus interest and costs; recovery from mortgaged property and personal assets if unpaid.

Punjab National Bank versus M/S Avyukta Dairy Products Ltd. — Banking and Recovery | DRT (2026)

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Before SUSHIL KUMAR RASTOGI, Presiding Officer Debts Recovery Tribunal-Il, Delhi

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OA No.292 OF 2024

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PUNJAB NATIONAL BANK VS M/S AVYUKTA^DAIRY PRODUCTS LTD & ORS

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Reserved on t 09.07.20.26 Pronounced on = 29.07.2O26

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Punjab National Bank -Applicant bank Vs.

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M/s Avyukta Dairy Products Limited - Defendants 2. Ms. Anjani Mittal

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Present Mr. Mahesh K. Choudhary, Counsel^appears for applicant bank. None for defendants.

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FINAL ORDER

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This original application has been^{filed by the} applicant bank, on^{28.0t.2024through Ms. TwinkleNain,} Chief Manager of the applicant^{bank, under Section19 of} the RDB Act, 1993 against^{the defendantsfor recovery of} a sum of Rs.7,16,12,387.73^{together with cost, charges} and^{pendentellite} and^{future interest} @14.45olo^{from date} of filing of this O.A. till the^{realization in full.}

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The brief facts of the^{case are that at the request} of defendant no.2^{represented herself to be the director} of defendant no.1,^{the applicant bank sanctioneda Term} Loan Facility of Rs.500.00^{Lacsfor settingup the project} of milk^processing unit- construction^{of building,civil} work, furniture & fixturea($stallation^{of machineryand} a.:

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OANO.292of 2024

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equipments, at village Bandipur, Murad^Nagar, Tehsil Modi Nagar, Ghaziabad,^{(U.P.)- 201206. and Cash} Credit Limit Facility of Rs.100.00^{Lacs underschemeof} financing to cold storage units,^{against hypothecationof} stocks of Milk and Milk^{Products,Stores & Sparesand} Receivables, vide sanction^{letter dated15.09.2017'} Again, at the request of^{defendants, the applicant bank} had revalidated the said^{sanction letter dated} l5.Og.2OL7, vide revalidation^{sanctionletter dated} 14.09.2018. The defendants^{executed all necessary} loaning documents on^{18.09.2018.The above credit} facilities were sanctioned^{by the applicantbank on certain} terms and conditions^{and inter alia one of the terms of} the sanction was^{creationof an equitable mortgagein} respect of the^{property i.e., ProjectLand & Building} admeasuring^{3300 Sq. Mtrs.bearing Khata No'2, Khasra} No.322, Village^{Bandipur, Muradnagar,TehsilModinagar,} Ghaziabad^{(U.P)- 201206, standing in the name of} defendant^{no.1. The above-mentionedTerm Loan Facility} of Rs.500^{Lacs was reviewed and Cash Credit Limit of} Rs.100.00 Lacs^{was renewed vide sanctionletterdated} 30.03.2020. It^{is submitted that a Working Capital Term} Loan of Rs.69.50^{Lacs wassanctionedin the nameof the} defendant no.1^{under GECL,vide sanctionletter dated} 15.09.2020.^{The defendants executed all necessary} loaning documents^{on 18.09.2020and 22'09'2020'The} above said^{credit facilities were being renewed from time} to time and the^{same were lastly sanctioned/renewed-} cum-restructured,^{in the name of defendantno' 1 with the} change in constitution^{from private limited company to} limited company,^{besidesbankguaranteeof Rs'5'10} Ldcs, vide sanction^{letter dated 29'10'2021' The} defendants^{executed all necegsary loaning documents on} sJ,

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OANO.292of2024 3

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30.10.2021 and had extended the charge/ moftgage over the above immovable property. The Term Loan account was restructured and upon restructure of the above term loan account, a Funded Interest Term Loan of Rs.65.89 Lacs, vide sanction letter dated 29.70.2021. The defendants executed all necessary loaning documents on 30.10.2021.

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It is further submitted that the defendants enjoyed and utilized the Loan facilities, but failed to maintain the financial 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 dated 31.01.2023. The applicant bank served a demand notice dated 08.02.2023 to 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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On notice by this Tribunal, defendants^put appearance through counsel but failed to^{file written} statement and the right to file written statement^of defendants was closed vide order dated^16.12.205.

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The applicant bank has filed^{evidenceby way of} affidavit of Sh. Twinkle Nain, Chief^{Manager of the} applicant bank as Annexure "A" to^{Annexure "AT",which} have gone unchallenged and un-rebutted.^Hence,the case of the applicant stands fully established^againstthe defendants with respect to lgnnayment^{of outstanding} <^ amount.

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OANO.292of 2024

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After^perusing the records, this Tribunal^is of^the view that the applicant bank has^{proved its} case^beyond reasonable doubts. The evidence and documents^{filed by} the applicant bank not rebutted by^{the defendants by not} placing any evidence and there is no^question of disbelieving the evidence and^{documentsfiled by the} applicant bank based upon the^{written/printed} documents.

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In the light of the above^{discussions, the presentO.A.} deserves 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 within30 days from today,} a sum of Rs.7,16,12,387.73^{along with cost, expenses} and interest @L4.45o/o^{from the date of filing of this O'A'} till the date of^realization.

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In case of failure^{to depositthe aboveamount} within the stipulated^{period, the same shall be recovered} from the sale of^{moftgaged property i.e., Project Land &} Building admeasuring^{3300 Sq. Mt. in KhataNo'2,Khasra} No.322, Village^{Bandipur, Muradnagar, Tehsil Modinagar,} Ghaziabad^{(U.P)- 201206.In case of short fall, the same} shall be recovered^{from the sale of personal movable and} immovable assets^{of the defendant nos.l and 2.}

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OA NO. 292 of 2024

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 same to both the^parties.

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Pafties are directed to appear before the^Ld. Recovery Officer, DRT-II, Delhi on^{29.09.2026.Pending} IAs, if any, stand disposed of.

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File be consigned to records.

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Date:29.07.2026

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(susHrl ru rqfc,' Rhsrocr) PRESIDING OFFICER DRT-II, Delhi

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This^judgement has been signed, dated^and

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pronounced in open court.

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Date :29.07.2026

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(SUSHIL KUMAR RASTOGI) PRESIDING OFFICER DRT-II, Delhi

Punjab National Bank v. M/S Avyukta Dairy Products Ltd.

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Punjab National Bank v. M/S Avyukta Dairy Products Ltd.

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