Allowed

State Bank of India v. Amuse Ventures Private Limited

DRT27 Apr 2026OA/303/2023

Case brief

AI extract

What is this about?

Allowed an application under the RDB Act for recovery of a loan. Found the claim against the company and guarantors valid. Held that heirs' liability is limited to inherited assets, while other defendants bear joint and several liability for recovery.

What did the court decide?

Recovery of Rs. 46,50,611/- with interest and costs awarded; Recovery Certificate issued; Sale of hypothecated vehicles directed.

State Bank of India versus Amuse Ventures Private Limited — Company and Corporate | 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: 303/2023

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Date of Institution: 01.02.2023 Date of Decision: 27.04.2026

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SBI having its branches all over India and a branch at Stressed Assets Resolution Branch (SARB), at Rail Head Complex, Administrative Building, Bahu Plaza, Jammu, Jammu and Kashmir.

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……..Applicant

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Amuse Ventures Private Limited, a Private Limited Company duly registered with Registrar of Companies under The Companies Act, Registered Office at House No.225, Shankar Nagar, Near Gurudwara Sahib, Channi Rama, Jammu, Jammu and Kashmir, through its directors.

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2^nd Address: Shop No.4, Ist Floor, Vyas Plaza, Sadar Bazar, Main Chowk Satwari, Adjoining Muthoot Building, Jammu, Jammu and Kashmir.

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3^rd Address: Yard No.1, Transport Nagar, Near Anytime Fitness Gym, Narwal, Jammu, Jammu and Kashmir.

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Smt. Paramjeet Kour d/o Sh. Mohan Singh, since deceased through her legal representatives and legal heirs: -

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i. Sh. Devinder Pal Singh s/o Sh. Harbans Singh, r/o Ward No.44, Sector 13, Nanak Nagar, Jammu, Jammu and Kashmir. (Son)

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ii. Ms. Mandeep Kour d/o Sh. Harbans Singh, r/o Ward No.44, Sector 13, Nanak Nagar, Jammu, Jammu and Kashmir.

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iii. Sh. Arinder Singh s/o Sh. Harbans Singh, Director of Amuse Ventures Private Limited, r/o H.No.255, Shankar Nagar, Near Gurudwara Sahib, Channi Rama, Jammu, Jammu and Kashmir.

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(Defendant Nos. 2(i) to 2(ii) are the Legal Representatives and Legal Heirs of Late Smt. Paramjeet Kour d/o Sh. Mohan Singh, who was director/guarantor).

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Sh. Arinder Singh s/o Sh. Harbans Singh, Director of Amuse Ventures Private Limited, r/o H.No.255, Shankar Nagar, Near Gurudwara Sahib, Channi Rama, Jammu, Jammu and Kashmir.

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……….Defendants

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Advocates

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Sh. Vivek Verma, Counsel for the applicant bank. Defendants - ex parte vide order dated 15.12.2025 .

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OA for the Recovery of Rs.46,50,611/- with interest @10.15% per annum with monthly rests from 01.02.2023.

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ORDER

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SBI has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.46,50,611/- with interest against Amuse Ventures Private Limited and others (defendants).

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Bank’s case is that on 26.07.2021, it had granted a Term Loan of Rs.44.00 Lacs to defendant No.1 through its directors i.e. defendant Nos.2 and 3 for Vehicle purpose. To secure the loan, Defendant No.1 had hypothecated vehicles (fully detailed in para No.3A of the application). Defendant Nos. 2 and 3 stood as guarantors vide guarantee agreements dated 26.07.2021. The loan was chargeable to interest @10.15% per annum with monthly rests. On 29.01.2023, a sum of Rs.46,50,611/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 23.02.2023, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. 3A. During the course of proceedings, IA No.358/2025, filed by the applicant bank for impleading the LRs of deceased defendant No.2 along with amended memo of parties which was allowed vide order dated 04.04.2025. Thereafter, defendant Nos.1 and 3 failed to appear before this Tribunal despite serving the summons. Accordingly, vide order dated 15.12.2025, all the defendants were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Sh. Sourabh Bakshi, Branch Manager along with the loan and security documents and marked them as Exhibit A-1 to A-11. 5. 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 Rs.44.00 Lacs and on 29.01.2023, a sum of Rs.46,50,611/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.46,50,611/- (Rupees Forty Six Lacs Fifty Thousand Six Hundred Eleven Only) with interest @10.15% per annum with monthly rests from 01.02.2023, till the date of payment is hereby allowed with costs. The liability of the legal heirs of deceased defendant No.2 would be limited upto the extent of the property inherited by them from Smt. Paramjeet Kour (now deceased), whereas the liability of defendant Nos.1 and 3 would be joint and several. Bank can recover its dues by the sale of hypothecated vehicles fully detailed in para No.3A of the application as well as from the personal movable and immovable property(ies) of the defendant Nos.1 and 3.

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7.	Pending IAs, if any, stand disposed of.
8.	Recovery Certificate be issued accordingly.
9.	Parties are directed to appear before	Recovery Officer on
29.05	.2026,who is directed to distribute the	sale proceeds of the
hypo	thecated vehicles as per the provisions of Sec	tion 19(20-AB) of the
Act.
10.	A Copy of this order along with Recovery	Certificate be sent to
the R	ecovery Officer as well as the parties.
Pron Dated MANOJ KAL	ounced in the open Court. : 27.04.2026 RA	(A S Narang) Presiding Officer DRT-1, Chandigarh

State Bank of India v. Amuse Ventures Private Limited

Case brief

What is this about?

What did the court decide?

State Bank of India v. Amuse Ventures Private Limited

Case brief

What is this about?

What did the court decide?

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