Allowed

Punjab National Bank v. Ms Walkers Village and Ors.

DRT3 Aug 2026OA/31/2023

Case brief

AI extract

What is this about?

DT Debarred from disposing of assets and granted 30-day grace period for repayment. Order also directs issuance of recovery certificate under Section 19 of the Debt Reconstruction and Bankruptcy Act to enable recovery of dues and auction of hypothecated assets if recovery fails.

What did the court decide?

Issuance of Certificate of Recovery. Injunction restraining discharge, encumbrance and transfer of assets for 30 days. Access to realize dues by sale of hypothecated property on default.

Punjab National Bank versus Ms Walkers Village and Ors. — Banking and Recovery | DRT (2026)

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DEBTS RECOVERY TRIBUNAL, SILIGURI

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Case No.	ORDERSHEET
OA/31/2023	Punjab National Bank -VS-
	M/s Walkers Village & Ors
Date of the order.	Order with signature	Office action with date and dated signature of parties when necessary.
03.08.2026	Present :- Counsel for the Applicant : Mrs. Mousumi Ghosh Choudhury. Counsel for the Defendants : Ex-parte.
	The order is dictated and corrected by the undersigned and pronounced in the open Tribunal under my signature on this 03^stday of August, 2026. Let the Certificate of Recovery be drawn up by the Learned Registrar forthwith in terms of judgment for issuance of the same against the defendants in favour of Applicant Bank under Sub-Section 7 and 22 of Section – 19 of The Recovery of Debts and Bankruptcy Act, 1993 and put up the same for signature for issuance. Copy of the judgment/final order be given/sent to the parties. (Rakesh Pati Tiwari) Presiding Officer DRT-Siliguri RAKESH PATI TIWARI Digitally signed by RAKESH PATI TIWARI Date: 2026.08.04 19:20:29 +05'30'

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THE DEBTS RECOVERY TRIBUNAL, SILIGURI

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O.A. No. 31/2023

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Punjab National Bank, Hill Cart Road Branch, Hill Cart Road, Siliguri, Post Office Siliguri, Police Station Siliguri, District Darjeeling, PIN- 734101.

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…………………….Applicant

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Vs.

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M/s Walker's Village, A Partnership Firm of Mr. Dinesh Agarwal & Mrs. Komal Chugh, having a place of business at: 3rd Floor, Planet Mall, Opposite North City, Sevoke Road, Siliguri, District Darjeeling, West Bengal, PIN - 734001.

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Mr. Dinesh Agarwal S/o Late Indar Chand Agarwal, residing at: Flat No. B2, Snowhill Residency, 2nd Floor, D.C. Road, Jyoti Nagar, Near Tarai Blood Bank, Sevoke Road, P.S. Bhaktinagar, Siliguri - PIN - 734001, West Bengal.

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Mrs. Komal Chugh w/o Sri Dinesh Kumar Agarwal, residing at: Flat No. B2, Snowhill Residency, 2nd Floor, FLR, D.C. Road, Jyoti Nagar, Near Tarai Blood Bank, Sevoke Road, P.S. Bhaktinagar, Siliguri - PIN - 734001, West Bengal.

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……..……………Defendants

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Counsel for the applicant : Ms. Mousumi Ghosh Choudhury Counsel for the defendants : Ex-parte

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PRESIDING OFFICER : RAKESH PATI TIWARI Date of Judgment - 03.08.2026

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J U D G M E N T

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RAKESH Digitally signed by RAKESH PATI PATI TIWARI Date: 2026.08.04 TIWARI 19:20:46 +05'30'

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This is an application under section 19 of the Recovery of Debts and Bankruptcy Act, 1993, filed by the applicant bank against the defendants seeking issuance of Certificate of Recovery for realization of a sum of Rs. 26,64,865.52/- (Rupees Twenty-Six Lacs Sixty-Four Thousand Eight Hundred Sixty-Five and Paisa Fifty-Two) only [Rs. 18,76,788.52 (TL account no. 044400JH00000075) + Rs. 7,88,077.00 (TL account no. 044400IL00000324)] with interest calculated upto 30.11.2022 and future interest thereon from 01.12.2022 @10.10% p.a. with monthly rests for Term Loan Account no. 044400JH00000075 and @9.55% p.a. with monthly rests for Term Loan Account no. 044400IL00000324 till realization of the entire amount along with injunction restraining the defendants from disposing of and/or alienating and/or encumbering the personal charged and uncharged assets and also costs.

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The facts in brief, giving rise to the present application as pleaded are that considering the application dated 19.09.2018 of the partners of Defendant No. 1, the

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(Contd…)

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RAKESH Digitally signed by PATI RAKESH PATI TIWARI Date: 2026.08.04 19:21:05 +05'30' TIWARI

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applicant bank sanctioned a Term Loan Facility of Rs. 19,00,000/- (Rupees Nineteen Lacs) only to and in favour of the Defendant No. 1, M/s Walker's Village, vide Sanction Letter dated 05.10.2018. The Defendants No. 2 & 3, as a partner of M/s Walker's Village on 06.10.2018 executed Hypothecation Agreement, Letter of Declaration, Letter of Acceptance of Terms & Conditions, Letter of Undertaking and Text of Consent Clause. The Defendants No. 2 & 3 in their personal capacity executed Agreement of Guarantee dated 06.10.2018 and a Text of Consent Clause. Thereafter considering the application dated 07.05.2021 of the defendants No. 2 & 3, as a partner of the defendant no.1, viz M/s Walker's Village, the Applicant Bank sanctioned the enhanced facility under Guaranteed Emergency Credit Line in the form of Working Capital Term Loan (WCTL) of Rs. 7,15,000.00 (Rupees Seven Lacs Fifteen Thousand) only, vide Sanction Letter dated 18.05.2021. The Defendants No. 2 & 3, as a partner of M/s Walker's Village on 19.05.2021 executed Demand Promissory Note, Master Facility Agreement and Working Capital Term Loan Agreement. The Defendants No. 2 & 3 in their personal capacity executed Agreement of Guarantee dated 19.05.2021. The Defendant no.1 also made some deposits in the said loan account and last cash deposit was made in the Term Loan Account No. 044400JH00000075 of M/s Walker Village, for a sum of Rs. 61,500/- (Rupees Sixty-One Thousand and Five Hundred) only in the said term loan account and the transfer was made in the loan account 044400JH00000075 of M/s Walker Village of a sum of Rs. 5000.00/- (Rupees Five Thousand) Only. After availing the loan the defendants failed to regularize the loan account despite the requests and reminders and as such the loan account was classified as NPA on 30.11.2021 in accordance with the direction/guidelines issued by the Reserve Bank of India. The Defendants executed Balance and Security Confirmation Letter on 19.05.2021. Thereafter the Applicant Bank issued demand notice dated 10.10.2022 upon the defendants but the defendants failed to comply with the said notice. According to the applicant bank after giving credits for all sums of moneys paid by and/or realized on behalf of the defendants altogether a sum of Rs. 26,64,865.52/- (Rupees Twenty-Six Lacs Sixty-Four Thousand Eight Hundred Sixty-Five and Paisa Fifty-Two) only with interest calculated upto 30.11.2022 was due against the defendants in the loan account No. 044400JH00000075 (TL) & 044400IL00000324 (TL).

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(Contd…)

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Despite the service of summons upon the defendants through newspaper publications, the defendants did not put their appearance before this Tribunal. Hence the matter is proceeding ex-parte against the defendants, vide order dated 15.06.2026.

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The Applicant Bank in support of its case has filed evidence by way of affidavit as affirmed by Sri DHAN DEO JHA, the Chief Manager and Circle SASTRA Head of Circle SASTRA Centre - Circle Office N.J.P. (Siliguri) of the Applicant Bank and also relied upon the following documents:-

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RAKESH Digitally signed by RAKESH PATI PATI TIWARI Date: 2026.08.04 TIWARI 19:21:18 +05'30'

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Sl. No.	Name of the documents	Exhibits No.
1.	Partnership Deed dated 27.07.2018	1
2.	Loan Application dated 19.09.2018	2
3.	Sanction Letter dated 05.10.2018	3
4.	Hypothecation Agreement dated 06.10.2018	4
5.	Letter dated 06.10.2018 as per Annexure XIII	5
6.	Letter of Declaration dated 06.10.2018	6
7.	Letter of Acceptance of Terms & Conditions dated 06.10.2018	7
8.	Letter of Undertaking dated 06.10.2018	8
9.	Text of Consent Clause from Borrower and Guarantor	9
10.	Agreement of Guarantee dated 06.10.2018	10
11.	Application dated 07.05.2021 with Letter dated 07.05.2021	11
12.	Sanction Letter dated 18.05.2021	12
13.	Demand Promissory Note of Rs. 7,15,000 (Rupees Seven Lacs and Fifteen Thousand) only dated 19.05.2021	13
14.	Master Agreement dated 19.05.2021	14
15.	Working Capital Term Loan Agreement dated 19.05.2021	15
16.	Agreement of Guarantee dated 19.05.2021	16
17.	Balance Security Confirmation Letter dated 19.05.2021	17
18.	Legal Notice	18
19.	Bankers Certificate & Statement of Account	19
20.	Details of Payment of Fees	20
21.	Letter of Authority/Copy of Power of Attorney	21

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I have heard the learned counsel for the applicant bank and perused the documents

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and evidence adduced by the applicant bank. The applicant bank has adduced documentary evidences which are marked as Exhibits ‘1’, to ‘21’. The sanction of loan has been proved by producing the Sanction Letters dated 05.10.2018 & 18.05.2021 (Exhibits - ‘3’ & ’12’). The execution of required documents like Partnership Deed, Loan Application, Hypothecation Agreement Letter, Letter of Declaration, Letter of Acceptance of Terms & Conditions, Letter of Undertaking, Text of Consent Clause, Agreement of Guarantee, Demand

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(Contd…)

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Promissory Note, Master Agreement, Working Capital Term Loan Agreement, Balance Security Confirmation Letter etc. have been proved by exhibiting the same at ‘1’, ‘2’, ‘4’ to ‘11’, ‘13’ to ‘17’. By filing the statement of account (Exhibit ‘19’), the applicant bank has proved the total outstanding dues of Rs. 26,64,865.52/- (Rupees Twenty-Six Lacs SixtyFour Thousand Eight Hundred Sixty-Five and Paisa Fifty-Two) only against the defendants.

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Taking into account the execution of Balance Security Confirmation Letter dated 19.05.2021 by the defendants, the limitation available is for 3 (three) years and as such the claim of the applicant bank is within limitation.

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The applicant bank has got valid cause of action to file this case as after taking the loan the defendants failed to make payment as per the terms and conditions of the sanction letter agreed by the defendants.

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There is nothing available on the record to contradict the version of the applicant bank and thus the applicant bank has sufficiently proved its case by exhibiting all relevant documents.

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In the above circumstances, following order is passed;

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O R D E R

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RAKESH Digitally signed by RAKESH PATI PATI TIWARI Date: 2026.08.04 TIWARI 19:21:33 +05'30'

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(i) O.A. No.31/2023 filed by the applicant bank is allowed against the defendants No.1, 2 & 3 jointly and severally with costs and it is hereby ordered that the applicant bank is entitled to recover the total dues debt amount of Rs. 26,64,865.52/- (Rupees Twenty-Six Lacs Sixty-Four Thousand Eight Hundred Sixty-Five and Paisa Fifty-Two) only with interest calculated upto 30.11.2022 and future interest thereon @9.50% p.a. with monthly rests from 01.12.2022 till realization of entire balance from the defendants along with cost amount.

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(ii) Amount, if any, paid by the defendants in the loan account or amount recovered by the applicant bank, if any, made towards the loan accounts after filing of the O.A be taken into account while arriving at the exact amount of outstanding payable by the defendants.

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(iii) All that the hypothecated goods being one silent generator 82.5 KVA, 3 Phase DJ set 120 BHP Water Cool & Music Systems of the business of the 'M/s Walker's Villages situated at: 3rd Floor, Planet Mall, Opposite North City, Sevoke Road, Siliguri, District Darjeeling, West Bengal, PIN - 734001, as mentioned in the Schedule ‘X’ of the original application, shall remain charged to the Applicant Bank and the Applicant Bank shall have paramount charge thereon.

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(Contd…)

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(iv) The defendants are debarred from transferring; alienating, encumbering or disposing of the hypothecated/mortgaged properties or any other property and assets belonging to the defendants till the aforesaid adjudicated debt amount is recovered from the defendants.

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(v) The defendants are given a time of thirty days from the date of this judgment for repayment of the above decreed debt amount with interest failing which the applicant bank is entitled to recover its dues by sale of the hypothecated/mortgaged property as aforesaid and is also entitled to proceed against the said defendants personally and/or personal properties to recover the dues in accordance with law.

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(vi) Let the certificate of Recovery be drawn up by the Learned Registrar forthwith in terms of judgment for issuance of the same against the defendants in favour of applicant bank under Sub-Section 22 of Section 19 of The Recovery of Debts and Bankruptcy Act, 1993 and put up the same for signature and issuance.

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(vii) Learned Recovery Officer is directed to realize the dues amount from the defendants as per the recovery certificate in accordance with law.

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(viii) Let this judgment be uploaded on website of the tribunal and the Registry is directed to serve/send copy of this judgment to the parties free of cost.

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(ix) Record is consigned to the record room along with the judgment.

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The judgment is signed and pronounced in the open Tribunal on 3^rd day of August, 2026.

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Digitally signed by RAKESH RAKESH PATI TIWARI PATI TIWARI Date: 2026.08.04 19:21:46 +05'30' (RAKESH PATI TIWARI) Presiding Officer DRT, Siliguri.

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(Contd…)

Punjab National Bank v. Ms Walkers Village and Ors.

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Punjab National Bank v. Ms Walkers Village and Ors.

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