Allowed

Punjab National Bank v. M/S Shri Sawariya Trading Co.

DRT2 Jun 2026OA/46/2024

Case brief

AI extract

What is this about?

In an original application, the Debts Recovery Tribunal allowed the Applicant Bank's claim for recovery of Rs. 28,33,195.33 along with future interest from the defendants who defaultd on a sanctioned working capital facility and failed to repay dues.

What did the court decide?

Defendants directed to pay Rs. 28,33,195.33 plus future interest at 9% p.a.; Recovery Certificate issued.

Punjab National Bank versus M/S Shri Sawariya Trading Co. — Banking and Recovery | DRT (2026)

¶1

Presented on: 29.03.2023 Registered on: 31.01.2024 Decided on: 02.06.2026 Duration: Y M D 02 02 03

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 46/2024

¶3

TOTAL CLAIM AMOUNT – Rs. 28,33,195.33/Punjab National Bank, A Body Corporate constituted under the Banking companies (Acquisition and Transfer of Undertakings) Act 1970 & having it’s Head Office at Plot No. 4, Sector-10, Dwarka, New Delhi-110075, having branches amongst the other places at New Plots, Amalner, Tq. Amalner, Dist. Jalgaon, through its Authorized Person, Mr. Ghanshyam s/o Mansu Bhusumkar Age: 36 yrs, Occ.: Service, R/o.: Amalner, Tq. Amalner, Dist. … Applicant Jalgaon.

(OA No.46-2024)

Page 1 of 17

[AMBADAS]

Versus

1. M/s. Shri Sawariya Trading Company, Through its Proprietor, Mrs. Sneha Pramod Pitty, Age: Major, Occ.: Business, R/o.: Flat No. S-1, Ishwar Bhawan, T P No. 31/1, New Plots, Station Road, Amalner, Tq. Amalner, Dist. Jalgaon 425401. ALSO AT

¶9

M/s. Shri Sawariya Trading Company, Through its Proprietor, Mrs. Sneha Pramod Pitty, Age: Major, Occ.: Business, R/o.: CTS No. 2724/2725, Rani Laxmibai Chowk, Bazarpeth, Amalner, Tq. Amalner, Dist. Jalgaon 425401.

¶10

ALSO AT

¶11

M/s. Shri Sawariya Trading Company, Through its Proprietor, Mrs. Sneha Pramod Pitty, Age: Major, Occ.: Business, R/o.: C/o. Shri. Bhagwan Foods, Gut No. 549, Post Mangrul, Tq. Amalner, Dist. Jalgaon 425401.

¶12

2. Mrs. Sneha Pramod Pitty,

¶13

Age: Major, Occ.: Business, R/o.: Flat No. S-1, Ishwar Bhawan, T P No. 31/1, New Plots, Station Road, Amalner, Tq. Amalner, Dist. Jalgaon 425401.

(OA No.46-2024)

Page 2 of 17

[AMBADAS]

3. Mr. Pramod Ambika Prasad Pitty, Age: Major, Occ.: Business, R/o.: Flat No. S-1, Ishwar Bhawan, T P No. 31/1, New Plots, Station Road, Amalner, Tq. Amalner, Dist. Jalgaon 425401. ALSO AT

¶18

Mr. Pramod Ambika Prasad Pitty, Age: Major, Occ.: Business, R/o.: Flat No. 1203, PRISIM Society, Next to Pune, Chondhe Patil Nagar Rd, Rohan Nilay, Aundh, Pune-411007 ALSO AT

¶19

Mr. Pramod Ambika Prasad Pitty, Age: Major, Occ.: Business, R/o.: Plot No. 1 to 11, Gut No. 130/2, Situated at Galwade Bk., Tq. Amalner, Dist. Jalgaon 425401.

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ALSO AT

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Mr. Pramod Ambika Prasad Pitty, Age: Major, Occ.: Business, R/o.: Part Portion of Gut No. 549, Mangrul, Tq. Amalner, Dist. Jalgaon.

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…Defendants

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APPEARANCES

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For the Applicant For Defendants

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Mr. K. D. Pande -Advocate Ex-parte

(OA No.46-2024)

Page 3 of 17

[AMBADAS]

JUDGMENT

Delivered on 02.06.2026

¶31

The Applicant Bank has filed the present application for the

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recovery of a sum of Rs. 28,33,195.33/- (Twenty Eight Lacs, Thirty Three Thousand, One Hundred Ninety Five and Thirty Three Paisa only), along with future interest from the date of filing of the Original Application, i.e., 29.03.2023, until the date of realization of the entire outstanding dues from the Defendants.

¶33

Brief facts of the application are as under:

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The Applicant Bank states that the Defendants No. 2 being proprietor of defendant No. 1 approached the bank to sanction Cash Credit Facility. Upon considering the request and financial needs of the Defendants, the Applicant Bank Sanctioned Working Capital (Cash Credit) facility of Rs. 1,75,00,000/- vide sanction letter dated 08.09.2021 on certain terms and conditions. The agreed rate of interest for the aforesaid loan facility was @8.15%

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p.a. with monthly rests. The Defendants also agreed to pay

(OA No.46-2024)

Page 4 of 17

[AMBADAS]

additional interest by way of liquidated damages in the event of any default in repayment.

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In order to secure the aforesaid loan facility, the Defendants executed various loan documents in favour of the Applicant Bank. These included sanction letter, letter of undertaking, registered mortgage deed bearing daybook no. 5154 dated 19.09.2021 & hypothecation agreement etc. Additionally, Defendant No. 3 stood as guarantor for defendant No. 1 and 2 and executed deed of guarantee in favour of the Applicant Bank.

¶41

The Applicant Bank further contends that, in order to secure the aforesaid loan facilities, the Defendants created first charge over their immovable property under daybook no. 5154 dated 19.09.2021 in favour of the Applicant Bank. The mortgage was created in respect of the following properties

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A. Property belonging to Mrs. Sneha Pramod Pitty:

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All that piece and parcel of property bearing Flat No. S-1, admeasuring 60.470 Sq. Meter on 2^nd Floor, Ishwar Bhavan Apartment, TP No. 31/1, opp. Mangalmurti Patpedhi, Station

(OA No.46-2024)

Page 5 of 17

[AMBADAS]

Road, Amalner, Tq. Amalner, Dist. Jalgaon, which is bounded as under:

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East: Govt. Lane, West: Common passage/Entry, South: Flat No. S-4, North: Road.

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A. Property belonging to Mr. Pramod Ambika Prasad Pitty:

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All that piece and parcel of property bearing Open Plot No. 1, admeasuring 182.70 Sq. Meter situated at Gut No. 130/2, Village Galwade Bk., Tq. Amalner, Dist. Jalgaon, which is bounded as under: East: Plot No. 2, West: Gut No. 134, South: 9 meter Road, North: Gut No. 134.

¶51

All that piece and parcel of property bearing Open Plot No. 2, admeasuring 197.75 Sq. Meter situated at Gut No. 130/2, Village Galwade Bk., Tq. Amalner, Dist. Jalgaon, which is bounded as under:

¶52

East: Plot No. 3, West: Plot No. 1, South: 9 meter Road, North: Gut No. 134.

¶53

All that piece and parcel of property bearing Open Plot No. 3, admeasuring 187.50 Sq. Meter situated at Gut No. 130/2, Village Galwade Bk., Tq. Amalner, Dist. Jalgaon, which is bounded as under:

¶54

East: Plot No. 4, West: Plot No. 2, South: 9 meter Road,

(OA No.46-2024)

Page 6 of 17

[AMBADAS]

North: Gut No. 134.

All that piece and parcel of property bearing Open Plot No. 4, admeasuring 177.50 Sq. Meter situated at Gut No. 130/2, Village Galwade Bk., Tq. Amalner, Dist. Jalgaon, which is bounded as under: East: Plot No. 5, West: Plot No. 3, South: 9 meter Road, North: Gut No. 134.

¶60

All that piece and parcel of property bearing Open Plot No. 5, admeasuring 187.59 Sq. Meter situated at Gut No. 130/2, Village Galwade Bk., Tq. Amalner, Dist. Jalgaon, which is bounded as under: East: Plot No. 6, West: Plot No. 4, South: 9 meter Road, North: Gut No. 134.

¶61

All that piece and parcel of property bearing Open Plot No. 6, admeasuring 168 Sq. Meter situated at Gut No. 130/2, Village Galwade Bk., Tq. Amalner, Dist. Jalgaon, which is bounded as under: East: Plot No. 7, West: Plot No. 5, South: 9 meter Road, North: Gut No. 134.

¶62

All that piece and parcel of property bearing Open Plot No. 7, admeasuring 168.00 Sq. Meter situated at Gut No. 130/2, Village Galwade Bk., Tq. Amalner, Dist. Jalgaon, which is bounded as under:

East: Plot No. 8,

(OA No.46-2024)

Page 7 of 17

[AMBADAS]

West: Plot No. 6, South: 9 meter Road, North: Gut No. 134.

¶68

All that piece and parcel of property bearing Open Plot No. 8, admeasuring 168.00 Sq. Meter situated at Gut No. 130/2, Village Galwade Bk., Tq. Amalner, Dist. Jalgaon, which is bounded as under:

¶69

East: Plot No. 9, West: Plot No. 7, South: 9 meter Road, North: Gut No. 134.

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All that piece and parcel of property bearing Open Plot No. 9, admeasuring 168.00 Sq. Meter situated at Gut No. 130/2, Village Galwade Bk., Tq. Amalner, Dist. Jalgaon, which is bounded as under:

¶71

East: Plot No. 10, West: Plot No. 8, South: 9 meter Road, North: Gut No. 134.

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All that piece and parcel of property bearing Open Plot No. 10, admeasuring 168.00 Sq. Meter situated at Gut No. 130/2, Village Galwade Bk., Tq. Amalner, Dist. Jalgaon, which is bounded as under:

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East: Plot No. 10, West: Plot No. 8, South: 9 meter Road, North: Gut No. 134.

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All that piece and parcel of property bearing Open Plot No. 11, admeasuring 182.85 Sq. Meter situated at Gut No. 130/2, Village

(OA No.46-2024)

Page 8 of 17

[AMBADAS]

Galwade Bk., Tq. Amalner, Dist. Jalgaon, which is bounded as under:

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East: 9 meter Road, West: Plot No. 10, South: 9 meter Road, North: Gut No. 134.

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All that piece and parcel of property bearing Industrial N.A. Land admeasuring 4533.35 sq. meter, from remaining part portion of 5600 sq. meter from Gut No. 549 totally admeasuring 2 H 26 R, situated at Village Mangrul, Tq. Amalner, Dist. Jalgaon, which is bounded as under:

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East: Part Portion of Gut No. 549 of Akshar Food, West: Mangrul - Shirud Road, South: Gut No. 550, North: 12 meter, Road & Agricultural land.

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The Applicant Bank further states that Defendants also executed a Hypothecation Agreement, thereby hypothecating in favour of the Applicant Bank all stocks of raw materials, semi-finishedgoods, consumable stores and spares, book debts etc., and all other movables of the borrowers including unencumbered plant and machineries.

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The applicant bank contended that the defendants have failed to keep their promise and commitments agreed by them with regard to due repayment of the loan amount. The defendants failed to operate the loan account properly and failed to pay the agreed

(OA No.46-2024)

Page 9 of 17

[AMBADAS]

rate of interest as per terms and conditions of the sanction letter. Thereafter, the applicant bank repeatedly made demand of loan amount and called upon the defendants to pay with the agreed rate of interest thereon, but the defendants failed and neglected to pay the same. The loan account of the defendants became irregular and classified as NPA on 12.04.2022. Therefore, on 18.01.2023 the applicant bank issued legal notice to the defendants through their advocate. Despite service of Notices, the defendants failed and neglected to repay the outstanding dues of the applicant Bank. Hence, this application is filed.

¶88

The defendants failed to appear in matter though they were served through RPAD. Hence, the defendants were proceeded without WS as per Order dated 18.02.2026 as they failed to file written statement within stipulated period.

¶89

The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Mr. Ghanshyam s/o Mansu Bhusukumar, Branch Manager of the applicant Bank, and has produced on record the original loan transaction documents as Exh. A-1 to A-12 along

(OA No.46-2024)

Page 10 of 17

[AMBADAS]

with list of documents Exh.5 which corroborates the case of the applicant Bank.

¶94

I have heard arguments of the learned Advocate for the applicant Bank.

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Since the defendants failed to appear and did not contest the application, I find no reason to disbelieve the unrebutted evidence of the applicant Bank. Therefore, the applicant Bank is entitled for the reliefs as claimed.

¶96

The applicant Bank has claimed charge over immovable properties of the borrowers which are mortgaged in favour of the applicant bank.

¶97

The applicant Bank has claimed future interest @10.65% p. a. from the date of filing i.e. 29.03.2023 of this application till realization of the claim amount. However, considering the facts of the case, I am of the opinion that if future interest is granted @ 9% per annum (simple) on outstanding amount, it would be just and reasonable rate of interest.

(OA No.46-2024)

Page 11 of 17

[AMBADAS]

ORDER

(A) Original Application No. 46/2024 is allowed with costs.

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(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 28,33,195.33/- (Twenty Eight Lacs, Thirty Three Thousand, One Hundred Ninety Five and Thirty Three Paisa only), along with future interest @ 9% per annum (simple) from the date of filing of the O.A. i.e. 29.03.2023 till full payment/realization of the amount mentioned in this operative order.

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(C) The aforesaid adjudicated amount is secured by the mortgage of the following immovable properties bearing daybook no. 5154 vide registered mortgage deed dated 19.09.2021 at Exh A-6 in list of documents Exh. 5.

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A. Property belonging to Mrs. Sneha Pramod Pitty:

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All that piece and parcel of property bearing Flat No. S-1, admeasuring 60.470 Sq. Meter on 2^nd Floor, Ishwar Bhavan Apartment, TP No. 31/1, opp. Mangalmurti Patpedhi, Station Road, Amalner, Tq. Amalner, Dist. Jalgaon, which is bounded as under:

(OA No.46-2024)

Page 12 of 17

[AMBADAS]

East: Govt. Lane, West: Common passage/Entry, South: Flat No. S-4, North: Road.

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A. Property belonging to Mr. Pramod Ambika Prasad Pitty:

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All that piece and parcel of property bearing Open Plot No. 1, admeasuring 182.70 Sq. Meter situated at Gut No. 130/2, Village Galwade Bk., Tq. Amalner, Dist. Jalgaon, which is bounded as under:

¶113

East: Plot No. 2, West: Gut No. 134, South: 9 meter Road, North: Gut No. 134.

¶114

All that piece and parcel of property bearing Open Plot No. 2, admeasuring 197.75 Sq. Meter situated at Gut No. 130/2, Village Galwade Bk., Tq. Amalner, Dist. Jalgaon, which is bounded as under:

¶115

East: Plot No. 3, West: Plot No. 1, South: 9 meter Road, North: Gut No. 134.

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All that piece and parcel of property bearing Open Plot No. 3, admeasuring 187.50 Sq. Meter situated at Gut No. 130/2, Village Galwade Bk., Tq. Amalner, Dist. Jalgaon, which is bounded as under:

East: Plot No. 4,

(OA No.46-2024)

Page 13 of 17

[AMBADAS]

West: Plot No. 2, South: 9 meter Road, North: Gut No. 134.

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All that piece and parcel of property bearing Open Plot No. 4, admeasuring 177.50 Sq. Meter situated at Gut No. 130/2, Village Galwade Bk., Tq. Amalner, Dist. Jalgaon, which is bounded as under:

¶123

East: Plot No. 5, West: Plot No. 3, South: 9 meter Road, North: Gut No. 134.

¶124

All that piece and parcel of property bearing Open Plot No. 5, admeasuring 187.59 Sq. Meter situated at Gut No. 130/2, Village Galwade Bk., Tq. Amalner, Dist. Jalgaon, which is bounded as under:

¶125

East: Plot No. 6, West: Plot No. 4, South: 9 meter Road, North: Gut No. 134.

¶126

All that piece and parcel of property bearing Open Plot No. 6, admeasuring 168 Sq. Meter situated at Gut No. 130/2, Village Galwade Bk., Tq. Amalner, Dist. Jalgaon, which is bounded as under:

¶127

East: Plot No. 7, West: Plot No. 5, South: 9 meter Road, North: Gut No. 134.

(OA No.46-2024)

Page 14 of 17

[AMBADAS]

All that piece and parcel of property bearing Open Plot No. 7, admeasuring 168.00 Sq. Meter situated at Gut No. 130/2, Village Galwade Bk., Tq. Amalner, Dist. Jalgaon, which is bounded as under:

¶132

East: Plot No. 8, West: Plot No. 6, South: 9 meter Road, North: Gut No. 134.

¶133

All that piece and parcel of property bearing Open Plot No. 8, admeasuring 168.00 Sq. Meter situated at Gut No. 130/2, Village Galwade Bk., Tq. Amalner, Dist. Jalgaon, which is bounded as under:

¶134

East: Plot No. 9, West: Plot No. 7, South: 9 meter Road, North: Gut No. 134.

¶135

All that piece and parcel of property bearing Open Plot No. 9, admeasuring 168.00 Sq. Meter situated at Gut No. 130/2, Village Galwade Bk., Tq. Amalner, Dist. Jalgaon, which is bounded as under:

¶136

East: Plot No. 10, West: Plot No. 8, South: 9 meter Road, North: Gut No. 134.

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All that piece and parcel of property bearing Open Plot No. 10, admeasuring 168.00 Sq. Meter situated at Gut No. 130/2, Village Galwade Bk., Tq. Amalner, Dist. Jalgaon, which is bounded as under:

(OA No.46-2024)

Page 15 of 17

[AMBADAS]

East: Plot No. 10, West: Plot No. 8, South: 9 meter Road, North: Gut No. 134.

¶142

All that piece and parcel of property bearing Open Plot No. 11, admeasuring 182.85 Sq. Meter situated at Gut No. 130/2, Village Galwade Bk., Tq. Amalner, Dist. Jalgaon, which is bounded as under: East: 9 meter Road, West: Plot No. 10, South: 9 meter Road, North: Gut No. 134.

¶143

All that piece and parcel of property bearing Industrial N.A. Land admeasuring 4533.35 sq. meter, from remaining part portion of 5600 sq. meter from Gut No. 549 totally admeasuring 2 H 26 R, situated at Village Mangrul, Tq. Amalner, Dist. Jalgaon, which is bounded as under:

¶144

East: Part Portion of Gut No. 549 of Akshar Food, West: Mangrul - Shirud Road, South: Gut No. 550, North: 12 meter, Road & Agricultural land.

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(D) The applicant Bank is entitled to sell the mortgaged immovable properties and hypothecated assets/articles/goods etc., to recover its dues.

¶146

(E) Issue Recovery Certificate accordingly.

(OA No.46-2024)

Page 16 of 17

[AMBADAS]

(F) The Registrar is directed to send the copy of the Judgment and Recovery Certificate to the applicant and defendants.

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(G) File be consigned to the record room.

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Sd/-

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Pronounced in open court. Place: Aurangabad Date:.02.06.2026

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(Dr. J. R. Chauhan) Presiding Officer Debts Recovery Tribunal, Aurangabad

¶155

(OA No.46-2024)

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Page 17 of 17

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[AMBADAS]

Punjab National Bank v. M/S Shri Sawariya Trading Co.

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. M/S Shri Sawariya Trading Co.

Case brief

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