Allowed

Punjab National Bank v. M/S. Salasar Ispat Udyog

DRT7 Apr 2026OA/46/2026

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Office Application filed by Punjab National Bank to recover a loan amount of Rs. 20,36,924.73 plus interest from a proprietorship firm and its guarantor. The court upheld the bank's claim and directed proceedings against secured assets.

What did the court decide?

Joint and several liability to pay Rs. 20,36,924.73 with interest; permission to proceed against hypothecated movables and properties; issuance of Recovery Certificate.

Punjab National Bank versus M/S. Salasar Ispat Udyog — Contract and Commercial Disputes | DRT (2026)

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IN THE DEBTS RECOVERY TRIBUNAL - IAT HYDERABAD DATED THIS THE OTth DAY OF APRIL, 2026

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PRESENT: SRt cUMMADI cOptCHAND, pREStDING OFFICER

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OA. No. 46OF 2026

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Between :

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Punjab National Bank, Musheerabad Branch, 1 -4-7 47, Jadala Towers, Near Musheerabad Metro Station, Musheerabad, Hyderabad - 500 020 Represented by its Chief Manager

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Applicant

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VERSUS

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M/s.Salasar lspat Udyog, Rep. by its Sole Proprietor, Mr. Bhupesh Sharma, S/o. Kapil Sharma, Unit address at - Sy. No. 127, H.No. S-45t14t1(15-38), Doolapally Village, Kompally, Medchal- Matkajgiri District - 5OO OS5.

Defendants llPR A126

(oA. No. 4612026)

Counsel for the parties :

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For TheApplicant	N. M.ShinyMounika
FortheDefendant	Exparte
Reservedon	01.04.2026
Pronouncedon	07.04.2026
Uploadinwebsiteon	07.04.2026

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ORDER

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The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.20,36,924.73 ps. (Rupees Twenty Lakhs Thirty Six Thousand Nine Hundred Twenty Four and Seventy Three Only) being the loan Account with subsequent interest @9.25o/o p.a with monthly rests from 01.12.2025 till the date of realization and in default for sale of Hypothecated Movables as mentioned in the Schedule of Property to OA.

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the application, the Applicant Bank states Proprietorship Firm represented by its 2 availed cash credit facility of @9.25o/o^{p.a with monthly rests} and Goods and Book debts dated 0 7 npR zrPP

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(oA. No. 4612026)

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12.12.2023 in favor of the Applicant Bank. The Defendant No. 2 stood as a guarantor and executed Agreement of Guarantee dated 12.12.2023 in favor of the Appricant Bank. After avairing the loan facility, the defendants failed to compry the terms of sanction, hence the applicant bank classified the account as NpA dated 30.04.2025 and issued Loan Recail Notice dated O2.OS.2O2S and Legal Notice dated 04.09.2025 to the defendants. lnspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants called absent and set exparte on 01 .04.2026.

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Mrs. Abhismita Pattanaik, Chief Manager of the Applicant Bank examined herself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.16.

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Heard the Ld. Counsel for the Applicant Bank.

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The point that arise for consideration is whether the Applicant bank is entitled for the claim made in the OA against the Defendants as prayed for?

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(oA. No. 46/202G)

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established their claim made in the oA against the Defendants and hence the Applicant Bank is entiiled to recover the claim made in the OA with future interest and costs.

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ln the result, the present oA is allowed with costs, as under :

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The Defendants No. 1 and 2 are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.20,36,924.73 ps. (Rupees Twenty Lakhs Thirty six Thousand Nine Hundred Twenty Four and Seventy Three Only) being the loan Account with subsequent interest @g.25% p.a from 01.12.2025 till the date of realization

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The Applicant Bank is entifled to proceed against the Hypothecated Movables as mentioned in the schedule of Property to the oA towards realization of the debt due.

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The Applicant Bank is also entifled to proceed against the person and properties of Defendant No. 2 and properties of Defendant No. 1 firm towards realization of the debt due.

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That Applicant Bank is entifled to the costs of the oA.

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O7 APB
;r<br>m4

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(oA. No. 46/2026)

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The Applicant shail file a cost memo within two weeks from the date of receipt of order.

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lssue Recovery Certificate accordingly.

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communicate a copy of the order to the parties concerned.

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(Dictated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 07th day of Apr, 2026)

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sd/(G. coPtcHAND) PRESIDING OFFICER

Punjab National Bank v. M/S. Salasar Ispat Udyog

Case brief

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Punjab National Bank v. M/S. Salasar Ispat Udyog

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