Allowed

Punjab National Bank v. M/S Yamuna Rice and General Mills

DRT28 Jan 2026OA/566/2022

Case brief

AI extract

What is this about?

The DRT allowed the applicant bank's application under Section 19 of the RDB Act for recovery of Rs.1,69,60,482.61/- with interest from the defaulting borrowers and guarantor, directing issuance of a recovery certificate and sale of mortgaged properties.

What did the court decide?

Recovery of Rs.1,69,60,482.61/- with interest allowed. Recovery certificate issued. Sale of mortgaged properties and realization from movable/immovable properties of defendants directed.

Punjab National Bank versus M/S Yamuna Rice and General Mills — Banking and Recovery | DRT (2026)

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IN THE DEBTS RECOVERY TRIBUNAL-II, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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OA No: 566/2022

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Date of Institution: 24.03.2022 Date of Decision: 28.01.2026

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Punjab National Bank at Main Branch, Yamuna Nagar, Tehsil Jagadhri, District Yamuna Nagar, Haryana

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……..Applicant

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Vs.

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M/s Yamuna Rice & General Mills situated at Gumthala Rao Tehsil Radaur, District Yamuna Nagar, Haryana, through its Partners

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Sh. Mam Chand S/o Sh. Banari Dass

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Smt. Sushila W/o Sh. Mam Chand

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Both r/o VPO and Tehsil Radaur, District Yamuna Nagar, Haryana

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Sh. Vijay Kumar S/o Sh. Tulsi Dass, r/o VPO Jathlana, Tehsil Radaur, District Yamuna Nagar, Haryana

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……….Defendants

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Advocates

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Sh. Sanjay Sagar proxy counsel for Sh. Nalin Gupta, Counsel for the applicant bank.

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Defendants- ex parte .

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OA for the Recovery of Rs.1,69,60,482.61/- with interest @12.30% per annum with monthly rests from 24.03.2022.

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ORDER

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Punjab National Bank (Applicant Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993

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(RDB Act) for the recovery of Rs.1,69,60,482.61/- with interest against M/s Yamuna Rice & General Mills and Others (defendants).

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Bank’s case is that on 05.08.2010, it had granted a loan of Rs.70.00 Lacs in the form of C.C Limit to defendant Nos. 1 to 3 for business purpose which was enhanced to Rs.95.00 Lacs and then to Rs.115.00 Lacs on 11.03.2019 and on 15.05.2019, Bank granted Rs.30.00 Lacs in the form of Term Loan. Defendant No. 4 stood as guarantor. To secure the loan, Defendant Nos. 1, 2 and 3 had mortgaged their property(ies) (fully detailed in para No.3A of the application). The CC Limit was chargeable to interest @12.30% per annum with monthly rests Term Loan was chargeable to interest @12.50% per annum with monthly rests. Defendants had acknowledged and admitted their liability for debt on 18.10.2012 and 27.01.2020. On 28.02.2022, a sum of Rs.1,69,60,482.61 /- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 16.04.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 05.09.2022, defendant Nos. 1 to 3 were proceeded ex parte and Vide order dated 02.08.2023, defendant No.4 was proceeded ex parte 4. In order to prove its case, the Bank has placed on record the affidavit of Sh. Nar Singh Shankarwal, Authorised Representative along with the loan and security documents and marked them as Exhibit A-1 to A-31. 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

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Rs.145.00 Lacs and on 28.02.2022, a sum of Rs.1,69,60,482.61 /- was due.

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6. Accordingly, the application of the bank for the recovery of
Rs.1,69,60,482.61/- (Rupees One Crore Sixty Nine Lacs Sixty Thousand
Four Hundred Eighty Two and Sixty One Paisa Only) with interest
@12.30% per annum with monthly rests from 24.03.2022, till the date of
payment is hereby allowed with costs. The liability of all the defendants
would be joint and several. Bank can recover its dues by the sale of mortgaged property(ies) fully detailed in para No.3A of the application
as well as from the personal movable and immovable property(ies) of the defendants.
7. Pending IAs, if any, stand disposed of.
8. Recovery Certificate be issued accordingly.
9. Parties are directed to appear before Recovery Officer on
20.03.2026, who is directed to distribute the sale proceeds of the
mortgage property(ies) as per the provisions of Section 19(20-AB) of the
Act.
10. A Copy of this order along with Recovery Certificate be sent to
the Recovery Officer as well as the parties.
Pronounced in the open Court. (A S Narang) Dated:28.01.2026 Presiding Officer DRT-2, Chandigarh (Additional charge)

Punjab National Bank v. M/S Yamuna Rice and General Mills

Case brief

What is this about?

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Punjab National Bank v. M/S Yamuna Rice and General Mills

Case brief

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What did the court decide?

What the court decided

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