Punjab National Bank v. M/s Just Wow Readymade Garments Shop
Case brief
What is this about?
A bank established that a proprietorship firm and its proprietor had availed sanctioned cash-credit facilities, executed security documents and defaulted, leaving an outstanding debt. The Tribunal found the claim proved through certified bank records and affidavit evidence, held the application within limitation and within its jurisdiction, and allowed recovery jointly and severally from the defendants. It determined the debt with interest and costs, attached the secured assets, and directed issuance of a recovery certificate.
What did the court decide?
The defendants were ordered jointly and severally to pay the bank Rs.21,52,538.89 with pendente-lite and future interest at 10% per annum with compounded monthly rests from 1 September 2025 until realization, along with costs. The mortgaged or hypothecated assets were attached, and a recovery certificate was directed to be issued.