Allowed

Punjab National Bank v. Smt. Sunita Chaudhary and Another

DRT27 Jul 2026OA/710/2024

Case brief

AI extract

What is this about?

The DRT allowed the bank's application for recovery of dues. It adjusted the claim to principal and awarded uniform simple interest at 8% p.a. instead of claimed rates, enabling recovery via sale of mortgaged property or attachment of assets.

What did the court decide?

Recovery of Rs. 26,02,293.80 from defendant 1 and Rs. 5,54,919.36 jointly; uniform interest at 8% p.a.; declaration for enforcement under SARFAESI Act.

Punjab National Bank versus Smt. Sunita Chaudhary and Another — Banking and Recovery | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO. 710/2024

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 16.03.2024

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DATE OF DECISION: 27.07.2026

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Punjab National Bank, a Body Corporate constituted under Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Head Office at Plot no. 4, Sector 10, Dwarka, New Delhi110075 and Branch Offices amongst others, a Branch Office at New Grain Market, Rajpura, Punjab through its General Power of Attorney Holder, Sh. Abhinandan Modi, Senior Manager

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……..Applicant

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Versus

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Smt. Sunita Chaudhary, W/o Sh. Ravinder Singh, R/o House no. 744, Swastik Vihar, Zirapur, Patiala Highway, Zirakpur, Punjab140603

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2^nd Address: House no. 2919, Rajpura Town, District Patiala, Punjab- 140401

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Sh. Ravinder Chaudhary, S/o Sh. Vir Bhan, R /o House no. 744, Swastik Vihar, Zirapur, Patiala Highway, Zirakpur, Punjab140603

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2^nd Address: House no. 2919, Rajpura Town, District Patiala, Punja b- 140401

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…..Defendants

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Advocates:

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Argued by Sh. Anup Prajapati, Advocate proxy for Sh. Brijesh Sharma, Advocate for applicant

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None for defendants (already ex-parte vide order dated 06.01.2025)

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, against

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2 OA NO. 710/2024 PUNJAB NATIONAL BANK VS. SUNITA CHAUDHARY AND ANOTHER

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the defendants for recovery of Rs. 31,57,213.16 (Rupees Thirty One Lacs Fifty Seven Thousand Two Hundred Thirteen and Paise Sixteen Only). The Original Application has been filed through Sh. Abhinandan Modi, Senior Manager of the applicant, who is competent to institute the Original Application vide Power of Attorney dated 30.12.2013, which is Annexure A2 to this OA.

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The brief facts of the OA are that defendant no. 1 approached the applicant for grant of Housing Loan of Rs. 4.00 Lacs vide Loan Application dated 21.12.2014, which is Annexure A3 to IA/1384/2026 filed on 24.07.2026 in compliance of order dated 15.12.2025. Thereafter, defendant no. 1 approached the applicant for grant of Term Loan of Rs. 33.75 Lacs vide Loan Application dated 07.08.2014, which is Annexure A7 to this OA. Thereafter, defendant no. 1 again approached the applicant for grant of OD Limit of Rs. 4.00 Lacs vide Loan Application dated 21.12.2014, which is Annexure A9 to this OA.

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The applicant sanctioned Housing Loan of Rs. 4.00 Lacs vide Sanction Letter dated 31.12.2014, which is Annexure A4 to IA/1384/2026 filed on 24.07.2026 in compliance of order dated 15.12.2025. Thereafter, the applicant sanctioned Term Loan of Rs.33.75 Lacs. Thereafter, the applicant sanctioned OD Limit of Rs.4.00 Lacs. Defendant no. 2 stood as guarantor in OD Limit Account. 4. Defendant no. 1 mortgaged her immovable property i.e. Land measuring 45 Sq. Yards situated at Mauja Neel Pur, Tehsil Rajpura, Punjab vide Sale Deed bearing vasika no. 9613 dated 29.02.2012 along with its translation, which is Annexure A6 to this OA. Documents executed: Valuation Report dated 25.12.2014, which is Annexure A1 to this OA; Agreements dated 02.09.2013 and 31.12.2014, which are Annexure A5 and A10 to this OA; Agreement for Hypothecation dated 07.08.2014, which is Annexure A8 to this

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3 OA NO. 710/2024 PUNJAB NATIONAL BANK VS. SUNITA CHAUDHARY AND ANOTHER

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OA; Agreement for Guarantee dated 31.12.2014, which is Annexure A11 to this OA; Balance and Security Confirmation Letters dated 16.10.2015, 24.07.2017, 26.12.2017 and 29.08.2018, which is Annexure A12 to this OA; Notice dated 05.07.2019, which is Annexure A13 to this OA and Statement of Accounts, which are Annexure A14 to A16 to this OA.

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The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in the loan accounts there was a debit of Rs. 31,57,213.16, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

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The defendants were served summons to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte vide order dated 06.01.2025.

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In support of the OA, affidavit of Sh. Abhinandan Modi, Senior Manager, Punjab National Bank has been filed.

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Heard ex-parte arguments and perused record.

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It was argued by learned proxy counsel that in view of the documentary evidence brought on record which had gone unrebutted, the applicant bank had proved its case.

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From the perusal of all the Annexure A1 to A16 to this OA, it is proved that defendant no. 1 approached applicant for availing of the loan facilities which were granted to her. Defendant no. 2 stood as guarantor in OD Limit Account. Defendants had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loans as per terms and conditions of the agreement between the parties. Subsequently, accounts of the defendants were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs. 5,54,919.36

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4 OA NO. 710/2024 PUNJAB NATIONAL BANK VS. SUNITA CHAUDHARY AND ANOTHER

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(Rupees Five Lacs Fifty Four Thousand Nine Hundred Nineteen and Paise Thirty Six Only) from defendants, jointly and severally, and Rs. 26,02,293.80 (Rupees Twenty Six Lacs Two Thousand Two Hundred Ninety Three and Paise Eighty Only) from defendant no. 1, along with interest, from the date of filing of the present Original Application till realization of the amount.

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In so far as pendente lite and future rate of interest is concerned, the applicant has claimed interest @11.25% p.a. in Term Loan Account, @8.75% p.a. in OD Limit Account and @8.50% p.a. in Housing Loan Account with monthly rests from the date of filing of the application till the realization.

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The Tribunal is of the considered opinion that sometimes in appropriate cases the prerogative of mercy is the brightest jewel in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including nature of the hypothecated assets/mortgaged property, undertaking of the defendants, quantum of loans and prevalent market rates of interest which have gone drastically downhill in yester years, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @8.00% p.a. in all the loan accounts from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.5,54,919.36 (Rupees Five Lacs Fifty Four Thousand Nine Hundred Nineteen and Paise Thirty Six Only) jointly and severally, and defendant no. 1 is liable to pay to the applicant a total sum of Rs.26,02,293.80 (Rupees Twenty Six Lacs Two Thousand Two Hundred Ninety Three and Paise Eighty Only) with costs, current and future simple interest @8.00% p.a. in all the loan accounts from the date of

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5 OA NO. 710/2024 PUNJAB NATIONAL BANK VS. SUNITA CHAUDHARY AND ANOTHER

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filing of OA till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of mortgaged property of defendant no. 1 in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the applicant still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law.

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12. Any other application pending stands disposed of .

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Issue Recovery Certificate accordingly.

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Parties to appear before Learned Recovery Officer of this Tribunal on 11.08.2026.

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Copy of this order be given dasti to the applicant and be sent to defendants through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned.

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Pronounced by me in the open Tribunal .

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Dated: 27.07.2026

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(MRIDULESH KUMAR SINGH)

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Presiding Officer, DRT-III, Chandigarh

Punjab National Bank v. Smt. Sunita Chaudhary and Another

Case brief

What is this about?

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Punjab National Bank v. Smt. Sunita Chaudhary and Another

Case brief

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