Allowed

Punjab National Bank v. M/S Waheguru Petroleum Ksk

DRT25 Aug 2026OA/772/2025

Case brief

AI extract

What is this about?

The Tribunal entailed an order in favor of Punjab National Bank in an original application filed for recovery of outstanding loan dues of ₹1,61,11,262/- along with interest against the proprietorship firm and its proprietor-guarantor who failed to appear after summons were served ex parte.

What did the court decide?

Recovery of ₹1,61,11,262/- plus interest allowed; liability joint and several; recovery certificate issued.

Punjab National Bank versus M/S Waheguru Petroleum… — Contract and Commercial Disputes | DRT (2026)

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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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OA No: 772/2025 Date of Institution: 03.05.2025 Date of Decision: 25.08.2026

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Punjab National Bank having its branches all over India and a branch at Circle SASTRA Centre, Opposite Setia Motors, Abohar Jalalabad Road, Fazilka, Punjab.

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……..Applicant

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Vs.

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M/s Waheguru Petroleum KSK, registered office at IOCL Petrol Pump, Village Patti Sadiq, District- Fazilka, Punjab-152116, a proprietorship firm through its proprietor Sh. Suresh Kumar s/o Sh. Krishan Kumar (defendant no.2 herein).

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Suresh Kumar s/o Sh. Krishan Kumar r/o Village Patti Sadiq, District Fazilka, Punjab.

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……….Defendants

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Advocates

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Sh. D.K. Gupta, Counsel for the applicant bank. Defendants- ex parte vide order dated 11.03.2026 .

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OA for the Recovery of ₹1,61,11,262/- with interest @10.05% per annum with monthly rests from 03.05.2025.

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ORDER

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Punjab National Bank has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of ₹1,61,11,262/- with interest against M/s Waheguru Petroleum KSK and another (defendants).

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Bank’s case is that on 11.07.2023, it had granted a loan of ₹150.00 Lacs to defendant No.1 through its proprietor defendant No.2 in the form of C.C Limit for business purpose. To secure the loan, Defendant no.1 had hypothecated assets (fully detailed in para No.5.3 of the application). Defendant No.2 also stood as guarantor for the vide

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Agreement of Guarantee dated 12.07.2023. The loan was chargeable to interest @10.05% per annum with monthly rests. On 31.03.2025, a sum of ₹1,61,11,262/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 03.06.2025, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 11.03.2026, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Sh. Amrik Singh, Manager along with the loan and security documents and marked them as Exhibit A-1 to A-11.

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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 ₹150.00 Lacs and on 31.03.2025, a sum of ₹1,61,11,262/-was due.

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Accordingly, the application of the bank for the recovery of ₹1,61,11,262/- (Rupees One Crore Sixty One Lacs Eleven Thousand Two Hundred Sixty Two Only) with interest @10.05% per annum with monthly rests from 03.05.2025, till the date of payment is hereby allowed with costs. The liability of both the defendants would be joint and several. Bank can recover its dues by the sale of the hypothecated assets fully detailed in para No.5.3 of the application as well as from the personal movable and immovable property(ies) of the defendants.

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Pending IAs, if any, stand disposed of.

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Recovery Certificate be issued accordingly.

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Parties are directed to appear before Recovery Officer on 28.09.2026.

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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: 25.08.2026 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Punjab National Bank v. M/S Waheguru Petroleum Ksk

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. M/S Waheguru Petroleum Ksk

Case brief

What is this about?

What did the court decide?

What the court decided

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