Allowed

Punjab National Bank v. Kanchan Rawat

DRT22 Jan 2026OA/81/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an original application filed by Punjab National Bank for recovery of dues amounting to Rs. 32,55,497/- along with interest from proprietress and manufacturing concern of the defendant who defaulted on credit facility, proceeding ex-parte in the absence of exceptions.

What did the court decide?

Defendants directed to pay Rs. 32,55,497/- with pendent and future interest at 12.35% p.a. within 30 days; recovery certificate issued.

Punjab National Bank versus Kanchan Rawat — Contract and Commercial Disputes | DRT (2026)

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O.A. No.81 of 2023

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Debts Recovery Tribunal-I, Delhi 4th floor, Jeevan Tara Building, Parliament Street, New Delhi

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Presiding Officer: Shri Govind Ballabh Sharma

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O.A. No. 81 of 2023

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Punjab National Bank

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Circle Shastra North Delhi 2nd floor, Vikrant Tower, Rajendra Palace, New Delhi-110008 Applicant

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Versus

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Mrs. Kanchan Rawat w/o Mr. Pramod Kumar Proprietress of M/s Vinayak Nuts Khasra No.11/22/2, 23/2, 24/2, 25/2 GF, Uttrakhand Enclave, Shastri Park Extn, Near Janta Vastra Bhandar Burari, Delhi-110084

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M/s Vinayak Nuts Khasra No.11/22/2, 23/2, 24/2, 25/2 GF, Uttrakhand Enclave, Shastri Park Extn, Near Janta Vastra Bhandar Burari, Delhi-110084

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Also at: Khasra No.11/18, Shastri Park Behind Hanuman Mandir, Burari, Delhi1-110084

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Also at: MPL Shop No.55/2, Gandhi Gali Fatehpuri, Delhi-110006

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Defendants

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Present: Sh.Anshuman Srivastava, Counsel for the applicant bank

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Date of Reserve: 22.12.2025

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Date of Pronouncement: 22.01.2026

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O.A. No.81 of 2023

FINAL ORDER

This original application has been filed by the applicant bank on 06.12.2022 through Shri Vivek Kumar, authorized representative of the applicant bank under Section 19 of Recovery of Debts and Bankruptcy Act,1993 against the defendant for recovery of Rs.32,55,497/- (Rupees Thirty Two Lacs Fifty Five Thousand Four Hundred Ninety Seven only) as on 31.10.2022 together with pendentelite and future interest @12.35% per annum with monthly rests from 01.11.2022 with costs.

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The brief facts of the case are that at the request of defendant no.1 as proprietress of defendant no.2 vide loan application dated 18.02.2019, the applicant bank sanctioned Cash Credit facility for Rs.20,00,000/- (Rupees Twenty lacs only) on 26.02.2019 @12.35% interest per annum under Stand up India Scheme against hypothecation of goods and current assets. The applicant bank renewed and enhanced the limit to Rs.30.00 lacs @8.65% interest per annum with monthly rests on 26.05.2020. The defendant agreed to pay penal interest @2% in case of default in repayment of interest etc.

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That in order to avail the credit facility, the defendants submitted loan application dated 18.02.2019 and executed Sanction Letter, Undertaking Letters accepting CC limit, Hypothecation Agreement of Movable Assets forming part of Fixed / Block Assets, Hypothecation Agreement of Current Assets, Deed of Hypothecation of Good & Book Debts to secure CC facility on 26.02.2019 and 26.05.2020.

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The defendants executed Balance and Security Confirmation Letter acknowledging the liabilities towards applicant bank on 26.05.2020.

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O.A. No.81 of 2023

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It has been submitted by the applicant bank that after availing the loan facility, the defendants failed to honor its commitments to make the payment of interest/installments due as per terms and conditions of the sanction and failed to regularize the account. The applicant bank classified the account as NPA on 27.091021 and issued recall notice dated 02.04.2022 to defendants to regularize the account but defendants failed to do so. Hence, the applicant bank has approached this tribunal for recovery of their dues.

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Notices under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 was issued by applicant bank on 27.05.2022 to the defendants but they failed to clear the dues.

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Notices of this O.A. were issued to the defendants and 7. despite of proper service, the defendants have chosen to absent from the proceedings. As per order dated 30.07.2025, the defendants have been proceeded ex-parte as not appeared before the Tribunal and even no written statement, evidence and affidavit of assets have been filed by the defendants.

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In order to prove its case, the applicant bank has submitted the documents such as Power of Attorney of Authorized Officer , Loan Application, Sanction Letters, Undertakings, Hypothecation Agreements for Moveable Assets, Hypothecation Agreements of Current Assets, Deeds of Hypothecation of Goods & Book Debts to Secure CC facility, Balance & Security Confirmation Letter (Acknowledgement of Liabilities), Recall Notice, Demand Notice u/s 13(2), Certificate by the Officer/Manager in charge of the Computer System, Certified Bank Statement of Account marked as Page no.1 to 123.

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O.A. No.81 of 2023

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The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant bank is based on the documents and the same have been duly proved.

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10.^{The case filed by the applicant bank gone unrebutted and} there is no question of disbelieving the case of the applicant bank and the applicant bank has proved its case beyond reasonable doubts.

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11.^{In the light of the above discussions, the Original} Application deserves to be allowed.

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ORDER

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I, allow this OA and direct the defendants, to pay to the applicant bank, jointly or severally, within a period of 30 days, a sum of Rs.32,55,497/- (Rupees Thirty Two Lacs Fifty Five Thousand Four Hundred Ninety Seven only) together with pendentelite and future interest @12.35% per annum with monthly rests from 01.11.2022 till the date of realization failing which the aforesaid amount shall be recovered from the sale of hypothecated stocks, book debts and current assets etc. In case of shortfall, the same shall be recovered from the sale of movable and immovable properties of the defendants.

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(II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

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(III)^{Parties are directed to appear before Recovery Officer,} DRT I, Delhi on 23.03.2026.

so(

O.A. No.81 of 2023

(IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

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5d -

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(GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI

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(Dictated and pronounced in open court) Dated: 22.01.2026

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Punjab National Bank v. Kanchan Rawat

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Kanchan Rawat

Case brief

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What did the court decide?

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