Allowed

Punjab National Bank v. Ms Marvel Metals Pvt. Ltd. and Ors.

DRT29 May 2026TA/10/2024

Case brief

AI extract

What is this about?

Presiding Officer allowed the bank's original application for recovery of a loan of approximately Rs.4.46 crores plus interest against a borrower company and individuals. The court directed joint and several payment and directed execution from mortgaged properties.

What did the court decide?

Ordered defendants to pay Rs.4,46,08,925.31 plus future interest within 30 days, failing which recovery to be made from sale of mortgaged and other properties. Recovery certificate issued.

Punjab National Bank versus Ms Marvel Metals Pvt. Ltd. and… — Execution and Attachment | DRT (2026)

¶1

T.A. No. 10 of 2024

¶2

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

¶3

Presiding Officer: Shri Govind Ballabh Sharma

¶4

T.A. No. 10 of 2024

¶5

Punjab National Bank

¶6

Circle Sastra Centre, East Delhi Pocket E, Mayur Vihar Phase II, Delhi-110091 Applicant

¶7

Versus

¶8

M/s Marvel Metals Pvt.Ltd. Through its Directors Khasra No.37/9 (4-08) Shahbad Daulatpur, Delhi-110042

¶9

Sh.Rajesh Kumar Gadiya s/o O.P.Gadiya R/o 157, F1/U Block, Pitampura Delhi-110034

¶10

Also at:

¶11

Sh.Rajesh Kumar Gadiya s/o O.P.Gadiya CU-136, 2nd Floor,

¶12

Pitampura, Delhi-110088

¶13

Smt.Mamta Gadiya w/o Rajesh Kumar Gadiya R/o 157, F1/U Block, Pitampura Delhi-110034

¶14

Also at:

¶15

Smt.Mamta Gadiya w/o Rajesh Kumar Gadiya CU-136, 2nd Floor,

¶16

Pitampura, Delhi-110088 Defendants

¶17

Present: Sh.Chirangilal Goswami, Counsel for applicant bank

¶18

Date of Reserve: 13.05.2026

¶19

Date of Pronouncement: 29.05.2026

Sd-

T.A. No. 10 of 2024

FINAL ORDER

This original application has been filed by the applicant bank on 03.01.2022 before DRT-II, Delhi and then transferred to DRT-I Delhi through Shri Akhouri Binay, authorized representative of the applicant bank under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 against the defendants for recovery of a sum of Rs.4,46,08,925.31 (Rupees Four Crores Forty Six Lacs Eight Thousand Nine Hundred Twenty Five and paisa Thirty One only) as on 14.12.2021 together with pendentelite and future interest @11.30% per annum with monthly rests from 14.12.2021 till the date of its realization and costs.

¶24

The brief facts of the case are that at the request of defendant no.1 being private limited company of defendant no.2 as director and one Sh.Manish Kumar Trivedi, then director of defendant no.1 in the business of wholesale supplier of various ferrous scraps, the applicant bank sanctioned Cash Credit limit of Rs.150.00 lacs (Rupees One Crore Fifty Lacs only) on 20.01.2012 @11.30% interest per annum against hypothecation of goods, book debts and mortgage of property of defendant no.3. The applicant bank enhanced the cash credit facility from Rs.150.00 lacs to Rs.225.00 lacs on 10.09.2013 and further to Rs.340.00 lacs on 20.032015 @11.30% interest per annum against hypothecation of stock, book debts and extension of mortgage of property of defendant no.3. The applicant bank reviewed the credit facilities on 17.02.2017 and short reviewed on 29.01.2018 in favour of defendant no.1 as per their request. Sh.Manish Kumar Trivedi, being director of defendant no.1 resigned as per letter of defendant no.1 on 07.09.2017. All the limits sanctioned in favour of defendant no.1 by applicant bank were approved by

¶25

T.A. No. 10 of 2024

¶26

defendant no.1 through Board Resolution dated 10.09.2013, 18.02.2015 and 05.03.2015.

¶27

That in order to avail the credit facilities, the defendants along with Sh.Manish Kumar Trivedi, then director of defendant no.1 as Board Resolutions submitted loan applications and executed Sanction Letters, Agreement of Hypothecation of Assets, Common Agreement on 20.01.2012. In addition, the defendants with Sh.Manish Kumar Trivedi executed Supplemental Agreements to Secure Credit/Loan Facility, Common Agreements and Affidavits on 11.09.2013 and 20.03.2015 towards the applicant bank. The defendant no.2, 3 and SH.Manish Kumar Trivedi, then director of defendant no.1 executed separate Agreements of Guarantee on various dates.

¶28

That in order to secure the credit facility sanctioned by the applicant bank, the defendant no.3 created equitable mortgage of her residential property no.136, 2nd Floor, Block CU, Pitampura, Delhi admeasuring 126 sq.metres on 20.01.2012 by depositing original Sale Deed dated 26.10.2005 along with chain of documents with the applicant bank. The applicant bank entered the mortgage in Title Deed Register maintained and confirmed by defendant no.1 through defendant no.3.

¶29

The defendant no.2 along with Sh.Manish Kumar Trivedi, then director of defendant no.1 executed Balance and Security Confirmation acknowledged the liability of Rs.3,49,52,203.79 as on 30.01.2018. Thereafter, the defendants no.1 to 3 executed Balance and Security Confirmation dated 06.11.2019 acknowledged the debt of Rs.3,47,67,517.79 towards the applicant bank. 50—

¶30

50—

¶31

T.A. No. 10 of 2024

¶32

It has been submitted by the applicant bank that after vailing the loan facility, the defendants miserably failed and neglected to pay the interest and installments in the account and failed to maintain financial discipline as per sanction terms resulting the account became irregular. The applicant bank issued recall notices for regularization of the account but no payment was forthcoming. The applicant bank classified the accounts as NPA on 31.12.2019 as per RBI guidelines but defendants not responded, hence, the applicant bank has approached this tribunal for recovery of its dues.

¶33

Notice under section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 dated 01.01.2020 was issued to the defendants and applicant bank taken symbolic possession of the mortgaged property vide notice dated 17.12.2020 by affixing notice son the property and duly published in newspapers on 20.12.2020.

¶34

Notices of this O.A. were issued to the defendants and despite proper service, the defendants have chosen to absent from the proceedings. As per order dated 10.07.2025, the defendants have been proceeded ex-parte as they have not appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed.

¶35

In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Akhouri Binay, authorized representative of the applicant who has proved the documents as Power of Attorney, Agreement of Hypothecation of Assets, Common Agreement, Agreements of Guarantee, Certified Copy of Sale Deed, Certified Copy of Title Deed Register, Letter dated 21.01.2012 of Acknowledgement of Receipt of Original Sale

¶36

T.A. No. 10 of 2024

¶37

Deed, Board Resolution, Supplemental Agreement to Secure Credit/Loan Facility, Common Agreement, Affidavits, Original Letter of Deposit of Sale Deed, Original Letter dated 21.03.2015, Original Proposals, Sanction Letters, Letter dated 07.09.2017, Balance and Security Confirmation Letters, Notice u/s 13(2) dated 01.01.2020, Possession Notice, Newspapers dated 20.12.2020, Certified Statement of Account as per Bankers' Books Evidence Act marked as Exh.AW1/1 to Ex.AW1/40.

¶38

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.

¶39

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.

¶40

In the light of the above discussions, the Original Application deserves to be allowed.

¶41

ORDER

¶42

I, allow this OA and direct the defendants to pay to the applicant bank within 30 days, jointly or severally, a sum of Rs.4,46,08,925.31 (Rupees Four Crores Forty Six Lacs Eight Thousand Nine Hundred Twenty Five and paisa Thirty One only) as on 14.12.2021 together with pendentelite and future interest @11.30% per annum with monthly rests from 14.12.2021 till the date of realization along with costs failing

¶43

$cf

¶44

T.A. No. 10 of 2024

¶45

which the aforesaid amount shall be recovered from the sale of hypothecated stocks, book debts, current assets and mortgaged property no.136, 2nd Floor, Block CU, Pitampura, Delhi admeasuring 126 sq.metres owned by defendant no.3. In case of shortfall, the same shall be recovered from the sale of movable and immovable properties of the defendants.

¶46

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

¶47

(III) Parties are directed to appear before Recovery Officer, DRT I, Delhi on 28.07.2026.

¶48

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

¶49

¶50

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

¶51

(Dictated and pronounced in open court) Dated: 29.05.2026

Punjab National Bank v. Ms Marvel Metals Pvt. Ltd. and Ors.

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Ms Marvel Metals Pvt. Ltd. and Ors.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Karnataka Bank Limited versus Aby Abraham

RRaju Kalidoss versus Canara Bank

Sajan S versus Yes Bank

Vinod Kumar Gupta versus Punjab and Sind Bank

Mr B S Girisha versus Dcb Bank Limited

Karnataka Grameena Bank versus Vsri.Addara Nagaraja