Allowed

Punjab National Bank v. M/S Meera Traders (Borrower)

DRT26 May 2026TA/1183/2022

Case brief

AI extract

What is this about?

The DRT allowed an application filed under Section 19 of the RDB Act, 1993, for recovery of dues. The tribunal found the bank's case established undisputedly, directed respondents to pay the principal amount with interest and costs, and ordered issuance of a recovery certificate.

What did the court decide?

Directed respondents to pay Rs.5,91,39,033.81 with interest and costs; issued recovery certificate.

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

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Before susHrl KUMAR RAsroGr, presiding officer Debts Recovery Tribunal-Il, Delhi

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TA No.1183 OF 2O2Z

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PUNJAB NATIONAL BANK VS M/S MEERA TRADES & ORS

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Reserued on z 23.04.2026 Pronounced on : 26.05, 2026

Punjab National Bank

-Applicant bank

Vs.

M/s Meera Trades

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Sh. Amit Anand

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Sh. RajeevAnand

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Smt. Alka Anand - Defendants

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Present: Mr. O.P. Pahuja, Counsels appears for applicant bank. Defendants are exparte, since, 03.04.2025.

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This original application has been filed by the applicant ban( on t4.02.2022 through Sh. Edmund Pradeep Aind, Manager of the applicant ban( under Section 19 of the RDB Act, 1993 against the defendants for recovery of a sum of Rs.5,91,39,033.81 together with cost, charges and pendentellite and future interest @11.35olo from date of filing of this O.A. till the realization in full.

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The brief facts of the case are that at the request of the defendants, the applicant bank sanctioned Cash Credit (Hyp) of Rs.250 Lakhs against the primary security of hypothecation of stocks & receivable/book debts with 25o/o margin on both and further secured collateral security of equitable mortgage by deposit of #-.-.Y

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..,

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TA NO. I 183 of 2022 2 title deeds of (i). Residential Propefi bearing No.11/38 B, being the Ground Floor in the name defendant no.l and (ii) Residential Property bearing No.1U3B B, being the First Floor in the name of defendant no.3, vide partition deed registration no.2L434 dated 01.11.2013 in the sub registrar office at SR IIB, Janak Puri, New Delhi and^personal guarantee of defendant no.3. The defendant no.2 as proprietor of defendant no.1 executed all necessary loaning documents on 20.L2.2017. The aforesaid loan facility was granted for one^year and there after was renewed from time to time and lastly renewed vide sanction letter 30.03.2019 against the^primary security of hypothecation of stocks & receivable/ book^debts with 25o/o margin on both and future secured collateral security of the aforesaid^properties. Again, at^the request of defendants, the applicant bank^enhanced the aforesaid cash credit^(hyp) facility from^Rs.250 Lakh to Rs.450 lakh, vide sanction letter^dated 13.09.2019 against the^primary security^of hypothecation of stocks of^goods of cooking/edible^oil (mainty brand fortune and ball kohlu) in trade,^goods in transit, semi-finished^goods and^{finished goodsand} trade receivables/ book debts and^{other current assets} of the firm with 25o/o margin on^{both and fufther} secured by way fresh collateral^{security of equitable} mortgage by deposit of title deeds of^Residential property being the First Floor without roof rights of^Plot No.12l2A in the name of defendant^{no.4 along with} security of already existing^{equitable mortgageof the} aforesaid^properties and^{personal guaranteeof} defendant nos.2 to 4. The defendants^{also availed} Working Capital Term Loan @CfL)^{of Rs.90.00Lakh}

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TA NO. I I 83 of 2022 3

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under the Guarantee Emergency credit Line (GECL). All the terms and conditions of the aforesaid sanction letter dated 13.09.2019 were duly accepted by the defendants in writing. The aforesaid credit facitities were secured by way continuing personal guarantees/hypothecation/mortgage/extension of charge over the movable and immovable properties i.e., (1). Equitable moftgage by deposit of tifle deeds of Residential Property bearing No.1Ll3B B, Titak Nagar, New Delhi being the Ground Floor, Total area 100 sq yards with proportionate land underneath in the name of defendant nos.2. (2). Equitable mortgage by deposit of title deeds of Residential property bearing No.l Ll3B B, Tilak Nagar, New Delhi being the First Floor, Total area 100 sq yards with propoftionate land underneath in the name of defendant nos.3. (3). Equitable moftgage by deposit of tifle deeds of Residential Propefi being the First Ftoor without roof rights of Plot No.12l2A, Tilak Nagar, New Delhi, totat area 100 sq. yards with propoftionate land underneath in the name of defendant no.4. (5). Hypothecation of entire stocks of goods in the business of trading of edible oils and trade receivable and ail other current assets of the borrower along with book debts. (6). Contlnue personal guarantee (pG) of defendant nos.2 to 4. The defendant no.2 as proprietor defendant no.1 executed all necessary loaning documents on 13.09.2019. It is submitted that the applicant bank on the request of defendant sanctioned the Working Capital Term Loan (WC[L) of Rs.90.00 Lakh under the guaranteed emergency credit line (GECL) vide sanction letter date 31.10.2020 and defendant no2 for and on behalf of defendant no.1 executed all necessary (4'..

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TA NO. lt83 of 2022 4

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loaning documents in favour of the appricant bank for valuabte consideration in terms of sanction letter dated L6.LZ.2OZO.

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It is fufther submitted that the defendants enjoyed and utilized the Loan facilities, but failed to maintain the financial discipline and failed to repay the due amounts. The appricant bank requested the defendants to regularize the loan account by visits and letters, but there was no response from the defendants. Hence the account was classified as NpA on 15.07.2021. Therefore, the appticant bank serued a demand notice dated 23.07.2021 to the defendants but failed to recover the same. Thus, the present o.A.fl-.A. is preferred by the applicant bank to recover its dues.

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on notice by this Tribunar, the defendants put appearance through counsel but failed to file written statement. Thereafter, the defendants failed to put appearance in the matter, despite issuance of defautt notice. Accordingly, the defendants were proceeded against exparte on 03.04 .ZOZS.

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The applicant bank has fired evidence by way of affidavit of sh. Edmund pradeep, Manager of the applicant bank as Annexure A-1 to Annexure A-42 along with the oA, which have gone unchailenged and un-rebutted. Hence, the case of the applicant bank stands fully established against the defendants with respect to nonpayment of outstanding amount.

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TA NO. I 183 of 20ZZ

After perusing the records, this Tribunar is of the view that the applicant bank has proved its case beyond reasonabte doubts. The evidence and documents filed by the applicant bank not rebutted by the defendants by not placing any evidence and there is no question of disbelieving the evidence and documents filed by the applicant bank based upon the written/printed documenb.

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In the light of the above discussions, the present r.A. deserues to be allowed.

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ORDER

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I hereby allow this T.A. of the appticant bank and direct the defendant nos.1 to 4 to pay joinfly and severally to the applicant within 30 days from today, a sum of Rs.5,91,39,033.81 along with cost, expenses and interest @ LL.3So/o from the date of filing of this o.A. which has become T.A till the date of reatization.

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In case of failure to deposit the above amount within the stipulated period, the same shall be recovered from the sale of hypothecated assets and the sale of mortgaged properties i.€., (1). Residential Property bearing No.lLBg B, Titak Nagar, New Delhi being the Ground Floor, Total area 100 sq yards with proportionate land underneath. (z). Residential Property bearing No.1L/38 B, Titak Nagar, New Dethi being the First Floor, Total area 100 Sq yards with proportionate land underneath. (3). Residential Propefi being the First Floor without roof rights of ptot No.12l2A, Tilak Nagar, New Delhi, total area 100 sq. yards with proportionate land underneath. In case of shortfall, the same shall!e recovered from the sate of ----< st

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TA NO. ll83 of 2022 6 personal movable and immovable assets of the

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defendant nos.l to 4.

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Recovery certificate be issued forthwith and be sent to Recovery officer, Debts Recovery Tribunal-Il, Delhi.

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The registry of this Tribunal is hereby directed to issue free copy of the order and send the same to both the pafties.

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Parties are directed to appear before the Ld. Recovery Officer, DRT-II, Delhi on 27.07.2026. pending IAs, if any, stand disposed of.

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File be consigned to records.

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Date :26.05.2026

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gA (susHrL KUMAR RnSrOCrl PRESIDING OFFICER DRT-II, Delhi

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This judgement has been signed, dated and pronounced in open court.

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Date :26.05.2026

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(susHrL KUMAR RASfOGT) PRESIDING OFFICER DRT-II, Delhi

Punjab National Bank v. M/S Meera Traders (Borrower)

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Punjab National Bank v. M/S Meera Traders (Borrower)

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