Allowed

Punjab National Bank v. M/S Asia Travels and Tours (Att) Pvt. Ltd.

DRT29 May 2026TA/1367/2022

Case brief

AI extract

What is this about?

The tribunal allowed a money-recovery application by Punjab National Bank against three respondents (a private limited company and its directors) for an outstanding loan of Rs. 33.96 lakhs. The proceedings were conducted ex-parte as the defendants failed to appear or file a written statement. Based on uncorroborated bank evidence, the tribunal awarded recovery of the principal, interest, and costs

What did the court decide?

The respondents were directed to pay Rs.33,96,162.06, interest at 12.10% per annum, and costs within 30 days, recoverable from assets if unpaid.

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

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T.A. No. 1367 of 2022

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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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T.A. No.1367 of 2022

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Punjab National Bank

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

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Versus

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M/s Asia Travel & Tours Pvt.Ltd. JF-16, Parasnath Vaibhav Plaza Alfa-1, Greater Noida, Dist. Gautam Budh Nagar UP-201308

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Also at:

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M/s Asia Travel & Tours Pvt.Ltd. A-102/F-1, Lane-6, Paryavaran Complex IGNOU Road, Sadulajab, Mehrauli Gadaipur, Delhi -110030

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Smt.Seema Asthana Director M/s Asian Travels & Tours Pvt.Ltd. JF-16, Parasnath Vaibhav Plaza Alfa-1, Greater Noida, Dist. Gautam Budh Nagar UP-201308

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Also at:

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Smt.Seema Asthana 323, Krishna Apartments Plaza Greater Noida, Dist. Gautam Budh Nagar UP-201308

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Also at:

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Smt.Seema Asthana A-102/F-1, Lane-6, Paryavaran Complex IGNOU Road, Sadulajab, Mehrauli Gadaipur, Delhi -110030

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T.A. No. 1367 of 2022

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Sh.Sailesh Asthana

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Director M/s Asian Travels & Tours Pvt.Ltd. JF-16, Parasnath Vaibhav Plaza Alfa-1, Greater Noida, Dist. Gautam Budh Nagar UP-201308

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Also at:

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Sh.Sailesh Asthana 323, Krishna Apartments Plaza Greater Noida, Dist. Gautam Budh Nagar UP-201308

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Also at:

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Sh.Sailesh Asthana A-102/F-1, Lane-6, Paryavaran Complex IGNOU Road, Sadulajab, Mehrauli Gadaipur, Delhi -110030 Defendants

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Present: Ms Meena Gupta, Counsel for the applicant bank

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Date of Reserve: 13.05.2026

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Date of Pronouncement: 29.05.2026

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FINAL ORDER

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This original application has been filed by the applicant bank on 30.09.2021 before DRT-II, Delhi & then transferred to DRT-I, Delhi under Section 19 of Debts Due to Banks and Financial Institutions Act, 1993 against the defendants for recovery of a sum of Rs.33,96,162.06 (Rupees Thirty Three Lacs Ninety Six Thousand One Hundred Sixty Two & paisa Six only) as on 15.08.2021 along with pendentelite and future interest @12.10% per annum from date of filing of this application till the date of realization along with costs.

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The brief facts of the case are on the request of defendant no.1 through its directors / guarantors being

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T.A. No. 1367 of 2022

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defendant no.2 and 3 vide their loan cum appraisal form dated 10.05.2017, the applicant bank sanctioned Cash Credit facility of Rs.25.00 lacs (Rupees Twenty Five Lacs only) under MSME (Service) Micro scheme on 29.05.2017 @11.25% interest per annum against 1st charge on hypothecated receivables/book debts/stock of defendant no.1. In case of default in repayment of interest, the defendants consented to pay @2% penal interest over agreed rate of interest to the applicant bank.

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That in order to avail the credit facility, the defendants executed Agreement for Hypothecation of Goods and Book Debts, Agreement of Guarantee and Master Undertaking on 30.05.2017 in favour of applicant bank.

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The defendant no.2 being director of defendant no.1 acknowledged the outstanding dues in the account and executed Balance and Security Confirmation letter on 11.07.2019 towards the applicant bank.

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It has been submitted by the applicant bank that after availing the loan facility, the account maintained by defendants becoming irregular and they failed to maintain financial discipline and comply with the terms and conditions of sanction despite of several requests and reminders. The defendants neither regularize the account nor liquidated the loan with the applicant bank. Ultimately, the applicant bank classified the account as NPA on 02.10.2019 as per RBI guidelines and issued legal notice dated 11.11.2019 and 20.02.2021 but no response, hence, the applicant bank has approached this tribunal for recovery of their dues.

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Notices of this O.A. were issued to the defendants and despite of proper service, the defendants have chosen to

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5d—

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T.A. No. 1367 of 2022

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absent from the proceedings. As per order dated 21.01.2026, the defendants have been proceeded ex-parte as they have not appeared before the Tribunal and even written statement, evidence and affidavit of assets have not been filed by the defendants.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Sh.Kamal Singh, authorized representative of the applicant bank who has proved the documents such as General Power of Attorney Exhibit A1/1, Interview-cum-Appraisal Form Exhibit Al/2, Sanction letter Exhibit A1/3, Agreement of Hypothecation Exhibit A1/4, Agreement of Guarantee Exhibit Al/5, Master Undertaking Exhibit A1/6, Balance and Security Confirmation Letter Exhibit A1/7, Legal Notices Exhibit A1/8 (Colly), Postal Receipts Exhibit A1/9, Certified Statement of Account under Bankers' Books Evidence Act Exhibit A1/10, Memorandum of Recorded Interest Exhibit A1/11, Certificate u/s 2A(b) of Bankers' Evidence Act Exhibit A1/12.

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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 approved.

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

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T.A. No. 1367 of 2022

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ORDER

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I, allow this OA and direct the defendants no.1 to 3 to pay to the applicant bank, jointly or severally, within a period of 30 days, a sum of Rs.33,96,162.06 (Rupees Thirty Three Lacs Ninety Six Thousand One Hundred Sixty Two & paisa Six only) as on 15.08.2021 together with pendentelite and future interest @12.10% per annum from date of filing of this application till the date of realization and costs; failing which the aforesaid amount shall be recovered from the sale of hypothecated current assets and book debts 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 the Recovery Officer, DRT I, Delhi on 28.07.2026.

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

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

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(Dictated and pronounced in open court) Dated: 29.05.2026

Punjab National Bank v. M/S Asia Travels and Tours (Att) Pvt. Ltd.

Case brief

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Punjab National Bank v. M/S Asia Travels and Tours (Att) Pvt. Ltd.

Case brief

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