Allowed

Punjab National Bank v. M/S Fortune Multi Products and Traders

DRT3 Sept 2026TA/167/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's case for recovery of Rs. 32,13,169.33 along with interest. The tribunal found that the bank proved its advance of loan and subsequent dues, ordering joint and several liability and issuance of a recovery certificate against the respondents who appeared ex parte.

What did the court decide?

Recovery of Rs. 32,13,169.33 with interest allowed; liability joint and several; recovery certificate to be issued.

Punjab National Bank versus M/S Fortune Multi Products and… — Banking and Recovery | 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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TA No: 167/2024 Date of Institution: 08.12.2021 Date of Decision: 03.09.2026

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Punjab National Bank having its branches all over India and a branch at Last Morh, Gandhi Nagar, Jammu.

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……..Applicant

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Vs.

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M/s Fortune Multi Products & Traders, through its proprietor, Sh. Bansi Lal, NH Opposite RC Plaza, Bari Brahmana, Samba.

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Sh. Bansi Lal s/o Sh. Ishar Lal, Proprietor, M/s Fortune Multi Products & Traders, r/o 1076, Raipur Domana, Jammu.

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Mohd. Naseem s/o Mr. Abdul Majeed, r/o H.No.126, Ward No.6, Bari Brahmana, Samba.

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Rafiq Chaudhary s/o Sh. Abdul Majeed, r/o Rajiv Colony, Bari Brahmana.

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……….Defendants

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Advocates

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Ms. Suditi Suri, Counsel for the applicant bank. Defendants- ex parte vide order dated 04.05.2026 .

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TA for the Recovery of ₹32,13,169.33p with interest @12.50% per annum with monthly rests from 08.12.2021.

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ORDER

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On 08.12.2021, Punjab National Bank, filed the suit for the recovery of ₹32,13,169.33p with interest against M/s Fortune Multi Products & Traders and others (defendants) in the Court of Learned District Judge (Bank Cases) Jammu. However, vide order dated 20.02.2023, Additional District Judge, (Bank Cases), Srinagar, transferred this suit to DRT-I, Chandigarh.

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Bank’s case is that on 01.11.2013, it had granted C.C. Limit of ₹20.00 Lacs to defendant No.1 through its proprietor defendant No.2 for business purpose. To secure the loan, Defendant No.3 had mortgaged his property (fully detailed in para No.10 of the application). Defendant Nos.3 and 4 stood as guarantors vide Deed of Guarantee dated 01.11.2013. The loan was chargeable to interest @12.50% per annum with monthly rests. On 26.11.2021, a sum of ₹32,13,169.33p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, the suit.

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The Civil Court sent summonses to the defendants by registered post, which were duly served. After transfer of this suit, summonses were sent to the defendants which were duly served. However, they did not put in appearance. Vide order dated 04.05.2026, they were proceeded ex parte. 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Hans Raj, Authorized Officer, along with the original loan and security documents. 5. 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 ₹20.00 Lacs and on 26.11.2021, a sum of ₹32,13,169.33p was due. 6. Accordingly, the case of the bank for the recovery of ₹32,13,169.33p (Rupees Thirty Two Lacs Thirteen Thousand One Hundred Sixty Nine and Paise Thirty Three Only) with interest @12.50% per annum with monthly rests from 08.12.2021, till the date of payment is hereby allowed with costs. The liability of all the defendants would be joint and several. Bank can recover its dues by the sale of mortgaged property fully detailed in para No.10 of the application as

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well	as from the personal movable and immovab	le property(ies) of the
defe	ndants.
7.	Pending IAs, if any, stand disposed of.
8.	Recovery Certificate be issued accordingly.
9.	Parties are directed to appear before	Recovery Officer on
06.1	0.2026.
10.	A Copy of this order along with Recover	y Certificate be sent to
the	Recovery Officer as well as the parties.
Pron Date MANOJ KA	ounced in the open court. d: 03.09.2026 LRA	(A S Narang) Presiding Officer DRT-1, Chandigarh

Punjab National Bank v. M/S Fortune Multi Products and Traders

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. M/S Fortune Multi Products and Traders

Case brief

What is this about?

What did the court decide?

What the court decided

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