Allowed

Punjab National Bank v. M/S Ggp Buildtech (P) Limited and Another

DRT21 May 2026TA/2/2024

Case brief

AI extract

What is this about?

This DRT allowed a transfer application by Punjab National Bank against M/S GGP Buildtech and a guarantor for recovery of ₹24,30,460. The court noted defendant inactivity and granted a reduction of interest rates to 8% per annum.

What did the court decide?

Declaration of liability to pay ₹24,30,460 with costs and interest at 8% p.a. Recovery certificate directed; liberty to enforce claim via sale of assets.

Punjab National Bank versus M/S Ggp Buildtech (P)… — Contract and Commercial Disputes | DRT (2026)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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TRANSFER APPLICATION NO.2/2024

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 20.12.2023

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DATE OF DECISION: 21.05.2026

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Punjab National Bank, a Bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Head Office at Plot no. 4, Sector 10, Dwarka, New Delhi110075 and its Branches /Offices throughout India along with an Office at Circle Sastra Centre, SAS Nagar, Mohali, Punjab through Sh. Subhash Chandra, Senior/Chief Manager of the said Office, who is also one of the Principal Officers and General Attorney of the applicant

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……..Applicant

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Versus

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M/S GGP Buildtech (P) Limited through its Director, Sh. Rakesh Kumar Gupta, S/o Late Sh. Raj Kumar Gupta, #402, Sector 127, Shivalik Enclave, City Kharar, District Mohali, Punjab

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Sh. Krishan Gopal Lamba, S/o Sh. Om Parkash Lamba, R/o #859/6, Ward no. 9, Kharar, District Mohali, Punjab

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…….Defendants

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Advocates:

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Argued by Sh. Rajindra Kumar Joshi, Advocate for applicant None for defendants (already ex-parte vide order dated 19.05.2026)

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FINAL ORDER

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Present Transfer Application was instituted by the applicant under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, against the defendants for recovery of Rs. 24,30,460.00 (Rupees Twenty Four Lacs Thirty Thousand Four Hundred Sixty Only). The Transfer Application has been filed through Sh. Subhash Chandra, Senior/Chief Manager of the applicant, who is competent to institute the Transfer Application vide Power of Attorney dated 28.07.2011, which is Annexure A1 to this TA.

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2 TA/2/2024 PUNJAB NATIONAL BANK VS. M/S GGP BUILDTECH (P) LIMITED AND ANOTHER

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The brief facts of the TA are that defendant no. 1 approached the applicant for grant of Car Loans of Rs. 16,99,290.00 and Rs.16,99,290.00 vide Requests for Term Loan Car, both dated 27.05.2015, which are Annexure A2 and A12 to this TA. 3. The applicant sanctioned the grant of Car Loans of Rs.16,99,290.00 and Rs. 16,99,290.00 vide Sanctions, both dated 28.05.2015, which are Annexure A3 and A13 to this TA and the terms and conditions were duly accepted by the defendants. Defendant no. 2 stood as guarantor.

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4. Defendant no. 1 hypothecated its vehicles namely:
i. Toyota Corolla Altis (Diesel) D4-DGL bearing Registration	no.
PB65AC6363, Engine no. 1ND1408399 and Chassis	no.
MBJ53NEH004003929 vide Tax Invoice dated 27.05.2015	and
RC, which areAnnexure A8 and A9to this TA;
ii. Toyota Corolla Altis (Diesel) D4-DGL bearing Registration	no.
PB65AC8900, Engine no. 1ND1395370 and Chassis	no.
MBJ53NEH004003033 vide Tax Invoice dated 28.05.2015 RC, which areAnnexure A18 and A19to this TA.	and
Documents executed: Resolutions of Company, both d	ated
27.05.2015, which areAnnexure A4 and A14to this TA; Lette	rs of
Hypothecation, Undertakings, Agreements of Guarantee and Lett	er of
Inspection, all dated 28.05.2015, which areAnnexure A5 to A7,	A15
to A17 and A21to this TA; ROCs, both dated 12.06.2015, whi	ch is
Annexure A10 and A20to this TA; Letter of Inspection, whic	h is
Annexure A11to this TA; Balance and Security Confirmation Le	tters
dated 26.05.2017, 19.07.2019 and 09.06.2022, which areAnne	xure
A22 to A27to this TA; Recall Notices dated 19.08.2019	and
21.01.2023, which areAnnexure A28 and A29to this	TA;
Statements with certificate, Records and List of Rate of Interest, w areAnnexure A30 to A35to this TA.	hich
5. The loan accounts became irregular and were classified as	NPA
and after adjusting debit and credit entries in loan accounts, there	was
a debit of Rs. 24,30,460.00, which is recoverable and the defend were served recall notices but they did not repay the outstan	ants ding

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3 TA/2/2024 PUNJAB NATIONAL BANK VS. M/S GGP BUILDTECH (P) LIMITED AND ANOTHER

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amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

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The defendants were served summons to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte vide order dated 19.05.2026.

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In support of the TA, affidavit of Sh. Subhash Chandra, Senior Manager, Punjab National Bank has been filed. 8. Heard ex-parte arguments and perused record.

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It was argued by learned counsel, through video conferencing, that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case.

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From the perusal of all the Annexure A1 to A35 to this TA, it is proved that the defendant no. 1 approached applicant for availing of the loan facilities, which were granted to defendant no. 1. Defendant no. 2 stood as guarantor. Defendants had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loans as per terms and conditions of the agreement between the parties. Subsequently, the accounts of the defendants were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs. 24,30,460.00 (Rupees Twenty Four Lacs Thirty Thousand Four Hundred Sixty Only) along with interest from the defendants, jointly and severally from the date of filing of the present Transfer Application till realization of the amount.

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In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @11.90%p.a. with monthly rests from the date of institution of the application till the realization.

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The Tribunal is of the considered opinion that sometimes in appropriate cases the prerogative of mercy is the brightest jewel in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including nature of the hypothecated assets, undertaking of the defendants, quantum of loans and prevalent market rates of

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4 TA/2/2024

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PUNJAB NATIONAL BANK VS. M/S GGP BUILDTECH (P) LIMITED AND ANOTHER

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interest which have gone drastically downhill in yester years, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @8.00%p.a. in both the loan accounts from the date of filing of the TA till realization of the amount ordered vide this final order. It is ordered accordingly.

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.24,30,460.00 (Rupees Twenty Four Lacs Thirty Thousand Four Hundred Sixty Only) jointly and severally with costs, current and future simple interest @8.00%p.a. in both the loan accounts from the date of filing of TA till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of hypothecated assets of the defendant no. 1 in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the applicant still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law.

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12. Any other application pending stands disposed of.

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Issue Recovery Certificate accordingly.

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Parties to appear before Learned Recovery Officer of this

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Tribunal on 12.06.2026.

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Copy of this order be given dasti to the applicant and be sent to defendants through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned.

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Pronounced by me in the open Tribunal.

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Dated: 21.05.2026

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(MRIDULESH KUMAR SINGH)

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Presiding Officer,

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DRT-III, Chandigarh

Punjab National Bank v. M/S Ggp Buildtech (P) Limited and Another

Case brief

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Punjab National Bank v. M/S Ggp Buildtech (P) Limited and Another

Case brief

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What the court decided

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