Allowed

Punjab National Bank v. M/S Shantanu Enterprises

DRT28 Jul 2026TA/28/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the applicant bank's original application for recovery of dues as the defendants appeared ex parte. The bank proved its case for non-payment of a term loan and cash credit facility, and the tribunal ordered repayment with interest.

What did the court decide?

Payment of Rs. 53,47,743.18 with interest at 10.6% p.a. to be made within 30 days, with further directions for recovery from assets on default.

Punjab National Bank versus M/S Shantanu Enterprises — Banking and Recovery | DRT (2026)

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Before SUSHIL^{KUMARRASTOGI, Prcsiding Officer} Debts RecoverY Tribunal-Il,^Delhi

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TA No.28 OF 2023

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PUNJAB NATIONAL^{BANKVS M/S SHANTANU} ENTERPRISES & ORS

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Reseryed on : 16.O6.2O26 Pronounced on = 28.O7.20.26

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-Applicant bank

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-Applicant bank Punjab National Bank Vs. 1. M/s Shantanu EnterPrises 2. Smt. Minakshi - Defendants

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Present: Shri. Arun^{Bhardwaj, Counsel appearsfor} aPPlicant bank. Defendants are exparte,^{since, 22.t2 -2025'}

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FINAL ORDER

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This original application^{has been filed by the} applicant ban(^{on 05.10.2018through Shri. Ashok Kumar} Garg, Principal Officer^{of the applicantbank, under} Section 19 of the^{RDB Act, 1993 against the defendants} for recovery of a^{sum of Rs.53,47,743'18togetherwith} cost, charges and^{pendentelliteand future interest @14olo} p.a. 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 defendant^{no.1 through defendantno.2, the applicant} bank sanctioned^{a Termloan facilityof Rs.18 Lakhs and} Cash Credit^{(Hypothecation)of Rs.30 Lakhs under} CGTMSE Scheme,^{vide sanctlq1letter dated l5'O6'20L7'} e^,

TANO. 28 of 2023

loaning

The defendants executed all necessary

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documents on 01.07.2017.

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It is fufther submifted that the defendants^enjoyed and utilized the Loan^{facilities, but failed to maintain the} financial discipline and failed to^{repay the due amounts.} The applicant 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 dated 30.04.2018.The} applicant bank serued a^{recall/demandnotice dated} 07.05.2018 to the defendants^{but failed to recover the} same Thus, the^present O.A.ff.A'^{is preferredby the} applicant bank to recover^{its dues.}

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On notice by this^{Tribunal, defendantsfailed to put} appearance at all, despite^{publication. Accordingly, the} defendants were^{proceededagainst expafte on} 22.12.2025.

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The applicant bank^{has filed evidenceby way of} affidavit of Shri.^{Harish Kumar, Manager as Annexure-A} to Annexure- I, which^{have gone unchallengedand un-} rebutted. Hence, the^{case of the applicant stands fully} established against^{the defendants with respect to} nonpayment of outstanding^amount.

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After^perusing the^{records,this Tribunal is of the} view that the applicant^{bank has proved its case beyond} reasonable doubts.^{The evidence and documentsfiled by} the applicant bank^{not rebutted by the defendants by not}

TANO.28of2023

placing any evidence^{and there is no questionof} disbelieving^{the evidenceand documentsfiled by the} based uPon the^{written/Printed} applicant^bank documents.

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In the light of^{the above discussions,the presentT'A'} deserves to^{be allowed.}

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ORDER

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I hereby^{allow this T.A. of the applicant bank and} direct the^{defendant nos.1 and 2 to pay jointlyand} severally^{to the applicantbank within30 days from today'} a sum of^{Rs.53,47,743.18 along with cost, expenses and} interest @10.600/o^{from the date of filing of this O'A'} which has^{becomeT.A till the date of realization'}

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In case^{of failure to deposit the aboveamount} within the^{stipulated period, the sameshall be recovered} from the sale^{of hypothecated assets' In caseof shortfall'} the same^{shall be recovered from the sale of personal} movable and^{immovableassets of the defendant nos'1} and 2.

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Recovery^{Certificatebe issuedforthwith and be sent} to Recovery^{Officer, Debts Recovery Tribunal-Il'Delhi'}

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The^{registryof this Tribunal is hereby directedto} issue free^{copy of the order and send the same to both} the^pafties. eI

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TANO. 28 of 2023

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Parties are directed^{to appear before the Ld.} Recovery Officer, DRT-II,^{Delhi on 28.09-2026. Pending} IAs, if any, stand disPosed^of.

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File be consigned to^records.

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(<^

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(susHrL ruunrhnstocl) PRESIDING OFFICER DRT-II, Delhi

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Date : 28.07.2026

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This^judgement has been^{signed, datedand}

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pronounced in oPen court.

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Date : 28.07.2026

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sA (susHrl KUMAflhAsroGI) PRESIDING OFRCER DRT-II, Delhi

Punjab National Bank v. M/S Shantanu Enterprises

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Punjab National Bank v. M/S Shantanu Enterprises

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