Allowed

Central Bank of India v. M/S Shoppers Stop

DRT6 Jun 2026TA/52/2025

Case brief

AI extract

What is this about?

The Tribunal allowed the bank's application for recovery of ₹23,29,073/- with interest against the defendants. The bank proved the loan was advanced under OD and term loan schemes, secured by a mortgage, and that the defendants were jointly and severally liable.

What did the court decide?

Recovery of ₹23,29,073/- with interest at 13.25% p.a. from 10.06.2014; issuance of Recovery Certificate; directions to appear before Recovery Officer.

Central Bank of India versus M/S Shoppers Stop — Specific Performance | 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: 52 of 2025 Date of Institution: 10.06.2014 Date of Decision: 06.06.2026

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Central Bank of India at New Sabzi Mandi, Narwal, Jammu.

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……..Applicant

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Vs.

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M/s Shoppers Stop, Through its proprietor Sh. Adeesh Sharma, s/o Sh. Dharam Pal Sharma r/o 52-Mastgarh, Jammu.

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Sh. Adeesh Sharma s/o Sh. Dharam Pal Singh r/o 52Mastgarh, Jammu.

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Yash Pal Sharma s/o Sh. Darshan Pal Sharma r/o 52-Mastgarh, Jammu.

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……….Defendants

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Advocates

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Sh. Kaveesh proxy counsel for Sh. Akshaydeep Singh, Counsel for the applicant bank.

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Defendants – ex parte.

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TA for the Recovery of ₹23,29,073/- with interest @13.25% per annum with monthly rests from 10.06.2014.

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ORDER

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On 10.06.2014, Central Bank of India filed the suit for the recovery of ₹23,29,073/- with interest against M/s Shoppers Stop and others (defendants) in the Civil Court Jammu. However, vide order dated 27.04.2023, this Suit was transferred by the Court of Additional District Judge, (Commercial Cases), Jammu to DRT-I, Chandigarh.

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Bank’s case is that on 21.05.2002, it had granted a loan of ₹7.50Lacs to defendant no.1 through its proprietor Defendant no.2 in the form of O.D. Limit for business purpose. On 07.07.2004, the O.D. Limit was enhanced from ₹7.50Lacs to ₹11.00Lacs. To secure the loan, Defendant no.2 had mortgaged land (fully detailed in para No.6 of the

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plaint). Defendant no.3 stood as the guarantor. On 31.03.2009, the amount in Overdraft Limit was converted into a Working Capital term Loan of Rs.81,000/-. The loans were chargeable to interest @13.25% per annum with monthly rests. The Defendants had acknowledged their liability towards the debt on 29.09.2009. On 01.05.2014, total sum of ₹23,29,073/- 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 which were duly served. They did not put in appearance and on 23.05.2018, they were proceeded ex parte . After receiving the file by transfer from Jammu, this Tribunal sent summonses to the defendants by registered post on 28.05.2025 which were duly served. However, defendants did not put in appearance and vide order dated 07.11.2025, they were proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Charan Dass Lahoria, Authorised 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 loan under different schemes and on 01.05.2014, total sum of ₹23,29,073/- was due. 6. Accordingly, the case of the bank for the recovery of ₹23,29,073/(Rupees Twenty Three Lacs Twenty Nine Thousand Seventy Three Only) with interest @13.25% per annum with monthly rests from 10.06.2014, 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 land fully detailed in para No.6 of the plaint as well as from the personal movable and immovable property(ies) of the defendants.

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Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 08.07.2026 who is directed to distribute the sale proceeds of the mortgage land and hypothecated assets as per the provisions of Section 19(20-AB) of the Act . 10. A Copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties. Pronounced in the open court. (A S Narang) Dated: 06.06.2026 Presiding Officer DRT-1, Chandigarh

Central Bank of India v. M/S Shoppers Stop

Case brief

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Central Bank of India v. M/S Shoppers Stop

Case brief

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