This TA application by Punjab National Bank seeks recovery of dues along with interest. DRT-II Delhi allowed the application and directed defendants to pay jointly and severally the principal sum with interest.
Direct payment of Rs.1,24,90,435.28 with 12% p.a. interest and cost within 30 days, recoverable from sale of mortgaged property.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
Before SUSHILKUMARRASTOGI, Presiding Officer Debts RecovetYTribunal-Il,Delhi
TA No.987 OF2023 PUI{JAB NATIONALBANK VS GURUASIS TRACTOR & IIIACHINERYMANUFACTURE & ORS
Reserved on : O8.O1.2O26
Pronounced on: 30.01.2O26 -Applicant bank Punjab National Bank
Vs.
Present: Mr. Sandeep Singh,Counselappears for applicant bank. Defendants areex-Parte,since, 25.04.202s.
FINAL ORDER
This original applietionhas been filed by the applicant bank,on 05.10.2018through Shri Prakash Chand Aggarwal,Senior Manager of the applicant bank, under Section19 of the RDB Act, 1993 against the defendants forrecovery of asum of Rs.1,24,90,435.28together with cost,chargesand pendentellite and future interest @14%from date of filing of this O.A. till therealization in full.
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TANO.987 of 2023
there under, defendant no.2 in thenameand style as defendant no.l signedand executed all necessary loaning documents on22.08.2015, 30.06.20L7, 20.02.203,20.08.2015and 21'08.2015. The defendant no.3 executedagreementof guarantee dated 22.08.2015 tosecure the liability undertaken by the defendant no. 1. In orderto further secure the liability under the saidfacility, the defendant no'3 further createdmortgage bydeposit of title deedsof his propefi bearing no.20-Bl105,Tilak Nagar,New Delhi-l10018 on21.08.2015.The fact of creation of mortgage is confirmedby defendant no'3by his letter dated 22.08.2015. Thedefendants executeddeed of hypothecation ofgmds andbooks debts to secure cash credit facility dated22.08.2015'The defendant no.2 in the name andstyle as defendantno.1 has executed balance andsecurity confirmationletter from time to timeregardingits availing the facility of the cash creditfrom the applicant bank.
sr..
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TANO.987 of2023
regularized on 31.01.2018 but due totheir not clearing their remainingoutstandingamount their account again becameNPA on 31.03.2018.A notice under Section 13(2) ofthe SARFAESIwas issued by the Authorized Officer of theapplicant bankon 21.07.20t7 when theaccounts first NPAon 30.06.2017 but defendantsfailed to pay the same. Thereafter, thesymbolicpossessionof the mortgaged above saidproperty was taken in December20L7 in exercise ofpowers conferredunder Section13(4) read with Rule 8 and9 of the Security Interest (Enforcement) Rules, 2002 andpublic notice to this effect wasgiven intwo leadingnews papers on L6.L2.20t7namely the English newspaper Financial Express and Hindinews paper Jansatta. Thus,the present O.M.A. ispreferred by theapplicant bank to recover its dues.
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TANO.987 of2023
In the light of the above discussions, the present T.A. deserves to be allowed.
ORDER
TANO.987 of 2023 5
Fib be consigned to records.
SA
Date : 30.01.2026
(susHrL KTfMAR fu#ocrl PRESIDING OFFICER DRT-II, Delhi
Thisjudgement has been signed, dated and
pronounced in open coutt.
t4^
Date : 30.01.2026
(SUSHIL KUMAR RASTOG) PRESIDING OFFICER DRT-II, Delhi
P
1 issue framed by the court
Whether the debtor companies failed to maintain financial discipline and repay dues under the loan facility resulting in classification as NPA.
2 provisions across 2 enactments
Punjab National Bank
Guruasis Tractor & Machinery Manufacture
Shri Ravinder Singh
Shri Surjit Singh Marwaha
Sushil Kumar Rastogi
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
