the parties arising out of this Deed may be brought in the High Court of Delhi/ place of execution in India.” It is stated that the Tribunal has no jurisdiction to entertain and adjudicate the O.A. 7. As per clause 10.03 of the Agreement for appointment of Collection Agent dated

Reportable/ Not Reportable                            
 
    IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA 
       (Appeal No. 130 of 2023) 
(Arising out of O.A. No. 738 of 2017 in DRT—II Hyderabad) 
 
THE HON’BLE  MR.  JUSTICE ANIL KUMAR SRIVASTAVA 
CHAIRPERSON 
 
1. 
Punjab National Bank having its Head Office at Bhikaji Cama 
Place, New Delhi and carrying on Banking business and 
having one of its Branch known as Balanagar Branch at 1st 
Floor, Soni Complex, Prashant Nagar, Industrial Estate, 
Kukatpally, Balanagar, Hyderabad - 500072.  
 
 
 
 
 
 
 
 
                   …Appellants 
                                   -Versus- 
 
 1.  
Spandana Sphoorty Financial Limited, Plot No. 31 & 32, Ramky 
Selenium Tower, Tower – A, Ground Floor, Financial District 
Nanakramguda, Hyderabad – 500032, represented by its 
Managing Director, Smt. Padmaja Gangi Reddy. 
 
2. 
Smt. Padmaja Gangi Reddy, wife of Sri Gangi Reddy, Managing 
Director, Spandana Sphoorty Financial Limited, Plot No. 31 & 32, 
Ramky Selenium Towers, Tower -A, Ground Floor, Financial 
District, Nanakramguda, Hyderabad – 500032 and also at 
Express Towers, 3rd Floor, Flat No. 305, South Block, White Field, 
Opposite Botanical Gardens, Kondapur, Hyderabad – 500032. 
 
3. 
Shri Perur Seshappa Prasad, 25/26, 2nd Cross, T.P. Venugopal 
Layout, Ganganagar, Bengaluru – 500032. 
 
4.  
Shri Potturi Madhava Rao, Flat No. 303, Shivam Block, fortune 
Kumkum Heights, Masjidbanda, Kondapur, Hyderabad – 500084. 
 
5. 
Shri Abanti Mitra, Flat No. B-1201, 12th Floor, Oberoi Woods, 
Mohan Gokhale Road, Goregaon East, Mumbai – 400063. 
 
6. 
Shri Annapureddy Gopala Reddy, Plot No.123, Padmanabha 
Nagar, Hyderabad – 500050. 
 
7. 
Shri Lakshmi Narasayya Gunturu, 2-223/35, Ganganamma 
Temple, V. Puram Colony, Beahmagari Temple, Krishna District, 
Andhra Pradesh, Pin Code – 521137. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2
 
 
 
 
 
 
 
 
                   …  Respondents 
 
Counsel for the parties 
Mr. Pankaj Kumar 
Mukherjee,  Learned 
Counsel for  the 
Appellant 
                                     
                                                            Ms. Urmila 
Chakraborty, Ms. 
Jagriti Ahuja, Mr. 
Sagnik Mukherjee, Ms. 
Sonali Ghosh, Learned 
Counsel   for the 
Respondents 
 
 
  
  
 
JUDGMENT                           
:    
    On   29th  August, 2024   
 
                         
 
THE APPELLATE TRIBUNAL :            
 
 
                 
Instant Appeal has been  preferred against a judgment 
and order dated 20.06.2023 passed by Learned DRT II 
Hyderabad dismissing the O.A. No. 738 of 2017 (Old O.A. 
No. 440 of 2016 of DRT-1, Hyderabad) (Punjab National 
Bank versus M/s Spandana Sphoorty Financial Limited and 
others)   
2. 
As per pleadings of the parties, an application under 
Section 19 of the Recovery of Debts and Bankruptcy Act, 
1993 for issuance of certificate for Rs. 27,13,92,582/- with 
interest thereon @ 9% per annum, in favour of the Bank and 
against defendant No. 1, was filed.  It is stated that the 
defendant No. 1 Company availed a term loan of Rs. 100 
crore and term loan (portfolio buyout) of Rs. 200 crore vide 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
3
sanction letter dated 15.03.2010.  The term loan was 
repayable in 12 monthly instalments.   Necessary documents 
were executed by the borrowers and guarantors.  When the  
defendant No. 1 failed to perform its obligations, legal notice 
dated 16.03.2016 was issued by the Bank.  Reply was 
received on 11.04.2017.  Thereafter, O.A. under Section 19 
of the Recovery of Debts and Bankruptcy Act, 1993 was 
filed. 
3. 
Written statement was filed by the defendant.  It is 
stated that portfolio buyout of Rs. 300 crore was carried out 
in three tranches.  In the sanction letter dated 15.03.2010, 
the columns pertaining to guarantor and collateral security 
are nil.  Loan was released after arranging 10% BG.  
Signatures were obtained on blank documents.  The 
Applicant Bank by virtue of assignment dee

…