Punjab National Bank vs M S R AGENCY on 21 January 2026

1. **M/s R Agency**, Proprietor: Sri Ratan Haldar, Son of Sri Ramendra Haldar, Village – Purba Ichapur, Post Office – Kadambagachi, P.S.- Barasat, District – North 24 Parganas, Kolkata – 700125, West Bengal.

..... Defendant

Counsel for parties:

For the Applicant Bank : Mr. Swastik Saha For the Defendant : *Ex-Parte***FINAL ORDER / JUDGMENT**

Delivered on 21.01.2026

Applicant (Punjab National Bank) erstwhile United Bank of India instituted the present Application being the Original Application No.96 of 2018 filed in DRT-3, Kolkata on 07.02.2018 against single Defendant under Section 19(1) of the Recovery of Debts & Bankruptcy Act, 1993 (amended from time to time) for recovery of **Rs.21,84,537.35** (Rupees twenty one lacs eighty four thousand five hundred thirty seven and paise thirty five) inclusive of interest charged upto 31.01.2018 with further interest thereon at the prescribed rate compounded with monthly rests from 01.02.2018, till the date of payment of recovery from the defendant. Subsequently, the instant case has been transferred to DRT-2, Kolkata vide the Hon'ble Chairperson DRAT, Kolkata's direction vide letter No.4/6/DRAT/KOL/2018(pt.), dated 16.09.2019, such has been recorded vide Ld. Registrar, Kolkata DRT-3's Order dated 17.10.2019 and the same has been renumbered as T.A./71 of 2019 vide Ld. Registrar's order dated 26.10.2019.

2. United Bank of India has been merged / amalgamated into Punjab National Bank vide Gazette Notification dated March 04, 2020, issued by the Government of India published under Extraordinary Part-II, Section 3, sub-section (i) in the Gazette of India in terms of Section 9 of the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970. In view of the merger / amalgamation of United Bank of India into Punjab National Bank, the applicant name in this case should be read / inserted as Punjab National Bank instead of United Bank of India.

3. In accordance with the Notice dated 30.07.2020 of this Tribunal, Ld. Advocate for Punjab National Bank has filed a petition being I.A./1207 of 2021 dated 04.10.2021 praying for amendment of Cause Title in view of amalgamation of United Bank of India with Punjab National Bank vide G.O.I. Notification dated 04.03.2020; and in accordance with the direction of the Tribunal necessary amendment in cause title has been carried out by Ld. Advocate of the applicant Bank on 08.11.2021, such has been recorded in Ld. Registrar-in-charge's order dated 08.11.2021.

4. The brief facts of the case as set out by the applicant Bank in its Original Application, as under:

(i) The defendant is a proprietorship concern namely M/s R. Agency represented by its Proprietor, Sri Ratan Haldar. The Defendant approached before the applicant Bank for grant of credit facilities by way of cash credit for the requirement of working capital vide loan application dated 18.05.2016. Copy of loan application letter dated 18.05.2016 is annexed and marked with Letter 'A'. Upon consideration of loan application, applicant Bank was pleased to sanction / grant a Cash Credit facility to the overall limit of Rs.20,00,000.00 (Rupees twenty lakhs) to the defendant vide sanction letter dated 23.06.2016 which is duly accepted by the defendant. Copy of sanction letter dated 23.06.2016 is annexed and marked as Annexure 'B'.

(ii) In consideration of the aforesaid credit facility, the defendant executed and delivered the following loan documents all dated 23.06.2016 in favour of applicant Bank:

- (a) Text of the Consent Clause from the borrower along with documents;

- (b) Demand Promissory Note / D.P Note of Rs.20,00,000;

- (c) Letter of Continuity;

- (d) Letter of Lien;

- (e) Hypothecation Agreement (Goods, Book Debts, Plants & Machineries);

- (f) Letter of Guarantee;

Copy of said documents are annexed and marked with letters 'C', 'C-1', 'C-2', 'C-3', 'C-4' and 'C-5' respectively.

5. The Defendant enjoyed the said cash credit facility by opening Account in Bank's Birati Branch, at Mahajatinagar, 88, Sarat Bose Road, Kolkata – 700081. However, the defendant failed and neglected to abide by the terms and conditions of the facility. The Defendant did not repay the outstanding Bank's dues and overdue interests in loan Account. In spite of repeated requests made by applicant Bank, the defendant failed to

regularize the loan Account. Since the defendant did not pay any attention to regularize the Account, the Account became out of order and was classified as N.P.A. Thereafter, Applicant Bank issued demand notice dated 09.10.2017 upon the defendant through its Advocate demanding to pay the outstanding Bank's dues, but the defendant did not comply the said notice; copy of notice dated 09.10.2017 is annexed and marked with letter 'D'. On receipt of said demand notice issued by applicant bank, the defendant made a representation on dated 30.10.2017 thereby replied and denied the demanded sum and no offer was made for the amicable settlement; copy of said letter dated 30.10.2017 is annexed and marked with Letter 'E'. Thereafter, applicant bank issued demand notice U/s 13(2) of the Sarfaesi Act, 2002 dated 27.11.2017 upon the defendant along with statement of Account calling upon him to pay for a sum of Rs.20,98,970.50 including interest calculated upto 30.09.2017'; copy of said demand notice dated 27.11.2017 is annexed and marked with Letter 'F'. Certified copies of Statement of Account along with Certificate under Bankers' Books of Evidence Act, with interest calculation sheet, have been filed to show and prove the dues (Annexure 'G'), and future interest at the prescribed rate compounded with monthly rests from 01.02.2018, till the date of payment or recovery from the defendant, has been prayed. Applicant Bank submitted that their claim in the Application is within limitation.

6. The Notice / summons was sent / serve to the sole Defendant by the Tribunal. It is observed from the affidavit of service dated 22.07.2019 that the summon has been served upon the defendant by way of paper publication, such has been recorded vide Ld. Registrar, DRT-3's order dated 23.07.2019. Subsequently, the instant case has been transferred to DRT-2, Kolkata and the same has been renumbered as T.A./71 of 2019 vide Ld. Registrar's order dated 26.10.2019. Fresh summons / notice was sent to the defendant from this Tribunal; it is seen from SR and its annexure dated 03.01.2020 that the postal service of summon did not succeed. At the request of Ld. Advocate of the applicant Bank, Ld. Tribunal is directed to serve the summon upon the defendant by way of paper publication; and Ld. Advocate of the applicant Bank has brought on record the affidavit of service on publication dated 02.05.2023 upon the Defendant along with relevant portion of paper cuttings in two newspapers, namely (i) '*Eastern Chronical*' in English and (ii) '*Aajka*' in Bengali, both dated 16.09.2022, such has been recorded vide Ld. Registrar's order dated 31.07.2023. Despite service, the defendant did not appear nor filed the written statement; thus, the defendant was ordered to be proceeded *ex-parte* vide order dated 05.04.2024. Applicant Bank has filed the written notes of argument on dated 30.08.2024 thereby stated the brief facts of the case as has been narrated in the original application. Ld. Advocate of the applicant Bank has submitted argument on 12.12.2025.

7. Applicant Bank has filed the evidence-on-Affidavit affirmed by Manoj Kumar Biswas, Senior Manager of erstwhile Bank's Birati Branch, P.S.- Airport, Dist.- North 24-Parganas, Kolkata – 700081 along with the copies of original documents executed by the Defendant. Original documents have been produced by applicant Bank; the same have been verified with copies of the documents annexed with O.A. and after verification the original documents have been returned to Sri Sanjay Kumar Biswas, Chief Manager of erstwhile Bank on 11.03.2019, such has been recorded in Ld. Registrar, DRT-3's order dated 11.03.2019. The documents produced by applicant Bank are exhibited and annexed at 'A' to 'H'.

I have heard the Ld. Advocate for the applicant Bank and perused the records.

8. Evidence-on-affidavit, filed by applicant Bank, has remained unchallenged, unrebuted and its veracity cannot be put to dispute. Applicant Bank has corroborated the averments made in the O.A. Applicant Bank has proved the sanction of cash credit limit of Rs.20,00,000/- vide sanction letter dated 23.06.2016. Applicant Bank has proved the hypothecated movable assets of the defendant; described in Schedule 'X' at page 57 and para 3A at page 3 of the original application.

9. On the point of limitation, Loan has been sanctioned on 23.06.2016; documents have been executed on 23.06.2016; original Application has been filed on 07.02.2018. As such, the original Application appears to have been filed well within the period of limitation.

10. Applicant Bank has stated that the outstanding balance in cash credit Account (inclusive of accrued interest and other charges calculated upto 31.01.2018) is **Rs.21,84,537.35** (Rupees twenty one lacs eighty four thousand five hundred thirty seven and paise thirty five) as on 31.01.2018, which is the amount claimed by the applicant Bank in the original Application, and the sole defendant is liable to repay the said amount to the applicant Bank with *pendente lite* and future interest, till realization of entire dues. I allow the claim as made by applicant Bank in the original Application. Applicant Bank has prayed future interest at the prescribed rate compounded with monthly rests from 01.02.2018, while in Demand Promissory Note dated 23.06.2016 the rate of interest @ 9.45% per annum with monthly rest, has been mentioned. Therefore, in my view, the *pendente lite* & future rate of interest @ 9.45% per annum, with quarterly rests, from 01.02.2018, is allowed.

11. The matter also falls within the territorial as well as pecuniary jurisdiction of this Tribunal. The Applicant Bank has proved to claim made in the O.A. Hence, the O.A./T.A. being T.A./71 of 2019 (arising out of O.A./96 of 2018) deserves to be allowed; hence allowed.

12. In view of the above, I pass the following order :-

**ORDER**

(i) T.A./71 of 2019 (arising out of O.A./96 of 2018), filed by applicant Bank, is allowed and debt is determined with cost against the Defendant. It is hereby ordered that the Defendant is hereby directed to pay the total debt amount of **Rs.21,84,537.35** (Rupees twenty one lacs eighty four thousand five hundred thirty seven and paise thirty five) due and payable, inclusive of interest and other charges as calculated upto 31.01.2018; and interest for the period *pendente lite* and future rate @ 9.45% per annum, with quarterly rests, from 01.02.2018, till realization of the entire sum due and recoverable.

(ii) Amount, if any, paid by the Defendant in the loan account or amount, if any, recovered by the applicant Bank after filing of the Original Application, the same may be taken into account while arriving at the exact amount of dues/debt payable by the Defendant. Accordingly, the *pendente lite* and future interest shall be calculated on the reduced amount.

(iii) The defendant is debarred from transferring, alienating, encumbering or disposing of the hypothecated movable assets, described in Schedule 'X' at page 57 and para 3A at page 3 of the original application, as under:

*"ALL THAT the Defendant present and furniture and fixtures, goods, produce, merchandise, book debts, bills, money receivables, plant and machineries, tools, equipments, implements, spare parts, stores and all other assets, rights at whichever they may be situated at including its place of business at Village – Purba Ichapur, Post Office – Kadambagachi, Police Station – Barasat, District – North 24-Parganas, Kolkata – 700125, West Bengal, India or wherever the same might be are remaining hypothecated to United Bank of India as a security for payment of its claim."*

The Defendant is also debarred from transferring, alienating, encumbering or disposing any other property(s) either movable or immovable and assets belonging to him till the aforesaid adjudicated debt amount are recovered from the Defendant.

(iv) The defendant is given a time of sixty days from the date of this Final Order / Judgment for repayment of the above mentioned dues, so intimated to them. In case the Defendant fails to pay the dues within the above mentioned time, the applicant Bank is entitled to recover its dues by sale of secured property(s), as aforesaid. Applicant Bank is also entitled to proceed against personal property(s) of the Defendant both moveable and immoveable and also proceed against the Defendant personally to recover the dues, in accordance with law.

(v) Let the Certificate of Recovery be drawn up by Ld. Registrar forthwith in terms of Final Order / Judgment for issuance of the same against the sole Defendant in favour of applicant Bank under Section 19(22) of the Recovery of Debts and Bankruptcy Act, 1993 (amended from time to time) and put up the same for signature for issuance.

(vi) Ld. Recovery Officer shall realize the amount as per the Recovery Certificate from the Defendant, in accordance with law.

(vii) Ld. Registrar of this Tribunal is directed to place Recovery Certificate in terms of this Final Order / Judgment under section 19(22) of the Act of 1993.

Accordingly, the Original Application, being T.A./71 of 2019 (arising out of O.A./96 of 2018) is allowed and stands disposed of.

This order is dictated and corrected by the undersigned and pronounced on this the 21^st day of January, 2026.

Copy of the Final Order / Judgment be uploaded in the Tribunal's Website.

(Arbind Madhav) Presiding Officer DRT-2, Kolkata

lb