PUNJAB NATIONAL BANK vs MS DEBONIKA ENTERPRISES AND ANR on 17 February 2026

1. 1. **Debonika Enterprise**, proprietorship business of Sri Nill Kamal Das, having its office and/or principal place of business one at 155/B/1/A, Kutul Sahi Road, Barisal Colony, Barasat, P.O. & P.S.- Barasat, Kolkata – 700124, West Bengal.

2. 2. **Sri Nill Kamal Das**, Son of Nirode Baran Das, having its office and/or principal place of business one at 155/B/1/A, Kutul Sahi Road, Barisal Colony, Barasat, P.O. & P.S.- Barasat, Kolkata – 700124, West Bengal.

..... Defendants

Counsel for parties:

For the Applicant Bank

: Mr. Saudip Pal Choudhuri (Pal Choudhuri & Co).

For the Defendants

: *Ex-Parte.*

**FINAL ORDER / JUDGMENT**

Delivered on 17.02.2026

Applicant (Punjab National Bank) erstwhile United Bank of India instituted the present Application being the Original Application No.189 of 2018 filed in DRT-3, Kolkata on 20.03.2018 against two Defendants under Section 19(1) of the Recovery of Debts & Bankruptcy Act, 1993 (amended from time to time) for recovery of **Rs.26,59,281.00** (Rupees twenty six lacs fifty nine thousand two hundred eighty one) including interest calculated upto 15.02.2018 together with interest *pendenti lite* and future @ 12.10% per annum with monthly rests from 16.02.2018, till realization of the entire due in full. 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

18.10.2019 and the same has been renumbered as T.A./274 of 2019 vide Ld. Registrar's order dated 28.10.2019

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 of Punjab National Bank has filed a petition being I.A./374 of 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 Ld. Tribunal necessary amendment in cause title has been carried out by Ld. Advocate of the applicant Bank on 12.04.2021, such has been recorded in Ld. Registrar-in-charge's order dated 12.04.2021.

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

(i) The Defendant No.1 is the proprietorship business of the defendant No.2 obtained credit facility from the applicant Bank. Defendant No.2 sole proprietor of defendant No.1 applied to the applicant Bank for credit accommodation by way of application dated 09.02.2017. Copy of the Application dated 09.02.2017 is annexed and marked with letter 'A'. Upon consideration of said application, applicant Bank was pleased to sanction / grant one cash credit facility of Rs.25,00,000/- (Rupees twenty five lakhs) to the defendant No.1 vide sanction letter dated 22.02.2017 on certain terms and conditions mentioned therein.

(ii) In consideration of the aforesaid credit facility of Rs.25.00 lacs, the defendant No.2 being the proprietor of defendant No.1 executed and delivered the following loan documents all dated 22.02.2017 in favour of applicant Bank:

- (a) Demand Promissory Note for Rs.25,00,000/-;

- (b) One Hypothecation agreement;

- (c) Letter of Continuity;

- (d) Letter of Lien;

- (e) One Text of Consent Clause.

Copy of said documents are annexed and marked with Letter 'A-1' to 'A-5' respectively.

5. The Defendants enjoyed the said credit facility by opening Account in erstwhile Bank's Birati Branch, Mahajatinagar, P.O.- Rajbari, North 24-Parganas, Kolkata – 700081; presently account maintained by Sastra Division, Salt Lake, Kolkata – 700064. However, the defendants failed and neglected to abide by the terms and conditions of the facility. The Defendants did not repay the outstanding Bank's dues and overdue interests in loan

Account(s). Inspite of repeated requests made by applicant Bank, the defendants failed to regularize the loan Account. Since the defendants 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 a notice dated 01.03.2018 upon the defendants through its Advocate demanding to repay the outstanding loan amount, but the defendants did not comply with the said notice; copy of notice dated 01.03.2018 is annexed and marked with letter 'A-6'. 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 'A-7'), and interest *pendenti lite* and further interest @ 12.10% per annum with monthly rests from 16.02.2018, till realization of the entire due in full, has been prayed. Applicant Bank submitted that their claim in the Application is within limitation.

6. The notices / summons was sent to the Defendants No.1 & 2 by the Tribunal. It is seen from the S/R on affidavit and its enclosures dated 04.09.2023 that service of summons upon the Defendants has been successfully effected, such has been recorded vide Ld. Register's order dated 04.09.2023. Despite service, the defendants did not appear nor filed the written statement; thus, both the defendants were ordered to be proceeded *ex-parte* vide order dated 15.01.2024. Ld. Advocate of the applicant Bank has submitted argument on dated 19.01.2026.

7. Applicant Bank has filed the evidence on Affidavit affirmed by M.K. Sardar, Branch Manager of erstwhile Bank's Birati Branch, Mahajatinagar, P.O.- Rajbari, Kolkata – 700081 along with the copies of original documents executed by Defendants. 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 S.K. Sutradhar, Manager of erstwhile Bank's Birati Branch, Mahajatinagar, Kolkata – 700081 on 18.01.2023, such has been recorded in Ld. Registrar's order dated 18.01.2023. The documents produced by applicant Bank are exhibited and annexed as Exhibits 'A' & 'A-1' to 'A-7'.

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

8. Evidence-on-affidavit, filed by applicant Bank, has remained unchallenged, un-rebutted and its veracity cannot be put to dispute. Applicant Bank has corroborated the averments made in the O.A. / T.A. Applicant Bank has proved the sanction of cash credit facility of Rs.25.00 Lakhs vide sanction letter dated 22.02.2017. Applicant Bank has proved the hypothecated movable assets; described in Hypothecation Agreement (Goods, Book Debts, Plant & Machineries) in Annexure 'A-2' at page 25 to 31 of the original application.

9. On the point of limitation, Loan has been sanctioned on 22.02.2017; loan / security documents have been executed & delivered on dated 22.02.2017 and original application has been filed on 20.03.2018. As such, the original Application appears to have been filed well within the period of limitation.

(4)

10. Applicant Bank has stated that the outstanding balance in cash credit Account (inclusive of accrued Interest and other charges as calculated upto 15.02.2018) for a sum of **Rs.26,59,281.00** (Rupees twenty six lacs fifty nine thousand two hundred eighty one) as on 15.02.2018, which is the amount claimed by applicant Bank in the original Application, and the defendants No.1 & 2 are, jointly and/or severally, liable to repay the said amount to the applicant Bank with *pendente lite* and future interest, till realization in full. I allow the claim as made by the applicant Bank in the original Application. Applicant Bank has prayed further interest @ @ 12.10% per annum with monthly rests from 16.02.2018 till realization of the entire due in full, while in Demand Promissory Note dated 22.02.2017 the same rate of interest, i.e. @ 12.10% per annum, has been mentioned. Therefore, the *pendente lite* & future rate of interest @ 12.10% per annum, with quarterly rests, from 16.02.2018, is allowed.

11. The matter also falls within the territorial as well as pecuniary jurisdiction of this Tribunal. The Applicant Bank has proved its claim made in the O.A. The original application being T.A./274 of 2019 (arising out of O.A./189 of 2018) deserves to be allowed; hence allowed.

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

ORDER

(i) T.A./274 of 2019 (arising out of O.A./189 of 2018) filed by applicant Bank, is allowed and debt is determined with cost against the Defendants No.1 & 2. It is hereby ordered that the Defendants No.1 & 2 are hereby directed to pay, jointly and / or severally, the total debt amount of **Rs.26,59,281.00** (Rupees twenty six lacs fifty nine thousand two hundred eighty one) due and payable, inclusive of interest and other charges as calculated upto 15.02.2018; and interest for the period *pendente lite* and future @ 12.10% per annum, with quarterly rests, from 16.02.2018, till realization of the entire sum due and recoverable.

(ii) Amount, if any, paid by the Defendants in the loan account or amount, if any, recovered by 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 Defendants No.1 & 2. Accordingly, the *pendente lite* and future interest shall be calculated on the reduced amount.

(iii) Defendants are debarred from transferring, alienating, encumbering or disposing of the hypothecated movable assets; described in Hypothecation Agreement (Goods, Book Debts, Plant & Machineries) in Annexure 'A-2' at page 25 to 31 of the original application:

Mortgaged Immovable Property:

*"Hypothecated Movable Assets – Goods, Book Debts, Plant & Machineries."*

The Defendants No.1 & 2 are also debarred from transferring, alienating, encumbering or disposing any other property(s) and assets belonging to them till the aforesaid adjudicated debt amount are recovered from the Defendants.

5T.A./274 of 2019 – DRT-2/Kol.

(iv) Defendants No.1 & 2 are 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 Defendants fail 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 properties of the Defendants No.1 & 2 both moveable and immoveable and also proceed against the Defendant No.2 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 Defendants No.1 & 2 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 Defendants No.1 & 2, 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./274 of 2019 (arising out of O.A./189 of 2018) is allowed and stands disposed of.**

File be consigned to Record room.

This order is dictated and corrected by the undersigned and pronounced on this the 17^th day of February, 2026.

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

(Arbind Madhav) Presiding Officer DRT-2, Kolkata

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