PUNJAB NATIONAL BANK vs SMT PAYEL SAHA on 20 April 2026

Order

Punjab National Bank (erstwhile Unite.l R26k ^f thCia) Vs Smt. Payel Saha Ofrice action with date and dated Signature of parties when necessary

20.04.2 Order with Signature Counsel for the parties: Mr. Nirmal Ch. Kuila, Ld. Advocate for the applicant Bank None for the defendant. T.A./199 of 2O2O (arising out ot O.A.t641 ot 2018) allowed and disposed of Final Order / Judgment is in separate sheet of S pages File be consigned to record room. Order be uploaded on the Tribunal,s website 1ffiltran"r1 Presiding Ofiicer DRT-2, Kotkata

TA"/1 99 of 2020 - DRT-2/Kot DEBTS RECOVERY TRIBUNAL - 2, KOLKATA Jeevan Sudha Bldg. 07th Floor,42lC, J.L. Nehru Road, Kolkata _7OOO71 Before Shri Arbind Madhav. Presidino Officer TA No.199 of 2020 (Arising out of 0.A./641 ot 2O1B) ln the matter of Punjab National Bank (erstwhile united Bank of lndia), a body corporate constituted under Banking companies (Acquisition & Transfer of Undertakings) Act, 1970, having its Head office at Plot No.4, sector-1O, Dwarka, New Delhi - 110075, and carrying on Banking business, inter-alia, through its Birati Branch, Mahajatinagar, gg, sarat Bose Road, P.O.- Rajbari, Dist.- North 24-paeanas, Kolkata - 7OOO81, West Bengal. Applicant Bank -Versus- Smt. Payel Saha, Prop. of M/s Saha Gold Collection, 156, Canel Road, Kora chandigarh, Madhyamgram, Kolkata - 7oo13o. Also residing at Harinath sen Road, Purbapara, Barasat, Kolkata -700124 Defendant

Counsel for parties: For the Applicant Bank For the Defendant : Sri Nirmal Chandra Kuila '. Ex-Parte. FINAL ORDER / JUDGMENT Delivered on 20.04.2026 Applicant (Punjab National Bank) erstwhile United Bank of lndia instituted the present Application being the Original Application No.M1 of 2018 fited in DRT-3, Kotkata on31.07.2018 against single Defendant under Section 19(1) of the Recovery of Debts & Bankruptcy Act, 1993 (amended from time to time) for recovery of Rs.26,49,818.00 (Rupees twenty six lakh forty nine thousand eight hundred eighteen) including interest as calculated uplo 29.07.2018 and further interest lrom 30.07.2018 @ 11.80% per annum with monthly rest, till realization in full. Subsequently, the instant case has been transfened to DRT-2, Kolkata vide the Hon'ble Chairperson DRAT, Kolkata's direction vide letter No.4/6/DRAT/KOl-r2018(pt.) dated 16.09.2019, such has been recorded vide Ld. Registrar, Kolkata DRT-3's Order dated 28.10.2019 and the same has been -,---:-renumbered as T.A./199 ot 2020 vide Ld. Registrar's order dated 21.11.2019. 4,

TA./199 of 2020 - DRT-2yKo|

2. United Bank of lndia has been merged / amalgamated into punjab Nationar Bank vide Gazette Notification dated March 04, 2020, issued by the Government of lndia published under Extraordinary part-ll, Section 3, sub-section (i) in the Gazette of tndia in terms of section 9 of the Banking companies (Acquisition and rransfer of undertaking) Act, 1970. ln view of the merger / amargamation of United Bank of rndia into punjab National Bank, the appricant name in this case should be read / inserted as punjab National Bank instead of United Bank of lndia.

3. ln accordance with the Notice dated 30.07 .2020 of this Tribunal, Ld. Advocate for Punjab National Bank has filed a petition being l.4./965 of 2021 along with put_up l'A.11024 ot 2021 dated 17.09.2021 praying for amendment of Cause Tifle in view of amalgamation of United Bank of lndia with Punjab National Bank vide G.o.l. 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 21.09.2021, such has been recorded in Ld. Registrar-in-charge's order dated 21.09.2021.

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

(i) The Defendant being the propriekess ot 'M/s Saha Gold Coltection'approached and applied to the applicant Bank for loan facilities under guarantee coverage of credit guarantee scheme with overall limit of Rs.25.00 lakh (Term Loan for Rs.1,00,000/- and working capital for Rs.24.00 lacs) vide application dated 06.01.2017. Upon consideration of loan application, applicant Bank was pleased to grant / sanction a credit facility of Rs.25,00,000/- (Rupees twenty lakh) to the defendant vide sanction letter dated 06.01.2017 against security of business assets, hypothecation of stocks-in-trade and book debt both present and future. Copy of loan application and sanction lefter dated 06.01.2017 are annexed and marked with letter'A' & 'A-1'. At the relevant point of time, the applicable rate of interest was @ 11.80% per annum with monthly rests.

(ii) ln consideration of the aforesaid sanction, the defendant has executed and delivered the following loan / security documents all dated 06.02.2017 in favour of applicant Bank:- (a) Demand Promissory Note for Rs.100000 lacs and Rs.24.00 lacs; (b) Hypothecation Agreement for Rs.24 lacs;

(c) Agreement of Term Loan;

(d) Letter of Continuity for Rs.24 lacs; (e) Letter of Lien for Rs.24 lacs. Copies of said documents are annexed and marked as Annexure 'A-2', 'A-3', 'A- 4','A-5' &'4-6' respectively. a-

Ttul 99 of 2020 - DRT-2/Ko|

5. The Defendant enjoyed the said loan facility by opening Account in erstwhile Bank's Birati Branch, Mahajatinagar, p.o.- Rajbari, Dist.- 24-parganas (North). However, the defendant failed and neglected to abide by the terms and conditions of the facility. ln 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 crassified as N.p.A on 02.06.201g. Appricant Bank vide letter dated 04.06.201g requested the defendant for payment of all outstanding dues; copy of letter dated 04.06.201g is annexed and marked as Annexure 'A-7'. ln view of failure on the part of the defendant, applicant Bank issued demand and/or Recall Notice dated 3o.ol.2o1g upon the defendant through its Advocate demanding to repay the outstanding roan amount, but the defendant did not compry the said notice; copy of notice dated 3o.oz.2o1g is annexed and marked with Letter,A_9,. 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-8'), and future interest @ 11.goo/o per annum with monthly rests, till payment in full, has been prayed. Applicant Bank submitted that their claim in the Application is within limitation.

6. The notice / summons was sent to the Defendant by the Tribunal. lt is observed from s/R on affidavit dated 04.12.2023 and its enclosures that service of summon upon the defendant is successful, such has been recorded vide Ld. Registrar,s order dated 04.12.2023. Despite service, the defendant did not appear nor filed the written statement; thus, the defendant was ordered to be proceeded ex-pafte vide order dated 1g.03.2024. Applicant Bank has filed the wriften notes of argument on dated og.og.2o24 thereby stated the brief facts of the case as has been narrated in the original application.

7. Applicant Bank has filed the evidence-on-Affidavit, affirmed by Musa Karim sardar senior Manager of erstwhile Bank's Birati Branch, Dist.- 24-parganas (North), Kolkata - 700081 along with the copies of original documents executed by 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 retumed to Sri Bijoy Das, Sr. Manager of Bank's Birati Branch, Mahajatinagar, 88, Sarat Bose Road, 24-Parganas (North), Kolkata - 700081 on 18.O4.2023, such has been recorded in Ld. Registrar's order dated 18.04.2023. The documents produced by applicant Bank are exhibited and annexed as Annexures 'A'& 'A-1'to 'A-10'. 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, un- rebutted and its veracity cannot be put to dispute. Applicant Bank has conoborated the averments made in the O.A. Applicant Bank has proved the sanction of overall credit facility of Rs.25.00 lakh vide sanction lefter dated 06.01.2017. Applicant Bank has proved the creation of hypothecation in respect of movable assets, described in ule at page 67 and para 3A at page 6 & 7 of the original application.

TA,/1 99 of 2020 - DRT-ZKo|

9. on the point of rimitation, Loan has been sanctioned on 06.02.2017; roan documents have been executed on 06.02.2017 and originar Apprication has been fired on 31.07.2018. As such, the original Application appears to have been filed wefl within the period of limitation. 't0. Applicant Bank has stated that the outstanding barance in Loan Accounts (inclusive of accrued lnterest and other charges as calculated upto 29.07.201g) for an aggregate sum of Rs.26,49,8i8.00 (Rupees twenty six rakh fofi nine thousand eight hundred eighteen) as on 29.07.201g, which is the amount claimed by applicant Bank in the original Application, and the sole defendant is liable to repay the said amount to the applicant Bank with pendente tite 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 future interest @ 11.Boo/o per annum with monthly rest, till realization, while in Demand Promissory Note dated 06.02.2017 the same rate of interest, i.e. @ 11.g0% per annum with monthly rest, has been mentioned. Therefore, the pendente /ife & future rate of interest @ 11.80o/o per annum, with quarterly rests, from 30.07.201g, is allowed.

11. The matter also falls within the territorial as well as pecuniary jurisdiction of this Tribunal. Applicant Bank has proved its claim made in the o.A. The original application being T.A./199 ot 2Q20 (arising out of ofu641 of 2018) deserves to be allowed; hence allowed.

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

ORDER

(i) T.A/199 of 2020 (arising out of otu641 of 2018) filed by appticant Bank, is ailowed and debt is determined with cost against the Defendant. lt is hereby ordered that the Defendant is hereby directed to pay, the total debt amount of Rs.26,49,gi8.00 (Rupees twenty six lakh fofi nine thousand eight hundred eighteen) due and payable, inclusive of interest and other charges as calculated uplo 29.07.2018; and interest for the period pendente lite and future @ 11.80o/o pet annum, with quarterly rests, from 30.07.201g, 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) Defendant is debarred from transferring, alienating, encumbering or disposing of the hypothecated movable assets; described in Schedule at page 67 and para 3A at page 6 & 7 of the original application, as under -

H the ted veable Asset Ttu199 of 2020 - DRT-ZKo| o. (Arbin Ma hav Presiding fficer DRT-2, Kolkata (sge1s remaining hypothecated with appricant as security but in possession and control of defendant) "All stocks-of various types.of chuider, tadies garments, sfocks rn process rcceivabres present and tuture, book debts, lying and situati at 1s6, 'canat no"ia iii- ciiiaigarh, Madhyamgram, Kotkata - 7OO|ilO, iesiding at Hainath Sen Road, irirpii,-b"rrrrt, Kolkata - 700124." The Defendant is also debarred from transferring, alienating, encumbering or disposing any other property(s) either movable or immovable and assets belonging to her 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 Finat order / Judgment for repayment of the above mentioned dues, so intimated to her. rn 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 personaly to recover the dues, in accordance with raw.

(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) ofthe 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./i99 oi 2o2o (arising out of 0A/641 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 20th day of April, 2026. Copy of the Final Order / Judgment be uploaded on the Tribunal,s Website. ,(r*&lA)t'-' ' tb