ALCHEMIST ASSET RECONSTRUCTION COMPANY LIMITED vs SMT SABARI DAS on 25 June 2026

Order

25.06.2026 of T.A./584 ot 2020 Counsel for the parties Ms. Sangeetha Ghosh, Ld. Advocate for the applica Bank. None for the defendant. T.A.|SA4 of 2O2O (arising out of O.A./990 of 2018) allowed and disposed of. Final Order / Judgment is in separate sheet of 7 pages. File be consigned to record room. Order be uploaded on the Tribunal,s website ist Asset Reconstruction Co. Limited lerstw@ Smt. Sabari Das Office action with date and dated Signature of parties when necessary ffi^'n,,, Presiding Officer DRT-2, Kotkata Order with Signature

I T.A.1584 of 2OZO - DRT_2/Kot DEBTS RECOVERY TRIBUNAL - 2, KOLKATA Jeevan sudha Brdg. 07th Froor, 42rc,J.L. Nehru Road, Korkata -7ooo71 . T.A. No.S84 of 2020 (arising out of O.A,tg0O;Tl6'jA) ln the matter of Alchemist Asset Reconstruction company Limited (erstwhile tndian overseas Bank), Registered office. A-270, olst & 02nd Froor, Defence corony, New Derh i _ 110024. Applicant Bank -Versus- smt' sabari Das, wife of Asish Das, Proprietor of M/s Das Trading,24tA,Harinath sen Road, Barasat, Dist.- North 24-parganas, Korkata-100124. Defendant Counselfor parties: For the Applicant Bank lVs. Sangeetha Ghosh Amicus Legal Associates Ex-Parte For the Defendant FI OR ER/ NT Delivered on 25.06.202G Applicant, (Alchemist Asset Reconstruction Company Limited) erstwhile lndian overseas Bank instituted the present Application being the originalApplication No.gg0 of 2018 filed in DRT-3, Kolkata on 12.12.2018 against single Defendants under Section 1g(1) of the Recovery of Debts & Bankruptcy Act, 1993 (amended from time to time) for recovery of Rs'10,84,173.00 (Rupees ten lakh eighty four thousand one hundred seventy three) as on 31 '10'2018 with further interest thereon @ 12.BOo/o per annum with monthly rests from 01'11'2018, till realization 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/DRATlKOLl2018(pt.) dated 16.09.2019, such has been recorded vide Ld. Registrar, Kolkata DRT-3's Order dated 30.12.201g and the same has been renumbered as T.A./ 584 of 2020 vide Ld. Registrar's order dated 16.11 .2020.

2. A petition being l.4./365 of 2024 dated 28.02.2024 has been fited by appticant Bank thereby stated that during pendency of original application the account of Defendant las been sold / assigned to Alchemisf Assef Reconstruction company Limited. After due execution of Assignment Agreement by instant application all its right, tifle, interest and liability standing in the account of tt//s Das Trading stands transferred in favour of Alchemist Assef Reconstruction company Limited. ln the said l.A. applicant Bank has P

T.A.1584 of 2020 - DRT_2/Kot prayed to remove the name of lndian overseas Bank as Applicant from the array of original application' The said l.4./365 of 2024 was allowed and disposed of vide order dated 28'02'2024 with the direction to applicant Bank to carry out necessary amendment in cause title' Pursuant to Ld. Tribunal's direction, Ld. Advocate of the applicant Bank has carried out amendment in cause title of the o.A. on dated 05.04.2024. ln this view of the matter' the applicant name in this case should be read as Alchem,rs/Assef Reconstruction Company Limited instead of lndian Overseas Bank. 3' The brief facts of the case as set out by the applicant Bank in its original Application, as under:

(i) The defendant is the Proprietor of a Proprietorship concern in the name and styre of M/s Das Trading' The defendant had approached the applicant Bank in the month of July' 2011 with a request for financial assistance for an amount of Rs.4,0o,oo0/-. Relying upon the representation made by the defendant, applicant Bank was pleased to grant / sanction a credit facility for an amount of Rs.4,00,000/- (Rupees four lakh). The defendant duly accepted and agreed to the terms and condition of the said credit sanction advice dated 29'07 '2011' copy of said credit sanction advice dated 29.07.2011 is annexed and marked as Annexure ,A,.

(ii) ln consideration of granting the said credit facility of Rs.4.00 lakh, the defendant duly executed the following loan lsecurity documents all dated 29.07.2011 in favour of applicant Bank:

(a) Demand promissory Note for an amount of Rs.4,00,000/-; (b) Letter of continuity for an amount of Rs.4,00,000/-;

(c) Letter of Hypothecation (in case of open advance only) for an amount of Rs.4,00,000/-. Copies of said documents are annexed and marked as Annexure ,B-1 ,, ,B-2, & ,B- 3'respectively.

(iii) Again, the defendant had approached the applicant Bank in the month of May, 2012 with a request for enhancement of the existing facility from Rs.4.00 lakh to Rs'8,00,000/- through a letter dated 10.03.2012; copy of letter dated 10.03.3012 is annexed and marked as Annexure 'C'. Relying upon the representation made by the defendant, applicant Bank was pleased to enhance / sanction the facility from Rs.4.00 lakh to Rs'8,00,000/- (Rupees eight lakh) in favour of the defendant vide credit sanction advice dated 31.05'2012. The defendant duly accepted and agreed to the terms and condition of the said credit sanction advice. Copy of said credit sanction advice dated 31.05.2012 is annexed and ma rked as Annexure 'D'

T.A./584 of 2O2O - DRT_2/Kot

(iv) ln consideration of granting the said enhanced credit facility of Rs.B.00 lakh, the defendant duty executed the following loan lsecurity documents all dated 31.0i.2012 in favour of applicant Bank:

(a) Demand promissory Note for an amount of Rs.4,00,000/_; (b) Letter of Continuity for an amount of Rs.4,00,000/_;

(c) Letter of Hypothecation (in case of open advance onry) for an amount of Rs.8,00,000/_. copy of said documents are annexed and marked as Annexure ,E_1 ,, ,E_2,& ,E_3, respectively.

(v) Again, the defendant had approached the applicant Bank in the month of June, 2013 with a request for enhancement of the credit facility from Rs.g.00 lakh to further amount of Rs'4'00'000/- through a letter dated 17.06.2013; copy of letter dated 17'06'3013 is annexed and marked as Annexure'F'. Rerying upon the representation made by the defendant, applicant Bank was preased to enhance / sanction the facility for an amount of Rs'9'73'000/- (Rupees nine lakh seventy three thousand) in favour of the defendant vide credit sanction advice dated 02.08.2013. The defendant duly accepted and agreed to the terms and condition of the said credit sanction advice. copy of said credit sanction advice dated 02-08.2013 is annexed and marked as Annexure ,G,

(vi) ln consideration of granting the said enhanced credit facility of Rs.g.73 lakh, the defendant duty executed the following loan lsecurity documents all dated 02.0g.2013 in favour of applicant Bank:

(a) Demand Promissory Note for an amount of Rs. 1,73,ooor-; (b) Letter of continuity for an aggregate amount of Rs.9,73,000/_;

(c) Letter of Hypothecation (in case of open advance only) for an amount of Rs.9,73,000/-; (d) Letter of Hypothecation of (for securing tMachineries) / Vehicles Goods / Book Debts) for a amount of Rs.9,l3,OOOl_. copy of said documents are annexed and marked as Annexure ,H_1 ,, H_2,,,H_3, & 'H-4 respectively

(vii) That the said cash credit facility granted to M/s Das Trading was renewed for an amount of Rs'9,73,000/- (Rupees nine lakh seventy three thousand) vide credit sanction advice dated 12'12'2014' The defendant has duly accepted the receipt of credit sanction advice and also accepted the terms and conditions stated therein. copy of said credit sanction advice dated 12.12.2014 is annexed and marked as Annexure ,t,.

(viii) The defendant has signed and executed the Revival Letters dated .10.06.2014 and 10'05'2017 thereby acknowledging the indebtedness and liabilities with interest towards thee credit facilities sanctioned to the defendant copy of said Revival Letters dated 10.06'2014 and 1 0.05.2017 are annexed and marked as Annexure ,J-1 , &,J-2, .

T.A.1584 ot 2O2O - DRT-2/Kot 4' The Defendant availed and enjoyed the said Loan facirities by opening Account in erstwhile Bank's Barasat Branch, 61rE, K.N.c. Road, Barasat, Korkata _ 700124. However' the defendant committed breach of terms and conditions of the agreement and made defaults in payment even after several requests from the applicant Bank. The Defendants did not repay the outstanding Bank's dues and overdue interests in loan Account' The Account became out of order and was classified as N.p.A. on 30.06.2017. Applicant Bank finding no other alternative issued recail demand Notice dated 11.0r.201g upon the defendant calling upon her to repay the outstanding amount of Rs. 11,4g,6321_ as on 30'06'2018' but the defendant did not comply the said notice; copy of said recall notice dated 11'07 '2018 along with postal receipts are annexed and marked as Annexure 'K'' certified copies of statement of Account along with certificate under Bankers, Books of Evidence Act, with statement of claim, have been filed to show and prove the dues (Annexure 'L'& 'M'), and future interest @ l2.BOYoper annum with monthly rests thereon from 01 '11'2018 till realization in full, has been prayed. Applicant Bank submitted that their claim in the Application is within limitation. 5' The Notice / summons was sent to the sole Defendant by the Tribunal. lt is observed that service of Notice / summons upon the Defendant by postal service / hand delivery is not successful, such has been recorded vide Ld. Registrar,s order dated 10'08'2022 and 29'09'2022. At the request of Ld. Advocate of the applicant Bank, Ld. Tribunal was directed to serve the summons / notice upon the defendant by way of substituted service; and Ld. Advocate of the applicant Bank has brought on record the affidavit of service on publication dated 30.11 .2022 along with relevant portion of paper cuttings in two newspapers, namely (i)'The Tetegraph'in English and (ii) ,Bartaman, in Bengali, both dated 28.11-2022, such has been recorded vide Ld. Registrar,s order dated 21'11'2022' Despite service, the defendant did not appear nor filed the written statement; thus, the defendant was ordered to be proceeded ex-parfe vide order dated og.o4.2026. Applicant Bank has filed the written notes of argument on dated og.og.2025 wherein stated the brief facts of the case as has been narrated in the original application. Ld. Advocate of the applicant Bank has submitted arguments on 1g.0s.2026. 6' Applicant Bank has filed the evidence-on-affidavit affirmed by Sri Chiranjit Chandra, Manager of erstwhile Bank's Barasat Branch, 61]E, KNC Road, Barasat, Kolkata -700124 along with the copy of documents executed by the Defendant. Copy of 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 same have been returned to Sri Anand Kumar Sinha, [Manager of Bank's Barasat Branch, 611E, K.N.C. Road, Barasat, Kolkata - 700124 on 19.01 .2021 such has been recorded vide Ld. Registrar's order dated 19.01 .2021. The documents produced by applicant Bank are' exhibited and annexed at'A-1' to'A-19'. a

T.A.1584 of 2020 - DRT_2/Kot I have heard the Ld' Advocate of the applicant Bank and perused the records. 7' 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' Applicant Bank has proved the sanction of credit facility of Rs'4'00'000/- vide sanction advice dated 29.07.2011; subsequenfly, the said facility was enhanced to Rs'8,00,000/- vide sanction advice dated 31.0s.2012 andfurther enhanced the said facility for an amount of Rs.9,73,000/- vide sanction advice dated 02.0g.2013; lastly the said credit facility was renewed for an amount of Rs.9, l3,ooot- vide credit sanction advice dated 12'12'2014. Applicant Bank has proved the hypothecated movable assets, described in schedure 'A' & 'B' at page 21 & 22and para 34 at page 3 to 5 of the original application. 8' on the point of limitation, Loan has been sanctioned on 2g.or.2o1l and subsequently enhanced / renewed the same on dated 31.05.2012, 02.0g.2013 &12'12'2014; security documents have been executed on 2g.07.2011, 31.05.2012 & 02'08'2013; originalApplication has been filed on 12.12.201g. Further, the defendant has acknowledged and admitted her debt & liability by executing Revival Letters dated 10'06'2014 & 10'05'2017 thereby confirming the outstanding balance in roan Account(s). As such, the original Application appears to have been filed well within the period of limitation. 9' Applicant Bank has stated that the outstanding balance in cash credit Account (inclusive of accrued interests and other charges as calculated upto 31.10.2018) for an aggregated sum of Rs.l0,84,173.00 (Rupees ten lakh eighty four thousand one hundred seventythree) as on 31-10.2018, which is the amount claimed bythe applicant Bank in the originalApplication, 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 the applicant Bank in the originalApplication. Applicant Bank has prayed future interest @ 12-8Oo/o per annum with monthly rests from 01 .11.201g, till realization in full, while in Demand Promissory Notes dated 29.07.2011,31.0s.2012 & 02'08'2013 the rate of interest @ 12.50% per annum , @ 12.25o/o per annum and @ 12% per annum with monthly rests respectively, have been mentioned. Therefore, in my view, the pendente lite & future rate of interest @ 12.25% per annum, with quarterly rests, from 01 .11 .2018, is allowed. 10' The matter also falls within the territorial as well as pecuniary jurisdiction of this Tribunal. Applicant Bank has proved to claim made in the original application. Hence, the O.A./T.A. being T.A.1584 of 2020 (arising out of O.A./990 of 2018) deserves to be alowed; hence allowed.

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

T.A.1584 o'f 2020 - DRT-2/Kot o RD R

(i) T'A'/584 of 2020 (arising out of o.A./990 of 2o1B), filed by the appticant Bank, is allowed and debt is determined with cost against the Defendant. lt is hereby ordered that the Defendant is hereby directed to pay the totaldebt amount of Rs.1 0,g4,173.00 (Rupees ten lakh eighty four thousand one hundred seventy three) due and payable, inclusive of interest and other charges as calculated upto 31.10.201g; and interest for the period pendente lite and future rate @ 12-25% per annum, with quarterly rests, from 01 .11.201g, 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 tite 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 'A, & ,B, at page 21 & 22 and para 34 at page 3 to 5 of the original application: Hypothecated tVovable Assets: "the whole of_borrowers present and future sfocks of assefs etc. lying at 24/A, Harinath Sen Road, Barasat, Kolkata - 700124, North 24-parganats together with all store components and spares which now belong. to or may hereaiter from"time to time during the continuance of this security betong to tne borrower and which are or shall or may be brought into store.d or be in or upon or about the borrower's godown, or wherever else the same may be situated, stored or tying or being, inctudin{ rny "u"i articles or goods, sfores, spares and components or othbr similal movable irop",ty in course of transit or delivery to the borrower (and att of which hereinafter for brevi'ty's sake referred to as *the said goods"). All the Proprietorship Concern's present and future sfocks and book debts, including monies, receivables, claims due and owning or which may at any time become due and owing to the Borrower in the course of its buiiness by uny f"rron, firm, company o1' body corporate or by the Government of lndia or any Sfafe Government or lndian Railways or any Government Department or office or any Municipat or local Semi- Government body or authority or any undertaking or project in the pubtic Secfor.,, The Defendant is also debarred from transferring, alienating, encumbering or disposing of 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 Final Order / Judgment for repayment of the above mentioned dues, so intimated to her. ln 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 properties, as aforesaid. Applicant Bank is also entitled to proceed against personal properties of the Defendant both moveable and immoveable and also proceed against the Defendant personally to recover the dues, in accordance with law.

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T.A./584 of 2OZO - DRT_2/Kot

(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, 1gg3 (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 1gg3. Accordingly, the original Application, being T.A./5g4 of 2020 (arising out of O.A./990 of 2018) is allowed and stands disposed of. This order is dictated and corrected by the undersigned and pronounced on this the 25th day of June, 2026. Copy of the Final order / Judgment be uploaded in the Tribunal,s website. .$r hav) Presiding Officer DRT-2, Kolkata tb I