Punjab National Bank vs FALCON INFRA PROJECTS LTD AND ORS on 14 August 2026

Order

PUNJAB NATIONXT. BANK of Signature of . prliarxfisn noooEsary

14.08.2026 FALCON INFRA PR Ordcr wlth Slgneture Ir/r.swastikSahaappearedfortheApplicantBank. None for the Defendants' TA 107 of 2O2O is allowed and disposed off Final Order/Judgement is in separate sheet of 5 pages File be consigned to record room Order be uploaded on the Tribunal's Website' m*hav) Presiding Officer DRT-2, Kolkata kkb Cerc No-

TAl107 of 2020 - DRT-2/Kol DEBTS RECOVERY TRIBUNAL . 2, KOLKATA Jeevan Sudha Bldg. 07th Floor, 421C, J.L. Nehru Road, Kolkata -7OOO71 Before Shri Arbind Madhav, Presidinq Officer TA No. 107 of 2020 (Arising out of O.A./393 of 20'18) ln the matter of PUNJAB NATIONAL BANK (erstwhile United Bank of lndia), a body corporate constituted under the Banking Companies( Acquisition and Transfer of Undertakings) Act 1970 having its Head Office at Plot No-4, Sector- 10, Dwarka, New Delhi-110075 and Branch Office amongst other places at Madhyamgram Branch situated at Ganguly [Vansion, Jessore Road, Habra, District- North 24 Parganas, Pin Code-743263. . Applicant Bank -Versus-

1. Falcon lnfra Projects Ltd. Nova Villa, Baluigachi, Jessore Road, Post Office- Laxnripur, Police Station-Habra, District-North 24 Parganas, Pin Code-743234, West Bengal, lndia.

2. lVr. Abdul Alim, son of tt/tr.Akhtar Ali, Village-Daspara, [/athurapur, Post OfficeGuma, Police Stal.ior'r Habra, District- North 24 Parganas, Pin Code743234, West Bengal, lndia.

3. [Vrs Sonia Parvin Alam, wife of Mr.Abciul Alim, Village Daspara, [t/athurapur, Post Office Guma, Police Station Habra, District-Norlh24 Parganas, Pin Code-743234. West Bengal.

4. [Vrs Tanjura Beganr, wife of tMr.Abdr"rl Hossain lVondal Village Daspara, N/athurapur Post Office Guma, Police Station Habra, District-Norlh 24 Parganas, Pin Code-743234, West Bengal. Defendants Counsel for parties: For the Applicant Bank For the Defendant SWASTIK SAHA, ADVOCATE Ex-Pafte. FINAL ORDER / JUDGMENT

Delivered on 1 4.08.2026 a

I41107 of 2020 - DRT-2/Kol Applicant Punjab National Bank instituted the present Application being the Original Application No.O.A./393 of 2018 filed in DRT-3, Kolkata on 1805.2018 against four Defendants under Section 19(1) of the Recovery of Debts & Bankruptcy Act, 1993 (amended from time to time) for realization of Rs.1,09,48,586.58(Rupees One Crore Nine Lac Forty Eight Thousand Five Hundred Eighty Six and Fifty Eight Paisa) and interest thereon at the rate prescribed as amended from time to time compounded with monthly rests from February 01, 2018 to till the date of payment or recovery jointly and severally from the Defendants. Subsequently, the instant case has been transferred to DRT-2, Kolkata vide the Hon'ble Chairperson DRAT, Kolkata's direction vide letter No4/6/DRATlKOLl20lB(pt.) dated 16.09.2019, such has been recorded vide Ld Registrar, Kolkata DRT-3's Orderdated 21.10.2019 and the same has been renumbered as T.A./1 07 of 2020 vide Ld. Registrar's, Kolkata DRT-2's order dated 06.1 1 .2019.

2. The Brief Facts of the case are as followed:- i. The Defendant No.1 is a Limited Company registered under the Companies Act 1956, the copy of the Certificate of lncorporation is marked with Letter "A" along with the copies of the MOA & AOA is marked with letter "B". ii. The No Objection Certificate issued by Directorate of [/icro & Small Scale Enterprises and other related documents are marked collectively with the letter "C". iii. The Company established a garments and apparel manufacturing factory so it decided for the sanction of cash credit facility to the tune of Rs.98 Lac from the Applicant Bank. The Defendant No.1 applied forthe loan which was sanctioned. Through a Board Resolution dated 30.08.2013 was adopted by the Defendants Nos2,3 & 4 on behalf of the Defendant No.1. The copy of the sanction is marked with letter "D". iv. The following documents were executed in the process:-

a. Declaration on execution of documents

b. Consent Clause from the Borrower

c. Promissory Note/ D.P Note of Rs.98,00,000/-

d. Letter of Continuity

e. Letter of Lien f . Hypothecation Agreement (Goods, Book Debts, Plant & Machineries) Authenticated copies of these are marked as "E" to "E-5" collectively. v. The Defendants No.2,3 & 4 are the Directors and Guarantors. They executed necessary Guarantee documents dated 1910912013 for granting overall limit of Rs.98,00,0001(Rupees Ninety Eight Lac Only), the authenticated copies of which are marked with letter "F". vi. The Defendant No. "2" mortgaged his immoveable properties by creating equitable mortgage in favour of the Bank. The details are marked in Schedule "X" and copies are marked with letters "G" to "G-2".

vii. Register of charges was created by the Defendant No-1 on 1910912013 the hotocopies of which are marked with letter "H"

rAt107 of 2020 - DRT-2/Kol

3. The Defendants enjoyed the said loan facility. However, the defendants failed and neglected to abide by the terms and conditions of the facility. ln spite of repeated requests made by the 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 Non-Performing Asset (NPA). The photocopy of the account regularization notice dated 1411212015 & 0210212016 are annexed with letter "1" collectively.

4. A Demand Notice dated 0210312017 was issued the copy of which along with postal track record is annexed with letter "J". Another Demand Notice dated 0310412017 was issued the copy of which along with the statement of accounts is marked with letter "K"

5. The Defendants always prayed for extension of time or rescheduling of payments whenever asked for repayment of the overdue amount. On 09/0612017 the Defendants applied and prayed to make a partial payment against the cash credit and also prayed for the extension of time limit for the repayment of the overdue amount the photocopy of which is marked with letter "L".

6. Possession notice dated 13.07.2017 was issued the photocopy of which is marked with the letter "N/". The said possession notice was published also the copy of which is marked with letter "N".

7. The Defendants deposited an amount of Rs.10,000/-(Rupees Ten Thousands) into the Cash Credit Account for repayment of the overdue amount on dated 08.12.2017 the copy of which is marked with letter "O". Again on 06.03.2018 a Demand Notice was sent the copy of which along with postal track records are marked with letter "P".

8. The Defendants are served with summons. The Defendants did not appear, as there was no representation from the Defendants, the case was fixed for ex-parte hearing on 07.02.2024 and heard ex-parte accordingly. L Applicant Bank has filed the Evidence-On-Affidavit affirmed by Anil Kumar, Chief lVlanager of the Applicant's Habra Branch along with the copies of original documents executed by Defendants. Original documents have been produced by the 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.

10. Heard the Ld. Counsel for the Applicant Bank

11. Affidavit Of Evidence, 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 T.A. Applicant Bank has proved the sanction of overdraft facility.

12. The Application is within the period of limitation hence allowed.

13. Applicant Bank stated that the outstanding balance in loan Accounts is Rs.1,09,48,586.58(Rupees One Crore Nine Lac Forty Eight Thousand Five Hundred Eighty Six and Fifty Eight Paisa) and interest thereon at the rate prescribed as amended b

TAt107 ot 2020 - DRT-2/Kol from time to time compounded with monthly rests from February 01, 2018 to till the date of payment or recovery jointly and severally from the Defendants, which is the amount claimed by the Applicant Bank in the original Application. ln the DP Note dated 19.09.2013 interest at the rate of 4.25% per annum over the Base Rate @10.25o/o has been mentioned The defendants are liable to repay the said amount to the Applicant Bank with pendentelite and future interest, till realization with interest @13%. I allow the claim as made by the applicant Bank @13o/o with quarterly rests from 01 .02.2018 in the said Loan till realization.

14. 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.1107 of 2020 (arising out of O.A./393 of 2018) deserves to be allowed; hence allowed.

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

ORDER

(i) T.A./107 of 2020 (arising out of O.A./393 of 2018) filed by the Applicant Bank, is allowed and debt is determined with cost against the Defendants No.1, 2, 3 & 4. lt is hereby ordered that the Defendants are hereby directed to pay, the total debt amount of Rs.1,09,48,586.58(Rupees One Crore Nine Lac Forty Eight Thousand Five Hundred Eighty Six and Fifty Eight Paisa) as calculated upto 3'1 01 2018 with interest @12.5% per annum. with quarlerly rests from 01.(8.:i.018 till final realization of the entire dues is allowed.

(ii) Amount, if any, paid by the Defendants in the loan account or amount, rf any recovered by the applicarrt Bank after filing of the original application, the same may be taken into account while arriving at the exact arnount of dues/debt payable by the Defendants. Accordingly, the pendentelife and future interest shall be calculated on the reduced amount.

(iii) The defendants are debarred from transferring, alienating, encumbering or disposing of the mortgaged immoveable property & hypothecated moveable asset, described in the Schedules of this OA:- SCHEDULE '3X" (ilvrMovABLE pROpERTy OF THE GUARANTOR CHARGED/|\XORTGAGED WlrH THE UNTTED BANK OF |NDIA) Bengali Sale Deed No-55 for the year 2005, registered in the office of the Additional District Sub-Registrar at Habra, Norlh 24 Parganas, West Bengal. recorded in Book No-

1. Volume No-1, Pages from 355 to 374, being No-55 for the year 2005 and the property located and situated at Mouza-Baluigachi, J.L No-1 16, Re.Sa. No-228, Touzi No-2170, R. S. Dag No-41 , under R.S Khatian No-131 , L.R Khatian No-368/1 & 394/1 (Present L.R Khatian No-713), within the local limits of Rautara Gram Panchayat, P.S.Habra, District- Norlh 24 Parganas, the Danga/Bastu land measuring about 1B Decimals be the same or a

TAl107 of 2020 - DRT-2/Kol a little more or /ess together with a factory shed along with undivided proportionate share of the aforesaid land together with all easement rights dsfands in the name of Mr.Abdul Alim. SCHEDULE ('Y" ALL THAT the Defendant No-1 present and future sfock of raw materials, semi finished and finished products, goods, produce, merchandise, book debts, bills, money receiveables, plant and machineries, fools, equipments, implements, spare parls, stores and all other assefs, rights at whichever they may be situated at including its place of business at Nova Villa, Baluigachi, Jessore Road, P.O-Laxmipur, P.S.Habra, District- Norlh 24 Parganas, Pin Code-743234, West Bengal, lndia or wherever the same might be are remaining hypothecated to United Bank of lndia as a security for repayment of its claim. The defendants are also debarred from transferring, alienating, encumbering or disposing any other property(s) either movable or immovable and assets belonging to them till the aforesaid adjudicated debt amount are recovered from the Defendants.

(iv) The defendants 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 him. ln case the Defendants 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 Defendants both moveable and immoveable and also proceed against the Defendants 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 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 Defendants 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./107 of 2020 (arising out of O.A./393 of 2018) is allowed and stands disposed of. This order is dictated and corrected by the undersigned and pronounced on this the 14th day of August 2026. Copy of the Final Order / Judgment be uploaded in the Tribunal's Website. rbindtVadh Presiding Officer DRT-2, Kolkata kkb .8 I