INDIAN BANK vs M/S RUKHSAR INTERNATIONAL on 9 June 2025

Page No.**KOLKATA DEBTS RECOVERY TRIBUNAL NO. 2****ORDER SHEET**

(Continuation)

T.A./279 of 2019

Indian Bank

Case No. \_\_\_\_\_

Vs

M/s Rukhsar International & Anr.

<table border="1"> <thead> <tr> <th data-bbox="144 198 218 264">Date of Order</th> <th data-bbox="218 198 788 264">Order with Signature</th> <th data-bbox="788 198 914 264">Office action with date and dated Signature of parties when necessary</th> </tr> </thead> <tbody> <tr> <td data-bbox="144 264 218 921"> 14<br/> 09.06.2025 </td> <td data-bbox="218 264 788 921"> <p>Counsel for the parties:</p> <p>Mr. Subir Kr. Bera, Ld. Advocate representing Mr. Pankaj Kumar Mukherjee, Ld. Counsel for the applicant Bank.</p> <p>None appears for Defendants.</p> <p>T.A./279 of 2019 (arising out of O.A./132 of 2018) is allowed and disposed of.</p> <p>Final order / Judgment is in separate sheet of 5 pages.</p> <p>File be consigned to record room.</p> <p>Order be uploaded on the Tribunal's website.</p> <div style="text-align: right;"> <br/> (Arbind Madhav)<br/> Presiding Officer<br/> DRT-2, Kolkata </div> </td> <td data-bbox="788 264 914 921"></td> </tr> </tbody> </table>

1

T.A./279 of 2019 – DRT-2/Kol

**DEBTS RECOVERY TRIBUNAL - 2, KOLKATA**

Jeevan Sudha Bldg. 07^th Floor, 42/C, J.L. Nehru Road, Kolkata – 700071

Before Shri Arbind Madhav, Presiding Officer **T.A. No. 279 of 2019**

(arising out of O.A./132 of 2018)

**In the matter of**

**Indian Bank**, a body corporate duly constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970, having its Corporate Office at 254-260, Avval Shanmugam Salai, Royapettah, Chennai – 600014, Tamil Nadu, and carrying on business, *inter-alia*, having its numerous branches including one at Kidderpore Branch, 4 No. Ram Kamal Street, P.S.- Wattgunge, Kolkata – 700023, South 24-Parganas, commonly known as Indian Bank Kidderpore Branch.

..... Applicant Bank

-Versus-

- 1. **M/s Rukhsar International**, a proprietorship business of Waqar Ahmed, having its office and/or principal place of business at 2/1/H/2, Bhukallash Road, Kudderpore, P.S.- Wattgunge, Kolkata – 700023, West Bengal.

- 2. **Md. Waqar Ahmed**, Son of Nisar Ahmed, proprietor of M/s Rukhsar International, having its office and/or principal place of business at 2/1/H/2, Bhukallash Road, Kudderpore, P.S.- Wattgunge, Kolkata – 700023, West Bengal.

..... Defendants

Counsel for parties:

For the Applicant Bank : Mr. Pankaj Kumar Mukherjee For the Defendants : *Ex-Parte*

**FINAL ORDER / JUDGMENT**

Delivered on 09.06.2025

Applicant, Indian Bank instituted the present Application being the Original Application No.132 of 2018 filed in DRT-3, Kolkata on 26.02.2018 against two Defendants under Section 19(1) of the Recovery of Debts & Bankruptcy Act, 1993 (amended from time to time) for recovery of Rs.16,39,106.00 (Rupees sixteen lacs thirty nine thousand one hundred six) as on 01.02.2018 together with further interest thereon @ 16.45% per annum with monthly rests, 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 17.10.2019

and the same has been renumbered as T.A./279 of 2019 vide Ld. Registrar's order dated 28.10.2019.

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

(i) That the defendant No.1, M/s Rukhsar International, a proprietorship business of defendant No.2. At the request of Defendant No.2 being the proprietor of defendant No.1 approached and applied the applicant Bank for credit accommodation vide application dated 26.02.2014. Upon consideration of application, applicant Bank was pleased to grant / sanction a OCC facility to the limit of Rs.12,00,000.00 (Rupees twelve lacs) in favour of the defendant No.1 vide sanction letter dated 12.03.2014 against hypothecation of book debts, stocks of mobile, spare parts and accessories, as primary security. Copy of loan application dated 26.02.2014 and sanction letter dated 12.03.2014 are annexed and marked with Annexure 'A' & 'A-1' respectively.

(ii) In acknowledgement of granting the said credit facility of Rs.12.00 lakhs, the defendant No.2 being the proprietor of defendant No.1 executed and delivered the following security documents all dated 14.03.2014 in favour of applicant bank:

- (a) Declaration by sole proprietor;

- (b) Declaration by the borrower on details of relatives etc.;

- (c) Letter from borrower/s for disclosure of information;

- (d) Single / Joint demand promissory note for Rs.12.00 lakhs;

- (e) Agreement for open cash credit (stocks/ book debts);

- (f) Agreement of Hypothecation of Movable.

Copies of said documents are annexed and marked with Annexure 'A-2' to 'A-7' respectively.

(iii) In acknowledgement of granting the said credit facility to defendant No.1, The defendant No.2 being the proprietor of defendant No.1 acknowledged and admitted said credit facility by way of Acknowledgement of Debt dated 01.03.2017. Copy of said Acknowledgement of Debt dated 01.03.2017 is annexed and marked with Annexure 'A'8'.

3. The Defendants enjoyed and utilized the said credit facility by opening Account in Bank's Kidderpore Branch, 4 No. Ram Kamal Street, Kolkata – 700023. 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. Since the defendants did not pay any attention to regularize the Account inspite of repeated requests made by the applicant Bank, the Account became out of order and was classified as N.P.A. on 28.06.2016. Considering aforesaid default, the applicant Bank was compelled to issue Recall, demand & Notice dated 21.02.2018 upon the defendants through its Advocate demanding to repay the outstanding Bank's dues, but the defendants has failed and neglected to comply with the said notice; copy of said demand notice dated 21.02.2018 is annexed and marked with Annexure '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-10'), and future interest @ 16.45% per annum from 01.02.2018 with monthly rests, till realization of the entire due in full, has been prayed. Applicant Bank submitted that their claim in the Application is within limitation.

4. The notices / summons were sent to the Defendants No.1 & 2 by the Tribunal. It is observed that service of Notices / summons upon the Defendants by postal service / hand delivery has not been successfully effected, such has been recorded vide Ld. Registrar's order dated 11.09.2023. At the request of Ld. Advocate of the applicant Bank, Ld. Tribunal is directed to serve the summons upon both the defendants by way of paper publication; and Ld. Advocate for applicant Bank has brought on record the affidavit of service on publication dated 19.06.2024 upon the Defendants No.1 & 2 along with relevant portion of paper cuttings in two newspapers, namely (i) 'The Times of India' in English and (ii) 'Aajkal' in Bengali, both dated 08.12.2023, such has been recorded vide Ld. Registrar's order dated 03.10.2024. 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 13.01.2025. Ld. Advocate of the applicant Bank has submitted arguments on 13.01.2025.

5. Applicant Bank has filed the evidence-on-affidavit affirmed by Sumit Kumar, Branch Manager of Bank's Kidderpore Branch, 4 No. Ram Kamal Street, P.S.-I Wattgunge, Kolkata – 700023 along with the copy of original documents executed by the Defendants. Original documents have been produced by applicant Bank; the same have been verified with copies of documents annexed with O.A., and after verification the original documents have been returned to Mr. Islam Ali Mallick, Asstt. Manager of Bank's Kidderpore Branch, 4 No. Ram Kamal Street, Kolkata – 700023 on 24.01.2023, such has been recorded in Ld. Registrar's order dated 24.01.2023. The documents produced by the applicant Bank are exhibited and annexed as Annexure / Exhibit 'A-1' to 'A-11'.

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

6. 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 OCC facility of Rs.12,00,000/- vide sanction letter dated 12.03.2014. Applicant Bank has proved the hypothecated movable assets and one unsecured immovable property; morefully described in Schedule 'X' at page 21 and para 3A at page 8 to 10 of the original application.

7. On the point of limitation, Loan has been sanctioned on 12.03.2014; documents have been executed on 14.03.2014; original Application has been filed on 26.02.2018. Further, the defendant No.2 acknowledged and admitted said credit facility by way of Acknowledgement of Debt dated 01.03.2017 in favour of applicant Bank acknowledging the outstanding balance in loan Account(s). As such, the original Application appears to have been filed well within the period of limitation.

8. Applicant Bank has stated that the outstanding balance in OCC Account (inclusive of accrued interest and other charges as calculated upto 01.02.2018) for a sum of **Rs.16,39,106.00** (Rupees sixteen lacs thirty nine thousand one hundred six) as on 01.02.2018, which is the amount claimed by the 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. I allow the claim as made by the applicant Bank in the original Application. Applicant Bank has prayed future interest @ 16.45% per annum, while in the sanction letter dated 12.03.2014 the rate of interest @15.20% per annum, has been mentioned. Therefore, in my view, the *pendente lite* & future rate of interest @ 14% per annum, with quarterly rests, from 02.02.2018, is allowed.

9. 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./T.A. The T.A. being T.A./279 of 2019 (arising out of O.A./132 of 2018) deserves to be allowed; hence allowed.

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

ORDER

(i) T.A./279 of 2019 (arising out of O.A./132 of 2018), filed by the 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.16,39,106.00** (Rupees sixteen lacs thirty nine thousand one hundred six) due and payable, inclusive of interest and other charges as calculated upto 01.02.2018; and interest for the period *pendente lite* and future rate @ 14% per annum, with quarterly rests, from 02.02.2018, 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 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 Defendants. Accordingly, the *pendente lite* and future interest shall be calculated on the reduced amount.

(iii) The defendants No.1 & 2 are debarred from transferring, alienating, encumbering or disposing of the hypothecated movable assets and one unsecured immovable property; described in Schedule 'X' at page 21 and para 3A at page 8 to 10 of the original application, as under –

5T.A./279 of 2019 – DRT-2/KolHypothecated Movable Assets:

*"Hypothecation of stocks of mobile, spare parts and accessories, stored to be at 2/1/H/2, Bhukailash Road, Kidderpore, Police Station – Wattgunge, Kolkata – 700023, West Bengal or at such place / places as may be intimated to the bank from time to time and hypothecation of stocks and book debts."*

Unsecured Immovable Property:

*"All That piece and parcel of one self contained residential flat being on the Second Floor (North Eastern side) measuring about 1629 square feet super built-up area cemented floor with tenant at Premises No. 2/2, Bhukailash Road, Police Station – Ekbalpur, Kolkata – 700023, West Bengal, registered in the name of Waqar Ahmed and Ibrar Ahmed, registered before the Additional District Sub-Registrar, Alipur, West Bengal and recorded in Book – I, Volume Number 1605 – 2015, Page from 63277 to 63305, Being No. 160506081 for the year 2015."*

The Defendants is 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 No.1 & 2.

(iv) The defendants No.1 & 2 are given a time of forty-five 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 properties, as aforesaid. Applicant Bank is also entitled to proceed against personal properties of the Defendants No.1 & 2 both moveable and immovable 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 the 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./279 of 2019 (arising out of O.A./132 of 2018) is allowed and stands disposed of.**

This order is dictated and corrected by the undersigned and pronounced on this the 09^th day of June, 2025.

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

(Arbind Madhav) Presiding Officer DRT-2, Kolkata

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