STATE BANK OF INDIA vs NEW RAMKRISHNA PHARMACY on 12 June 2025

Page No.

KOLKATA DEBTS RECOVERY TRIBUNAL NO. 2

ORDER SHEET

(Continuation)

State Bank of India

T.A./321 of 2019

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

Vs

New Ramkrishna Pharmacy & Ors.

<table border="1" style="width: 100%; border-collapse: collapse;"> <thead> <tr> <th style="width: 15%; text-align: center;">Date of Order</th> <th style="width: 65%; text-align: center;">Order with Signature</th> <th style="width: 20%; text-align: center;">Office action with date and dated Signature of parties when necessary</th> </tr> </thead> <tbody> <tr> <td style="vertical-align: top; padding: 10px;"> 17<br/> 12.06.2025 </td> <td style="vertical-align: top; padding: 10px;"> <p>Counsel for the parties:</p> <p>Ms. Gunja Pachisia Ltd. Advocate for the applicant Bank.</p> <p>None appears for Defendants.</p> <p>T.A./321 of 2019 (arising out of O.A./322 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; margin-top: 20px;"> <br/> (Arbind Madhav)<br/> Presiding Officer<br/> DRT-2, Kolkata </div> </td> <td style="vertical-align: top; padding: 10px;"></td> </tr> </tbody> </table>

1

T.A./321 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. 321 of 2019**

(arising out of O.A./322 of 2018)

In the matter of -

**State Bank of India** (formerly State Bank of Bikaner & Jaipur), a banking institution and a body corporate constituted, incorporated and formed by and under the provisions of the State Bank of India Act, 1955 having its local Head Office at Samriddhi Bhawan, 1, Strand Road, Kolkata – 700001, and carrying on business, *inter-alia*, amongst others at their Rathkala Branch, N.S.C. Bose Road, Rathkala, Kolkata, and also at Small & Medium Enterprises Centre, in short S.M.E.C., Ballygunge at 50A, Gariahat Road, 04^th Floor, P.S.- Gariahat, Kolkata – 700019.

..... Applicant Bank

-Versus-

- 1. **New Ramkrishna Pharmacy**, a partnership firm, having its place of business at 284, Block-'B', Bangur Avenue, Kolkata – 700055.

- 2. **Shri Bikash Saha**, partner of New Ramkrishna Pharmacy of 284, Block-'B', Bangur Avenue, Kolkata – 700055.

- 3. **Shri Gautam Saha**, partner of New Ramkrishna Pharmacy of 284, Block-'B', Bangur Avenue, Kolkata – 700055.

- 4. **Smt. Lipi Saha**, wife of Samir Saha, of 507/51, Jessore Road, Kolkata – 700074.

..... Defendants

Counsel for parties:

For the Applicant Bank : Md. Minhajuddin and Ms. Gunja Pachisia.

For the Defendant : *Ex-Parte*

**FINAL ORDER / JUDGMENT**

Delivered on 12.06.2025

Applicant, State Bank of India (formerly State Bank of Bikaner & Jaipur), instituted the present Application being the Original Application No.322 of 2018 filed in DRT-3, Kolkata on 02.05.2018 against four Defendants under Section 19(1) of the Recovery of Debts & Bankruptcy Act, 1993 (amended from time to time) for recovery of Rs.12,16,070.00 (Rupees twelve lacs sixteen thousand seventy) as on 08.03.2018 together with further interest, with monthly rests, till realization of the entire dues 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 21.10.2019 and the same has been renumbered as T.A./321 of 2019 vide Ld. Registrar's order dated 29.10.2019.

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 is a partnership firm; the defendants No.2 & 3 are the partners of defendant No.1 and the defendant No.4 stood as a guarantor. The defendants had applied and approached the Rathkala Branch of State Bank of Bikaner & Jaipur, Kolkata which has now merged into State Bank of India as per the Gazette of India notification dated 22.02.2017 with effect from 01.04.2017 for cash credit facility of Rs.10,00,000/-; upon consideration of application, applicant Bank was pleased to grant / sanction a Cash Credit facility to the limit of Rs.10,00,000/- (Rupees ten lacs) in favour of the defendant No.1 vide letter of Arrangement dated 28.05.2015. The defendants duly agreed and accepted the terms and conditions of said letter of Arrangement dated 28.05.2015. Copy of Arrangement letter dated 28.05.2015 duly signed by the defendants is annexed and marked as Annexure 'A-1'.

(ii) In consideration of said sanction and in acknowledgement of liability for cash credit facility of Rs.10.00 lakhs, the defendants executed the following security documents dated 28.05.2015 in favour of applicant bank:

- (a) Agreement of Loan-cum-Hypothecation to secure the said loan (SME-2);

- (b) Guarantee Agreement executed by defendant No.4 (SME-3).

Copy of said documents are annexed and marked as Annexure 'A-2' & 'A-3' respectively.

3. The Defendants availed and enjoyed the cash credit facility by opening Account in Bank's Rathkala Branch, N.S.C. Bose Road, Kolkata. 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. In spite of repeated requests and personal contact 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 N.P.A. on 29.03.2017. Applicant Bank finding no other alternative issued a legal notice dated 08.03.2018 through its Advocate demanding payment of a sum of Rs.12,16,070/-, but the defendants did not comply the said notice; copy of said legal notice dated 08.03.2018 is annexed and marked as Annexure 'A-4'. 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-5'), and future interest @ 11% per annum with monthly rests. till realization, has been prayed. Applicant Bank submitted that their claim in the Application is within limitation.

4. The Notices / summons were sent to Defendants No.1 to 4 by the Tribunal; service of Notices / summons upon the Defendants were not effected by postal service and/or hand delivery, such has been recorded vide Ld. Registrar's order dated 10.08.2023. At the request of Ld. Advocate on behalf of applicant Bank, Ld. Tribunal is directed to serve the summons upon the defendants by way of substituted service; and Ld. Advocate of the applicant Bank has brought on record the affidavit of service on publication dated 22.11.2023 upon the Defendants along with relevant portion of paper cuttings in two newspapers, namely (i) '*The Times of India*' in English and (ii) '*Dainik Statesman*' in Bengali, both dated 07.11.2023, such has been recorded vide Ld. Registrar's order dated 22.11.2023. Despite service, the defendants did not appear nor filed the written statement; thus, all the defendants were ordered to be proceeded *ex-parte* vide order dated 13.03.2024. Ld. Advocate of the applicant Bank has filed the written notes of arguments on 26.07.2024 wherein the brief facts of the case as has been narrated in the original application. Ld. Advocate has submitted arguments on 15.05.2025.

5. Applicant Bank has filed evidence-on-Affidavit, affirmed by Ajit Paul, Chief Manager of Bank's SMECC, Ballygunge, 50A, Gariahat Road, Kolkata – 700019 along with copy of original documents executed by the defendants. Original documents have been produced by the applicant Bank; the same have been verified with copies of the documents annexed with the O.A. and after verification the originals have been returned to Mr. K.K. Singh, Manager of Bank's SARB, South Bengal, 1, Middleton Street, Kolkata – 700071 on 14.12.2022, such has been recorded in Ld. Registrar's Order dated 14.12.2022. The documents produced by the applicant Bank are exhibited and marked as Annexure 'A-1' to 'A-3'.

6. Evidence-on-affidavit, filed by applicant Bank, has remained unchallenged, unrebutted and its veracity cannot be put to dispute. Applicant Bank has proved the averments made in the original Application. Applicant Bank has proved the sanction of cash credit facility of Rs.10.00 lacs vide letter of Arrangement dated 28.05.2015. Applicant Bank has proved the hypothecated movable assets, described in para 3A at page 4 and Annexure 'A-2' at page 26 to 35 of the original application.

7. On the point of limitation, the loan has been sanctioned on 28.05.2015, documents have been executed on 02.05.2018, and original Application has been filed on 24.07.2018. Further, the defendants have deposited / paid for an amount of Rs.4,000/- (cash deposit) on 30.11.2016 in loan Account confirming 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 stated that the outstanding balance in Loan Account (inclusive of accrued interest and other charges as calculated upto 08.03.2018) is **Rs.12,16,070.00** (Rupees twelve lacs sixteen thousand seventy) as on 08.03.2018, which is the amount claimed by the applicant Bank in the original Application, and the defendants No.1 to 4 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 @ 11% per annum with monthly rests, till realization thereof, while in Letter of Arrangement dated 28.05.2015 the rate of interest @ 12.85% per annum, has been mentioned. Therefore, in my view, the *pendente lite* & future rate of interest @ 11% per annum, with quarterly rests, from 09.03.2018, till realization in full; is allowed.

9. 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./321 of 2019 (arising out of O.A./322 of 2018) deserves to be allowed; hence allowed.

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

ORDER

(i) T.A./321 of 2019 (arising out of O.A./322 of 2018), filed by the applicant Bank, is allowed and debt is determined with cost against the Defendants No.1, 2, 3 & 4. It is hereby ordered that the Defendants No.1 to 4 are hereby directed to pay, jointly and / or severally, the total debt amount of **Rs.12,16,070.00** (Rupees twelve lacs sixteen thousand seventy) due and payable, inclusive of interest and other charges calculated upto 08.03.2018; and interest for the period *pendente lite* and future @ 11% per annum, with quarterly rests, from 09.03.2018, 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 No.1 to 4. Accordingly, the *pendente lite* and future interest shall be calculated on the reduced amount.

(iii) Defendants No.1 to 4 are debarred from transferring, alienating, encumbering or disposing of the hypothecated movable assets described in para 3A at page 4 and Annexure 'A-2' at page 26 to 35 of the original application:

*"Hypothecated movable assets".*

The Defendants 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 No.1 to 4.

(iv) Defendants No.1, 2, 3 & 4 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 property(s), 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 No.2, 3 & 4 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, 3 & 4 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, 3 & 4, 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./321 of 2019 (arising out of O.A./322 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 12^th day of June, 2025.

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

12.6.25 (Arbind Madhav) Presiding Officer DRT-2, Kolkata

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