INDIAN BANK vs M/S TECHNO INDUSTRY on 28 July 2025

1. 1. **M/s Techno Industry**, a partnership business of Sri Ashoke Roy and Sri Barun Kanti Ghosh, having its principal place of business and/or office at 15, Ganesh Chandra Avenue, 8^th Floor, Kolkata – 700013, West Bengal, and Unit cum Factory at Village – Lakhmanpur, Tetulkuli, Domjur, Howrah – 711409, West Bengal.

2. 2. **Sri Ashoke Roy**, Son of Sri Bijay Krishna Roy, Partner of M/s Techno Industry, having its principal place of business and/or Office at 15, Ganesh Chandra Avenue, 8^th Floor, Kolkata – 700013, West Bengal, and residence at Ichhapur Dakshin Para, Ward No.49, Bantra Sadar, Howrah – 711101, West Bengal.

3. 3. **Sri Barun Kanti Ghosh**, Son of Sri Binu Ghosh, Partner of M/s Techno Industry, having its principal place of business and/or Office at 15, Ganesh Chandra Avenue, 8^th Floor, Kolkata – 700013, West Bengal, and residence at 81, Metcalfe Street, Ward No.46, Kolkata – 700013.

..... Defendants

Counsel for parties:

<table border="0"> <tr> <td>For the Applicant Bank</td> <td>: Mr. Pankaj Kumar Mukherjee</td> </tr> <tr> <td>For the Defendants</td> <td>: Ex-Parte</td> </tr> </table>

**FINAL ORDER / JUDGMENT** Delivered on 28.07.2025

Applicant, Indian Bank instituted the present Application being the Original Application No.340 of 2018 filed in DRT-3, Kolkata on 07.05.2018 against three Defendants under Section 19(1) of the Recovery of Debts & Bankruptcy Act, 1993 (amended from time to time) for recovery of Rs.57,08,919.00 (Rupees fifty seven lacs eight thousand nine hundred nineteen) as on 02.05.2018 together with interest *pendente lite* and further interest from 03.05.2018 @ 14.95% 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 21.10.2019 and the same has been renumbered as T.A./328 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, M/s Techno Industry, a partnership business of defendants No.2 & 3. The Defendants No.2 & 3 being the partners of defendant No.1 approached and applied the applicant Bank for credit accommodation vide application dated 18.02.2015. Upon consideration of loan application, applicant Bank was pleased to grant / sanction an OCC/MSME facility to the limit of Rs.45,00,000.00 (Rupees forty five lacs) in favour of the defendant No.1 vide sanction letter dated 06.05.2015 against hypothecation of stock of raw materials / WIP / finished goods clothing, finished and semi-finished readymade garments, stitching materials and allied items, as primary security. Copy of loan application dated 18.02.2015 and sanction letter dated 06.05.2015 are annexed and marked with Annexure 'A-1' & 'A-2' respectively.

(ii) In acknowledgement of granting the said credit facility of Rs.45.00 lakhs, the defendants No.2 & 3 being the partner of defendant No.1 executed and delivered the following security documents all dated 08.05.2015 in favour of applicant bank, as under:

- (a) Partnership letter;

- (b) Agreement for open cash credit (stocks & book debts);

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

- (d) Agreement of Hypothecation of movables;

- (e) Joint & Several Demand Promissory Note for Rs.45.00 lacs.

Copies of said documents are annexed and marked with Annexure 'A-3' to 'A-7' respectively.

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 applicant Bank, the Account became out of order and was classified as N.P.A. on 01.02.2017. Considering aforesaid default, the applicant Bank was compelled to issue Recall, demand & Notice dated 03.05.2018 upon the defendants through its Advocate demanding to repay the outstanding Bank's dues, but the defendants failed and neglected to comply with the said notice; copy of said notice dated 03.05.2018 is annexed and marked as Annexure 'A-8'. 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-9'), and interest *pendenti lite* and future from 03.05.2018 @ 14.95% per annum 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 was sent to the Defendants No.1, 2 & 3 by the Tribunal. It is observed from the affidavit of service dated 04.07.2023 filed by applicant Bank 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 13.07.2023. At the request of Ld. Advocate of the applicant Bank, Ld. Tribunal is directed to serve the summons upon the defendants by way of publication; and Ld. Advocate for applicant Bank has brought on record the affidavit of service on publication dated 03.10.2023 upon the Defendants No.1, 2 & 3 along with relevant portion of paper cuttings in two newspapers, namely (i) 'The Statesman' in English and (ii) 'Yugashanka' in Bengali, both dated 24.09.2023, such has been recorded vide Ld. Registrar's order dated 04.10.2023. 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 20.02.2024. Applicant Bank has been filed the written notes of argument dated 16.07.2024 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 16.07.2024.

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.- 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, Kidderpore, Kolkata – 700023 on 18.04.2023, such has been recorded in Ld. Registrar's order dated 18.04.2023. The documents produced by the applicant Bank are exhibited and annexed as Annexure / Exhibit 'A-1' to 'A-9'.

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/MSME facility of Rs.45,00,000/- vide sanction letter dated 06.05.2015. Applicant Bank has proved the hypothecated movable assets / 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 06.05.2015; documents have been executed on 08.05.2015; original Application has been filed on 07.05.2018. 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/MSME Account (inclusive of accrued interest and other charges as calculated upto 02.05.2018) for a sum of **Rs.57,08,919.00** (Rupees fifty seven lacs eight thousand nine hundred nineteen) as on 02.05.2018, which is the amount claimed by the applicant Bank in the original Application, and the defendants No.1, 2 & 3 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 @ 14.95% per annum, while in Demand Promissory Note dated 08.05.2015 the rate of interest @ 13.75% per annum, has been mentioned. Therefore, in my view, the *pendente lite* & future rate of interest @ 13.75% per annum, with quarterly rests, from 03.05.2018, 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./328 of 2019 (arising out of O.A./340 of 2018) deserves to be allowed; hence allowed.

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

ORDER

(i) T.A./328 of 2019 (arising out of O.A./340 of 2018), filed by the applicant Bank, is allowed and debt is determined with cost against the Defendants No.1, 2 & 3. It is hereby ordered that the Defendants No.1, 2 & 3 are hereby directed to pay, jointly and / or severally the total debt amount of **Rs.57,08,919.00** (Rupees fifty seven lacs eight thousand nine hundred nineteen) due and payable, inclusive of interest and other charges as calculated upto 02.05.2018; and interest for the period *pendente lite* and future rate @ 13.75% per annum, with quarterly rests, from 03.05.2018, 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 & 3 are debarred from transferring, alienating, encumbering or disposing of the hypothecated movable assets/property; described in Schedule 'X' at page 21 and para 3A at page 8 to 10 of the original application, as under –

*"Hypothecation of stocks of raw materials / WIP / Finished goods of Sanitary castings, cast iron manhole cover and other castings and its sales and supply, against hypothecation of stocks of raw materials / WIP / Finished goods clothing, finished and semi-finished readymade garments, stitching materials and allied items, stored/to be stored at Lakhmanpur, Village – Tetulkuli, Domjur, Howrah – 711409, West Bengal or at such place / places as may be intimated to the bank from time to time and hypothecation of Book Debt, as primary security."*

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 to 3.

(iv) The defendants No.1, 2 & 3 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 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 & 3 both moveable and immoveable and also proceed against the Defendants No.2 & 3 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 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 & 3, 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.AJ328 of 2019 (arising out of O.A./340 of 2018) is allowed and stands disposed of.**

This order is dictated and corrected by the undersigned and pronounced on this the 28^th day of July, 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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