INDIAN OVERSEAS BANK vs SRI NILKAMAL DAS on 21 August 2025

Pagc.No. KOLKATA DEBTS REGOUERY TRIBUNAL NO. 2 ORDER SHEET (Con0nurUon) lndian Overseas Bank T.A./650 of 2020 C.x D.b Ordcr

21.08.2025 Vr Sri Nilkamat s d Ollhr..[ondh dd. rnddlhd 8[nind .' trtartr€.t io!!.at, Counsel for the padies: Ms. Sangeetha Ghosh, Ld. Advocate representing Amrbus Legal Assocrafes for the applicant Bank. None for the Defendant. T.4./650 of 2020 (arising out of O.A./99,t of 2018) is allowed and disposed of. Final order / Judgment is in separate sheet of 6 pages. File be consigned to record room. Order be uploaded on the Tribunal,s website. ,ffi^*,, Presiding fficer DRT-2, Kolkata

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T.4./650 of 2020 - DRT-ZKo| DEBTS RECOVERY TRIBUNAL . 2, KOLKATA Jeevan Sudha Bldg. 07ttr Floor,'4ZC,J.L. Nehru Road, Kolkata _7OOO71 Before Shri Arbind Madhav. presidinq Officer T.A. No.65O ot 2020 (arising out of O.A./991 of 2OlB) ln the matter of lndian overseae Bank, a body corporate constituted underthe provisions ofthe Banking companies (Acquisition and rransfer of undertaking Act, 1g7o), having its Head office at 763, Anna salai, chennai - 600002, and carrying on business, inter-atia, having their Branch ofiice amongst others at 61/E, KNc Road, Barasat, p.s.- Barasat, Kolkata _ 700124, commonly known as Barasat Branch. Applicant Bank -Versus- sri Nilkamal Das, son of Late Nirode Baran Das, Kutul sahi Road, Barasat, Kolkata -700124, Dist.- North 24-parganas, West Bengal. Defendants Counsel for parties: For the Applicant Bank Ms. Sangeetha Ghosh. Amicus Legal Associates Ex-Pafte For the Defendant FINALORD ER ,JUDGMENT Delivered on 21.08.2025 Applicant, lndian overseas Bank instituted the present Application being the original Application No.991 of 2018 flbd in DRT-3, Kotkata on 12.12.201g against single Defendants under section 19(1) of the Recovery of Debts & Bankruptcy Act, 1993 (amended from time to time) for recovery of Rs.12,10,059.'lB (Rupees twelve lacs ten thousand fifty nine and paise eighteen) as on 31.10.2018 with further interest thereon at applicable rate from o'1.'11.2018, till realization in full. subsequenfly, the instant case has been transfened to DRT-2, Kolkata viA. the Hon'ble Chairperson DRAT, Kolkata,s direction vide letter No.4/6/DRAT/KOU2018(pI.) dated 16.09.2019, such has been recorded vide Ld. Registrar, Kolkata DRT-3's Order dated 30.12.2019 and the same has been renumbered as T.A./ 650 of 2O2O vide Ld. Registra/s order dated 09.12.2020.

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

T.A./05O of 2020 - DRT-2/Kot

(i) The defendant is carrying on business of manufacturing of reather items. The defendant had approached the appricant Bank in the month of Jury,2010 with a request for financial assistance for an amount of Rs.93,100/- as Tenn Loan facirity and Rs.3,22,000/- as cash credit fucility vide application. Relying upon the representation, applicant Bank was pleased to grant / sanction the credit facilities for an amount of Rs.93,100/- (Rupees ninety three thousand one hundred) towards Term Loan facility and Rs.3,22,000/- (Rupees three lacs twenty tlvo thousand) towards cash credit facirity in favour of the defendant vide credit sanction advice dated g1.12.2010 on certain terms and condltion mentioned in credit sanction advise. The defendant has availed the credit facilities under CGTMSE Guarantee scheme. Copy of said duly accepted credit sanction advice dated 31.12.2010 is annexed and marked as Annexure ,A,.

(ii) ln consideration of granting the said Term Loan of Rs.93,100/- and cash credit facility of Rs.3.22 lacs to the defendant, the defendant executed and delivered the following security documents all dated 31.12.2010 in favour of applicant Bank:

(a) Demand Promissory Note for an amount of Rs.3,22,000/_; (b) Letter of Continuity for an amount of Rs.3,22,000/_;

(c) Letter of Hypothecation (in case of open advance only) for an amount of Rs.3,22,000/-; (d) Demand Promissory Note for an amount of Rs.93,100/-; (e) Term Loan Agreement for an amount of Rs.g3,100/-; (f) Letter of Undertaking of Defendant / Borrower for an amount of Rs.93,100/- granted to defendant to be repaid in 60 equal monthly instalments commencing from 31.07.2011; (g) Letter of Hypothecation (in case of Machinery only) for an amount of Rs.93,100/-; (h) Letter of Hypothecation (for securing Machineries) / Vehicles Goods / Book Debts) for an aggregate amount of Rs.4,15,100/- Copies of said documents are annexed and marked as Annexure ,B-1' to ,B-g, respectively.

(iii) Again, the defendant had approached the applicant Bank in the month of March, 20'l l with a request for enhancement of cash credit facility for an amount of Rs.1,15,000/- and fresh Term Loan for an amount of Rs.33,250/-. Relying upon the representation made by the defendant, applicant Bank was pleased to grant / enhance the cash credit facility for an amount of Rs.1,15,000/- (Rupees one lac ffieen thousand) and fresh Term Loan for an amount of Rs.33,250/- (Rupees thirty three thousand two hundred fifty) in favour of the defendant vide credit sanction advice dated 03.03.2011 on certain terms and condition mentioned in credit sanction advise. The defendant has availed the credit facilities under CGTMSE Guarantee scheme. Copy of said duly accepted credit sanction advice dated 03.03.201 1 is annexed and marked as Annexure'C'. 44-\

T.A./650 of 2020 _ DRT-2/Kot

(iv) ln consideration of granting the said enhanced cash credit facility of Rs.1 ,15,000/- and fresh rerm Loan facility of Rs.33 ,2501- tothe defendant, the defendant executed and delivered the following security documents all dated 03.03.2011 in favour of applicant Bank:

(a) Demand promissory Note for an amount of Rs.1 ,15,000/_; (b) Letter of Continuity for an amount of Rs.1,15,000/_;

(c) Letter of Hypothecation (in case of open advance onry) for an amount of Rs.1,15,000/_; (d) Demand promissory Note for an amount of Rs.33,2S0l_; (e) Term Loan Agreement for an amount of Rs.3 3,2SOl_; (f) Letter of undertaking of Defendant / Borrower for an amount of Rs.33,250/- granted to the defendant to be repaid in &4 equar monthry instarments of Rs.5g0/_ each commencing trcm 30.11.201 1; (g) Letter of Hypothecation (in case of Machinery onry) for an amount of Rs.33,250/_; (h) Letter of Hypothecation (for securing Machineries) / Vehicles Goods / Book Debts) for an aggregate amount of Rs.1 ,4g,250/_. copies of said documents are annexed and marked as Annexure ,D-1, to ,D_g, respectively.

(v) The defendant had admitted his debt & liabilities by signed and executed Balance confirmation Letters dated 31.12.2013 and 30.0g.2016 in favour of appricant Bank acknowledging the indebtedness and liabilities with interest thereon in loan Accounts. copy of said Balance confirmation lefters dated g1 .12.2013 and 30.0g.2016 are annexed and marked as Annexure ,E,. 3' The Defendants availed and enjoyed the said Loan facilities by opening Accounts in Bank's Barasat Branch, 61/E, K.N.c. Road, Barasat, Kolkata -200124. However, the defendants 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, agreed EMls and overdue interests in loan Accounts. The Accounts became out of order and was classified as N.p.A. on 31.0g.20,12. The applicant Bank finding no other alternative issued recall demand Notice dated 24.07.201g upon the defendant calling upon him to repay the outstanding amount of Rs,1 1,57,754.1g as on 30.06'2018, but the defendants did not comply the said notice; copy of said recall notice dated 24.07.2018 along with postal receipts are annexed and marked as Annexure 'F'. Certified copies of Statement of Accounts along with Certificate under Bankers, Books of Evidence Act, with statement of claim, have been filed to show and prove the dues (Annexure 'G' & 'H), and future interesf @ 12.50o/o per annum with monthly rests thereon trom 01.11.2018 till realization in full, has been prayed. Applicant Bank submitted that their claim in the Application is within limitation. 6t

T.4.1650 of 2020 - DRT-2,Ko| 4' The Notice / summons was sent to the sore Defendant by the Tribunar. rt is observed that service of Notice / summons upon the Defendant by postar service / hand derivery has not been successfulry efiected, such has been recorded vide Ld. Registrar,s orderdated 06.04.2022- Attherequestof Ld.Advocateof theappricantBank, Ld.Tribunar was directed to serve the summons / notice upon the defendants by way of substituted service; and Ld. Advocate of the appricant Bank has brought on record the afiidavit of service on pubrication dated 13.og.2o2zupon the Defendant arong with rerevant portion of paper cuftings in two newspapers, namery (i) 'rhe sfafesman, in English and (ii) ,Aajka| in Bengali, both dated oz.og.2o22, such has been recorded vide Ld. Registrar,s order dated

21. '11.2022. Despite service, the defendant did not appear nor fired the written statement; thus, the defendant was ordered to be proceede d ex-paftevide order dated 14.06.2024. Applicant Bank has fired the written notes of arguments on dated 14.o6.2o24wherein stated the brief facts of the case as has been na,ated in the originar apprication. Ld. Advocate of the applicant Bank has submitted arguments on 23.07 .2028.

5. Applicant Bank has filed the evidence-on-affidavit affirmed by sri chiranjit chandra, Manager of Bank's Barasat Branch, 61/E, KNc Road, Barasat, Korkata -700124 arong 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, Managerof Bank'sBarasatBranch,61/E, K.N.c. Road, Barasat,Korkara-700124 on 09.03.2021 such has been recorded vide Ld. Registrar,s order dated 09.03.2021. The documents produced by applicant Bank are exhibited and annexed at A_1,to A_21,. I have heard the Ld. Advocate of the appricant Bank and perused the records.

6. Evidenceon-afiidavit, filed by appricant Bank, has remained unchailenged, 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 rerm Loan facility of Rs.93,100/- and cash credit facirity of Rs.3,22,000/- vide sanction advice dated 31.12.2010; subsequenfly, the cash credit facility was enhanced for an amount off Rs.1 ,15,000/- and sanctioned fresh rerm Loan for an amount of Rs.33,2s0l- vide sanction advice dated 03.03.201 1. Applicant Bank has proved the hypothecated movable assets, described in schedule'A'&'B'at page 22 &29 and para 3A at page 3 & 4 of the original application. 7 . On the point of limitation, Loan has been sanctione d on 31 .12.2010 & 03.03.201 1 ; security documents have been executed on 31.12.2010 & 09.03.2011 and original Application has been filed on 12.12.2018. Further, the defendant has acknowledged and admifted his debt & liability by executing Balance Confirmation Letters dated 91.12.201g & 30.09.2016 thereby acknowledging the outstanding balance in loan Accounts. As such, the original Application appears to have been filed well within the period of limitation. 6'

T.4.650 of 2020 - DRT-2,Kot 8' Applicant Bank has stated that the outstanding barance in Loan Accounts (inclusive of accrued interests and other charges as carcurated upto 31.10.201g) for an aggregated sum of Rs.12,10,059.1g (Rupees twerve racs ten thousand fifty nine and paise eighteen) as on 31.'10.2019, which is the amount craimed by the appricant Bank in the originar Application, and the sore defendant is riabre to repay the said amount to the appricant Bank wilh pendente rite and future interest, tirr rearization of entire dues. r alow the craim as made by the appricant Bank in the originarApprication. Appricant Bank has prayed future interest @ 12.500/o per annum with monthry rests from o1.11.2o1g,tirr rearization in fufi, whire in Demand promissory Notes dated g1 .12.2010 & 03.03.2011 the rate of interest @ 10 '500/o per annum with monthry rests, have been mentioned. Therefore, in my view, the pendente /rte & future rate of interest @ 10.500/o per annum, with quarterry rests, from

01. 11.201 8, is allowed. 9' The matter arso fals within the tenitoriar as weil as pecuniary iurisdiction of this Tribunal. Appricant Bank has proved to craim made in the o.A. Hence, the O.A./T.A. being T'4'/650 of 2020 (arising out of o.A./991 'ot 2O1,)deserves to be allored; hence allowed.

10. ln view of the above, I pass the following order :_ ORD R

(i) T'4'/650of 2020 (arising outof o.A./991 of 2018), fited bythe appticant Bank, is alowed and debt is determined with cost against the Defendant. lt is hereby ordered that the Defendant is hereby directed to pay the totar debt amount of Rs.12,i0,059.1g (Rupees twerve racs ten thousand fifty nine and paise eighteen) due and payabre, incrusive of interest and other charges as calculated upto 3.1.10.201g; and interest for the period pendente fife and future rate @ 10.50% 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 roan account or amount, if any, recovered by the Appricant Bank after fring of the originar Apprication, the same may be taken into account whire aniving at the exact amount of dues/debt payabre by the Defendant. Accordingly, lhe pendente lite and future interest shall be calculated on the reduced amount.

(iii) The defendant is debaned ftom transfening, alienating, encumbering or disposing of the hypothecated movable assets, described in Schedule A' & ,B,at page 22 &23 and para 3A at page 3 & 4 of the original application; Hvoothecated Movable Assets: "the whole oJ bonowem present and future stocks of assets etc. lying at Kutul Sahi Road, Barasat, Kolkata -700124, North 24-Parganas together with all store components and spares which now bekcng to or may hereaftei from tirn'e to time durins the continuance of this security belong to the borower ahd which are or shall or may be biought into stored or be in or upon or.about. the bonowe/s godown, or wherever else the iame may be situated, stored or lying or -being, including iny such articles or goods, stores, spares and components or other. similar mov-able property in course of transit or delivery to the 4!rlr.*er (and all of which hereinafter for brevity's sake refered to as the said goods,1.',

T.4./650 of 2020 - DRT-2/Kot The Defendant is arso debaned from transferring, arienating, encumbering or disposing any other property(s) either movabre or immovabre and assets beronging to him 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 them. rn case the Defendant fairs to pay the dues within the above mentioned time, the Appricant Bank is entitled to recover its dues by sare of secured properties, as aforesaid. Appricant Bank is also entitled to proceed against personal properties of the Defendant both moveable and immoveabre and arso proceed against.the Defendant personaily 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 sole Defendant 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 sharr rearize the amount as per the Recovery iertificate 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 / .Iudgment under section 19(22) of the Act of 1993. Accordingry, the originar Apprication, being T-AJ650 0r 2020 (arising out of O.AJ991 of 2018) is allowed and stands disposed of. This order is dictated and co,ected by the undersigned and pronounced on this the 214day ofAugust,2025. copy of the Final order / Judgment be uploaded in the Tribunal,s website. A .f l6x" rbind MadhavP\a'2{- Presiding Ofiicer DRT-2, Kolkata tb