Punjab National Bank vs MRS MAYA RANI SAHA on 15 September 2025

1. **Mrs. Maya Rani Saha**, Prop. of M/s Maya Steel Furniture, 20, Lalji Shaw Street, Kolkata – 700028.

..... Defendant

Counsel for parties:

For the Applicant Bank : Mr. Nirmal Chandra Kuila For the Defendant : *Ex-Parte*

**FINAL ORDER / JUDGMENT**

Delivered on 15.09.2025

Applicant (Punjab National Bank) erstwhile United Bank of India instituted the present Application being the Original Application No.09 of 2018 filed in DRT-3, Kolkata on 04.01.2018 against single Defendant under Section 19(1) of the Recovery of Debts & Bankruptcy Act, 1993 (amended from time to time) for recovery of Rs.12,80,960.62 (Rupees twelve lacs eighty thousand nine hundred sixty and paise sixty two) including interest as calculated upto 31.08.2017 with further interest from 01.09.2017 @ 15.45% per annum with monthly rests, till realization 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 15.10.2019 and the same has been renumbered as T.A./06 of 2019 vide Ld. Registrar's order dated 24.10.2019.


2. United Bank of India has been merged / amalgamated into Punjab National Bank vide Gazette Notification dated March 04, 2020, issued by the Government of India published under Extraordinary Part-II, Section 3, sub-section (i) in the Gazette of India in terms of Section 9 of the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970. In view of the merger / amalgamation of United Bank of India into Punjab National Bank, the Applicant Name in this case should be read / inserted as Punjab National Bank instead of United Bank of India.

3. In accordance with the Notice dated 30.07.2020 of this Tribunal, Ld. Advocate for Punjab National Bank has filed a petition being I.A./964 of 2021 praying for amendment of Cause Title in view of amalgamation of United Bank of India with Punjab National Bank vide G.O.I. Notification dated 04.03.2020; and in accordance with the direction of the Tribunal necessary amendment in cause title has been carried out by Ld. Advocate of the applicant Bank on 21.09.2021, such has been recorded in Ld. Registrar-in-charge's order dated 21.09.2021.

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

(i) The Defendant here, being the proprietress of "M/s Maya Steel Furniture" applied to the applicant Bank for availing a loan facility. Pursuant to the request of the Defendant applicant Bank was pleased to grant / sanction a cash credit facility for a sum of Rs.20,00,000.00 (Rupees twenty lakhs) to the defendant vide sanction letter dated 23.05.2012 against security of business assets, hypothecation of stocks-in-trade and book debt both present and future of the defendant. At the relevant point of time, the effective rate of interest was @ 15.95% per annum with monthly rests. Copy of said sanction letter dated 23.05.2012 is annexed and marked as Annexure "A".

(ii) In consideration of the aforesaid cash credit facility of Rs.20.00 lakhs, the defendant executed and delivered the following loan documents all dated 23.05.2012 in favour of applicant Bank:

- (a) Demand Promissory Note for Rs.20.00 Lacs;

- (b) Hypothecation of debts and movable assets;

- (c) Hypothecation of goods;

- (d) Letter of Continuity;

- (e) Letter of Lien.

Copy of said documents are annexed and marked as Annexures "A-1" "A-2", "A-3", "A-4" & "A-5" respectively.

(iii) To secure the aforesaid cash credit facility of Rs.20.00 lakhs, the defendant executed Guarantee Agreement dated 23.05.2012 guaranteeing the limits of Rs.20.000 lakhs to the applicant Bank payment of all present and future indebtedness liabilities of the defendant to the applicant, and the said guarantee is a continuing in nature. Copy of Letter of Guarantee dated 23.05.2012 is annexed and marked as Annexure 'A-6'.

(iv) However, the defendant remitted certain amount on 10.04.2015 and 23.04.2015 for Rs.10,000/- and Rs.50,000/- to the applicant Bank confirming the outstanding balance in loan Account. Copy of pay-in-slip dated 10.04.2015 and 23.04.2015 is annexed and marked as Annexure 'A-7'.

3. The Defendant availed and enjoyed the said credit facility by opening Account in defendant's Firm's name (Maya Steel Furniture) in Bank's Dumdum Branch, 20, Lalji Shaw Street, Kolkata – 700028. The loan amount disbursed to the borrower's respective account. However, the defendant failed and neglected to abide by the terms and conditions of the facility. The Defendant did not repay the outstanding Bank's dues and overdue interests in loan Account. Since the defendant did not pay any attention to regularize the Account inspite of repeated requests, the Account became out of order and was classified as N.P.A. In view of the failure on the part of the defendant, applicant Bank issued demand and/or Recall Notice dated 10.12.2017 upon the defendant through its Advocate demanding to repay the outstanding loan amounts, but the defendant did not comply the said notice; copy of Advocate notice dated 10.12.2017 is annexed and marked with Letter '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-8'), and future interest @ 15.45% per annum, till realization in full, has been prayed. Applicant Bank submitted that their claim in the Application is within limitation.

4. The notice / summons was sent to the Defendant by the Tribunal; service of Notice / summons by postal service has been successfully effected upon the Defendant, such has been recorded vide Ld. Register's order dated 03.04.2024. Despite service, the defendants did not appear nor filed the written statement; thus, the defendant is hereby ordered to be proceeded *ex-parte*. Applicant Bank has filed the written notes of argument on dated 11.03.2025 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 19.08.2025.

5. Applicant Bank has filed the evidence-on-Affidavit affirmed by Debashis Bhattacharya, Manager of Bank's Dumdum Branch, 1, Rastraguru Avenue, Kolkata – 700028 along with the copies of original documents executed by Defendant. Original 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 original documents have been returned to Mr. N Sikder, Officer of the applicant Bank on 06.07.2023, such has been recorded in Ld. Registrar's order dated 06.07.2023. The documents produced by the applicant Bank are exhibited and annexed as Annexures "A" & 'A-1' to 'A-9'.

I have heard the Ld. Advocate for 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 cash credit facility of Rs.20.00 lacs vide sanction letter dated 23.05.2012. Applicant Bank has proved the creation of hypothecated stocks and movable assets etc., described in Schedule at page 65 and para 3A at page 5 & 6 of the original application.

7. On the point of limitation, Loan has been sanctioned on 23.05.2012; loan documents have been executed on 23.05.2012 and Original Application has been filed on 04.01.2018. Further, the last payments have been made by defendant for a sum of Rs.10,000/- and Rs.50,000/- (by Cash) on 10.04.2015 & 23.04.2015 respectively confirming the outstanding balance in loan Account. 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 cash credit Account (inclusive of accrued Interest and other charges as calculated upto 31.08.2017) for a sum of **Rs.12,80,960.62** (Rupees twelve lacs eighty thousand nine hundred sixty and paise sixty two) as on 31.08.2017, which is the amount claimed by the applicant Bank in the original Application, and the sole defendant is liable to repay the said amount to the applicant Bank with *pendente lite* and future interest, till realization in full. I allow the claim as made by the applicant Bank in the original Application. Applicant Bank has prayed future interest @ 15.45% per annum with monthly rest, till realization, while in Demand Promissory Note dated 23.05.2012 the rate of interest @ 15.95% per annum with monthly rests, has been mentioned. Therefore, in my view, the *pendente lite* & future rate of interest @ 13.50% per annum, with quarterly rests, from 01.09.2017, is allowed.

9. 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./06 of 2019 (arising out of OA/09 of 2018) deserves to be allowed; hence allowed.

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

ORDER

(i) T.A/06 of 2019 (arising out of OA/09 of 2018) filed by the applicant Bank, is allowed and debt is determined with cost against the Defendant. It is hereby ordered that the Defendant is hereby directed to pay, the total debt amount of **Rs.12,80,960.62** (Rupees twelve lacs eighty thousand nine hundred sixty and paise sixty two) due and payable, inclusive of interest and other charges as calculated upto 31.08.2017; and interest for the period *pendente lite* and future @ 13.50% per annum, with quarterly rests, from 01.09.2017, till realization of the entire sum due and recoverable.

(ii) Amount, if any, paid by the Defendant in the loan account or amount, if any, recovered by 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 Defendant. Accordingly, the *pendente lite* and future interest shall be calculated on the reduced amount.

(iii) Defendant is debarred from transferring, alienating, encumbering or disposing of the hypothecated movable assets; described in Schedule at page 65 and para 3A at page 5 & 6 of the original application, as under –

*"(Assets remaining hypothecated with applicant as security but in possession and control of Defendant.)*

*All stocks of various types of nature, stocks in process, receivables, present and future, book debts, lying and situate at 20, Lalji Shaw Street, Kolkata – 700028."*

(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 her. In case the Defendant fails 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 Defendant both moveable and immovable 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 sole Defendant in favour of applicant Bank under Section 19(22) of the Recovery of Debts and Bankruptcy Act, 1993 and put up the same for signature for issuance.

(vi) Ld. Recovery Officer shall realize the amount as per the Recovery Certificate 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 / Judgment under section 19(22) of the Act of 1993.

**Accordingly, the Original Application, being T.A./06 of 2019 (arising out of OA/09 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 15^th day of September, 2025.

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

(Arbind Madhav) Presiding Officer DRT-2, Kolkata

kkb