PUNJAB NATIONAL BANK vs SUROJIT ROY on 19 September 2025

1. **Surojit Roy**, proprietor of M/s M & G, having place of business at 391/121, Prince Anwar Shah Road, Kolkata – 700068 and 34/1, Ananda Mohan Bose Road, Kolkata – 700074.

..... Defendant

Counsel for parties:

<table> <tbody> <tr> <td>For the Applicant Bank</td> <td>: Ms. Rumpa Ghosh</td> </tr> <tr> <td>For the Defendant</td> <td>: <i>Ex-Parte</i></td> </tr> </tbody> </table>

**FINAL ORDER / JUDGMENT**

Delivered on 19.09.2025

Applicant (Punjab National Bank) erstwhile United Bank of India instituted the present Application being the Original Application No.317 of 2018 filed in DRT-3, Kolkata on 02.05.2018 against single Defendant under Section 19(1) of the Recovery of Debts & Bankruptcy Act, 1993 (amended from time to time) for recovery of Rs.17,90,039.96 (Rupees seventeen lacs ninety thousand thirty nine and paise ninety six) with interest @ 14.60% per annum (floating), with quarterly rests, from the date of institution of the instant application, till final realization. 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./296 of 2019 vide Ld. Registrar's order dated 29.10.2019.

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./572 of 2021 dated 26.04.2021 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 10.12.2021, such has been recorded in Ld. Registrar-in-charge's order dated 10.12.2021.

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 proprietor of "M/s M & G" engaged in the business of selling garments, had applied for cash credit Limit from the applicant Bank vide loan application dated 25.05.2012. After filing of the required application form and furnishing relevant documents in support of their credibility, applicant Bank was pleased to grant / sanction a cash credit limit of Rs.17,00,000/-(Rupees seventeen lakhs) vide sanction communication dated 23.06.2012. Copy of the loan application form dated 25.05.2012 and the sanction communication dated 23.06.2012 are annexed and marked as Annexure "A".

(ii) In consideration of the aforesaid credit facility of Rs.17.00 lacs, the defendant executed and delivered the following loan documents all dated 23.06.2012 in favour of applicant Bank:

- (a) Demand Promissory Note for Rs.17,00,000/-;

- (b) Letter of Lien;

- (c) Letter of Hypothecation of Goods;

- (d) Letter of Hypothecation of Debts & moveable Assets;

- (e) Letter of Guarantee;

- (f) Letter of Continuity;

- (g) Hypothecation Agreement.

Copy of said documents are annexed and collectively marked as Annexure "B".

(iii) On 29.03.2013 the defendant executed a letter for confirmation of outstanding amount in favour of applicant Bank. Copy of the Balance Confirmation letter dated 29.03.2013 is annexed and marked as Annexure "C".

(iv) Subsequently, the defendant once again executed Demand Promissory Note, Letter of Lien, Hypothecation Agreement and Letter of Continuity all dated 08.07.2015 in favour of applicant Bank. Copies of said documents dated 08.07.2015 are marked and annexed as Annexure "D".

(v) Again on 08.08.2016 the defendant executed a Demand Promissory Note in favour of applicant Bank. Copy of said document is annexed and marked as Annexure "E".

5. The Defendant enjoyed the said credit facility by opening Account in defendant's proprietorship firm's name (M/s M & G) at Bank's Dum Dum Branch, 1, Rastraguru Avenue, Kolkata – 700028. 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 the loan Account. In spite of repeated requests made by the applicant Bank, the defendant failed to regularize the loan Account. Since the defendant did not pay any attention to regularize the Account, the Account became out of order and was classified as N.P.A. on 31.03.2018. Thereafter, applicant Bank issued demand notice dated 03.04.2018 upon the defendant demanding repayment of outstanding loan amount. 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 'J'), and future interest @ 14.60% per annum (floating) with quarterly rests, from the date of institution of the instant application, till final realization, has been prayed. Applicant Bank has submitted that their claim in the Application is within limitation.

6. The notice / summons was sent to the Defendant by the Tribunal. It is seen from the affidavit of service filed by Bank on dated 23.02.2024 that service of Notice / summons upon the Defendant by postal service has not been successfully delivered, such has been recorded vide Ld. Registrar's order dated 29.02.2024. At the request of Ld. Advocate of the applicant Bank, Ld. Tribunal is directed to serve the summon upon the defendant by way of paper publication; and Ld. Advocate for applicant Bank has brought on record the affidavit of service on publication dated 18.04.2024 upon the Defendant along with relevant portion of paper cuttings in two newspapers, namely (i) 'Indian Express' in English and (ii) 'Bartaman' in Bengali, both dated 27.03.2024, such has been recorded vide Ld. Registrar's order dated 27.06.2024. Despite service, the sole defendant did not appear nor filed the written statement; thus, the defendant was ordered to be proceeded *ex-parte* vide order dated 05.09.2024. Written notes of argument has been filed by applicant Bank on 05.09.2024, wherein stated the brief facts of the case as has been narrated in the original application. Ld. Advocate of the applicant Bank has submitted argument on dated 20.08.2025.

7. Applicant Bank has filed the Examination-in-Chief on Affidavit affirmed by Debashis Bhattacharya, Senior Branch Manager, of erstwhile Bank's Dum Dum Branch, 1, Rastraguru Avenue, Kolkata – 700028 along with the copies of original documents executed by the 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. Adithya Kumar, Sr. Manager of Bank's Dum Dum Branch on 26.04.2022, such has been recorded in Ld. Registrar's order dated 26.04.2022. The documents produced by applicant Bank are exhibited and annexed at 1 to 10.

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

1. 8. 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 T.A. Applicant Bank has proved the sanction of cash credit facility of Rs.17.00 lakhs vide sanction letter dated 23.06.2012.

2. 9. On the point of limitation, Loan has been sanctioned on 23.06.2012; loan documents have been executed on 23.06.2012; subsequently loan documents executed on 29.03.2013, 08.07.2015 and 08.08.2016; and original Application has been filed on 02.05.2018. As such, the original Application appears to have been filed well within the period of limitation.

3. 10. Applicant Bank stated that the outstanding balance in cash credit Account (inclusive of accrued interest and other charges as calculated upto 03.04.2018) is **Rs.17,90,039.96** (Rupees seventeen lacs ninety thousand thirty nine and paise ninety six) as on 03.04.2018, which is the amount claimed by 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 of entire dues. I allow the claim as made by the applicant Bank in the original Application. Applicant Bank has prayed future interest @ 14.60% per annum (floating) with quarterly rests from the date of institution of the instant application, while in Demand Promissory Note dated 23.06.2012 the rate of interest @ 14.95% 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 04.04.2018, is allowed.

4. 11. 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./296 of 2019 (arising out of OA/317 of 2018) deserves to be allowed; hence allowed.

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

ORDER

(i) T.A./296 of 2019 (arising out of OA/317 of 2018) filed by 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.17,90,039.96** (Rupees seventeen lacs ninety thousand thirty nine and paise ninety six) due and payable, inclusive of interest and other charges as calculated upto 03.04.2018; and interest for the period *pendente lite* and future @ 13.50% per annum, with quarterly rests from 04.04.2018, 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) The defendant is debarred from transferring, alienating, encumbering or disposing of the hypothecated movable assets, described in Para III.A at page 2 & 3 of the original Application:

*"Hypothecated movable assets – stocks, goods etc.."*

The Defendant is also debarred from transferring, alienating, encumbering or disposing any other property(s) either movable or immovable and assets belonging to her 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. 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 properties, as aforesaid. Applicant Bank is also entitled to proceed against personal properties of the Defendant both moveable and immovable and also proceed against the Defendant 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 (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 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./296 of 2019 (arising out of O.A./317 of 2018) is allowed and stands disposed of.**

This order is dictated and corrected by the undersigned and pronounced on this the 19^th day of September, 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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