INDIAN OVERSEAS BANK vs SRI DULAL CHANDRA DUTTA RAY on 7 November 2025

Page No.

KOLKATA DEBTS RECOVERY TRIBUNAL NO. 2

ORDER SHEET

(Continuation)

T.A./72 of 2019

Indian Overseas Bank

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

- Vs

Sri Dulal Chandra Dutta Ray & Anr.

<table border="1"> <thead> <tr> <th data-bbox="78 232 161 301">Date of Order</th> <th data-bbox="161 232 798 301">Order with Signature</th> <th data-bbox="798 232 939 301">Office action with date and dated Signature of parties when necessary</th> </tr> </thead> <tbody> <tr> <td data-bbox="78 301 161 950"> 20<br/> 07.11.2025 </td> <td data-bbox="161 301 798 950"> <p>Counsel for the parties:</p> <p>Ms. Sangeetha Ghosh, Ld. Advocate representing <i>Amicus Legal Associates</i> for the applicant Bank.</p> <p>None for the defendants.</p> <p>T.A./72 of 2019 (arising out of O.A./95 of 2018) is allowed and disposed of.</p> <p>Final order / Judgment is in separate sheet of 6 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 data-bbox="798 301 939 950"></td> </tr> </tbody> </table>

1

T.A./72 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. 72 of 2019**

(Arising out of O.A./95 of 2018)

**In the matter of-**

**Indian Overseas Bank**, a body corporate constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970 having their head office at 763, Anna Salai, Chennai – 600002 and having their Branch Office amongst others at 850, Lake Town, Block-A, P.S.- Lake Town, Kolkata – 700089, known as Lake Town Branch.

..... Applicant Bank

-Versus-

- 1. **Sri Dulal Chandra Dutta Ray**, BE-97, Rabindra Pally, Krishnapur Prafulla Kanan, Baguiati Kolkata – 700101; also at RGM, A/S 328, BD – 71, Rabindrapally Krishnapur, Kolkata – 700101; also at, BE-121, Rabindrapally, Krishnapur, Kolkata – 700101.

- 2. **Sri Rinku Dutta Ray**, BE-122, Rabindra Pally, Krishnapur, Prafulla Kanan, Baguiati, Kolkata – 700101; also at, RGM A/S 328, BD-71, Rabindrapally, Krishnapur, Kolkata – 700101.

..... Defendants

Counsel for parties:

For the Applicant Bank : Ms. Sangeetha Ghosh Amicus Legal Associates For the Defendants : *Ex-Parte*

**FINAL ORDER / JUDGMENT**

Delivered on 07.11.2025

Applicant, Indian Overseas Bank instituted the present Application being the Original Application No.95 of 2018 filed in DRT-3, Kolkata on 07.02.2018 against two Defendants under Section 19(1) of the Recovery of Debts & Bankruptcy Act, 1993 (amended from time to time) for realization of Rs.27,54,549.34/- (Rupees twenty seven lacs fifty four thousand five hundred forty nine and paisa thirty four) as on 31.01.2018 with further interest thereon from 01.02.2018 @11.45% per annum with monthly rests, till realization of entire dues. 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 17.10.2019 and the same has been renumbered as T.A./72 of 2019 vide Ld. Registrar, Kolkata DRT-2's order dated 26.10.2019.

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

(i) The defendants No.1 & 2 had approached the applicant Bank for availing loan facility in the nature of 'Housing Finance' for an amount of Rs.27,00,000/- for purchasing a flat admeasuring about 1200 sq.ft. area on 2^nd Floor, under Mouza-Satgachi, at Premises No.99/77, Jessore Road, Kolkata – 700028, P.S.- Dum Düm, Dist.- North 24 Parganas vide loan application dated 10.01.2015. Copy of said loan application dated 10.01.2015 has been marked and annexed as Annexure 'A'.

(ii) Upon relying upon the representation made by the defendants, applicant Bank was pleased to sanction / grant a Housing Loan for a sum of Rs.24,00,000/- (Rupees twenty four lakhs) to the defendants vide credit sanction advice dated 09.02.2015. The Defendants had signed and acknowledged the receipt of the credit sanction advice thereby accepting the terms and conditions mentioned. Copy of duly accepted credit sanction advice dated 09.02.2015 is annexed and marked as Annexure 'B'.

(iii) In consideration of the aforesaid term loan facility granted to the defendants, the defendants executed and delivered the following loan documents all dated 09.02.2015 in favour of applicant Bank:

(a) Demand Promissory Note for an amount of Rs.24,00,000/- duly signed & executed by Defendant No.1 & 2; (b) Housing Loan / Term Loan Agreement for Direct Finance Scheme;

(c) Undertaking of Defendants / borrower(s) for an amount of Rs.24.00 lakhs and the said loan was to be repaid in 240 EMIs commencing from March 2015; (d) Undertaking Letter signed and executed by defendants NNo.1 & 2 ; Copies of said documents are annexed and marked as Annexure 'C-1' to 'C-4'.

(iv) To secure the aforesaid term loan facility for Rs.24.00 lakhs granted to the defendants No.1 & 2, the defendants created equitable mortgage in respect of immovable property, morefully described in Schedule 'A' at page 20 and para 3A at page 4 to 6 of the original application, by depositing the original Deed of Conveyance being No.01163 for the year 2015, with the applicant Bank on dated 06.03.2015, registered at ADSR – Cossipore, Dum Dum. Copy of duly executed Memorandum of deposit of Title Deed dated 06.03.2015 is annexed and marked as Annexure 'D', and copy of Deed of Conveyance being No.01163 for the year 2015 for the said flat property is annexed and marked as Annexure 'E'.

3. The Defendants availed and enjoyed the said Loan facility by opening Account in Bank's Lake Town Branch Branch, 850, Lake Town, Kolkata – 700089. 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 agreed EMIs and overdue interests in 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 30.09.2016. Applicant Bank finding no other alternative issued re-call demand Notice dated 27.02.2017 upon the defendants No.1 & 2 calling upon them to repay the outstanding amount of Rs.25,45,960/- as on 31.01.2017, but the defendants did not comply the said notice; copy of said re-call notice dated 27.02.2017 along with postal receipts are annexed and marked as Annexure 'F'. Certified copies of Statement of Account 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 interest thereon @ 11.45% per annum with monthly rests from 01.02.2018 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 Defendants No.1 & 2 by the Tribunal. It is seen from the affidavit of service that service of Notice / summons by postal service has been made successful upon the Defendant No.1 and the defendant No.1 appeared through Advocate on 12.06.2018 by filing Memo of appearance, such has been recorded vide Ld. Registrar, DRT-3's order dated 12.06.2018. Applicant Bank has filed the affidavit of publication of summons dated 02.03.2019 wherein it is seen that service of summon upon the defendant No.2 is complete by way of publication. Subsequently, the instant case has been transferred to DRT-2, Kolkata and the same has been renumbered as T.A./72 of 2019 vide Ld. Registrar, Kolkata DRT-2's order dated 26.10.2019. Fresh summons was served upon the defendants No.1 & 2 from the Tribunal; it is observed from S/R on affidavit dated 31.01.2023 that service of summon upon the defendant No.1 is successful through postal service, such has been recorded vide Ld. Registrar's order dated 31.01.2023. At the request of Ld. Advocate of the applicant Bank, Ld. Tribunal is directed to serve the summon upon the defendant No.2 by way of paper publication; and Ld. Advocate for applicant Bank has brought on record the affidavit of service on publication dated 13.06.2023 upon the Defendant No.2 along with relevant portion of paper cuttings in two newspapers, namely (i) 'The Indian Express' in English and (ii) 'Aajkal' in Bengali, both dated 13.05.2023, such has been recorded vide Ld. Registrar's order dated 14.09.2023. Despite service, the defendants did not appear nor filed the written statement; thus, both the defendants were ordered to be proceeded *ex-parte* vide order dated 15.04.2024. Written notes of argument has been filed by applicant Bank on 06.09.2024, thereby 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 10.09.2025.

5. Applicant Bank has filed the Affidavit of evidence affirmed by Mr. Rajesh Kumar, Manager of Bank's Lake Town Branch at 850, Lake Town, Block-A, Kolkata – 700089 along with copies of original documents executed by Defendants. Original documents have been produced by applicant Bank; the same have been verified with copies of the documents annexed with O.A. and the original documents have been returned to Sri

Rajesh Kumar, Manager of Bank's Lake Town Branch at 850, Lake Town, Block-A, Kolkata – 700089 on 12.06.2018, such has been recorded in Ld. Registrar-in-Charge, DRT-3's order dated 12.06.2018. The documents produced by applicant Bank are exhibited and annexed at 'A-1' to 'A-10'.

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 Housing / Term Loan facility of Rs.24.00 lacs vide credit sanction advice dated 09.02.2015. Applicant Bank has proved the creation of equitable mortgage of immovable property by depositing title deed with the Bank; described in Schedule 'A' at page 20 and para 3A at page 4 to 6 of the original application.

7. On the point of limitation, Loan has been sanctioned on 09.02.2015; security documents have been executed on 09.02.2015 and original Application has been filed on 07.02.2018. 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 Term Loan Account (inclusive of accrued Interest and other charges as calculated upto 31.01.2018) for a sum of **Rs.27,54,549.34** (Rupees twenty seven lacs fifty four thousand five hundred forty nine and paisa thirty four) as on 31.01.2018, which is the amount claimed by the applicant Bank in the original Application, and the defendants No.1 & 2 are, jointly and/or severally, 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 further interest thereon @ 11.45% per annum with monthly rests from 01.02.2018, till realization, while in the Demand Promissory Note dated 09.02.2015 the rate of interest @ 10.25% per annum, has been mentioned. It is seen that applicant Bank was pleased to sanction the loan in the nature of 'Housing Loan Scheme'; therefore, in my view, the *pendente lite* & future rate of interest @ 10.25% per annum, simple, from 01.02.2018, 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./72 of 2019 (arising out of O.A./95 of 2018) deserves to be allowed; hence allowed.

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

ORDER

(i) T.A./72 of 2019 (arising out of O.A./95 of 2018) filed by applicant Bank, is allowed and debt is determined with cost against the Defendants No.1 & 2. It is hereby ordered that the Defendants No.1 & 2 are hereby directed to pay, jointly and / or severally, the total debt amount of **Rs.27,54,549.34** (Rupees twenty seven lacs fifty four thousand five hundred forty nine and paisa thirty four) due and payable, inclusive of interest and other charges as calculated upto 31.01.2018; and interest for the period *pendente lite* and future @ 10.25% per annum, simple, from 01.02.2018, till realization of the entire sum due and recoverable.

(ii) Amount, if any, paid by the Defendants in the loan account(s) 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 Defendants No.1 & 2. Accordingly, the *pendente lite* and future interest shall be calculated on the reduced amount.

(iii) Defendants are debarred from transferring, alienating, encumbering or disposing of the mortgaged immovable property; described in Schedule 'A' at page 20 and para 3A at page 4 to 6 of the original application:

*"All that piece and parcel of self contained residential flat measuring about 1200 sq.ft. super built up area on the entire second floor consisting of 4 bedrooms, 2 kitchen, 1 hall room, 2 balconies, 2 toilets together with undivided proportionate share of land underneath lying and situated at Mouza – Satgachi, J.L. No.20, E/P No.74, C.S. Plot (Dag) No.1521(P), Holding No.91, Bapuji Colony, Kolkata – 700028 under South Dum Dum Municipality, Ward No.23 under P.S.- Dum Dum, District- 24 Parganas (North).";*

<table> <tbody> <tr> <td><i>On the North</i></td> <td>:</td> <td><i>K. Das</i></td> </tr> <tr> <td><i>On the South</i></td> <td>:</td> <td><i>N. Banerjee</i></td> </tr> <tr> <td><i>On the East</i></td> <td>:</td> <td><i>Colony Road</i></td> </tr> <tr> <td><i>On the West</i></td> <td>:</td> <td><i>B. Das."</i></td> </tr> </tbody> </table>

The Defendants No.1 & 2 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.

(iv) Defendants No.1 & 2 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 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.1 & 2 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 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, 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./72 of 2019 (arising out of O.A./95 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 07^th day of November, 2025.

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

(Arbind Madhav) 7.11.25 Presiding Officer DRT-2, Kolkata

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