Debts Recovery Tribunals and Appellate Tribunals
Punjab National Bank vs DINESH Y SINGH on 16 March 2020
BEFORE THE DEBTS RECOVERY TRIBUNAL-III KOLKATA
PRESENT: -SRI ANIL KUMAR CHATURVEDI.
PRESIDING OFFICER.
T.A. No.1284 0F 2014.
DATE OF DELIVERY OF ORDER : 16.03.2020
Un ited Bank of India,
Salt Lake Branch,
Sector-V, Y-12 & 24,
IEM Building Block- Ep,
salt Lake, Kotkata-7oo 091.
Shri Dinesh Y. Sing h,
Green Fie|ds, ADITYA-58,
Action Area-1, Block- DJ,
New Town, Kolkata- 700 156.
Counsel for the Applicant Bank: -
Counsel for the Defendant: -
Applica nt Bank.
Defendant.
Shri K. K. Ha ldar.
Set ex-parte on
79.12.2079
-Versus-
1.
2.
JUDGEIYENT
This is an Transfer Application under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 initiated by the applicant against the sole defendant praying for issuance of Recovery Certificate to the tune of Rs.78,17,159.96 together with interest, cost and other usual reliefs.
The brief facts of the case as made out in the Transfer Application by the applicant bank is that the defendant had approached the applicant bank on 20.06.2011 for grant of a cash credit facility of Rs.56.00 takhs and a term loan of Rs.3O.OO lakhs aggregating Rs.86.OO lakhs for his proprietorship firm, namely, M/s. Lynx Communications & Services.
The applicant bank after examining the feasibility of the said proposal had sanctioned a cash credit limit of Rs.56.00 lakhs and a term loan of o-
3.
4.
6.
5.
Rs.22.50 lakhs a99re9atin9 Rs.78.50 takhs on 13.08.2011 in favour of defendant with certain terms and conditions, which was accepted by the defendant, To avail the above loan facilities, the defendant had executed various loan documents on 29.08.2011 in favour of the a pplicant bank.
After availing the loan, the defendant had utilized the said loan amount in his business and operated the loan accounts at the initial stage but subsequently the defendant had failed to operate the said loan accounts in terms of the agreement between the parties as a result of which the loan accounts became irregular. A sum of Rs.78,17,159.96 is due against the defendant which the defendant had not paid despite repeated demands and request. Finding no other way to recover the dues of the bank, the applicant bank had filed this Transfer Application for the recovery of the aforesaid amount and for the issuance of Recovery Certificate against the defendant.
Notice was issued to the defendant to show cause as to why the relief prayed for by the applicant bank be not granted. After issuance of the notice, the defendant had neither appeared nor had flled his show cause reply. Consequently, the said defendant was set ex-parte on 19.12.2019. The Tribunal had no other option but to hear ex-parte against the defendant.
I have heard the learned Counsel for the applicant bank and have Perused the relevant documents.
The defendant had not contested the case of the applicant bank.
Thus, the point for determination in this case is (i) Whether the claim of the applicant bank is within time ? (ii) Whether the defendant had utilized the loan facilities granted by the bank ? (iii) Whether the defendant is liable to the amount due to the applicant bank or not ?
o-
B,
7.
The applicant bank by oral and documentary evidence has established its case. The documentary evidence comprises from Annexure/Exhibit- A to Annexure/Exhibit-A/12, which are available in paper book filed by the applicant ba nk.
From the perusal of the documents referred above and the certified copy of the statement of account, which is filed as Annexu relExhibit_A
to A/12, it is established that the defendant had availed the financial facilities from the applicant bank and had withdrawn the amount through the account.
The oral testimony comprises of an affidavit of Shri Aqubal Alam, S/o.
Dabiruddin Ahmed, workang as Branch Manager of the Applicant Bank.
The averments in the application and the facts stated by the witness of the applicant in his affidavit are unrebutted.
9.
10. From the perusal of the Statement of Account which ls Annexure/Exhibit-A/12, the total outstanding comes to Rs.78,17,159.96 which the applicant bank is entiued to recover from the defendant.
11. In view of the above discussion and after considering the entire evidence-on-affidavit of the appticant bank and the document filed by the applicant bank, I have no hesitation to hotd that the applicant bank is entitled to recover a sum of Rs.79,17,159.96 from the defendant who is liable for the same. The applicant bank shall also be entitled to pendentelite and future interest on the said amount @
14.50o/o per annum with simple from the date of filing of the Transfer Application till the date of realization.
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ORDER
T.A. No.1284 of 2014 fited by the Appltcant Bank is alowed and debt is determined with cost against the sole defendant. It o- is hereby ordered that applicant bank is entitled to recover from the defendant the total amount to the tune of Rs.78,17,159.96 (Rupees seventy Eight Lakhs seventeen Thousand One Hundred Fifty Nine and paise Ninety Six only) with pendentelite and future interest @ 14.50o/o per annum with simple on the amount due from the date of filing of the Transfer Application, i.e.27.77.2013 (i.e. O.A. No.1293 of 2013) till full and final realization of the claim
(2) Amount, if any, paid by the defendant in the loan account or amount, if any, recovered by the Applicant Bank after filing of the T.A. the same be taken into account while arriving at the exact amount of dues/debt payable by the defendant. Accordingly, pendentelite and future interest shall be calculated on the reduced amount.
(3) Defendant is debarred from disposing, alienating or dealing with any of the properties belonging to him till the aforesaid decretal debt is recovered from the defendant.
(4) Defendant is given a Ume of thirty days from the date of the Judgement/Final Order for repaying 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 assets, if any. Applicant bank is also entitled to proceed against personal properties of the defendant (Both movable and immovable) and also proceed against the defendant personally to recover the dues in accordance with law.
(5) Let the Certiflcate of Recovery be drawn up by Ld. Registrar forthwith in terms of Judgement for issuance of the same against defendant in favour of the applicant bank under Section 19 (22) of the Recovery of Debts and Bankruptcy Act, 1993 and put up the same for issuance of the Certificate.
(6) Ld. Recovery OFficer shall realize the amount as per the Recovery Certificate from the defendant in accordance wlth law.
(7) Ld. Registrar of this Tribunal is directed to deliver recovery certificate in term of the final ordey'judgement for recovery of the sum against the defendant in favour of the Applicant Bank under Section 79 (22) ot the Recovery of Debts due to the Bank o\
and Financial Institutions Act, 1993 now known as Recovery of Debts and Bankruptcy Act, 1993. Accordingly, the Transfer Application being T.A. No.1284 of 2014 is allowed and stands disposed of. Copy of the ludgement/Final Order be uptoad in the Tribunal's website. File is consigned to the Record Room. (Dictated to P.S., transcribed by him, corrected, signed and pronounced by me in the open Court on this the 16th day of N'larch,2020 ) A' F- au's*'*-t" ( ANIL KUMAR CHATURVEDI ) PRESIDING OFFICER.
Order Sheet (Continuation) United Bank of Ind ia. Vs. Shri Dinesh Y. Sing h. laso No. T.A. No.1284 of 2014 rder pronounced (Vide separate sheets). with costs. In the result, T.A. No.1284 of 2014 is allowed Issue Recovery Certificate accordingly.
0. te of
Order
Office action wrth dato snd datad Signature ol psriles whgn naco.aarY Order No.1B 16.03.2020 ,A'K&@*{),rl (A.K.Chaturvedi) Presiding Officer, DRT-3, Kolkata.