PUNJAB NATIONAL BANK vs M/S RIK INFO SOLUTION P LTD AND ORS on 20 July 2020

JUDGEMENT

This is an Transfer Application under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 initiated by the appllcant against the defendants praying for issuance of Recovery Certificate to the tune of Rs.51,18,362.97 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 defendants no.2 to 4 for self and on behalf of defendant no.1 Company had approached the apPlicant bank for grant of financial assistance for its business, The applicant bank after examining the feasibility of the said proposal had sanctioned a term loan of Rs.32.00 lakhs and a cash credit limit of Rs.14 00 lakhs on 15.10.2008 ln favour of defendant no.1 Company with certain terms and conditions, which was accepted by the defendants. To avail the above loan facilities, the defendants had executed various loan documents on 28.11.2008 in favour of the applicant bank. After availing the loan, the defendant no'1 Company had utilized the said loan amount in its business and operated the loan accounts at the initial stage but subsequently the defendants 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.51,18,362.97 is due against the defendants which the defendants 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 defendants. Notices were issued to the defendants to show cause as to why the relief prayed for by the applicant bank be not granted. After issuance of the notlce, the defendants had neither appeared nor had filed their show cause reply. Consequently, the said defendants were set ex-

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parte on 20.12.2019. The Tribunal had no other option but to hear ex- parte against the defenda nts. I have heard the learned Counsel perused the relevant documents. The defendants had not contested Thus, the point for determination in of the applicant bank is within time utilized the loan facilities granted defendants are liable to the amount for the applicant bank and have the case of the applicant bank. this case is (i) Whether the claim ? (ii) Whether the defendants had by the bank ? (iii) Whether the due to the applicant bank or not ? The applicant bank by oral and documentary evidence has established its case. The documentary evidence comprises from Annexure/Exhibit- A to Annexure/Exhibit-I, which are available in paper book filed by the applicant bank. From the perusal of the documents referred above and the certified copy of the statement of account, which is filed as Annexure/Exhibit-A to I, it is established that the defendants had availed the financial facilities from the appllcant bank and had withdrawn the amount through the account. The oral testimony comprises of an affidavit of Shri Achyut Banerjee, S/o. Amal Kumar Banedee, working as Chief 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. From the perusal of the Statement of Account which is Annexure/Exhibit-I, the total outstanding comes to Rs.51,18,362.97 which the applicant bank ls entitled to recover from the defendants. In view of the above dlscussion and after considering the entire evidence-on-affldavit of the applicant bank and the documents fited by the applicant bank, I have no hesitation to hold that the applicant ^

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11. bank is entitled to recover a sum of Rs.51,18,362.97 from the defendants who are liable for the same. The applicant be entitled to pendentelite and future interest on the bank shall also said amount @

13.75o/o per annum with simple from the date of filing of the Original Application till the date of realization.

ORDER

T.A. No.371 of 2014 filed by the Applicant Bank is allowed and debt is determined with cost against the defendants. It is hereby ordered that applicant bank is entitled to recover from the defendants the total amount to the tune of Rs.51,18,362.97 (Rupees Fifty One Lakhs Eighteen Thousand Three Hundred Sixty Two and Paise Ninety Seven only) with pendentelite and future interest @ 13.75o/o per annum with simple on the amount due from the date of filing oF the Transfer Application, i.e.22.11.2010 (i.e. O.A. No.1463 of 2010) till full and final realization of the claim amount. Amount, if any, paid by the defendants 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 defendants. Accordingly, pendentelite and future interest shall be calculated on the reduced amount. Defendants are debarred from disposing, alienating or dealing with any of the properties belonging to them till the aforesaid decretal debt is recovered from the defendants. Defendants are given a time 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 defendants fails to pay the dues within the above mentioned time, the applicant bank ls entitled to recover its dues by sale of secured assets, if any. Applicant bank is also entitled to proceed against personal properties of the defendants (Both movable and immovable) and also proceed against the defendants personally to recover the dues in accordance with law. Let the Certificate of Recovery be drawn up by Ld. ReOistrar forthwith in terms of Judgement for issuance of the same

(s) c- against defendants 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. Ld. Recovery Officer shall realize the amount as per the Recovery Certificate from the defendants in accordance with law, 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 defendants in favour of the Applicant Bank under Section L9 (22) of the Recovery of Debts due to the Bank and Financial Institutions Act, 1993 now known as Recovery of Debts and Bankruptcy Act, 1993. Accordingly, the Original Application being T.A. No.371 of 2014 is allowed and stands disposed of. Copy of the Judgement/Final Order be upload in the Tribunal's website. File is consigned to the Record Room. ( Dictated to P.S., transcribed by him, corrected, siqned and pronounced by me ln the |open Court on this the/!t! day of 5ifi^'o'o t \n4@,1'o' Ae - A',"44^*- ( ANIL KUMAR CHATURVEDI ) PRESIDING OFFICER.

Case No. Punja b National Bank. Vs. M/s. Rik Info solutions P. Ltd. & Ors. Oftice action wlth d.te snd dated Signature ol padles when n3c9!8ary D.to of Ordet Otder No.22 l$.ol 2o2o Order Sheet (Continuation) T.A. No.3 71 of 2014 er pronounced (Vide separate sheets In the result, T.A. No.371 of 2014 is allowed with costs. Issue Recovery Certificate accordingly. l.Ka-a"a"ua (A.K,Chaturvedi) Presiding Officer, DRT-3, Kolkata. Order with Signature