Indian overseas Bank vs Sri Devraj Gautam on 7 January 2026

**J U D G M E N T**

1. This is an application under section 19 of the Recovery of Debts and Bankruptcy Act, 1993, filed by the applicant bank against the sole defendant seeking issuance of Certificate of Recovery for realization of a sum of Rs.17,37,989.30p (Rupees Seventeen Lacs Thirty Seven Thousand Nine Hundred Eighty Nine and paise Thirty) only with interest calculated upto 30.10.2015 and future interest from 31.10.2015 @10.50% p.a. with monthly rests till realization of the entire amount along with injunction restraining the defendant from disposing and/or alienating and/or encumbering the personal charged and uncharged assets and also costs.

2. The facts in brief, giving rise to the present application as pleaded are that considering the application of the defendant, the Applicant Bank agreed to sanction the Term Loan under CGTMSE Scheme to the tune of Rs.38,43,200/-, vide Sanction Letter dated 28.03.2010. The defendant on 29.03.2010 executed Demand Promissory Note and Deed of Hypothecation. The defendant duly availed and enjoyed the said term loan limit and acquired and purchased the 2(two) Nos. of AMW.. make Tipper Trucks Model - 2518 and registered with the Registering Authority being Nos. (1) NL-05-D-7474 and (2) NL-05-D-7472. The said vehicles remained under charge and hypothecation as security by way of first charge for payment of (Contd...)

*BM* 07/1/2026

Siliguri applicant's claims. Thereafter the defendant executed Revival Letter dated 25.03.2013 in respect of Demand Promissory Note of Rs.38,43,200/- dated 29.03.2010. After availing the loan, the defendant failed to repay the dues of the said loan amount and as such the account was classified as N.P.A. on 01.04.2015. the applicant bank was constrained to issue a Notice dated 03.09.2015 under Section 13(2) of the SARFAESI ACT,2002 but inspite of the said notice the defendant failed to repay the loan amount. After giving credits for all sums of moneys paid by and/or realized on behalf of the defendant a sum of Rs.17,37,989.30 (Rupees Seventeen Lacs Thirty Seven Thousand Nine Hundred Eighty Nine and paise Thirty) only with interest calculated upto 30.10.2015 was due against the defendant in respect of the term loan account No. 045803271000011.

3. Despite the service of summons upon the defendant through newspaper publication, the defendant did not put her appearance before the Tribunal. Hence, the matter is proceeding ex-parte against the defendants, vide order dated 27.07.2023.

4. The Applicant Bank in support of its case has filed evidence by way of affidavit as affirmed by Sri Ashis Sridhar, the then Chief Manager of the Applicant Bank and also relied upon the following documents:- <table border="1"> <thead> <tr> <th>SI. No.</th> <th>Name of the documents</th> <th>Exhibit No.</th> </tr> </thead> <tbody> <tr> <td>1.</td> <td>Loan application dated 04.03.2010</td> <td>A</td> </tr> <tr> <td>2.</td> <td>Sanction Letter dated 28.03.2010</td> <td>B</td> </tr> <tr> <td>3.</td> <td>Demand Promissory Note of Rs.38,43,200/- dated 29.03.2010.</td> <td>C</td> </tr> <tr> <td>4.</td> <td>Deed of Hypothecation dated 29.03.2010</td> <td>C-1</td> </tr> <tr> <td>5.</td> <td>Registration Certificate of Two Tipper Trucks being registration nos. NL-05-D-7474 &amp; NL-05-D-7472 registered by the Registering Darjeeling.</td> <td>D</td> </tr> <tr> <td>6.</td> <td>Revival Letter dated 25.03.2013</td> <td>E</td> </tr> <tr> <td>7.</td> <td>Notice under Section 13(2) of the Sarfaesi Act dated 03.09.2015</td> <td>F</td> </tr> <tr> <td>8.</td> <td>Statement of Term Loan Account</td> <td>G</td> </tr> </tbody> </table>

5. I have heard the learned counsel for the applicant bank and perused the documents and evidence adduced by the applicant bank.

6. It is a case of CGTMSE loan where Rs.38,43,200/- was sanctioned as Term Loan for purchase of 2 Nos. of AMWL make Tipper Trucks, model -2518 and margin money of Rs. 6,78,300/- has been paid by the defendant/borrower. The applicant bank has proved loan application form dated 04.03.2010 (Ext.-'A') and Sanction Letter document dated 28.03.2010 (Ext-'B'). Demand Promissory Note and Deed of Hypothecation have also been proved (Ext- (Contd...)

07/11/2023

Siliguri

'C' & 'C/1'). The vehicles were registered at Nagaland bearing Registration No. NL-05D-7474 and NL-05D-7472 (Ext-'D') and most importantly there is Post Sanction Verification documents which have been produced by the applicant bank upon the direction of this Tribunal (Ext-'H' series) and as per Ext-'H/2' there is a photograph of the borrower along with vehicle registration No. NL-05D-7472 which is of dated 08.11.2012. Along with Tax Invoice (Ext-'I/1') there is photograph of vehicle No. NL-05D-7474 along with the borrower. There is Post Delivery Inspection Report and verification of vehicle dated 18.06.2014 with respect of vehicle No. NL-05D-7472 along with Engine No. and Chassis No. of the vehicle (Ext-'H/3'). The Post Sanction Verification documents goes to show that the vehicles were actually delivered to the borrower.

7. The O.A. case has been filed by the applicant bank within three years of the execution of the Revival Letter dated 25.03.2013 and as per statement of Term Loan account (Ext.'G') total outstanding dues was 17,37,989.30p as on 30.10.2015 and thus the applicant bank has got valid cause of action to file the O.A. case.

8. Hearing has been made ex-parte against the sole defendant and thus this Tribunal has no reason to disbelieve the version of the applicant bank.

In the above circumstances, following order is passed ;

ORDER

T.O.A. No. 1007/2017 arising out of O.A.546/2015 filed by the applicant bank is allowed against the sole defendant with costs and it is hereby ordered that the Applicant Bank is entitled to recover the total debt amount for Rs.17,37,989.30 (Rupees Seventeen Lacs Thirty Seven Thousand Nine Hundred Eighty Nine and paise Thirty) only with interest calculated upto 30.10.2015 and further interest thereon @10.50% p.a. with monthly rests from 31.10.2015 till realization of entire balance from the defendant along with cost amount.

(ii) Amount, if any, paid by the defendant in the loan account or amount recovered by the applicant bank, if any, made towards the loan accounts after filing of the O.A be taken into account while arriving at the exact amount of outstanding payable by the defendant.

(iii) The hypothecated property being defendant's book debts & receivable hypothecated to the Bank (present and future) outstanding with its constituents as per books of Accounts maintained at 8th Mile, Tadungchin, Pradhangaon, Beside Universal Nursery, P.O. & P.S.- Kalimpong, Dist-Darjeeling, Pin-734301 and Vehicles bearing (A) Registration No. NL NL-05-D-7474, Chassis No. MBYB23200ADA09316, ENGINE NO. 01C62855646, Make & Model:

(Contd...)

*MJ* 07/11/2017

Siliguri

AMWL make 2518 Tipper Trucks, (B) Registration No. NL-05-D-7472, Chassis No. MBYB231009MA07798, ENGINE No. 90M62820232, Make & Model: AMWL make 2518 Tipper Trucks, as mentioned in the Schedule 'X' annexed to the original application, shall remain charged to the applicant bank and the applicant bank shall have paramount charge thereon.

- (iv) The defendant is debarred from transferring; alienating, encumbering or disposing of the hypothecated/mortgaged properties or any other property and assets belonging to the defendant till the aforesaid adjudicated debt amount is recovered from the defendant.

- (v) The defendant is given a time of thirty days from the date of this judgment for repayment of the above decreed debt amount with interest failing which the applicant bank is entitled to recover its dues by sale of the hypothecated/mortgaged property as aforesaid and is also entitled to proceed against the said defendant personally and/or personal properties to recover the dues in accordance with law.

- (vi) Let the certificate of Recovery be drawn up by the Learned Registrar forthwith in terms of judgment for issuance of the same against the defendant in favour of applicant bank under Sub-Section 22 of Section-19 of The Recovery of Debts and Bankruptcy Act, 1993 and put up the same for signature and issuance.

- (vii) Learned Recovery Officer is directed to realize the dues amount from the defendant as per the recovery certificate in accordance with law.

- (viii) Let this judgment be uploaded on website of the tribunal and the Registry is directed to serve/send copy of this judgment to the parties free of cost.

- (ix) Record is consigned to the record room.

This judgment is signed and pronounced in the open Tribunal on 07^th day of January, 2026.

*Rakesh Pati Tiwari* **(RAKESH PATI TIWARI)** Presiding Officer 07.1.2026 DRT, Siliguri.

Siliguri