UCO BANK vs KIRAN KHAN on 26 October 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. 21,97,036.03/- (Rupees Twenty One Lakhs Ninety Seven Thousand Thirty Six and Three paisa) inclusive of interest calculated upto 31.03.2023 with interest calculated upto 02.05.2024 and future interest from 03.05.2024 @9.55%, 7.45% & 7.50% per annum with monthly rests in the loan account Nos. 06730510007976, 06730610016336 and 06730610017913 respectively till realization of the entire amount along with injunction restraining the defendant from disposing of 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 dated 16.11.2019 and 23.07.2021 of the defendant the applicant bank sanctioned one Cash Credit facility of Rs.11,00,000.00 (Rupees Eleven lakhs) only under UCO Trader Scheme, and two Term Loan Facility of Rs. 8,00,000/- (Rupees Eight lakhs ) only and Rs. 3,30,000/- (Rupees Three lakhs Thirty Thousand) only in favour of the defendant against the hypothecation of Goods and Assets created out of bank loan and other assets vide Sanction Letters dated 16.11.2019 & 23.07.2021. The defendant on 16.11.2019, 23.07.2021 and 19.02.2022 executed several relevant and necessary security documents inter alia as Demand Promissory Note (A-1), Hypothecation of Goods to secure RAKESH PATI TIWARI

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a Demand Cash Credit (A-9), Letter of Waiver (A-47) and Statement of Means. After availing the loan facilities, the defendant failed to repay the dues of the loan accounts and as such the loan accounts were classified as N.P.A. on 07.11.2023. After giving credits for all sums of moneys paid by and/or realized on behalf of the defendant a sum of Rs. 21,97,036.03/- (Rupees Twenty One Lakhs Ninety Seven Thousand Thirty Six and Three paisa) only with interest calculated upto 02.05.2024 was due against the defendant in loan account Nos. 06730510007976, 06730610016336 and 06730610017913.

3. Inspite of the service of summons upon the defendant through post, the defendant did not appear before this Tribunal. Hence the matter is being proceeded ex-parte against the defendant, vide order dated 25.08.2026.

4. The Applicant Bank in support of its case has filed evidence by way of affidavit as affirmed by Sri Mahabir Sureka, the Senior Manager of the Applicant Bank and also relied upon the following documents:- Sl. No. Name of the documents Exhibits No.

1. Loan Application and sanction letters dated 16.11.2019, 23.07.2021 A

2. Demand Promissory Note (A-1) dated 16.11.2019, 23.07.2021 & 19.02.2022 A1

3. Hypothecation of Goods to Secure a Demand Cash Credit (A-9) dated 16.11.2019, 23.07.2021 & 19.02.2022 A2

4. Letter of Waiver (A-47) dated 16.11.2019, 23.07.2021 & 19.02.2022 A3

5. Statement of Means dated 23.07.2021 A4

6. Statement of Accounts A5

5. I have heard the learned counsel for the applicant bank and perused the documents and evidence adduced by the applicant bank. The Applicant bank has proved documentary evidences which are marked as Exhibits – ‘A’, ‘A1’ to ‘A5’. The sanction of loan has been proved by producing the Sanction Letters dated 16.11.2019 & 23.07.2021 (Exhibits-‘A’), the execution of required documents like Demand Promissory Note, Hypothecation of Goods to Secure a Demand Cash Credit, Letter of Waiver (A-47), etc. have been proved by exhibiting the same at ‘A-1’ to ‘A3’. By filing the statement of accounts (Exhibits ‘A5’), the applicant bank has proved the total outstanding dues of Rs. 21,97,036.03/- (Rupees Twenty One Lakhs Ninety Seven Thousand Thirty Six and Three paisa) only against the defendant.

6. The applicant bank has filed this case against the defendants within three years from the date of last sanction of loan and the execution of loan documents by the RAKESH PATI TIWARI

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defendants on 19.02.2022 and/or classifying the loan account as NPA on 07.11.2023 and as such the claim of the applicant bank is within limitation.

7. The applicant bank has got valid cause of action to file this case as after taking the loan the defendant failed to make payment as per the terms and conditions of the sanction letter agreed by the defendant.

8. There is nothing available on the record to contradict the version of the applicant bank as the ex-parte hearing has been made in this case. Thus the applicant bank has sufficiently proved its case by exhibiting all relevant documents. In the above circumstances, following order is passed ;

O R D E R

(i) T.O.A.No.66/2026 arising out of OA No. 231/2024 filed by the applicant bank is allowed against the sole defendant with cost and it is hereby ordered that the applicant bank is entitled to recover the total dues debt amount for Rs. 21,97,036.03/- (Rupees Twenty One Lakhs Ninety Seven Thousand Thirty Six and Three paisa) only with interest calculated upto 31.03.2023 and further interest thereon @8.25% p.a. with monthly rests from 03.05.2024 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 properties being (A) All that the hypothecation of Assets created out of bank loan, as mentioned in the First Schedule of the original application (B) (i) The whole of the Borrower's stocks, both present and future and including but without prejudice to the generality of the foregoing words, all stocks of raw materials, work-in process, semi-finished goods and finished goods etc. whatsoever and whosesoever situate and/or in transit whether now belonging to or that may at any time during the continuance of this security belong to the Borrower or that may be held by any party anywhere to the order and disposition of the Borrower. (ii) All the present and future book-debts, outstanding moneys, claims, bills, contracts, engagements and securities which are now due and receivables, owing or which may at any time hereafter during the continuance of this security become due and owing to the Borrower in the course of its business by any person, firm, company or body corporate or by the Government of India or any State Government or Indian Railways or any Government Department or Office or any Municipal or Local or Public or Semi-Government body or authority whatsoever including those relating to RAKESH PATI TIWARI

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the assets leased out and/or given on hire purchase basis. (iii) All the tangible movable machinery and plant and cranes, boats and crafts and the vehicles of the Borrower together with spares, tools and accessories and other movables, both present and future, and the furniture, fixtures and fittings and office equipment whether installed or not and whether lying loose or in cases which are now lying or stored in or about or shall be brought into or be stored or be in or upon or about the Borrower's premises and godowns or wherever else the same may be or be held by any party to the order or disposition of the Borrower (including those on lease or hire- purchase) relating or pertaining to the Borrower's work at Village- Paharpur, Panrul, Birbhum- 731201, as mentioned in the Second Schedule of 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 along with the judgment.

The judgment is signed and pronounced in the open Tribunal on 26th day of October, 2026.

(RAKESH PATI TIWARI) Presiding Officer DRT, Siliguri.

RAKESH PATI TIWARI Digitally signed by RAKESH PATI TIWARI

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