Allowed

Punjab National Bank and Anr. v. M/s Saha Enterprises and Ors.

DRAT21 Aug 2023REGULAR APPEAL/67/2022

Case brief

AI extract

What is this about?

The Appellate Tribunal allowed the appeal filed by Punjab National Bank against the DRT's order. The Tribunal set aside the DRT's finding that required re-calculation of interest, ruling it unwarranted. The bank is now free to proceed with recovery measures. No order as to costs.

What did the court decide?

Second appeal allowed; finding recorded in Para 13 of the judgment is set aside; no order as to costs.

Punjab National Bank and Anr. versus M/s Saha Enterprises and… — Banking and Recovery | DRAT (2023)

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IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA

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Appeal No. 67 of 2022

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(Arising out of SA 173 of 2019 in DRT-II Kolkata)

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THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA CHAIRPERSON

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21.08.2023

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Authorised Officer, Punjab National Bank, G.T. Road, near Head Post Office, Burdwan, PIN 713101, West Bengal.

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2, Punjab National Bank, G.T. Road, near Head Post Office, Burdwan, PIN 713101, West Bengal.

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… Appellants

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-Vs-

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M/s. Saha Enterprise, represented by its Partner Sri Guru Prasanna Saha, having its office at Lakshmipur Math, G.T. Road, Burdwan, PIN 713101.

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Sri Guru Prasanna Saha, residing at Lakshmipur Math, G.T. Road, Burdwan, PIN 713101.

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Sri Guru Sadhan Saha, residing at Lakshmipur Math, G.T. Road, Burdwan, PIN 713101.

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Sri Guru Prasad Saha, residing at Lakshmipur Math, G.T. Road, Burdwan, PIN 713101.

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… Respondents

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For Appellant : Mr. Pankaj Kr. Mukherjee, Learned counsel.

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For Respondent : None

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THE APPELLATE TRIBUNAL :

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The matter is taken up in the revised list. None is present for the respondents. Learned counsel for the appellant is present and argued the case.

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Instant appeal has arisen against the judgement and order 28.02.2020 passed by learned DRT 2 Kolkata whereby S.A. No. 173 of 2019 was disposed of by learned DRT with the direction that if the SARFAESI applicants are still ready and willing to settle the account, they may offer a viable compromise proposal within

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15 days from the date of the order and on compliance, the respondent bank shall consider the same favourable in accordance with their recovery policy guidelines and settle the matter mutually, if no settlement is reached within 45 days, the respondent bank may proceed with the sale and issue necessary sale certificate to the auction purchaser in accordance with law.

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However, in the body of the judgement at paragraph 13 a finding is recorded by the learned DRT to the effect that SARFAESI applicants are admitting this loan account and stated that they are liable to pay reckoning interest upto 31.05.2017 as per Section 13(2) notice and not upto 31.07.2019 as claimed and the total outstanding be re-calculated accordingly. Feeling aggrieved by this finding appellant bank has preferred this appeal.

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Heard learned counsel for the appellant bank and perused records.

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At the very outset learned counsel for the appellant bank submits that as far as direction issued by the learned DRT is concerned no such proposal was submitted by the SARFAESI applicant. Since no such proposal had submitted in compliance of the direction of learned DRT, as per order of the DRT, bank would be at liberty to proceed in accordance with law.

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As far as finding regarding calculation of interest is concerned in Paragraph 07 of the judgement it was recorded that in the Writ Petition no. 22996(W) of 2017 Hon’ble High Court at

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Calcutta vide order dated 30.10.2017 directed that this order shall not prevent the bank from realising its claim against the defaulters in accordance with law.

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The Notice u/s 13(2) was issued 29.06.2017 while sale notice was issued on 01.07.2019 wherein it is stated that :

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“This is to inform you that pursuant to the possession taken by the undersigned as authorised officer under SARFAESI Act, 2002 on 25.10.2017 vide possession notice dated 25.10.2017 for recovery of the secured debts of Oriental bank of Commerce [merged with Punjab National Bank], amounting to Rs.3,01,71,562.63 and interest thereon from 01.06.2017 and with costs and charges from M/s. Anandamayee Poultry Firm (name of the borrower) the undersigned intends to sell the following secured assets for recovery of the entire dues for which necessary steps including publication in newspapers have been taken.” 8. In view of the above, the finding recorded in para 13 of the

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body of the judgement for re-calculation of interest is liable to be

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set aside. Accordingly, the finding recorded by the learned DRT in para 13 is unwarranted and uncalled for and the appeal deserves to be allowed.

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ORDER

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Appeal is allowed. Finding recorded in Para 13 in the body of the judgement is set aside. No order as to costs.

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File be consigned to record room.

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Copy of the order be supplied to the appellant and the respondents and a copy be also forwarded to the concerned DRT.

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Copy of the judgement/Final Order be uploaded in the Tribunal’s website.

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Order dictated, signed and pronounced by me in the open Court on this the 21st day of August, 2023.

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(Anil Kumar Srivastava, J) Chairperson

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Dated : 21.08.2023 /pkb

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Punjab National Bank and Anr. v. M/s Saha Enterprises and Ors.

Case brief

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Punjab National Bank and Anr. v. M/s Saha Enterprises and Ors.

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