Partly allowed

Axis Bank v. M/S E- World Techlife Pvt. Ltd.

DRT4 Sept 2024OA/18/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the bank's original application for recovery of debt. The bank proved its claim via evidence on affidavit, as defendants failed to appear. The court declared the defendants liable to pay the principal sum and interest, secured by a personal guarantee, and directed issuance of a recovery certificate.

What did the court decide?

Claim allowed; defendants to pay Rs. 32,05,326/- with interest @ 17% p.a. jointly or severally; recovery certificate to be issued under Section 19(22).

Axis Bank versus M/S E- World Techlife Pvt. Ltd. — Insolvency and Bankruptcy | DRT (2024)

¶1

BEFORE THE DEBTS RECOVERY TRIBUNAL-I KOLKATA PRESENT: -SHRI AMBUJA MOHAN DAS PRESIDING OFFICER O.A. No. 18 OF 2022

¶2

DATE OF DELIVERY OF ORDER : 4^th September, 2024

¶3

AXIS Bank Ltd. , licensed as a bank under the Banking Regulations Act, 1949, having its registered Office at Axis Bank Ltd. “Trishul”, 3^rd Floor, opposite Samartheswar Temple, Law Garden, Ellis Bridge, Ahmedabad - 380006, Gujarat and having their branch at AC Market Building, 1, Shakespeare Sarani, 4^th Floor, P.S. Shakespeare Sarani, Kolkata-700071.

¶4

..............APPLICANT

¶5

E-World Techlife Pvt. Ltd., a private limited company incorporated under the provisions of the Companies Act, having its registered office at Ground Floor, Shop No.-18, 6, E-Mall, C. R. Avenue, Kolkata, West Bengal-700072.

¶6

Mr. Praveen Kumar Pugalia (Co-Applicant/Guarantor), Director of E World Techlife Pvt. Ltd, S/o Sumermal Pugalia, resident of B/6, 2^nd Floor, 106 Kiran Chandra Singha Road, Howrah corporation, Sibpur, Howrah, West Bengal-711102.

¶7

Mr. Pradeep Kumar Pugalia, (Co-Applicant/Guarantor), Director of E World Techlife Pvt. Ltd, S/o Sumer Mal Pugalia, resident of B/6, 2^nd Floor, 106 Kiran Chandra Singha Road, Howrah corporation, Sibpur, Howrah, West Bengal-711102.

¶8

..............DEFENDANTS

¶9

Counsel for the Applicant Bank: - Mr. A.K. Mishra, Ld Counsel Counsel for the Defendants:- Set ex-parte on 09.07.2024

¶10

J U D G M E N T

¶11

The present Recovery Application is filed by Axis Bank Limited, a bank under the Banking Regulations Act, 1949 working all over India including from its Branch Office at AC Market Building, 1, Shakespeare Sarani, 4^th Floor, P.S. Shakespeare Sarani, Kolkata-700071 for recovery of Rs. 32,05,326/- with interest @ 17% p.a. as per contractual rate with monthly rest from 17.11.2021 against the Defendants till payment and/or realization. The

¶12

¶13

Defendants are the borrower/guarantor/mortgager.

¶14

The service of summons could not be effected upon the Defendants in usual mode of postal service. Hence, by the order of this Tribunal, the summons were served by substitute service by publishing in the newspapers in the “Financial Express” (in English) and in the “Biswamitra” (in Hindi) on 08/10/2022 published from Kolkata. Despite substituted service of summons and giving sufficient time, the Defendants neither appeared nor filed the Written Statement to controvert the claim of the Bank. Hence, the matter was declared ex-parte on 09/07/2024.

¶15

The Applicant in support of its contention filed Evidence on Affidavit duly affirmed by Mrs. Shreya Dasgupta, Legal Area Manager of the Bank annexing the various documents which are exhibited.

¶16

I have perused the documents and Evidence and heard the Ld. Advocate for the Bank. By the said evidence on affidavit the Applicant could prove its claim and documents. The claim of the Bank is within the limitation and within the jurisdiction of this Tribunal. Hence, the claim of the Bank should be allowed with cost.

¶17

In the above circumstances it is ordered :

¶18

O R D E R

¶19

i) Claim of the Applicants is allowed with cost.

¶20

ii) The Defendants are liable to pay jointly or severally Rs. 32,05,326/- with interest @ 17% p.a. as per contractual rate with monthly rest from 17.11.2021 against the Defendants till payment or realization.

¶21

iii) It is declared that the claim is secured by personal Guarantee of Defendants No.2 & 3 as described in the Schedule of the OA at page/21.

¶22

iv) Let, a certificate be issued accordingly.

¶23

v) Ld. Recovery Officer shall realize the amount as per the Recovery Certificate from the defendants in accordance with law.

¶24

vi) Ld. Registrar of this Tribunal is directed to deliver recovery certificate in term of the final order/judgment for recovery of the sum against the defendants in favour of the Applicant Bank under Section 19 (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.

¶25

vii) The parties are directed to appear before the Recovery Officer on 04/10/2024 for further action in accordance

¶26

¶27

with law in the event the entire amount is not paid by the said date.

¶28

Accordingly, the Original Application being O.A. No.18 of 2022 is allowed and stands disposed of. All the IAs, if any, are also disposed of.

¶29

Copy of the Judgment/Final Order be uploaded in the

¶30

Tribunal’s website.

¶31

File is consigned to the Record Room.

¶32

(Dictated to Stenographer, transcribed by her, corrected, signed and pronounced by me in the open Court on this the day 4^th September 2024)

¶33

Place: Kolkata ( Ambuja Mohan Das ) Date: 4^th September 2024 Presiding Officer

¶34

Page No.-			Order Sheet(continuation)
Case No. O	A/18/2022	AXIS Ors.	Bank Ltd. vs M/s E-World Techlife Pvt. Ltd	. &
Date of the order			Order with signature	Office action with date and dated signature of parties when necessary
4^th Septembe r 2024	Ld. Ad bank. None a Matter 09/07/2024.	vocate ppear was	Mr. A.K. Mishra appeared for the applicant ed on behalf of the Defendants. heard in open Court on this the day of

¶35

¶36

The detailed order in three pages annexed separately. The gist of the order is as follows:

¶37

	i)	O R D E R Claim of the Applicants is allowed with cost.
	ii)	The Defendants are liable to pay jointly or severally Rs. 32,05,326/- with interest @ 17% p.a. as per contractual rate with monthly rest from 17.11.2021 against the Defendants till payment or realization.
	iii) iv)	It is declared that the claim is secured by personal Guarantee of Defendants No.2 & 3 as described in the Schedule of the OA at page/21. Let, a certificate be issued accordingly.
	v) vi) vii) No.18 IAs, if in the	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 order/judgment for recovery of the sum against the defendants in favour of the Applicant Bank under Section 19 (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. The parties are directed to appear before the Recovery Officer on 04/10/2024 for further action in accordance with law in the event the entire amount is not paid by the said date. Accordingly, the Original Application being O.A. of 2022 is allowed and stands disposed of. All the any, are also disposed of. Copy of the Judgment/Final Order be uploaded Tribunal’s website.
(Dicta and p Septe	ted to St ronounce mber 202	File is consigned to the Record Room. enographer, transcribed by her, corrected, signed d by me in the open Court on this the day 4^th 4)
Place: ) Date:	Kolkata 4^thSepte	( Ambuja Mohan Das mber 2024 Presiding Officer

¶38

Axis Bank v. M/S E- World Techlife Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Axis Bank v. M/S E- World Techlife Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Idbi Bank versus Mr Pushpal Roy

Icici Bank Limited versus Rajesh Kumar

Ms a H Mallick Agro Services and Cold Storage Pvt. Ltd. versus Punjab National Bank

Canara Bank versus M/S Manohar Deal Trade Pvt. Ltd. and Ors.

Bank of India versus Ms Riku Agency

Mohit Sharma versus South Indian Bank