Allowed

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

DRT4 Sept 2024OA/249/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the recovery application filed by Canara Bank against M/s Manohar Deal Trade Pvt. Ltd. and M/s Manohar Deal Trading. The court held the bank's claim on affidavit proved and found the defect within jurisdiction, awarding recovery of the principal sum with interest.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 1,93,83,162.20 plus interest at 14.10% p.a.; recovery certificate issued.

Canara Bank versus M/S Manohar Deal Trade Pvt… — Contract and Commercial Disputes | DRT (2024)

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BEFORE THE DEBTS RECOVERY TRIBUNAL-I KOLKATA

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PRESENT: -SHRI AMBUJA MOHAN DAS PRESIDING OFFICER

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O.A. No. 249 OF 2023

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

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Canara Bank , a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, having its Head Office at 112, J.C. Road, Bangalore, Pin-560002 and carrying on its banking business from its Branch Office/ Retail Assets Hub at Kolkata Hare Street Branch, 2 hare Street, Kolkata-700001.

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

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M/s Manohar Deal Trade Pvt. Ltd. Mr. Brijesh Singh, Director, S/o Mr. Rama Shankar Singh DIN-09031057 vide Company Resolution dated 23.06.2021 having its registered office at GD 18, Saltlake City, Sector-III, P.S. Bidhannagar South Kolkata-700106. Factory/Shop:-

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231 Badu Road, Tetultala Madhyamgram, Kolkata - 700128. Residential Address:-

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3B, 2^nd Floor, Nayapatty Road, Near Midland Park, P.O. & P.S- Sector V Electronic Complex, Kilkata-700091.

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M/s Manohar Deal Trading, Mr. Suraj Prasad, Director, S/o Mr. Prem Prasad, DIN-08606810 vide Company Resolution dated 23.06.2021, having Registered office at GD-18, Salt Lake City, Sector-III, P.S. Bidhannagar South Kolkata-700106.

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Factory/Shop:-

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231 Badu Road, Tetultala Madhyamgram, Kolkata-700128. Residential Address:-

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102, Narkeldanga Main Road, Kolkata-700054.

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

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Counsel for the Applicant Bank: - Mr. Pratiyush Verma, Ld. Counsel Counsel for the Defendants:- Set ex-parte on 09.07.2024

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J U D G M E N T

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The present Recovery Application is filed by the Canara Bank, nationalized Bank carrying on business at Kolkata Hare Street Branch, 2 hare Street, Kolkata-700001 for recovery of

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Rs.1,93,83,162.20P with interest as per contractual rate @ 14.10% p.a. with monthly rest from 11.03.2023 against the Defendants till payment and/or realization. The Defendants are the borrower/guarantor/mortgager.

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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 Sunday Express” (in English) and in the “Jansatta” (in Hindi) on 28/04/2024 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.

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The Applicant in support of its contention filed Evidence on Affidavit duly affirmed by Ld. Advocate, Anwar Sadat, Chief Manager of the applicant bank annexing the various documents which are exhibited.

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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.

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In the above circumstances it is ordered :

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O R D E R

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i) Claim of the Applicants is allowed with cost.

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ii) The Defendants are jointly and severally liable to pay Rs.1,93,83,162.20P with interest as per contractual rate @ 14.10% p.a. with monthly rest from 11.03.2023 against the Defendants till payment or realization.

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iii) It is declared that the claim is secured by hypothecated moveables/mortgaged property described in the Schedule-A, B, C, & D of the OA at Page/31-32.

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iv) Let, a certificate be issued accordingly.

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

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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

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Recovery of Debts due to the Bank and Financial Institutions Act, 1993 now known as Recovery of Debts and Bankruptcy Act, 1993.

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vii) 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.

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Accordingly, the Original Application being O.A. No. 249 of 2023 is allowed and stands disposed of. All the IAs, if any, are also disposed of.

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

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File is consigned to the Record Room.

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

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

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Page No.-		Order Sheet(continuation)
Case No. OA/249/2023	Canara Ors.	Bank vs M/s Manohar Deal Trade Pvt. Ltd. And
Date of		Order with signature Office action with date and dated signature of parties when necessary

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the order
4^th September 2024	Ld. Adv applicant bank. None app Matter w 09/07/2024. The deta gist of the order is i)	ocate, Mr. Pratiyush Verma appeared for the eared on behalf of the Defendants. as heard in open Court on this the day of iled order in three pages annexed separately. The as follows: O R D E R Claim of the Applicants is allowed with cost.
	ii)	The Defendants are jointly and severally liable to pay Rs.1,93,83,162.20P with interest as per contractual rate @ 14.10% p.a. with monthly rest from 11.03.2023 against the Defendants till payment or realization.
	iii)	It is declared that the claim is secured by hypothecated moveables/mortgaged property described in the Schedule-A, B, C, & D of the OA at Page/31-32.
	iv)	Let, a certificate be issued accordingly.
	v) vi) vii)	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.
	Accordin 2023 is allowed a disposed of. Copy of Tribunal’s website. File is con (Dictated to Sten pronounced by m 2024)	gly, the Original Application being O.A. No. 249 of nd stands disposed of. All the IAs, if any, are also the Judgment/Final Order be uploaded in the signed to the Record Room. ographer, transcribed by her, corrected, signed and e in the open Court on this the day 4^thSeptember,
	Place: Kolkata Date: 4^thSeptem	( Ambuja Mohan Das ) ber,2024 Presiding Officer

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

Case brief

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

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