Allowed

Canara Bank v. M/S Innitor Power Solutions Private Limited and Ors.

DRT14 Aug 2024OA/277/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an ex-parte original application filed by Canara Bank for recovery of dues from M/s. Innitor Power Solutions and Tapas Bhattacharya. The principle debt with future interest and costs was decreed, accompanied by a bar on alienation and issuance of a recovery certificate under Section 19(22).

What did the court decide?

Decree for payment of Rs. 1,88,31,960.28 with future interest; bar on alienation; recovery certificate issued.

Canara Bank versus M/S Innitor Power Solutions… — Contract and Commercial Disputes | DRT (2024)

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BEFORE THE DEBTS RECOVERY TRIBUNAL.III KOLKATA PRESENT: -SRI KAMAL OE.

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PRESIDING OFFICER.

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O.A. No. 277 OF 2023,

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DATE OF OELMRY OF OROER | 14/OA/2024

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Canara Bank is a body Corporate constituted under the ganking Compantes (Acquisition and Transfer of Undertakings) Act, 1970, having its Head Office at 112, LC. Road, Bangalore- 560002, and carrying on business inter alia, at Canara Bank, Madhyamgram Branch, Sodepur Road, Basunagar, l4adhyamgram, Kolkata-700129, District- North 24 Parganas, West Bengal, herejnafter referred to as tyadhydmgram Eranch, within P.S. Madhyamgram and also from its t4StVE SULABH Branch, RO II, 22/2, cariaf\at Road, Gotpark, Kolkata-700029, within the JUrisdlction of thrs Ld. Tribunal.

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AppIcant Bank.

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-Versus-

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t4ls. Innrtor power Solutrons pr Prov,srons-or i;; c#;;;,": 'ilYut!^l'I'o'^{a companv rncorporated} under the Kapasra, p.o. Tardharia, p.s-^:t' .1956'^{havrng rts registered} office al 118/22, puigunu., we.t i!ni;j:' '' Duttapukur' Kolkata-700130, Distrct- Norrh 24

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Sfl Tapas Bhattacharya, son of D

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Kapasra, P.o. Tatdhana, p.s. Xl-"].:l",t"tn:l9,^carrvrng on busrness at 118/22, ,:H:ri,: .::: ;un:"tffii,rli[;",#r,":'rs*:lx".4

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' z, i;#:?+iifi!fl Hat No. 10H, Bangur ,i*#"h Avenue, Di,:;.jHrr.#$;;;[iffi t*r

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' i,;l:,:ffi??i" ff::i:3:i^{-J:ilT:,,,":!,.i."J:1,11i#".1i?;J3l,lliiiil1;f,i&?i,",}

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Defendants.

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Counsel for the Appljcant Bank: -

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Onkar Ganguly, Advocate, Set ex-parte on 07/08/2024

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]UDGEMENT

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Ihe Applicant Bank filed the present O.A, being No. 0.A./277/2023 otl ta/OS/2023 for recovery of a total sum of Rs. 1,gg,3 one thousand nine hundred.,,,r r;;'i:',;ti;'J;JH:il;;"T,;::,1r"1il::i:i:j, Cash Credat (overdraft)/ODBD, WCC Emergencv credit Loan (GECL) tosether with interest, cost and ot*. ::r"rii;:"t"teed

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The Defendants are served with summons. The defendants did not appear, as there was no representation from the defendants, the case was fixed for ex-parte hearing on 07/OAl2024, and heard ex-parte accordrngly,

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The Applicant Bank examined 38 documents through Sri Victor Roy, Divisional lvlanager marked as Exhibit Annexure-A to Exhibit Annexure-AA.

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Heard the Ld. Counsel for the Applicant Bank.

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The point that arises for consideration is :

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whether the Applicant Bank is entifled to the craim made in the oA against the Defendants and OA schedule properties as prayed for?

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As stated supra, the Defendant remained absent and did not turn up to controvert the versron of the O.A. of Applicant Bank. The Evidence Affidavit coupled with the recitals in the documents viz., Exhibits Annexure_A to Exhibit Annexur€_M marked on behalf of the Applicant 8ank, established the ctaim of the Applicant Bank against the Defendants and OA schedule propeftaes. Hence, I hold that the Defendants are joinUy and severally liable to pay to the Applicant Bank the claims made in the OA with future interest and costs.

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In the result, the present Origanal Application as altowed ex-parte with costs, as under:_

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ORDER

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(1) O.A. No. 277 ot 2023 filed by the Appticant Bank is altowed and debt is determined with cost against the defendants. It is her ordered that applicant bank is entifled to recover from

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the defendants tf," totut urorr"by to the tune of Rs 1'88'3r'960 28l- (Rupees one crore

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e,ghty eight rakh thirty on" ,nor't sand nine hundred sixty and paisa twenty eight only) with

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pendenterite and future interest due rrom the date or ri ne ";,flffi'r':ff::il1::..Til1:r:X:ln*ll realization of the claim amount.

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(2) Amount, if any, paid by the defen

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the App cant Bank after n ne;;:haJ:.l H :ilHi:lll'ili'llJli]; ffi::: :l the exact amount of dues/debt payable by the defendants. Accordingty, pendentetite and future interest shall be calculated on the reduced amount.

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(3) Defendants are debarred from di! n'^alienat'ihg or dealing with any of the properties

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betonging to them tir, ,n. uror".",.'oot' I decretal debt is recovered from the defendants.

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(4) Defendants are given a time of thi

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repayine or the above mentioned J:],:::T:il,T,TiiJ'[:"::il:"#"1]; Ti pay the dues within the above mer time' the applicant bank is entitled to recover rts

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dues by sare of secured ."."a., ,r"'on"o any. Applicant bank is also entifled to proceed against

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personal propertres of the defendants (Both movable and immovable) and also proceed against the defendants personally to recover the dues in accordance with law.

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(5) Let the Certificate of Recovery be drawn up by Ld. Registrar forthwrth in terms of Judgement for issuance of the same against defendants tn favour of the applicant bank under Sectron 19 (22) of the Recovery of Debts and Bankruptcy Act, 1993 and put up the same for issuance of the certificate.

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(6) Ld. Recovery ofricer sharr rearize the amount as per the Recovery certificate from the defendants tn accordance wtth law

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(7) Ld Regrstrar of this Tribunal is directed to deriver recovery certifrcate rn term or the Fnar ordetudgement for recovery of the sum against the defendant in favour of the Applrcant Eank under Section 19 (22) of the Recovery of Debts due to the Bank and Frnancrat Instrtutrons Act, 1993 now known as Recovery of Debts and Bankruptcy Act, 1993.

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(8)The partres are directed to appear before the Recovery Offi.er on 17/Ogl2O24 far furthet aclron in accordance with law in the event the entire amount is not paid by the said date.

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Accordingly, the Originat Apptication being O.A. No. 217 of 2023 is alowed and stands drsposed oF.

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Copy of the Judgement/Finat Order be uploaded in the Tribunal,s website. Frle is consigned to the Record Room.

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(Drctated to steno, transcnbed by her, corrected, srgned and pronounced by me in the open Court on the 14rh day of Auqust, 2024)

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( KATYAL DE-tPRESIDING OFFICER.

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Debts Recovery Tribunal-3, Kolkata Order Sheet ( Co ntin uation )

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Case No. OA No.277 of 2023 Canara Bank
Vs.
s. Innitor Power Solutions Pvt. Ltd. & Ors.
Date of Order Order with signature
-l
qdcr NsOo
Order pronounced (vrde separate sheets).
Dt.14 / 041 2024
ln the result, O.A. No. 277 of 2023 is allowed with costs. Issue
Recovery Certif icate accordingly.
( Kamal De )
Presrdrng Offrcer
DRT 3, Ko kata

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Debts Recovery Tribunal-3, Kolkata Order Sheet ( Co ntin uation )

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Case No. O.A./277 / 20L Canara Bank
s. Innitor Power
s Pvt. Ltd. & Ors.
order with signature
Order No.05
Present:.
Dt.07 /08/2024
For Applicant : Ld. Advocate Onkar Ganguty
For Defendants : None
The Registry has issued notice to the Defendant in terms of
order passed by this Tribunal. Defendant has not turned up
despite the fact that the notices have been served upon the
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Defendant. Applicant prayed for hearang of the case ex_parte.
The matter is pendjng since 2023. Hence right availabte to sote
Defendant for filing of W.S. and counter evidence is to be
closed, It rs closed. The OA proceeds for ex-parte. Heard the Ld
Counsel for the Applicant, Reserved for orc,er.
Applicant may fite written notes of arguments.
To l4/O8/2O24 for order.
Presiding Officer
DRT-3, Kotkata

Canara Bank v. M/S Innitor Power Solutions Private Limited and Ors.

Case brief

What is this about?

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Canara Bank v. M/S Innitor Power Solutions Private Limited and Ors.

Case brief

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What did the court decide?

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