Allowed

Standard Chartered Bank v. Krishna Trading Company

DRT22 Aug 2024OA/481/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed a recovery application filed by Standard Chartered Bank against a proprietorship firm and its proprietor for a loan default, declaring them jointly and severally liable to pay the principal and interest.

What did the court decide?

Recovery certificate issued directing defendants to pay Rs. 21,94,754.54 plus 24% p.a. interest with directions to the Recovery Officer for realization.

Standard Chartered Bank versus Krishna Trading Company — Execution and Attachment | 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. 481 OF 2022

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DATE OF DELIVERY OF ORDER : 22^nd August , 2024

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Standard Chartered Bank , a body corporate incorporated under the Banking companies (Acquisition & Transfer of Undertakings) Act, 1970 and having its registered office at Crescenzo, 3^rd Floor C-38/39, G Block, Behind MCA Club Bandra Kurla Complex, Bandra (East), Mumbai-400051 and also at 201B/1, Standard Chartered Tower, Western Express Highway, Goregaon, East Mumbai-400063 and one of its branch office at 19, Netaji, Subhash Road, P.S. Hare Street, Kolkata-700001.

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

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Krishna Trading Company, a Proprietorship Firm, having its registered office at 17A Ratan Sarkar Garden Street, Kolkata-700007.

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Mohan Patwari, Proprietor of Defendant No.1, residing at GA-8, Gopal Apartment, Narayan Tala West Prafulla Kanan, Near Bread Factory, Baguiati, Rajarhat, Gopalpur (M) North 24 Parganas, West Bengal-700101.

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

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Counsel for the Applicant Bank: - Ms. I. Khan, Ld. Counsel

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Counsel for the Defendants:- Set ex-parte on 01.08.2024.

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J U D G M E N T

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The present Recovery Application is filed by the Standard Chartered Bank, corporate Bank carrying on business of Banking all over India including its Branch Office at 19, Netaji, Subhash Road, P.S. Hare Street, Kolkata-700001 for recovery of Rs. 21,94,754.54P as per contractual rate with interest @ 24% p.a. with monthly rest from 02.05.2019 against the Defendants till payment and/or realization. The Defendants are the borrower/guarantor/mortgager.

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The service of summons was effective upon the Defendants, in

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usual mode of postal service. Defendants No.1 & 2 are appeared through their advocate but did not file written statement to controvert the claim of the applicant bank. Hence the defendants are declared ex-parte on 01.08.2024.

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The Applicant bank in support of its contention filed Evidence on Affidavit duly affirmed by Ld. Advocate Sk. Abidur Rahaman, Constituted Attorney, of the 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. 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. 21,94,754.54P as per contractual rate with interest @ 24% p.a. with monthly rest from 02.05.2019 till payment or realization.

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iii) It is declared that the claim is not secured by hypothecated goods/assets or mortgaged property of the OA.

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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 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 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 23/09/2024 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. 481

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of 2022 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 22^nd August,2024)

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Place: Kolkata ( Ambuja Mohan Das ) Date: 22^nd August, 2024 Presiding Officer

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Page No.-	Order Sheet(continuation)
Case No. OA/481/2022	Standard Chartered Bank Vs. Krishna Trading Company & Anr.
Date of the order	Order with signature Office action with date and dated signature of parties when necessary

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2 22/08/2024	Ld. Advocate, Ms. I. Khan appeared for the applicant bank. None appeared on behalf of the Defendants. Matter was heard in open Court on this the day of 01.08.2024. The detailed order in three pages annexed separately. The gist of the order is as follows: O R D E R
	i) Claim of the Applicants is allowed with cost. ii) The Defendants are jointly and severally liable to pay Rs. 21,94,754.54P as per contractual rate with interest @24% p.a. with monthly rest from 02.05.2019 till payment or realization.
	iii) It is declared that the claim is not secured by hypothecated goods/assets or mortgaged property of the OA. iv) Let, a certificate be issued accordingly. v) Ld. Recovery Officer shall realize the amount as per Recovery Certificate from the defendants in accordance with law. 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. vii) The parties are directed to appear before the Recovery Officer on 23/09/2024 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. No.481 of 2022 is allowed and stands disposed of. All the IAs, if any, are also disposed of. Copy of the Judgment/Final Order be uploaded in the Tribunal’s website. File is consigned to the Record Room. (Dictated to Stenographer, transcribed by her, corrected, signed and pronounced by me in the open Court on this the day 22^nd August,2024)
	Place: Kolkata ( Ambuja Mohan Das ) Date: 22^ndAugust,2024 Presiding Officer

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Standard Chartered Bank v. Krishna Trading Company

Case brief

What is this about?

What did the court decide?

Standard Chartered Bank v. Krishna Trading Company

Case brief

What is this about?

What did the court decide?

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