Allowed

Punjab National Bank v. Ms Joy Enterprise and Ors.

DRT25 Apr 2024OA/498/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal, Kolkata, set aside an objection or lack thereof and allowed an ex-parte application by Puniab National Bank for the recovery of INR 64,55,998.16 plus future interest from M/s. Joy Enterprise and associates. The Tribunal granted prepayment relief, attached assets, and ordered the issuance of a recovery certificate.

What did the court decide?

Recovery of ₹64,55,998.16 with future interest at 13.75% p.a.; issuance of Recovery Certificate; bar on alienating assets; 30-day repayment period.

Punjab National Bank versus Ms Joy Enterprise and Ors. — Execution and Attachment | DRT (2024)

¶1

BEFORE THE DEBTS^{RECOVERY TRIBUNAL'IIIKOLKATA}

¶2

PRESENTT -SRI^{KAMAL DE'}

¶3

PRESIDING OFFICER'

¶4

O.A. No. 498 OF^2023'

¶5

DATE OF DELIVERY^{OF ORDERI251O412O24}

¶6

Puniab National^{Bankis abody corporate constitutedunder the Bankinq} Comianies^{(Acquisition and Transferof Undertakings)Act' 1970' havingits Head} Office at Ploi^{No,-4, Sector-10, Dwarka,NewDelhi-110075, and carrying on business} through one of^{its Circle Sastra Division, North 24 Parganas,48A'Jessore Road'seth} Pukurl Barasat,^{Kolkata-700123and branchesinteralia at Haroa Branch' Police} Station&PostOffice:Haroa,District:North24Parganas,Kolkata-743425'withinthe jurisdiction of this Ld. Tribunal.

¶7

Applicant Bank.

¶8

M/s, Joy Enterprise,^{representedby its proprietorToufikul Alam' Village:Peara'P o'} & e.S. iaroa,^{iist.ict;tttorth24 Parganas,Pi743425'}

¶9

P S Haroa'

¶10

1. Mr. Toufikul Alam,^{son of Tarikul Alam, residingat Village:Peara'P O} oi.triit rlo.tn^{i+'p"rganas,Pin: 7434i5, PAN No AGCPA1896L'Mob: 7548004836'} -&

¶11

Mr. Samik^{Ahmed, sonof IstayakAhmed, residing at UttarGardaha'P O & P S} Haroa, District:^{North 24 Parganas,Pin:743425'}

¶12

Defendants.

¶13

Counsel for the^{APPlicant Bank:}

¶14

Samapti Roy,^Advocate, Set ex_Parte^on 1Al04l2024

¶15

J UDGEIY^{E NT}

¶16

The Applicant Bank^{filed the presentO Abeing NoO A /498/2023on 16108/2023 fot} recovery of a total^{sum of Rs. 64,55,99816/- (Rupees sixtyfour lakh fifty five thousand} nine hundred ninety^{eight and paisasixteenonly) from the Defendantstowards CashCredit} and Term Loan^{togetherwith interest, costand other usual reliefs'}

¶17

The Defendants^are served with summons.^{The defendantsdid not appear,as therewas no} representation^from the defendants,^{the case was fixedfor ex-partehearingon 1a/o4/2o24'} and heard ex-Parte accordinglY.

¶18

The Applicant Bank^examined34 documents through^{Sri Hemraj Parewa,Chieflvanager} marked as Exhibit^{Annexure-A/1to} Exhibit Annexure-A/34.

¶19

Heard the Ld. Counsel for the^{ApplicantBank}

¶20

The point that arises for consideration^as:

¶21

Whether the Applicant Bank^{is entitled to the claim made in the OA againstthe Defendants} and OA schedule^{propertiesas prayedfor?}

¶22

As stated supra, the Defendant^{remained absent and did not turn up to controvert the} version of the O.A. of Applicant^{Bank,The Evidence Affidavit coupled with the recitalsin the} documents viz., Exhibits Annexure-A/1^{to ExhibitAnnexure-A/34 marked on behalf of the} Applicant Bank, established the ctaim^{of the ApplicantBank againstthe Defendants and OA} schedule^properties. Hence, I hold that^{the Defendantsare} iointly^{andseverally liable to pay} to the Applicant Bank the claims made in the^{OA with futureinterest andcosts}

¶23

¶24

ln the result, the^present Original Application^{is allowed ex-parte withcosts, as underl-}

¶25

ORDER

¶26

(1) O.A. No. 49A of 2023 filed by the Applicant Bank is allowed and debt is determined^withcost against the defendants. It is hereby ordered that apPlicant^{bank is entitledto recover from} the defendants the total amount to the tune of^Rs. 64,55,998.16/-^{(Rupeessixty fourlakh} fifty five thousand nine hundred ninety eight and^paisa sixteen only) with Pendentelite^and future interest @ 13.750lo^per annum interest with simple on the^{amount due from the date} of filing of the Original Application i,e, 1610812023 till full and final^{realizationof the claim} amount.

¶27

(2) Amount, if any, paid by the defendants in the loan accounts or amount, if any, recovered by the Applicant Bank after filing of the o.A. the same be taken into account while arriving at the exact amount of dues/debt payable by the defendants. Accordingly,^pendentelite and future interest shall be calculated on the reduced amount.

¶28

(3) Defendants are debarred from disposing, alienating or dealang with any of the properties belonging to them till the aforesaid decretal debt is recovered from the defendants.

¶29

(4) Defendants are given a time of thirty days from the date of the Judgement/Final Order for repaying of the above mentioned dues, so intimated to them. In case the defendants fail to pay the dues within the above mentioned time, the applicant bank as entitled to recover its dues by sale of secured assets, if any. Applicant bank is also entitled to^proceed against personal properties of the defendants (Both movable and immovable) and also proceed aqainst the defendants personally to recover the dues in accordance with law.

¶30

(5) Let the Certificate of Recovery be drawn up by Ld. Registrar forthwith in terms of ludgement for issuance of the same against defendants in favour of the applicant bank under Section 19 (22) of the Recovery of Debts and Bankruptcy Act, 1993 and^put up the same for issuance of the Certificate,

¶31

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

¶32

(7) Ld Regastrar of this Tribunar is directed to deriver recovery certificate in term of the finar order/judgement for recovery of the sum against the defendant in favour of the Applicant Bank under Section 19 (22) of the Recovery of Debts due to the Bank and Financial Institutrons Act, 1993 now known as Recovery of Debts and Bankruptcy Act, 1993.

¶33

(B)The parties are directed to appear before the Recovery Ofticet on 27/05/2024 for further action in accordance with law in the event the entire amoLrnt is not paid by the said date.

¶34

Accordingly, the Original Application being O.A. No. 498 of 2023 is allowed and stands disposed of.

¶35

Copy of the Judgement/Final Order be uploaded in the Tribunat,s website. File is consigned to the Record Room.

¶36

(Dictated to steno, transcribed by her, corrected, signed and pronounced by me in the open Court on the 25th day of Aptil, 2024)

¶37

( KAMAL DE ) PRESIDING OFFICER.

¶38

Debts Recovery Tribunal-3, Kolkata Order Sheet (Continuation)

¶39

CaseNo.OAN	o.498 of2023	PuniabNationalBank Vs,M/s,Joy Enterprise& Ors.
OateofOrder		Orderwithsignature
OrderNo.05 Dt.2s10412024	Order pronounced	(vide separate sheets).
	Intheresult,O.A RecoveryCertifica	.No.498of2023is allowedwithcosts. Issue te accordingly.
s5		(Kamal De) PresidingOfficer DRT3,Kolkata

Punjab National Bank v. Ms Joy Enterprise and Ors.

Case brief

What is this about?

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Punjab National Bank v. Ms Joy Enterprise and Ors.

Case brief

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