Allowed

Punjab National Bank v. Ms Cool Tech and Anr.

DRT10 May 2024OA/604/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the Original Application filed by Punjab National Bank for recovery of a term loan principal amount of Rs 58,96,013.86 along with future interest and costs against two defendants who appeared ex-parte.

What did the court decide?

Appointment of a Certificate of Recovery and 30 days notice period for repayment of the debt before the debt recovery officer should initiate enforcement proceedings.

Punjab National Bank versus Ms Cool Tech and Anr. — Contract and Commercial Disputes | DRT (2024)

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KoLKATA BEFoRE^rHE 'FRI35f..:y!il IXL"^""# "'

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PRESIDING^OFFICER

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O A^{No 604 of 2023}

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DATE^{OFDELIVERYOF ORDERI IOIOs/2024}

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puNrAB NATT.NAL^{BANK(Erst!',,hre} Y:i::-::::'i.t"i];"1"?",,11,i1!?iliii (ons,,r-urpo :1""1-,:,: i":lj.X,::::i ff i"':,';.,1.- io ,,,'o New De,n' ;;.;;u^{u't N"* Bu"u'kporeBranch rocated and} North 24 H.)?':*':::i;#;';:;; situaled^{at Acharya Prafulla CnanO'u AouO'New Barrackpore'Drstrrct} ^ Parqanas,^{Kolkata700131,westBengal' commonly knownas NewBarrackpore} referred as^{Ln" npp-t'tunt Bank"'wrthrnthe lursdrctron oflhLs} ;;r'":;, ;".",;;;|. Learned^Trlbunal.

APPllcant^Bank

Versus

M/s Cool Tech,^{proprietor - Mr' Swarlrp Basu' sonof LateAllt Kumar Basu' 292'} A.P.C. Road,^{Posl OFfice New Barrackpore' Po ce SlalLonNew Barrackpore'} Drstflcl North^{24 Patqanas,Kolkata700111, West Bengal}

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Mrs. Soma Basu,^{wife of l4r. Swarup]aar,292, A P'C' Road'Post Offr'eNew} Barrackpore, Police^{StatLonNew Barrackpore,DistrrclNorth 24 Parganas' Kolkata} 700131, West Benqal

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Defendants

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Counsel for the Applrcant^Banki

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l4r. Swastrk Saha, Advocale

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Set ex Parte on 30/04/2024

]U DqE^I'4 E NI

The Applicant Bank filed the^present OA be ng^{No. O.A604 ol2a23on rl/lA/2023fot} recovery of a total sum of^{Rs 58,96,013.86/- (Rupeesfifty eight} lakh ninety six thousand thrrteen and Daise etqhty six^{only) from the Defendantstowards term ioan togetherwrth} lnterest, cost and other usual^releFs.

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The Defendants are served^{wrth summons. The defendantsd d not appear, as there was lro} representaLion from lhe defendants,^{the case wasfxed lor ex pa(e heanng an 30/A4/242a,} and heard ex-parte accordingly.

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The Applicant Bank examrned^{44 documenLs through Mr. Hemra.l Pare^ra, Ch ef l'4anagcr} marked as Exh brl Annexure^{A/1 to ExhrbI Anncx\ne A/41-}

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Heard the Ld. Counsel^{for the ApplicanL Bank.}

The^{pointthat arises forconsideratronis:}

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whether^{the Applrcant Bank is entrtledLo the claim made rn LheoA againsl the Defendanls} and^{oA schedule propertiesas prayedfor?}

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As stated^{supra, the Deiendant remained absentand did not turnup to controvertLhe} verslon^{of the O A of AppllcantBank The Evrdence AFfrdavltcoupleduJrththe recrtalsn the} documents^{viz',ExhibiL AnnexureA/1 to AnnexLlreAl44 nafuedon behalf of Lhe Appllcant} Bank, estabrished^{thecraim of the Applicant Bank aqansr the Defendantsand oA schedule} properties.^{Hence, I hold thatLhe Uefendants arelo nLly and severallylLable lo payto the} ApplicanL^{Bank the clalms madeLn the OA w th future inlerestand costs}

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In the^{result, the present OriglnalApplicatlonrs allowed ex-parte wlth costs' as !nder:'}

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ORDER

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(1) O.A. No.^{604 of 2023filed by the Applicant Bank is allowed anddebtrs determrnedwrth} costagainstthedefendants,ItlsherebyorderedthatappllcantbanklsentlLledto recover From^{the defendanlsthe toLalamountlo the tune of Rs' 5B'96'013'86/(Rupees} frfty erqht lakh^{ninetysrx thousand Lhirleen andparse erqhty srx only)w lh pendentel te} and futLrre interest^{Cd 11.OoYoper annLlm nterest wiLhsrmpleon the amounldue from} the date of filing^{of the Original Applicatront'e' 1l/1O/2O23 t ll fulL and finaL rea rzaton of} the claim amount.

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1. AmounL, if any,^pa d^{by the defendants rn the loanaccoLlntsor amount'lfany'} recovered by the^{Applrcant Bank after fil ng of the o'A the same be lakennioaccollnt} while arrivlng at the^{exacl amount ofdues/debt payablebythedefendanis} Accordlngly,^{pendentelLteandfuture interesl shal be calculated on the redu'ed amount'}

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(3) Defendants are debarred^{fromdisposrng, alienatingor dealingwithanyof the properties} belonging to them till^{the aforesaid decretaldebt rs recoveredfrom the defendants'}

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(4) Defendanls are^given a^{trme of th rly dayslromLhe dateof the ludqemenL/Frnaiorder} for repayrnq of the above^{ment oned dues, so rntimatedLo them' In casethe defendanls} fa I lo^pay lhe dues^{wrthrnthe above menl onedtrme,the appl canl bankrs ent I ed to} recover rts dues bv sale^{oFsecured assets, rf any. App cant bank s also enirtled to} proceed agarnst personal^properties of^{lhe delendants(BoLh movablcand mmovabe)} and a so^proceed aqarnst^{the defendants personaly lo recover the dues r'l a'cordance} wrth law.

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(s) Let the Certficale of^{Recovery be drawnup by Ld' Regrstrar forthwrth n ierms ol} ludgement for rssuance^{oF the sarne aga nsl defendants n favourof the app cant bank} under Secton lg 122)^{of Lhe Recovery of Debtsand Bankruptcy Act,1991 and putup} the same for lssuance^{of the Certificate.}

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as^per Lhe Recovery^{Certrfrcalefrom ihe}

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(6) Ld. Recovery Offrcer^{shall realizethe amount} defendants in accordance^{$/ith law.}

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(7) Ld^{Resistrar or rh,s r"0""-,,. o::.:::,:,T} ;::"'ff::"J:::::i^lill:jiT':." order/lL,dgemenr^{lor recoverY} :' ,t:- :, ."";".""pry ot Debr5^{oLp lo tne Bdnrd1d} Aop,,an!^{Bdnk Lrnda'|seci'on-r:'.1/'i";_;} pero\ery o, Debr<sup>a,ro Bart-Lp''i' Arr Frnanclal^{lnstrtutionsAct' 1993 now} ", 1993.

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The^{parties aredirected to appear beforethe Recovery Aff'cerat) 4lA7l2024 for furLher}

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(B) actton^{in accordancewlth law in the eventthe entlre amountLs not patd by theSald} date.

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No. 604^{of 2023 is allowed and stands} Accordingly,^{the Orlglnal Appllcation beinq O'A'} drsposed^of.

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Copy of^{the ludgement/FinalOrder be uploadrn the Tribunal's website} Frle is consrgned^{to Lhe Record Room'}

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, D r rdreo^{io re' o. t' dn:iI DPdo'hp ' o-p' oo $aneod J} ;ro.ou..ed^{bvme n th€ opencourto"rn s} 10r' daY^{of MaY,2024)}

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( KArvlAL DE ) - PRESIDING^OFFICER

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sorn/

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Debts RecoverY^{Tribunal-3' Kolkata} Order^Sheet (Continuation )

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Case^No.OANo'
Dateof^Order	Order^{withsignature}
ordclNo.6 ot.10/05/2024	order^{pronounced (vide separatesheets)} Inthe^{result,O.A.No.604of2023 isallowedwithcosts} RecoveryCertltrcate^accordrngly'	Issue
	rxErnafE6J- Presiding Offrcer DRT3, Kolkata

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Punjab National Bank v. Ms Cool Tech and Anr.

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Ms Cool Tech and Anr.

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

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Case details

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