Allowed

Indian Bank v. M/S Ma Tara Enterprise

DRT12 Jun 2024OA/75/2022

Case brief

AI extract

What is this about?

The Tribunal allowed an ex-parte recovery application filed by Indian Bank against a borrower and guarantors for a debt of Rs. 3.11 crores with interest. The claim was secured by mortgaged immovable properties and hypothecated goods. A recovery certificate was directed to be issued.

What did the court decide?

The defendants are directed to pay Rs. 3,11,53,795.50 with interest. A recovery certificate is to be issued for realization.

Indian Bank versus M/S Ma Tara Enterprise — Company and Corporate | DRT (2024)

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B EFORE THE DEBTS RECOVERY TRIBUNAL-I KOLKATA

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PRESENT: -SHRI AMBUJA MOHAN DAS PRESIDING OFFICER

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O.A. No.75 OF 2022

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DATE OF DELIVERY OF ORDER : 12^th June , 2024

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Indian Bank, a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Head Office at 254-260, Avvai shanmugham Salai, Royapettah, Chennai-600014 and also having its numerous branches including one at Indian Bank, Stephen House Branch, 4, B.B.D Bag (East), Kolkata-700001.

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

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M/s. Ma Tara Enterprise, is a proprietorship Firm of Debasish Nandy having its Registered Office and/or Godown at 121/B/2, Badu 1^st Main Road. P.O.Badu, P.S- Barasat, District-24 Parganas (North), Pin code-700128, West Bengal and also at 121/B/2, Badu 1^st Main Road, P.O.- Badu, P.S. Barasat, District-24 Parganas (North), Pin Code-700124, West Bengal.

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Debasish Nandy, Pan-AXQPN1408C, S/o- Late Kamala Kanta Nandy is a proprietor of M/s Ma Tara Enterprise having place of business and/or residence at 121/B/2, Badu 1^st Main Road, P.O.- Badu, P.S. Barasat, District-24 Parganas (North), Pin Code-700124, West Bengal.

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Subir Nandy,is a guarantor of of M/s Ma Tara Enterprise having its residence and/or place of business at 121/B/2, Badu 1^st Main Road, P.O.Badu, P.S.- Barasat, District - 24 Parganas (North), Pin Code-700124, West Bengal.

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

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Counsel for the Applicant Bank: - Mr. S. Pal Choudhuri, Mr. O. P. Chowdhury & Mr. K. Patra, Ld Counsels

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Counsel for the Defendants:- Set ex-parte on 01.05.2024

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J U D G M E N T

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The present Recovery Application is filed by the Indian Bank, nationalized Bank carrying on business at Indian Bank, Stephen House Branch, 4, B.B.D Bag (East), Kolkata-700001 for recovery of

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Rs.3,11,53,795.50P with interest as per contractual rate @ 10.30% p.a. with monthly rest from 18.01.2022 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 ‘Indian Express’ (in English) and in the ‘Lipi’ (in Hindi) on 13/07/2023 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 01/05/2024.

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The Applicant in support of its contention filed Evidence on Affidavit duly affirmed by Sri Jayanta Paul, officer 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.

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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.3,11,53,795.50P with interest as per contractual rate @ 10.30% p.a. with monthly rest from 18.01.2022 against the Defendants till payment or realization.

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iii) It is declared that the claim is secured by mortgaged of immoveable property and hypothecated of goods in schedule-X, X-1 and schedule-Y at Page no. 26 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 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 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 29/07/2024 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. 75 of 2022 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 12^th June , 2024)

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Place: Kolkata ( Ambuja Mohan Das ) Date: 12^th June , 2024 Presiding Officer

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Page No.-		Order Sheet(continuation)
Case No. O	A/75/2022	Indian Bank Vs. M/s Ma Tara Enterprise & Ors.
Date of the order		Order with signature	Office action with date and dated signature of parties when necessary
12^thJune , 2024	Ld. Advo the applicant ban None app Matter wa The detai the order is as fo	cates, Mr. O. P. Chowdhury & Mr. K. Patra appeared for k eared on behalf of the Defendants. s heard in open Court on this the day of 01/05/2024. led order in three pages annexed separately. The gist of llows: O R D E R
	i) ii)	Claim of the Applicants is allowed with cost. The Defendants are jointly and severally liable topay Rs.3,11,53,795.50P with interest as per contractual rate @ 10.30% p.a. with monthly rest from 18.01.2022 against the Defendants till payment or realization.
	iii) iv) v) vi) vii) Accordin allowed and stan Copy of website. File is c (Dictated to Ste pronounced by m	It is declared that the claim is secured by mortgaged of immoveable property and hypothecated of goods in schedule-X, X-1 and schedule-Y at Page no. 26 of the OA. Let, a certificate be issued accordingly. 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 29/07/2024 for further action in accordance with law in the event the entire amount is not paid by the said date. gly, the Original Application being O.A. No.75 of 2022 ds disposed of. All the IAs, if any, are also disposed of. the Judgment/Final Order be uploaded in the Tribunal’s onsigned to the Record Room. nographer, transcribed by her, corrected, signed and e in the open Court on this the day 12^thJune , 2024)
	Place: Kolkata Date:12^thJune ,	( Ambuja Mohan Das ) 2024 Presiding Officer

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Indian Bank v. M/S Ma Tara Enterprise

Case brief

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Indian Bank v. M/S Ma Tara Enterprise

Case brief

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