Allowed

Canara Bank v. M/s Tingrai Fisheries and Industries

DRT25 Feb 2025OA/108/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an application filed by Canara Bank under Section 19 of the SARBFA for recovery of an outstanding sum of Rs. 1,08,27,034.20 from three defendants including the borrower and guarantors, holding the application maintainable and the defendants jointly and severally liable.

What did the court decide?

Recovery certificate issued for Rs. 1,08,27,034.20 with interest; charge kept alive on mortgaged and hypothecated properties; possession of secured items allowed.

Canara Bank versus M/s Tingrai Fisheries and Industries — Banking and Recovery | DRT (2025)

¶1

O.A. 108/2022lDRT-Guwah.ti

¶2

IN THE DEBTS RECOVERY^{TRIBUNAL,GUWAHATI}

¶3

(North Eastern Region)

¶4

(Tribunal of Assam, Nagaland, M;ghalaya,^{Manipur, Mizoram, Arunachal Pradesh& Tripura)}

¶5

Before Shri Shiv Sharan^{Dubev.PresidinqOfficer}

¶6

O.A. No. 108/2022

¶7

ln the mattar of -

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CANARA BANK, New Market, Station Road, Duliajan, Assam-786602.

¶9

App lica nt

¶10

Vs.

¶11

M'S TINGRAI FISHERIES^{AND INDUSTRIES} Proprietor- MR. ARIFUL^KABIR Serseriajan Gaon, District^{- Dibrugarh,} Duliajan, Assam-786602.

¶12

ARIFUL KABIR

¶13

s/o Late Ashraful Kabir House-25, Serseriaian^Gaon, P.O-Balijan, District^{- Dibrugarh,} Assam-786602.

¶14

MRS, iiORZINA BEGUM Wo Late Ashraful Kabir House-2s, Serseriaian^Gaon, P.O-Bahjan, Oistrict^{- Dibrugarh,} Assam-786602.

¶15

Defendants

¶16

Presence of tho Coun3el^:

¶17

For the Applicant Mr. Mukesh Sharma, Ms. Ellora Bharali,^Advocates

¶18

For the Defendants

¶19

Ms. Anannya Gogoi,^Advocate

¶20

Daled .2510212025

¶21

JUDGMENT

¶22

This is an application^{undersection 19 of the} Recovery of Oebls Oue to Banks and Financial^{lnstitutions Ac1, 1993 filed by} thE CAMRA BANK,^NEW Market. Station Road, Duliaian,^{Assam-786602,with a} prayer lo issue Recovery

¶23

-fl^n

¶24

DRT. Guwahati

¶25

O.A¹ 08/202zoRT4uwahati

¶26

Certificate for the sum of^{Rs.1,08,27,0311'20(RuPees OnE CroreEight Lac} Twentyssven Thousand Thirty-Four^{and Pai3a Twenty) only as on 03.03.2022} against the defendants with further^{interestal contractualrate till realization along with} cost and other relief.

¶27

A few facts^giving rise to the^{present applicationare as under.}

¶28

The Defendant No.'l is the Proprietorship^{Firm and DefendantNo 2 is the} Proprietor of Dafendant No.1^{firm as well as the borrowerand DefendantNo 2 is the} co-borrower and also^{guarantorwho has made a loan application before the bank} and availed the same.

¶29

The Defendants had approached^{the ApplicantBankand appliedfor financial} assistance by submitting a^{Loan Applicationdated 25.09.20'17for the purpose of} construction of house and afler considering^{the said Application, the ApplicantBank} vide its Sanction Memorandum dated^{25.09.2017 had sanctioneda Housing Loan of} Rs. 27,95,000.00 Lacs to the^{Oefendants,with interest} @8.40olo,^{i.e 0.l0% above} MCLR (MCLR^presenily being 8.30%+0.10)^{p.a, floating, per annumcompounded} monthly subject to changes^{from timeto time as per Banks guidelines. The Housing} Loan was to be repaid in 174 Monthly^{installments of Rs.29,014.00 each with the} first installment of Rs 34,428.00. ln the event^{of default, the bank shall alsobe} entitled to charge at^{its own discretion and the borrower shall be liableto paysuch} enhanced rate of interest^{on the said cash credilaccount.TheDefendantNo2} along with oefendant^{No.3 had signedthe Sanction Letter thereby confirming the} availing of the loan facility^{fromthe applicant bank and also accepted the terms and} conditions contained therein.

¶30

ln connection with the sanction^{of the Housing Loan of Rs. 27,95,000.00 Lacs'} sanctioned by the Applicant^{Bankand availed of by the Defendant,a HousingLoan} Agreement dated 25.09.2017^{has been signed and executed by the Defendants in} favor of the Applicant Bank as security^{for repaymentof the loan,thereby agreeing} to all the terms and conditions^{laid down in the said Agreement and also charged/} hypothecation of^{presant and future Stocksin favorof the Applicant Bank.}

¶31

O A¹ o8/2o2zDR1€uwahati

¶32

Further the aforesaid loan^{was secured by creation of equitablemortgageof} Area measuring 1 Bigha^{2 Katha 1 Lechacovered by OagNo. 17 of K'P Patta No'} 'I Ol situated at Serseria Gaon, under Keremia Mouza, Tengakhat Circle,^district Dibrugarh, Assam^{(Schedule-B).The defendantNo.2had depositedthedocuments} of title of his immovable^{property as security for repayment to the Applicantfor all the} amounts advanced or to^{be advancedunder various facilities granted or to be} granted by the applicant bank and Defendant^{No. I and 2 togetherwith inierest,} compound and/or^{additional interest in case of default, cost, othercharges.All the} title deeds in respect^{of the immovablepropertios are deposited and confirmedby} executing mortgage^{by deposit of TitleDeedsdated 25.09 2017 have confirmed the} deposit of title deeds^{of theirimmovable propertyfor creation of squitablemortgage} for repayment of the^{loan availed by DefendantNo l and 2.}

¶33

The Defendants had^{again approachedthe applicant Bank with a loan} application dated^{24.01.2018 for Cash Credit facility and after considering thesaid} request, the Applicant^{Bank vide Sanction Memorandumdated 24.01.20'18 had} sanctioned the cash^{creditfacility of Rs. 60,00,000/- Lacs with interest} @10^{45% per} annum (MCLR+2.15olo) compounded^{monthly subiectto changefrom timeto timeas} per Banks guidelines. The cash credit limit^{is repayable for a running limit of one} year. The Defendants had signed on the^{said SanctionMemorandum'thereby} agreeing to the terms^{and condition laid down therein. The defendantshad also} signed and executed a^{Requestfor Overdraft Facilitiesdated 24.01'2018 for limit of} Rs. 60,00,000 Lacs.

¶34

ln connection with the^{sanctionof the CashCredit Facility of Rs 60,00'000} Lacs, sanctioned by^{the Applicant Bank and availed of by the Defendants,a Cash} Credit Agreement^{dated 24.01.2018and a Pronote dated 24 01 20'18, Letter of} Proprietorship daled^{24.01.2018 has been signed and executed by theDefendantin} favor of the Applicant^{Bankas security for repaymentof the loan,thereby agreeing} to all the terms and^{conditions laid down in the saidAgreement and also charged/} hypothecation of^{present and future Stocksin favorof the Applicant Bank'}

¶35

ln connection^{with the sanctioningof the cash creditfacility of Rs 60,00,000}

¶36

9,';^tila,aA"f,t ,n",otnn*kfla4{0 ORT. Guwahelr

¶37

O A 1o&2o22loRT-Guwahall

¶38

Lacs sanctioned by lhe applicant^{bank and availed off by theDefendant No.1 to 3, a} Guarantee Agreement dated^{24.01.2018 was executed by theDefendantNo3, who} stood as the co- borrower as^{well as personal guarantorto the saidloan facility} whereby the Defendant No. 3 in his^{capacity as thepersonalguarantor had not only} confirmed the execution^{of the Guarantee Agreement,but alsoacknowledged his} obligation as the^{personal guaranlorto the loan facility availedby both Defendant} No. 1 to 3.

¶39

ln connection with the sanction^{of the Cash Credit Facilityof Rs. 60,00'000} Lacs, sanctioned by thg^{Applicant Bank and availedof by the DefendantNo 2 on} 05.03.2019 had^{executeda Letter evidencingDepositof Title Deeds of mortgaged} properties.

¶40

As the Defendants^{have failed to repaythe outstanding amount in the Loan} account, the^{Applicant Bank on 16.08.2019,30.092019,12 11.2019i05 12 2019} had issued Reminder notices to^{the Defendants demandingthe repayment of the} outstanding loan amount^{in the loan account.}

¶41

The Defendants had^{again approached the applicant Bank with a loan} application for Renewal^{of the Cash Creditfacility and afterconsideringthe said} requesi, the Applicant^{Bank vide Sanction Memorandumdated15 022020 had} renewed the cash^{credilfacility of Rs. 60,00,000^ Lacswith interest @10 95% per} annum^{(MCLR+2.90%) compounded monthly subjectto changefrom timeto time as} per Banks guidalines. The cash^{credit limit is repayablefor a runninglimit of one} year. The Defendants had signed on^{the said SanctionMemorandum'thereby} agreeing to the^{terms and condition laid down thereinThedefendantshad also} signed and executed^{a Lsttet of Renewal dated 15 02 2020 for limitof Rs 60'00'000} Lacs.

¶42

ln connection with^{the sanction of the OverdraftCash Credit of Rs} 60,00,000.00 Lacs,^{sanctionedby the Applicant Bank and availed of by the} Defendants, a^{Letter of Proprietorshipdated 15 02.2020hasbeen signedand} executed by the^{Defendantsin favor of the Applicant Bank as securityfor repayment} of the loan, thereby^{agreeingto all the terms and conditions laid downin the said}

¶43

'Pkw DRT Guwahali

¶44

¶45

o.A. 1o8r2o2zDRT€ffrn.t

¶46

Agreement and also charged/ hypothecation of^present and future Stocks in favor of the Applicant Bank.

¶47

ln conneclion with lhe sanciioning of the cash crsdit facility of Rs. 60,00,000 Lacs sanclioned by the applicant bank and availed otf by the Defendant No.'l to 3, a Lefter from the Guarantor whenever limits are renewed dated 15.02.2020 was executed by the Defendant No. 3, who stood as the co-borrower as well as personal guarantor to the said loan facility whereby the Defendant. No. 3 in her capacity as the personal guarantor.

¶48

On 04.08.2020 and 02.01.2021 the Defendant No. 2 as proprietor of Defendant No.1 and Defendant No.2, had confirmed and acknowledged its indebledness towards the bank by signing and executing Acknowledgement of Debt and Security also confirmed the execution of loan documents and the relative securities in connection with the said loan facility availed of by the Defendants.

¶49

The Oefendant no. I had again approached the applicant. Bank for restructuring of the open cash credit facility as per RBI guidelines and after considering the said request, the Applicant Bank vide Sanction Memorandum dated 24.03.2021 had restructured by curving out the interest overdue portion of the existing open cash credit facility by way of Funded lnterest Term Loan (FITL) upto Rs. 8,27,000.00 Lacs only with interest @9.80% (RLLRr2.90%) per annum compounded monthly subject to change from time to time as per Banks guidelines. The FITL is payabla in 59 instalment of Rs.17,490/- & 60rh installmsnt of Rs.^.t7,990/- The Defendants had signed on the said Sanction Memorandum, thereby agreeing to the terms and condition laid down therein. The defendants had also signed and executed a Link Letter to be obtained when additional loan is granted wilhin maximum limit dated 26.O3.2021i Debt Restructuring Agreement & Debtor Creditor Agreement dated 26.03.2021for limit of Rs. 8,27,0001- Lacs and also signed a Letter of Proprietorship dated 2A.03.2021.

¶50

ln connection with lhe sanctioning of the Funded lnterest Term Loan (FITL) upto Rs. 8,27,000.00 Lacs sanctioned by the applicant bank and availed off by the

¶51

Slr>/u--ql"n,"nokflo|11{ DRT. Guwahat^[

¶52

¶53

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¶54

Defendant No.1 to 3, a^{Oraft Letter of undertakingfrom the guarantorfor} restructuring of^{Loandated26.09.2021was executed by the Defendant No 3, who} stoodaStheco-borroweraswellaspersonalguarantortothesaidloanfacility whereby the Defendant^{No. 3 in hercapacityas the personal guarantor'}

¶55

As the Oefendants^{have failed to repay the outstanding amountin the loan} account, the Applicant^{Bank on 17.052021, 18.052021i25 05 202117 08'2021:} 30.08.2021; 09.09.2021^{had issued Demandnotices to the Defendants demanding} the repayment^{of the outstanding loanamountin the loan accountwithin 7 days from} the date of^{receipt of the notice. But theDefendantsfailed to discharge their} liabilities within the^{stipulated period.}

¶56

The Defendants^{had availed of the said loanfacilities from the Applicant Bank'} but have nol^{paidthe loan amountas per the terms and conditions as agreedupon} with the Applicant^{Bank, in spiteof repeated demandsand requestsby the Applicant} Bank. Thereafter,^{the ApplicantBank through its counsel has issueda Legal Notice} of Demand daled^{01.02.2021' thereby demandedtheDefendantsto repay the entire} outstandingamountwithin'l5daysfromthedateofthisnoticeButtheDefendants failed to make any^{payment thereof.}

¶57

The Statements of Account^{maintainedby the Applicant Bankin the usual and} ordinary course of^{business shows that there is an outstanding balance of Rs'} 1,08,27,034.20^{(i.e. Rs.30,75,722.17 in the HousingLoanAccount No'} 249619003811; Rs.68,77,238.03^{in Open Cash Credit A'/c No 2449261000215&} Rs.8,74,074.00^{in FITLA,/c No 2449747000001)as on 03 03 2022 The Open cash} credit & FITL^{accounts became N.P.A. on 30 06 2021 & HousingLoan on} 25,08. 2021.^{Therefore, the claim amount in the Loan account of Defendant is Rs} l,os,2T,o34.2oason25.O22o2landtheDefendantislegallyandseverallybound andliabletorePaythesaidamounttotheApplicantBankwithinteresttillrealization with cost and^{charges. As such, it is certified that the applicant bank hasnot} capitalized Penal^{interestin the loanaccount}

¶58

The applicant^{bank thus becameconstrainedto file he prasent Original}

¶59

Application for^{the recoveryof Rs. I'08,27,034'20 (RuPo$ OnsCrore Eight Lac} *ww

¶60

DRT. Guwahali

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O A 1o8/2o22roRT-Guwahall

¶62

Twenty-Seven Thousand^{Thirty-Fourend Paisa Twenty) onlyas on 03.03.2022} along with inierest and cost of^{the application.}

¶63

After liling of the OA^{the Tribunal issued noticesupon the defendants through} registered^post and the applicant^{bank filed service reporton 12.05.2022and brought} on record the^{postal receipts along with track consignment report which shows that} notices have not been^{served upon the defendants.Thereafter, the Tribunalordered} to take steps through^{substituted service of noticein two widely circulatedlocal} newspapers. The learned counsel^{for the applicant bank has submitted that the notice} has been^published in two^{newspapers,but he could not tile the paper publication} report. However the^{learned counselfor the defendants hasappeared on 27 .06.2022} and tiled their written^{statement and evidenceon affidaviton 11 08 2022to which the} learned counsel for the applicant^{bankhasflled its rejoinderon 19.09.2022Thereafter} the matter was Posted^{for hearing.}

¶64

Supporting the claim^{of theapplic€ntbankSmt Moon MoonKonwar,Branch} Manager of the Applicant Bank^{has filed evidence on affidavitmupledwith the security} documents marked as^{Exhibit-P, ExhibitAW-1/1to AM/43 suppo(ing the claimof the} applicant bank details^{of which are: -}

¶65

Sl.No.	Name of the documents	ExhibitNo.
1	LetterofAuthority	P
2	LoanApplicationdated 25.09.2017	AW-1/1
3	SanciionMe.rnorandumdated^25.09.2017	AW-1n
4	Housing Loan Agreement dated^25.09.2017	AW-1/3
5	Sale Deed No. 1040 dated^06.04.198'l	AW-1/4
6	Jamabandidated^17.11.2016	AW-1/5
7	Jamabandidated12.09.2017	AW-1/6
8	NonEncr.rmbranceCertif^{icatedated07.09.2017}
I	nffrdavitdateo18.09.2017	AW-1/8
10	GeneralPower^otAttorney^{dated11.09.2012}	AW-1/9
11	LetG;vdencinsDeposit^{oiTitleDeeds dated 25.09.2017}	AW-'1/10
12	Loan'applrcationdated^24.01.2018	AW-'l/11
13	SanctionMemorandum^{dated24.01.20'18}	AW-1t12
14	Request forOverdraftFacilitiesdated^24.01.2018	AW-1/13
15	CashbredrtAgreement^{dated 24.01.2018}	AW-1/14
16	Pronote dated24.0'1.2018	AW-'l/15
17	Letter of Proprietorship dated 24.01.2018	AW-1/16
'18	GuranteeAgr€ernentdaied 24 01.2018
19	Guarantee Covering^{Let'terdated 24.01.2018}	AW-1/18
20	widencingDeposit^ofTitle^{Deeds dated 05.03.2019}	AW-1/19
21	Reminder Noticesdated1608²⁰¹⁹	AW-1/20
22	Reminder Notices dated 30.09.2019	AW-1i21
23	Reminder Noticesdated 12.11.2019	AW-1t22

¶66

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¶67

-tter

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O A 1O8u2o22,DRT-Guwahau

¶69

24	nerninderNotices dated05^12.2019	AW-1t23
	s-.-"ri6n Me-morandumdated15.02 2020	AW-1124
26	LetGrof Renewal^{dated'15.02.2020}	AW-1/25
n	t-e.tt-r oeroprietorsnip^{dated'1502 2020}	AW-1/26
28	Letterfrom 15.02.2020 the Guarantoi^{whenever limitsarereneweddated}	AW-1127
	A;6;-wbdsBmentolDebtanq!99!I!ylg!9q!1!9?qq	AW-1/28
30		AW-1/29
31	S,nAonMEmoraMum^{dafgd,6.03.?94}	AW-1/30
32	@is grantedwithin maximumlimit dated^{26.03 2021}	AW-'1/31
	oeOt nEstructuring^{Agreement dated 26.03.2021}	AW-1/32
34	@onsidereddated 26.03.2021	AW-1/33
	Let6ioiProprietorshlp^{da9!]9.03!321}	AW-1/34
36	ffirrestructuring of Loan dated26.03.2021	AW-'1/35
	Femand Noticedated17.05.2021	AW-1/36
38	Denra,ndNoticedated^1805.2021	AW-1/37
39	Grnan-d Notice datedzs.os.zo2't	AW-1/38
40	DmandNotice^{dated17.08.2021}	AW-1/39
41	DamanA Notice^dated301820,	AW-1/40
42	Demand Notice^{dated 0909.2021}
43		AW-1t42
44	StatementaofAccount^{fortt'eaforesaidlo!!l!99!!!lIllqlllql}	AW-1/43

¶70

The defendants^{have appeared andcontestedthe claim of the applicant bankby} - fiIingwrittenstatementandevidenceonaffidavitstatinginteraliathereinthatthe original Application^{is not at all maintainableunder law and factsThe Applicant bank} has failed to disclose^{true and proper account of the alleged transaction which gave} rise to their alleged^{claims, disclosedin the applicationThe Statement of Accountis} not^properly certilied^{as perthe Bankers Books Evidence Act The Original Application} is barred by limitation.^{The ApplicantBank had never issuedand served any reminder} notices to the answering^{Oefendants demandingthe repaymentof the outstanding} loan amount in lhe^{loan account.The Applicant Bank had neitherissuedand served} any demand^{noticedated 17.o5.2021,18 05.2021, 25 05 2021 17 082021'} 30.08.2021 and 09.09.2021^{nor issued and served any Legal Notice dated 01022021} totheansweringDefendants.Thedefendantno.2asproprietorofdefendantno.llirm who was willing^{to settle his outstanding duesin the loanaccountThe applicant bank} was never interested^{to regularizethe loan account of the defendant The statement} of accounts as^well as^{in the lnterest Calculation Sheetsare not at all correct} as the same do^{not reflect the correct entries and no specific rate of interest as per}

¶71

*tililW;; Presiding Offcet I DRT, Guwahali

¶72

¶73

oA l ou2o2zoRlGuwlhsri

¶74

contractual rate and/or RBI norms as shown to have been charged at a particular rate. The applicant bank had capitalized the penal interest in the accounts which is not at all permissible. The applicanl bank has charged rate of interest much higher than agreed by the defendant. The applicant bank has not certmed the statement of account so it creates serious doubt regarding the genuineness of the statement. lnitially due to demonetization and then due to the tockdown caused by COVID_1g pandemic the business of the defendant suffered enormously for which the loan accounE of the defendant no.2 as proprietor of defendant no.,l firm became irregular. The applicant bank on their part never tried lo help the defendants and setfle the loan accounts of the defendants. The Applicant is not entiued for any kind of relief as prayed.

¶75

The leamed counsel for the applicant bank has filed its rejoinder against the Mitten statement filed by the deiendanb in which it has b€en stated that the defendants are making vague, baseless and spurious statements in order to misguide the court towards a wrong direction and also to deter the recovery procedure initiated by the applicant Bank for their wrongful gain. The applicant bank herein is entifled to a the reliels as sought for in terms of the prayer of the original application. The defendants cannot shift their liability of repaying the loan amount since they have duly signed and executed all the documents relating to the credit facility, which is contrary to law, no matter whatever loss and hardships they have to undergo while initiating/implementing such proc€dure. The applicant Bank authorized Smt. Moon Moon Konwar (Manager) to sign the original application from which it is crystal clear that Smt. Moon Moon Konwar has been duly authorized by the applicant bank to make and veriry/affirm any Original Application and thus the contentions put forwarded in the wdtten statement by the defendants are liable to be rejected. The written statement are not correct and are liable to be rejecled.

¶76

Heard the leamed counsel for the applicant bank who prayed for issuance of Recovery Certificate against the defendants as per pleadings made in the Application, supported by evidence on affidavit of their witness who affirmed on oath the execution

¶77

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¶78

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¶79

¶80

of the security^{and other documentsby thedefendantsand also executionof their} own documents^{relied upon, which have been marked exhibits'}

¶81

The learned^{counsel for the defendantshasfiled writtenargumentswitha} prayer for dismissal^{of the originalapplication'}

¶82

I havo carefully^{perused the documents on record includingoriginal} application,^{evidence on affidavitand exhibited documentsas well as written} statement^{and evidence on aftidavit filedby the defendants'}

¶83

It is observed^{that the defendantshad not denied the availment of loan'} execution^{of documonts and their signatureon the same}

¶84

ltisobservedthattheansvveringdefendantshavemadegeneraldenialintheir written stiatement.^{lt is well settled law that the written statement mustspecmcally deal} with each^{of the allegation of fact madein the plaint The failure to make specific denial} amounts^{to an admission. ln thepresentcase'the defendants have made a general} denial that^{amountsto admission on the part of the defendants of the facts pleaded in the} original application^{by the applicantMoreover'the defendanbhave not} any 'iled document^{in supportof their pleadingsand failed to justify and prove the statements} made in^{his writtenstatement and evidence on affidavit'}

¶85

It is evident^{from thestatementof accountfiled by theapplicantbank that the} deiendants^{havedefaulted in repaymentof the loan.lf there is default in repaymentof the} loan the applicant^{bank has everyrightto proceed against the defendants for realization} of the outstanding^{dues. Hence, I have no hesitationto hold that this original application is} maintainable.

¶86

The applicant^{bank has produced on record the copiesof the statement of a@ount} in respecl^{of the defendant,dulycertmedunder Bankers' BooksEvidenceAclThe} applicant bank^{by the evidence-on-affidavitof Smt Moon Moon Konwar'Branch} Manager of the^{applicant bank had deposed the coneclnessof the affdavitandcertified} copy of the^{account. Beyond that nothingmore has to be deposed by an ofrcerol the} bank. lt^{is thusobviousthat apart tom the entries of theBooksof accountthere are} ample evidence^{on the record to conoborate the said entries'}

¶87

The documents^{executedby the defendants are duly provedby the applicant}

¶88

*y'Hr+*7DRT Guwahali

¶89

OA 108/202ZORTCuwahal

¶90

bank and the witness of the applicant. The applicant has sufficient cause of action for filing the instant application due to disbursemenuavailment of loan to/by the defendants and on default in repayment of the loan by the defendant, inspite of demands made, as^per exhibited documents tiled by the applicant bank.

¶91

Considering the facts and circumstances of the case, I am of the considered view that the documenls filad by the applicant bank are supporting the claim of the applicanl bank and establishing the liability of the defendants. lt is^proved that the defandants are liable to^pay to the applicant bank the claim made in the Original Application. The loans were obtained and sxecuted on 23.04.2018. Revival Letter is dated 25.09.2017, 24.01.2018, 15.02.2020,24.03.2021. Acknowledgement of Debt and Security are dated 04.09.2020 & 02.01.2021. The Open Cash Credit &^FITL accounts became N.P.A. on 30.06.2021 & Housing Loan Account on^25.08. 2021 and the OA has been filed on 14.03.2022.^Hence, the OA^{is filed well within the} period of limitation and this Tribunal having a^jurisdiction to adjudicate the Original Application.

¶92

Considering the version of by Smt Moon Moon Konwar,^{the applicant'switness} and all the documents marked as exhibits,^{includingduly certified copyof the} stalement of account along with intarest^{calculation sheetmaintained by the applicant} Bank in it's regular course of business, I^hold that^{the applicantis entitled to get the} Recovery Certificate as^prayed for.

¶93

ln the result, the^present Original Application No.^{'108 of 2022is allowed with} cost as under :-

¶94

i) The defendants No. 1, 2 & 3 are^jointly and severally^{liableto pay to the} applicant bank a sum of R3. 1,08,27,03'[.20^{(Rupoos OrcCro]€ Eight Lac} Twentyseven Thou!.nd Thlrty-Four and Paisa Tw.nty)^{only with} pendentelite and future interest @8.40% per annum with monthly rests from 04.03.2022 till the date of full^{paymenurealizationand also cost of the} apprication.

¶95

lt)OOu^A"1"-, ,.,"^n&#!4w- 4 DRT. Guwahali

¶96

O A 1O8r/2022lORT-Guw.h.ir

¶97

¶98

ii) The charge of the certificated amounl be kept alive on hypothecated properties, as described in Schedule-A of the OA till the amount is realized in full.

¶99

iiD The charge of the certificated amount^{be kept alive on mortgaged propertyi.e.} Area measuring 1 Bigha 2 Katha 1 Lechas covered by Dag^{No. 17 of P.P} Patta No. 101 of Village- Serserajan, Mouza-Kheremia,^{Dibrugarh, Assam,} bounded by- North Ramdhi Tanti ; South-Dulias^{Suren; East-DuliasSuren;} WeslBalijan T.E., as described^{in Schedule-Bof the OA till the amountis} realized in full.

¶100

iv) The applicant bank is entitled to^{proceed againstthe secureditems towards} recovery of the dobts.

¶101

v) The applicant bank is also^{entitledto proceed againstthe personal assets and} properties of the defendants towards recovery of the dues.

¶102

vi) The applicant bank^{is entitledto the costs of the O.A. which includes the} advocate fe€s of the applicant^{bank. Applicant is direcledto file the cost} memo within 2 weeks from today.

¶103

vll) lssue Recovery Certificate^{accordinglyfor a sum R3' 1,08,27,034.20(Rupo63} Ons Cror6 Eight Lac TwentySeven^{Thousand Thirty-Fou,sndPaisa} Twonty) only in favour of the applicant bank against^{the defendants No.'1, 2} &3.

¶104

viii) Communicate copy of this order to lhe^{concerned parlies.}

¶105

This order is dictated and corrected^{by the undersigned.}

¶106

Judgment dated 25th February^{2025, signedand pronouncedin theTribunal}

¶107

today under my signature.

¶108

Copy of the JudgmenuFinal^{Order be uploaded in the Tribunal's Websiteand}

¶109

file be consigned to Record Room.

¶110

3.i,tNro ' st,A"Lq2fl6 uya K (Shiv Sharan Ddbey) (l Prosiding Officer DRT, Guwahati.

Canara Bank v. M/s Tingrai Fisheries and Industries

Case brief

What is this about?

What did the court decide?

Canara Bank v. M/s Tingrai Fisheries and Industries

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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