Allowed

Indian Bank v. Sh. Amitava Sengupta

DRT26 Dec 2025OA/1239/2025

Case brief

AI extract

What is this about?

In this ex-parte hearing, the Tribunal allowed the recovery application filed by Indian Bank against a defaulting home loan borrower. The Tribunal declared the defendant liable to pay Rs.45,15,622.00 with interest fixed at 6.85% per annum and issued a recovery certificate allowing attachment and sale of assets.

What did the court decide?

Issued Recovery Certificate allowing the applicant to recover Rs.45,15,622.00 with interest at 6.85% p.a. via attachment and sale of personal assets.

Indian Bank versus Sh. Amitava Sengupta — Company and Corporate | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1239/2025

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 11.08.2025

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DATE OF DECISION: 26.12.2025

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Indian Bank, a body corporate and Bank within the meaning of Banking Regulation Act,1949 and having its Registered Office at 66, Rajaji Salai, Chennai, Tamil Nadu-60001 and its Corporate Office at 254-260, Avvai Shanmugam Salai, Royapettah, Chennai - 600014 and having branches all over India and one of its branch offices situated at SCO 72-73, Sector 40-C, Chandigarh-160036 through its duly authorized officer, the Branch Manager.

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……..Applicant Versus Sh. Amitava Sengupta S/o Sh. Alok Sengupta, R/O 154, Dhilwan, Kapurthala, Punjab-144804 2^nd Address: H. No. 536, 1^st Floor, Sector 7, Panchkula, Haryana ….……Defendant

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Advocates:

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Argued by Sh. Amit Kumar, Advocate for Applicant

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Defendant already ex-parte

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts & Bankruptcy Act 1993, against the defendant for recovery of Rs.45,15,622.00 (Rupees Forty Five Lacs Fifteen Thousand Six Hundred and Twenty Two Only). The Original Application has been filed through Sh. Deepak Sharma, Authorised Signatory/Branch Manager of the applicant, who is competent to institute the Original Application vide Authority letter dated 02.08.2025, which is Annexure A1 to this OA. 2. The brief facts of the OA are that the defendant approached the applicant for the grant of Housing Loan of Rs.59.00 Lacs for purchase of new flat and for Takeover of Home Loan of Rs. 41,05,730/- and Top

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2 OA NO. 1239/2025 INDIAN BANK VS AMITAVA SENGUPTA

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Up Loan of Rs. 9,89,711/- from other Bank and also for Loan of Rs. 1,23,578/- for payment of insurance premium towards insurance.

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The applicant sanctioned the Home Loan of Rs.59.00 Lacs for purchase of Flat, Home Loan Takeover of Rs. 41,05,730/- and Top Up Loan Takeover of Rs.9,89,711/vide Sanction letters dated 21.03.2022, which is Annexure A2 to this OA and the terms and conditions were duly accepted by the defendant. The applicant also sanctioned loan of Rs. 1,23,578/- for payment of insurance premium.

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Defendant mortgaged his following immovable properties: Flat No. 901 and Flat No. 904 on 9^th Floor at Sohi Heights, Village Gazipur, Zirakpur, District SAS Nagar, Mohali, Punjab.

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Letter from party to Bank confirming creation of equitable mortgage dated 19.07.2022 and 13.06.2022, which is Annexure A9 to this OA; Agreement for subrogation of Mortgage dated 24.03.2022, which is Annexure A10 to this OA; Letter from party to Bank confirming creation of equitable mortgage dated 13.06.2022, which is Annexure A11 to this OA; Affidavit dated 24.03.2022 and 21.03.2022, which is Annexure A12 to this OA.

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As per the OA, both the mortgaged properties have been sold by the applicant in the proceedings under SARFAESI Act.

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Documents executed : Term Loan Agreement for Home Loan, Disposal of proceeds letter, Letter from the borrower for disclosure of information, declaration by borrower on details of relatives, etc., letter of authority, all dated 21.03.2022 and 24.03.2022, which are Annexures A3 to A7 to this OA; Details of family members, which is Annexure A8 to this OA; Notice dated 21.04.2023 u/s 13(2) of SARFAESI Act, which is Annexure A13 to this OA; Possession Notice dated 26.06.2023, which is Annexure A14 to this OA; District Magistrate Order dated 08.08.2023, which is Annexure A15 to this OA; Letter dated 25.08.2023 issued by Field Kanungo, which is

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Annexure A15 to this OA; Order of the Hon’ble Punjab and Haryana

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High Court dated 12.12.2023, which is Annexure A17 to this OA;

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3 OA NO. 1239/2025 INDIAN BANK VS AMITAVA SENGUPTA

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Panchnama and Inventory dated 13.02.2024 and 01.03.2024, which are Annexure A18 and A19 to this OA; Sale Notice dated 07.03.2024 and Newspaper Publication Dated 10.03.2024, which are Annexure A20 and A21 to this OA; Sale Certificate issued by the Bank dated 16.04.2024, which is Annexure A22 to this OA; Sale Notice Newspaper Publication Dated 08.03.2025, which is Annexure 23 to this OA; Sale Certificate issued by the Bank dated 29.03.2025, which is Annexure A24 to this OA; Statement of accounts, which is Annexure A25 to this OA; Notices dated 23.04.2024 to defendant to take charge of articles, which are Annexure A26 and A27 to this OA; Notice dated 18.03.2025 to collect items, which is Annexure A28 to this OA; Publication in newspapers dated 18.04.2025 to collect items, which is Annexure A28 to this OA.

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The loan accounts became irregular and were classified as NPA and after adjusting debit and credit entries in loan accounts there was a debit of Rs.45,15,622.00 which is recoverable and the defendant were served recall notices but he did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

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The defendant was served notices to appear before this Tribunal but no one appeared on behalf of defendant and he was proceeded exparte on 06.12.2025.

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In support of the OA, affidavit of Deepak Sharma, Authorised Signatory/ Branch Manager, Indian Bank, has been filed. 8. Heard ex-parte arguments and perused record. 9. It was argued by learned counsel through that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexures A1 to A29 to this OA, it is proved that the defendant approached applicant for availing of the loan facilities which were granted to them and for that he had executed all the relevant documents in favour of the applicant. The defendant failed to pay back

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4 OA NO. 1239/2025 INDIAN BANK VS AMITAVA SENGUPTA

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the loans as per terms and conditions of the agreement between the parties. Subsequently, accounts of the defendant were classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.45,15,622.00 (Rupees Forty Five Lacs Fifteen Thousand Six Hundred and Twenty Two Only) with interest from the defendant, from the date of filing of the present Original Application till realization of the account.

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In so far as pendente lite and future rate of interest is concerned, the applicant in relief clause has claimed interest @6.85%p.a. in Home Loan Account, Home Loan and Top Up Takeover Accounts and @9.25%p.a. in Insurance Premium Loan Account from 08.08.2025 till the realization.

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The Tribunal is of the considered opinion that sometimes in appropriate cases the prerogative of mercy is the brightest jewel in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including nature of the mortgaged property/hypothecated assets, undertaking of the defendant, quantum of loans and prevalent market rates of interest which have gone drastically downhill in yester years, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @6.85%p.a. in all the loan accounts from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.

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In the result, the application is allowed declaring that the defendant is liable to pay to the applicant a total sum of Rs.45,15,622.00 (Rupees Forty Five Lacs Fifteen Thousand Six Hundred and Twenty Two Only), with costs, current and future simple interest @6.85%p.a. in all the loan accounts from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount by attachment and sale of personal assets of the defendant. The applicant is at liberty to enforce the claim through due process of law.

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5 OA NO. 1239/2025 INDIAN BANK VS AMITAVA SENGUPTA

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12. Any other application pending stands disposed of. 13. Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 09.01.2026. 15. Copy of this order be given dasti to the applicant and be sent to defendant through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned. Pronounced by me in the open Tribunal . Dated: 26.12.2025.

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(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Indian Bank v. Sh. Amitava Sengupta

Case brief

What is this about?

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Indian Bank v. Sh. Amitava Sengupta

Case brief

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