Allowed

Punjab National Bank v. Ms Kgn Reality Private Limited and Ors.

DRT5 Mar 2025OA/288/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an ex-parte application filed by Punjab National Bank for recovery of overdraft dues totaling approx. Rs. 1.58 crore from the respondents. The court determined the debt, granted a 30-day repayment period, and directed issuance of a recovery certificate.

What did the court decide?

Determined debt of Rs. 1,58,66,385/-; 30-day grace period for repayment; recovery certificate to be issued; defendants debarred from alienating property; bank entitled to auction assets if dues not pa

Punjab National Bank versus Ms Kgn Reality Private Limited and… — Banking and Recovery | DRT (2025)

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BEFORE THE DEBTS RECOVENY TRIEUNAL.Itt KOLKATA PRESENT: -SRI KAMAL DE.

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PRESIDING OFFICER,

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O.A. No. 288 OF 2023.

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DATE OF DELMRY OF ORDER I OSIO3/2025

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Puniab National Bank is a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, having its Head Office at Plot No.-4, Sector-tO, Dwarka, New Delhi-110075, and carrying on rts banking business from its Kaikhali Branch, situated at Moon_Sun Apartment, Vlp Road, Biman Nagar, Kajkhali, Kolkata-700052, lying within the ambit of Circte Sastra Division (North), situated at Sector-I, Block-DD-11, 4th Ftoor, Satt Lake, Kolkata 700064, under P.S. Bidhan Nagar, within the jurisdiction of this Ld. Tribunat.

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Applicant Bank.

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-Versus-

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l4ls,- KGN Realtty private Limited, a Company registered under the Companres Act, 1956 having its office at K.G.N. Tower, br er,^-Road, ioriu-io6r-:s,'l"o p.s. Rajarhat.

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lilr. Flizanoor Rahamah, Son of Fakeri Ali, Reslding at Galasia, p,O.- Deara, p.S.- Barasat, North 24 parganas, pin_700135.

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Mrs. Sahanara Bibi, Wife of Mr. llizanoor Rahaman, Residing at Galasia, p.O.- Deara, p.S._ Barasat, North 24 parganas, pin_700135.

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Defendants.

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Counsel for the Applicant Bank: -

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D. Chakraborty, Advocate,

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Set ex-parte on 21/02/2025

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JUDGEMENT

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The Applcant Bank fited the present O,A. betng No. O.A./2g8/2023 on tg/OSl2O23 fot recovery of a total sum of Rs. 1,68,66,385/_ (Rupees one crore sixty eaght lakh sixty six thousand three hundred and eighty five onry) from the Defendants towards overdraft facirity together with interest, cost and other usual reliefs.

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The Defendants are served with summons. The defendants appeared but failed to frle any

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w.s. Ihere was no representation from the defendants subsequenfly and the case was frxed for ex-parte hearing on 21/02/2025, and heard ex_parte accordingly.

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The Applicant Bank examlned 28 documents through Srl Syama prasad Kulavi, Chief Manager marked as Exhlblt Annexure-A to Exhibit Annexure-Z/2.

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Heard the Ld. Counsel for the Appltcant Bank.

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The point that arises for conslderaflon ls :

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Whether the Applicant Bank is entiued to the claim made in the OA agajnst the Defendants and OA schedule properties as prayed for?

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As stated supra, the Defendant remained absent and did not turn up to controvert the version of the O.A. of Applicant Bank. The Evadence Affldavit coupled wath the recitals in the documents vaz,, Exhibits Annexure-A to Exhlbjt Annexure-Z/2 matked on behalf of the Applicant Bank, established the claam of the Applicant Bank against the Defendants and OA schedule properties. Hence, I hold that the Defendants are jointly and severally liabte to pay to the Applicant Bank the claims made in the OA with future interest and costs.

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In the result, the present Original Application is allowed ex-parte with costs, as under:-

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ORDER

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(1) O.A. No. 288 of 2023 filed by the Applicant Bank is allowed and debt is determined with cost against the defendants. It is hereby ordered that applicant bank is entatled to recover from the defendants the total amount to the tune of Rs. 1,58,66,385/- (Rupees one crore sixty eight lakh sixty six thousand three hundred and eighty five only) with pendentelite and future interest @ 11,75o/o per annum lnterest with simple on the amount due from the date of filang of the Original Appllcation i,e, 1910512023 tall full and final realization of the claim amount.

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(2) Amount, if any, paid by the defendants in the loan accounts or amount, if any, recovered by the Applicant Eank 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.

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

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(4) Defendants are given a time of thirty days from the date of the ludgement/Fanal Order for repaying of the above mentioned dues, so intimated to them. tn case the defendants fail to pay the dues within the above mentioned time, the applicant bank is 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 against the defendants personally to recover the dues in accordance with law.

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(5) Let the Certificate of Recovery be drayvn up by Ld. Reglstrar forthwith in terms of Judgement for issuance of the same against defendants in favour of the applicant bank

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:-'

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under Section 19 (22) of the Recovery of Debts and Bankruptcy Act, 1993 and put up the same for issuance of the Certificate.

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

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(7) Ld. Registrar of this Trlbunal is directed to deliver recovery cerflflcate in term of the finat order/judgement for recovery of the sum agalnst the defendant in favour of the Applicant Bank under Section 19 (22) of the Recovery of Debts due to the Bank and Financiat lnstitutions Act, 1993 now known as Recovery of Debts and Bankruptcy Act, 1993.

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(8)The parties are directed to appear before the Recovery Officer on 07/04/2025 for further action in accordance with lalr an the event the entire amount is not paid by the said date.

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Accordingly, the Orlglnal Application being O.A, No. 288 of 2023 ts allowed and stands disposed of.

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Copy of the JudgemenvFinal Order be uploaded in the Tribunal's webstte.

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File is consigned to the Record Room.

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(Diciated to steno, transcribed by her, corrected, signed and pronounced by me in the open Court on the 5th day of lqarch, 2025)

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( KAI4AL DE ) PRESIDING OFFICER.

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

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Case No. OA No' 2a8 of 2023 Punrab National Bank
Vs.
M/s. KGN RealltY ?YL!E!.:tL9!a
Date of Order Order with signature
Order No.07 Order pronounced (vide separate sheets).
Dt.05/03/2025
In the result, O.A. No. 288 df 2023 is allowed wlth costs. lssue
Recovery Certificate accordingly.
( Kamal De )
Presiding omcer
DRT-3, Kolkata
5S

Punjab National Bank v. Ms Kgn Reality Private Limited and Ors.

Case brief

What is this about?

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Punjab National Bank v. Ms Kgn Reality Private Limited and Ors.

Case brief

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