Allowed

State Bank of India v. M/S Maa Tara Steel Casting Pvt. Ltd.

DRT28 Jan 2025TA/6/2024

Case brief

AI extract

What is this about?

The DRT allowed the State Bank of India's recovery application. The court approximated sale proceeds to the loan account and directed the recovery of the outstanding balance of Rs. 5.65 crore with interest. The Receiver was ordered to execute sale deeds and discharge.

What did the court decide?

Claim allowed; sale proceeds appropriated; balance of Rs. 5,65,38,219/- with interest to be paid by defendants jointly and severally; Receiver discharged.

State Bank of India versus M/S Maa Tara Steel Casting Pvt. Ltd. — Banking and Recovery | DRT (2025)

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BEFORE THE DEBTS RECOVERY TRIBUNAL-I KOLKATA

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PRESENT: -SHRI AMBUJA MOHAN DAS

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PRESIDING OFFICER

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T.A. No. 6 OF 2024

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DATE OF DELIVERY OF ORDER : 28^th January, 2025

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State Bank of India, a body Corporate constituted under the provisions of State Bank of India Act, 1955 having its Central Office at State Bank of India Bhawan, Madam Cama Road, Mumbai – 400021 and carrying on business through its different branches including one at S.M.E. Branch, Durgapur City Centre, Durgapur – 713216, Dist- Burdwan, West Bengal commonly known as State Bank of India, SME Durgapur Branch.

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

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-AND-

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M/s. Ma Tara Steel Casting Pvt. Ltd., a body corporate constituted under the Companies Act, 1956, having its Registered Office and/or at Plot No-S-38, Sramik Mangal Cooperative, Bidhannagar, Durgapur, Dist- Burdwan, West Bengal – 713212 and factory at Vill and P.O.Kuldiha, P.S.- Kanksa, Durgapur, Dist- Burdwan, West Bengal – 713212.

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Sri Kajal Kumar Dutta, son of Sri Biswanath Dutta, one of the Director and Guarantor of M/s. Ma Tara Steel Casting Pvt. Ltd., having its office at Plot No-S-38, Sramik Mangal Cooperative, Bidhannagar, Durgapur, Dist- Burdwan, West Bengal – 713212 and residing at Subhas Pally Co-op Housing Society Ltd., Phase II, Plot No. 9, Durgapur, DistBurdwan, West Bengal – 713212.

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Sri Subir Kumar Dutta, son of Late Sakti Pada Dutta, one of the Director and Guarantor of M/s. Ma Tara Steel Casting Pvt. Ltd., having its office at Plot No-S38, Sramik Mangal Cooperative, Bidhannagar, Durgapur, Dist- Burdwan, West Bengal – 713212.

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Smt. Mita Dutta, wife of Kajal Kumar Dutta, Subhas Pally Co-operative Housing Society Ltd., Phase II, Plot No. 9, Durgapur, Dist- Burdwan, West Bengal – 713212.

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Smt. Sucheta Dutta, wife of Subir Kumar Dutta residing at Plot No-38, Sramik Mangal Cooperative Society Limited, Bidhannagar, Durgapur, Dist- Burdwan, West Bengal – 713212.

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Rina S.

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Smt. Nihar Dutta, wife of Biswanath Dutta, residing and /or carrying on business at Vill & PO- Ukhra, Shankarpur More, Dist- Burdwan, pin713363.

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Sri Sajal Dutta, son of Biswanath Dutta, residing and /or carrying on business at Vill & PO- Ukhra, Shankarpur More, Dist- Burdwan, pin713363.

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M/s. Bengal Corugated Paper Industries, a Partnership firm having its office at Dr. Zakir Hussain Avenue, Durgapur – 6, Dist- Burdwan

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

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Counsel for the Applicant Bank : - Ms. P. Dutta, Ld. Counsel Ld. Receiver : - Mr. Anirban Pramanik, Ld. Counsel Counsel for the Defendants:- Set ex-parte on 20.12.2024.

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J U D G M E N T

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The present Recovery Application is filed before DRT-2 being no. OA/24/2012 by the Punjab National Bank, nationalized Bank carrying on business at State Bank of India, S.M.E. Branch, Durgapur City Centre, Durgapur – 713216, Dist.Burdwan, West Bengal for recovery of total sum of Rs.9,16,45,944.00P with interest @ 17.25% p.a. with monthly rest from 01.01.2012 against the Defendants till payment and/or realization. Thereafter vide order of the Hon’ble DRAT,Kolkata dated 12/02/2013 matter was transferred to DRT -3 and numbered as TA/23/2023. Vide order of the Hon’ble DRAT,Kolkata dated 22/03/2023 matter further transferred to this Tribunal on 03/12/2024 and renumbered as TA/04/2024. The Defendants are the borrower/guarantor /mortgager.

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The service of summons was effected upon the Defendants in usual mode of postal service. The Defendants appeared through their Advocate and filed the Written Statement. Despite giving sufficient time, subsequently the Defendants neither appeared nor present at the time of hearing to controvert the claim of the Bank. Hence, the defendants are declared exparte on 20/12/2024.

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During the recovery proceedings Applicant bank has sold the immoveable assets mentioned the schedules being nos. X-1, X-2, X-3,X-4, X-5,X-6, and X-7 with plant and machinery embedded with factory land at Rs. 3,51,07,725/-. Applicant Bank filed this Recovery Application for recovery of total sum of Rs.9,16,45,944.00P with

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Rina S.

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interest @ 17.25% p.a. with monthly rest from 01.01.2012. Applicant Bank is entitled to appropriate the sale proceeds of Rs. 3,51,07,725/- which is kept in ‘No Lien’ Account. After appropriating the sale proceeds of Rs. 3,51,07,725/-the present outstanding is Rs. 5,65,38,219/-.

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The Applicant in support of its contention filed Evidence on Affidavit duly affirmed by Sri Ardhendu Bandyopadhyay, Authorised Signatory of the Applicant 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. 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. ii) Applicant Bank is directed to appropriate the sale proceeds of Rs. 3,51,07,725/- which is kept in ‘No Lien’ Account to the loan account.

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iii) Ld. Receiver is directed to execute the Sale Deeds of the sold-out properties and thereafter he is discharged from his receivership.

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iv) The Defendants are jointly and severally liable to pay Rs. 5,65,38,219/with interest @

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17.25% p.a. with monthly rest from 01.01.2012 against the Defendants till payment or realization.

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v) It is declared that the claim is secured by mortgage of moveable/immoveable properties described in the Schedule being nos. X, X-8,X-9 and X-10 at Page 31 to 33 of the TA.

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vi) Let, a certificate be issued accordingly.

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

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viii) Ld. Registrar is directed to issue 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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ix) The parties are directed to appear before the Recovery

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Rina S.

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Officer -1 on 28/02/2025 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 T.A. No. 6 of 2024 is 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 P.S., transcribed by her, corrected, signed and pronounced by me in the open Court on this the day 28^th January, 2025)

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Place: Kolkata ( Ambuja Mohan Das ) Date: 28^th January, 2025 Presiding Officer

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Rina S.

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Page No.- Order Sheet (continuation) Case No. TA/6/2024 State Bank of India –Vs- M/s. Maa Tara Steel Casting Pvt. Ltd. & Ors. Off Date of Order with signature withsig par

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the order 28/01/202 5	Ld. Advo None app Matter w The detai order is as follow	ne cate, Ms. P. Dutta appeared for the applicant bank. eared on behalf of the Defendants. as heard in open Court on this the day of 20/12/2024. led order in four pages annexed separately. The gist of the s: O R D E R
	i) ii) iii)	Claim of the Applicants is allowed with cost. Applicant Bank is directed to appropriate the sale proceeds of Rs. 3,51,07,725/- which is kept in ‘No Lien’ Account to the loan account. Ld. Receiver is directed to execute the Sale Deeds of the sold-out properties and thereafter he is discharged from his receivership.
	iv)	The Defendants are jointly and severally liable to pay Rs. 5,65,38,219/- with interest @ 17.25% p.a. with monthly rest from 01.01.2012 against the Defendants till payment or realization.
	v) vi)	It is declared that the claim is secured by mortgage of moveable/immoveable properties described in the Schedule being nos. X, X-8, X-9 and X-10 at Page 31 to 33 of the TA. Let, a certificate be issued accordingly.
	vii) viii) ix) 2024 is dispose	Ld. Recovery Officer shall realize the amount as per the Recovery Certificate from the defendants in accordance with law. Ld. Registrar is directed to issue 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 -1 on 28/02/2025 for further action in accordance with law in the event the entire amount is not paid by the said date. Accordingly, the Original Application being T.A. No. 6 of allowed and stands disposed of. All the IAs, if any, are also d of.
	Tribunal (Dictated to P.S., in the open Court	Copy of the Judgment/Final Order be uploaded in the ’s website. File is consigned to the Record Room. transcribed by her, corrected, signed and pronounced by me on this the day 28^thJanuary, 2025)
	Place: Kolkata Date: 28^thJanua	( Ambuja Mohan Das ) ry, 2025 Presiding Officer

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Rina S.

State Bank of India v. M/S Maa Tara Steel Casting Pvt. Ltd.

Case brief

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State Bank of India v. M/S Maa Tara Steel Casting Pvt. Ltd.

Case brief

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