Allowed

Punjab National Bank v. Sri Kanailal Das

DRT16 Apr 2026OA/24/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the applicant bank's recovery application, directing defendants to repay Rs.28.19 lakhs including future interest at 9.25% p.a. with quarterly rests and debarred them from alienating mortgaged property.

What did the court decide?

Recovery certificate issued directing respondents to pay Rs.28,19,278.59 plus interest at 9.25% p.a. with quarterly rests and restricting alienation of mortgaged property.

Punjab National Bank versus Sri Kanailal Das — Execution and Attachment | DRT (2026)

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Page No

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KOLKATA DEBTS RECOVERY TRIBUNAL NO. 2 ORDER SHEET (Continuation ) Punjab National Bank

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O.A.l24 of 2O24

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Case No Vs
Sri Kanailal Das & Anr.
Office action rrvith
Date date and dated
'of
Order with Signature Signature of
Order parties when
necessary
Counsel for the parties:
08
16.M.2026 Ms. Paromita Banerjee, Ld. Advocate representing Mr
Aritra Kr. Roy, Ld. Counsel forthe applicant Bank.
None for the defendants.
O.A.l24 ot 2024 is allowed and disposed of.
Final Order / Judgment is in separate sheet of 6 pages.
File be consigned to record room.
Order be uploaded on the Tribunal's website.
6
(Arbind Madhav)
Presiding Ofiicer
DRT-2, Kolkata

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O.A.l24 ol2024 - DRr-AKol

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DEBTS RECOVERY TRIBUNAL - 2, KOLKATA

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Jeevan Sudha Bldg.07th Floor,42lC, J.L. Nehru Road, Kolkata -7O0O71

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Before Shri Arbind Madhav, Presidinq Officer

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O.A. No. 24 ot 2024

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ln the matter of

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Punjab National Bank, previously United Bank of lndia which has now amalgamated with and is known as Punjab National Bank on 01 .04.2020, a body corporate working under Central Government of lndia regulated by Reserve Bank of lndia Act, 1934 and Banking Regulation Act, 1949, having its Head Office at Plot No.4, Sector-10, Dwarka, New Delhi -^{110075,and carrying on business, inter-alia,through its different branches including at} Sastra, C.O.: Kharagpur, BE-1, Bidhan Nagar, Station Road, Dist.- Paschim Midnapore, PS.- Kharagpur, Pin -721101, West Bengal.

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Applicant Bank

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-Versus-

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Sri Kanailal Das, son of Hatiram Das, residing at Daharpur Fulgeria, Naryangarh, Dist.- Paschim Medinipur, Pin - 721437.

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Anup Kumar Das, son of Kanailal Das, residing at Daharpur Fulgeria, Naryangarh, Dist.- Paschim Medinipur, Pin -721437.

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Defendants

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Counsel for parties:

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For the Applicant Bank : Mr. Aritra Kumar Roy and Ms. Paromita Banerjee. For the Defendants : Ex-Parte.

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FINAL ORDER / JUDGMENT Delivered on 16 04.2026

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Applicant, Punjab National Bank tendered the present Application being the Original Application No.24 ot 2024 on 19.01.2O24 against two Defendants under Section 19(1) of the Recovery of Debts & Bankruptcy Act, 1993 (amended from time to time) for recovery of Rs.28,19,278.59 (Rupees twenty eight lacs nineteen thousand two hundred seventy eight and paise fifty nine) including interest as calculated upto 31.12.2023 and future interest as per contractual rate of interest with monthly rests thereon from 01.01.2024, till actual realization. 2. The brief facts of the case as set out by applicant Bank in its Original Application, as under:

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' o.A.r24 or zo24 - oRT-2lKor

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(i) The defendant No.1 is a borrower and the defendant No.2 is the guarantor. The defendant No.1 approached the applicant bank's lnda Branch, Kharagpur for cash credit facility for working capital requirement and offered an equitable mortgage of land and building in consideration of sanctioning of Rs.24,50,000/- vide loan application dated .12.09.2017.^{Upon consideration} of application, applicant Bank was pleased to grant / sanction a cash credit facility to the limit of Rs.24,50,ooo.oo (Rupees twenty four lacs fifty thousand) to the defendant No.1 vide sanction letter dated 16.09.201z against hypothecation of stocks of rice and food grain and other current assets and also equitable mortgage of land & building which was duly accepted by defendant No.1. Copy of sanction letter dated 16.09.2017 is annexed and marked as Annexure^,A.

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(ii) ln acknowledgement of granting the said credit facility to the defendant No.1, the defendant No.1 executed and delivered the following security documents all dated 16.09.2017 in favour of appticant Bank:

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(a) Sole Proprietorship Letter;

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(b) Common Agreement;

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(d) Afiidavit notarized on 16.09.2017.

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Copies of said documents are annexed and marked as Annexure 'A-1', 'A-2', 'A-3' & 'A-4' respectively.

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(iii) The defendant No.2, Sri Anup Kumar Das stood as a guarantor and agreed to guarantee the repayment of credit facilities obtained by defendant No.1 ; in support of this, the defendant No.2 has executed an Agreement of Guarantee dated 16.09.2017 in favour of applicant Bank. The said guarantee is continuing in nature. Copy of Agreement of Guarantee dated 16.09.2017 and Afiidavit dated 16.09.2017 are annexed and marked with Annexure'A-5' & '4-6'.

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(iv) To secure the aforesaid credit facility of Rs.24.50 lakhs, the defendant No.1 visited the Bank's branch ofiice on 20.09.2017 and created equitable mortgage in respect of immovable property, morefully described in Schedule at page 32 and para 3A at page 8 & 9 of the original application, by depositing I rtle Deed being Deed of Sale No.965 of 1994 dated 25.03.1994 with the applicant Bank. Copy of Affidavit notarized on 11.09.2017, Lefterof deposit of Title Deed mortgaged dated 20.09.2017, Title Deed No.965 of 1994 along with Translation and Valuation report dated 22.02.2020 are annexed and marked with Annexure^{'A-7', 'A-8', 'A-9'} and^'A-10' respectively.

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(v) The defendant No.1 has signed and executed the Balance Confirmation Letters dated 03.11.2018,27.02.2019 and 19.03.2020 in favour of applicant Bank confirming the outstanding debit balance in loan Accounts. Copies of aforesaid Balance Confirmation Letters are annexed and marked with Annexure^'A-11' ,'A-12' &^'A-13' respectively.

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O .4.124 ot 2024 - ORT -2lKot

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(vi) Again, the defendant No.1 through Bank's lnda Branch, Kharagpur approached and applied for GECL Loan of Rs.4,90,000/- vide loan application dated 2g.09.2020. copy of loan application dated 28.09.2020 is annexed and marked with Annexure ,A-14,. Upon consideration of application, applicant Bank was pleased to grant / sanction a GECL facility of Rs.4,90,000.00 (Rupees four lacs ninety thousand) to the defendant No.1 vide sanction letter dated 28.09.2020. copy of sanction lefter dated 2g.og.2o2o is annexed and marked as Annexure 'A-15'.

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(vii) ln order to secure the repayment of aforesaid GECL facility of Rs.4.90 lakh, the defendant No.l executed and delivered the following security documents all dated 28.09.2020 in favour of applicant Bank:

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(a) Agreement for working capital term loan;

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(b) MasterAgreement;

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Copies of said documents are annexed and marked with Annexure^{,A-16,,,A-17,&}

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'A-18',.

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(viii) The defendant No.2, sri Anup Kumar Das stood as a guarantor and agreed to guarantee the repayment of GECL facility obtained by defendant No.1 ; in support of this, the defendant No.2 has executed an Agreement of Guarantee on dated 2g.og.2o2o in favour of applicant Bank. The said guarantee is continuing in nature. copy of Agreement of Guarantee dated 28.09.2020 is annexed and marked with Annexure 'A-19'.

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(ix) The defendant No.1 has signed and executed the Balance Confirmation Letters dated 17.03.2023 and 26.09.2023 in favour of applicant Bank confirming the outstanding debit balance in loan Accounts. Copies of aforesaid Balance Confirmation Letters are annexed and marked with Annexure 'A-20' & 'A-21' respectively. 3. The defendants availed and enjoyed the said credit facilities by opening Accounts in Bank's lnda Branch, Kharagpur, Dist.- Paschim Medinipur, Pin -721126. However, the defendants did not comply with the agreed terms and conditions of said facility, thus violated the terms and conditions of the said sanction. The defendants did not repay the outstanding Bank's dues and overdue interest of loan accounts. Despite several requests made by applicant Bank, the defendants did not pay any attention to regularize the Accounts; consequently, the accounts became irregular and was classified as NPA on 05.06.2023. Since the defendants / borrower(s) failed to liquidate the dues with the applicant Bank inspite of repeated requests and reminders, applicant Bank compelled to issue Demand Notice dated 05.01.2024 upon the defendants No.1 & 2 though its Advocate to repay the outstanding Bank's dues, but the defendants did not comply with the said notice, copy of the notice dated 05.01 .2024 is annexed and marked with Annexure 'A-22'. Certified copies of Statement of Accounts along with Certificate under Bankers' Books of Evidence Act, with interest calculation sheet^{(Annexure'A-23'),} have been filed to show and^prove the dues, and future interest as^per contractual^{rate with monthlyrests,}

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o.A,24 or 2024 - DRr-aKor

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till actual realization, has been prayed. Applicant Bank submitted that their claim in the original Application is within limitation.

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The Notices / summons were sent to Defendants No.1 & 2 by the Tribunal. lt is observed from the Afiidavit of service dated 06.05.202s that service of summons upon the Defendants is not successful by postal service, such has been recorded vide Ld. Registrar's order dated 06.05.2025. At the request of Ld. Advocate of the applicant Bank, Ld. Tribunal is directed to serve the summons upon the defendants No.1 & 2 by way of paper publication; and Ld. Advocate ofthe applicant Bank has brought on record the S/R on affidavit on publication dated 25.08.2025 upon the Defendants along with relevant portion of paper cuttings in two newspapers, namely (l) 'The lndian Express' in English and (ii)'Dainik Statesman'in Bengali, both dated 25.08.2025, such has been recorded vide Ld. Registrar's order dated 26.08.2025. Despite service, the defendants No.1 & 2 did not appear nor filed the written statement; thus, both the defendants were ordered to be proceeded ex-partevide order dated 29.01.2026. Ld. Advocate of the applicant Bank has filed the written notes of argument thereby stated the brief facts of the case as has been narrated in the original application. Ld. Advocate of the applicant Bank has submitted argument on 12.03.2026.

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Applicant Bank has filed evidence-on-Affidavit, affirmed by Sri Bidyanand Mishra, Chief Manager of Bank's Sastra, Kharagpur, BE-1, Bidhan Nagar, Dist.- Paschim Medinipur along with the copy of original documents executed by the defendants. Original documents have been produced by applicant Bank; the same have been verified with copies of documents annexed with the O.A. and after verification the originals have been returned to Sri Ajay Kr. Pandey, Sr. Manager of Bank's lnda Branch, Kharagpur, Dist.Paschim Medinipur on 06.05.2024, such has been recorded in Ld. Registrar's Order dated 06.05.2024. The documents produced by applicant Bank are exhibited and marked as Exhibits'A &'A-1' to'A-23'.

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I have heard the Ld. Advocate ofthe applicant Bank and^perused the records.

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Evidence-on-afiidavit, filed by applicant Bank, has remained unchallenged, unrebutted and its veracity cannot be^put to dispute. Applicant Bank has^proved the averments made in the original Application. Applicant Bank has^proved the sanction^of cash credit facility to the limit of Rs.24.50 lakhs vide sanction letter dated 16.09.2017 and GECL facility of Rs.4.90 lacs vide sanction letter dated 28.09.2020. Applicant^{Bank has} proved the creation of equitable mortgage in respect of immovable property, described in Schedule at page 32 and^para 3A at^page 8 & 9 of the original application.

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On the point of limitation, the loan has been sanctioned on 16.09.2017 and 28.09.2020,|oan / security documents have been executed on 16.09.2017 &28.09.2020; and original Application has been filed on 18.01.2024.^{The defendant No.1 has admifted} and acknowledged his debt & liabilities by executing Balance Confirmation^{Letters dated} 17.03.2023 and 26.09.2023 in favour of applicant Bank confirming the^outstanding

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-€

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O.A.l24 o12024 - DRf -2lKol

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balance in loan Account(s). As such, the original Application appears to have been filed well within the period of limitation.

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Applicant Bank stated that the outstanding balance in cash credit Account and GECL Account (inclusive of accrued interests and other charges as calculated upto 31.12.2023) for an aggregated sum of Rs.28,{9,278.59 (Rupees twenty eight tacs nineteen thousand two hundred seventy eight and paise fifty nine) as on 31.12.2023, which is the amount claimed by applicant Bank in the original Application, and the defendants No.1 & 2 are, jointly and/or severally, liable to repay the said amount to the applicant Bank with pendente lite and future interest, till realization. I allow the claim as made by applicant Bank in the original Application. Applicant Bank has prayed future interest as per contractual rate with monthly rests thereon trom 01 .01.2024, till actual realization, while in sanction letters dated 16.09.2017 and 28.09.2020 the rate of interest @^{10.40o/o perannumand} @7.650/o^{perannum, have been mentioned.Therefore,in} my view, the pendente /lfe & future rate of interest @ 9.25Yo per annum, with quarterly rests, lrom 01 .01 .2024, till realization of the entire due in full, is allowed.

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The matter also falls within the territorial as well as pecuniary jurisdiction of this Tribunal. The applicant Bank has proved its claim made in the O.A. The original application being O.A./24 of 2024 deserves to be allowed; hence allowed.

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ln view of the above, I pass the following order:-

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ORDER

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(i) O.A. No.24 ot 2024, filed by applicant Bank, is allowed and debt is determined with cost against the Defendants No.1 & 2. lt is hereby ordered that the Defendants No.1 & 2 are hereby directed to^{pay, jointly} and / or severally, the total debt amount of Rs.28,19,278.59 (Rupees twenty eight lacs nineteen thousand two hundred seventy eight and paise fifty nine) due and^payable, inclusive of interest and other charges as calculated uplo 31.12.2023; and interest for the^{period pendente} /lfe and future @ 9.25Yo^per annum, with quarterly rests, from 01.01.2024, till realization of the entire sum due and recoverable.

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(ii) Amount, if any, paid by the Defendants No.1 & 2 in the loan accounts or amount, if any, recovered by applicant Bank after filing of the Original Application, the same may be taken into account while arriving at the exact amount of dues/debt^payable by the Defendants No.1 & 2. Accordingly, lhe^pendente lite and future interest shall^be calculated on the reduced amount.

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(iii) Defendants No.1 & 2 are debarred from transferring, alienating, encumbering or disposing of the mortgaged immovable^{property, described in Schedule at page 32 and} para 3A at page 8 & 9 of the original application, as under -

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Mortqaqed lmmovable Prooertv:

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"Title Deed No^{.965of 1994} -

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All That piece and^parcel of land measuing^{0.09 acresout of Plot No.779 under} R.S. Khatian No.127 and L.R. Khatian No.333 of^{MouzaTala, J.L.No.228, under} P.S.- Narayangarh, Distict - Paschim Medinipur by a^{RegisteredDeed of Sale} being No.965 dated 25.03.1994."

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O.A.l24 ol 2024 - ORT-2,KC,I

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The Defendants are also debarred from hansferring, alienating, encumbering or disposing any other property(s) and assets belonging to them till the aforesaid adjudicated debt amount are recovered from the Defendants No.1 & 2.

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(iv) Defendants No.1 & 2 are given a time of sixtydaysfrom thedateof this Finat Order / Judgment for repayment of the above mentioned dues, so intimated to them. In 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 property(s), as aforesaid. Applicant Bank is also entitled to proceed against personal properties of the Defendants No.1 & 2 both moveable and immoveable and also proceed againstthe Defendants No.1 & 2 personally to recover the dues, in accordance with law.

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(v) Let the certificate of Recovery be drawn up by Ld. Registrar forthwith in terms of Final order / Judgment for issuance of the same against the Defendants No. 1 & 2 in favour of applicant Bank under section 19(22) ot the Recovery of Debts and Bankruptcy Act, 1993 (amended from time to time) and put up the same for signature for issuance.

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(vi) Ld. Recovery officer shall realize the amount as per the Recovery certificate from Defendants No.1 & 2, in accordance with law.

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(vii) Ld. Registrar of this Tribunal is directed to place Recovery certificate in terms of this Final Order / Judgment under section 1 9(22) of the Act of 1993.

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Accordingly, the Original Application, being O.A. No.24 of 2O24 is attowed and stands disposed of.

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File be consigned to Record room.

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This order is dictated and corrected by the undersigned and pronounced on this the 16th day of April, 2026.

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Copy of the Final Order / Judgment be uploaded on the Tribunal's Website.

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IDr' (Arbind Presiding Ofiicer DRT-2, Kolkata

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Punjab National Bank v. Sri Kanailal Das

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Sri Kanailal Das

Case brief

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What did the court decide?

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