Allowed

Punjab National Bank v. Sri Dipanjan Kumar Nayak

DRT6 May 2026OA/266/2022

Case brief

AI extract

What is this about?

This judgment allowed a recovery application under the Recovery of Debts and Bankruptcy Act, 1993, determining the debt owed by borrowers and directing payment of the principal amount, interest, and costs to the petitioner bank.

What did the court decide?

Directing defendants to pay Rs. 29,51,168.38 plus interest at 13.15% per annum with quarterly rests; debarred from transferring secured assets; directed to issue recovery certificate.

Punjab National Bank versus Sri Dipanjan Kumar Nayak — Banking and Recovery | DRT (2026)

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Page No.

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KOLKATA DEBTS REGOVERY TRIBUNAL NO.² ORDER SHEET (Continuation)

Puniab N on.l El.hL

0.A./266 ot 2022

Case No. Vs
Sri Dipanjan Kumar Navak &Dipanjan Kumar Navak &Navak & Anr.
Ofhce aclion with
Date date and dated
of Order with Signature Signature of
Order pa ies rhcn
mGessary
14 Counsel for the parties
06.o5.2026 Ms. Mousumi Ganguly, Ld. Advocate representing M
Onkar Ganguly, Ld. Advocate for the applicant Bank.
None for the defendants.
0.A.1266 of 2022 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.
rolffio*,1
Presiding Officer
DRT-2, Kolkata

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Sri Dipanjan Kumar Navak &Dipanjan Kumar Navak &Navak & Anr.

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Central Bank of lndia

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O .A.126 ol 2022 - ORr-2/(iot

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DEBTS RECOVERY TRIBUNAL - 2, KOLKATA Jeevan Sudha Bldg. 07th Floor,42lC, J.L. Nehru Road, Kolkata _7OOO71 re Shri Arbin Mad Presidin cer

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O.A. No. 266 ot 2022

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!n the matter of

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Punjab Nationa! Bank, a body corporate constituted under the Banking companies (Acquisition and rransfer of Undertakings) Act, 1970, having its Head office at plot No.4, sector-1O, Dwarka, New Derhi-110075 and the successor of united Bank of rndia by scheme of Amalgamation of United Bank of rndia, passed by the central Government under section^g of the Banking companies (Acquisition and rransfern of Undertakings) Act 1980, vide Gazette Notification dated 04.03.2020, inter-alia, carrying on business at Adra Branch, Upper Beniasole, purulia, police station - Adra, District: purulia, pin - 723441, commonly known as Adra Branch and also from sastra circle centre, purulia, Model No.55, Floor No.S, weber lr park, saheb Bandh, pururia, pin 723101, west Bengal,.

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Applicant Bank

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-Versus-

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1 sri Dipanjan Kumar Nayak, son of Sri Nisith Kumar Nayak, proprietor of M/s Dipnil Agency of Kabita Bakery Road, Lower Beniasore, p.o.- Adra, District - Purulia, Pin -723121, West Bengal.

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2 sri Nisith Kumar Nayak, son of late Himangshu sekhar Nayak of Kabita Bakery Road, Lower Beniasole, P.O.- Adra, District - purulia, pin - 723121 , West Bengal.

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Defendants

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Counsel for parties:

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For the Applicant Bank : Sri Onkar Ganguly

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For the Defendants '. Ex-Pafte.

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FINAL ORDER / JU MENT Delivered on 06.05.2026

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Applicant, Punjab National Bank, instituted the present Application being the original Application No.266 of 2022 on 25.11.2022 against two Defendants under section 19(1) of the Recovery of Debts & Bankruptcy Act, 1993 (amended from time to time) for recovery of sum of Rs.29,51,168.38 (Rupees twenty nine lakh fifty one thousand one hundred sixty eight and paise thirty eight) including interest as calculated upto 31.10.2022 with further interest thereon @15.75Yo compounded monthly from 01.11.2022, interim interest and interest on judgment, till realization, against the defendants No.1 & 2, jointly and severally.

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O.A.t266 ot 2022 _ ORf _2Kot

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2' The brief facts of the case as set out by the appricant Bank in its originar Application, as under:

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(i) The Defendant No.1 approached the appricant Bank with the request to grant him working capital for his business purpose. At the request of defendant No.1, appricant Bank was pleased to sanction a cash credit facirity to the rimit of Rs.20.00 rakh (Rupees twenty lakh) to defendant No.1 vide sanction retter dated 26.07.2014. copy of sanction letter dated 26.02 .2014 is annexed and marked with Annexure ,,A,,.

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(ii) ln consideration of the said sanction, the defendant No.1 executed and delivered the following roan documents aI dated r0.07.2014 in favour of appricant Bank:

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(a) Demand Promissory Note for Rs.20,00,000/-;

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(b) Letter of Continuity for Rs.20,00,000/_;

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(d) Hypothecation of Goods for Rs.20,00,000/_;

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(e) Hypothecation of Debts & Moveable Assets for Rs.20,00,000/_;

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(f) Letter of Consent by the borrower.

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copies of said documents are annexed and marked with Annexure ,A-1,,to ,,A-6', respectively.

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(iii) ln consideration of the said cash credit loan sanctioned to the defendant No..l, the Defendant No.2 guaranteed the re payment of the said facirity by executing a Lefter of Guarantee dated 31.07.2017 in favour of appricant Bank. copy of Letter of Guarantee dated 30.07.2017 is annexed and marked with Annexure^,,A_7,,.

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(iv) Again, at the request of defendant No.1, applicant Bank sanctioned an Ad-hoc working capital limit of Rs.4.00 Lakh in addition to existing Cash Credit limit of Rs.20.00 lakh on dated 31.07.2017 on certain terms and conditions as mentioned therein. Copies of the request Letter for Ad-hoc limit dated 31.07.2017 and sanction Letter dated 31.07.2017 are marked and annexed as Annexure^,A-g,, and^,A_9,,.

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(v) ln consideration of the said sanction of Ad-hoc limit, the defendants executed and delivered the following security documents all dated 31.07.2017 in favour of applicant Bank:

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(a) Demand Promissory Note for Rs.24,00,000/-;

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(b) Letter of Continuity for Rs.24,00,000/-;

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Copies of said documents are annexed and marked with Annexure "A-10", "A-11" and^" A-1 2" respectively.

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(vi) To secure the aforesaid credit facility granted to the defendant No.1 , the defendants No.1 & 2 created equitable mortgage in respect of immovable property, morefully described in Schedule-ll at page 17 and para 3A at page 7 & 8 of the original application, by depositing Title Deed being No.2791 for the year 2006 with the applicant Bank, in the name of defendants No.1 & 2. Copy of relevant documents in respect of mortgage of the property is annexed and collectively marked as Annexure 'A-13'. Copy

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O.A.t2€f, ot 2022 _ ORT _2tKot

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of said tifle deed being No.27g1 0f 2006 and its transration copy are annexed and marked as Annexure A-14, &^,A-15,.

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(vii) The defendant No.1 has filed one Audit Report and statement of Accounts for the period 2014-15 signed by the auditor on 29.09.2015 whereof the secured roan avaired from the applicant bank is mentioned in the Barance sheet as at 31.03.201s. copy of Audit Report and statement of Accounts dated 29.09.2015 is fired and marked as Annexure'A-16".

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(viii) The defendant No.1 acknowredged and admitted the debt and riabirity by a refter dated 29.11.2019 confirming the outstanding barance in roan Account(s). copy of said lefter dated 29.11 .2019 is annexed and marked as Annexure ,,A_17,,. 3. The defendants avaired and enjoyed the cash credit facirity by opening Accounts in Bank's Adra Branch, pururia, p.s.- Adra, Dist.- pururia. However, the defendants did not comply with the agreed terms and conditions of said facility, thus violated the terms and conditions of the sanction of the said roan. The defendants did not repay the outstanding Bank's dues and overdue interest of roan accounts. Despite severar requests made by applicant Bank, the defendants did not pay any attention to regularize the Accounts; consequenfly, the accounts became irregular and was classified as NpA on 31.03.2021- Since the defendants / borrower(s) failed to liquidate the dues with the applicant Bank inspite of repeated requests and reminders, the applicant Bank compelled to issue Recall Notice dated 25.09.2020 upon the defendant No.1; copy of said recall notice dated 25.09.2020 is annexed and marked as Annexure ,A-1g,. Thereafter, applicant Bank served demand notices U/s 13(2) of the sarfaesi Act, 2002 daled 21.12.2021 and possession Notice dated 1s.03.2022 upon the defendants demanding to pay the outstanding Bank's dues, but the defendants failed and neglected to repay the outstanding loan amount; copy o'f 13(2) notice dated 21.12.2021 and possession notice dated 15.03.2022 are annexed and collectively marked as Annexure 'A-19'. Since the defendants neglected to pay off the outstanding dues inspite of repeated demand and requests, applicant Bank issued demand notice dated 17.11.2022 upon the defendants through its Advocate requesting them to pay the entire dues amount together with interest, but the defendants did not comply with the said notice; copy of said Advocate's notice daled 17.11.2022 is annexed and marked as Annexure ' A-20'. Certified copies of Statement of Accounts along with Certificate under Bankers' Books of Evidence Act, with interest calculation sheet, Annexure'A-21', have been filed to show and prove the dues, and further interest thereon @ 15.75% per annum compounded monthly trom 01 .11.2022, interim interest and interest on^judgment against the defendants No.1 & 2, has been prayed. Applicant Bank submitted that their claim in original Application is within limitation. @-,)he

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0.A.1266 ol 2022 - DRT-2tKot

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The Notices / summons were sent to Defendants No.1 & 2 by the Tribunar. lt is observed from s/R on affidavit dated 04.03.2024 and its enclosures that service of Notices / summons upon the Defendants is successful, such has been recorded vide Ld. Registrar's order dated 24.04.2024. The defendants appeared through Ld. Advocate on dated 24.04.2024 and 06.e8.2024 and undertakes to file vakalatnama. After 06.0g.2024 the defendants did not appear and despite direction they did not file the written statement; thus, both the defendants are hereby ordered to be proceed ed ex-pafte. Applicant Bank has filed the written notes of arguments on dated 06.0g.2024 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 02.04.2026.

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Applicant Bank has filed the evidence-on-Affidavit, affirmed by Anand Mohan, Branch Manager of Bank's Adra Branch, purulia, Dist.- purulia, pin - 721441 along with the copy of original documents executed by the defendants. original documents have been produced by the 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 Basta Murmu, Manager of Bank's Adra Branch, Upper Beniasole, Dist.- purulia on 19.07.2023, such has been recorded in Ld. Registrar-in-charge's order dated 19.07.2023. The documents produced by applicant Bank are exhibited and marked as Exhibits 'A' & 'A-1' to'A-21'.

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I have heard the Ld. Advocate for the applicant Bank and perused the records. 6. Evidence-on-affidavit, 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.20.00 lakh vide sanction letter dated 26.07.2014; and sanction of an ad-hoc working capital limit of Rs.4.00 lakh vide sanction letter dated 31.07.2017. Applicant Bank has proved the hypothecated movable assets and mortgaged immovable property, described in Schedule land Schedule ll at page 17 and para 3A at page 7 & 8 of the original application.

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On the point of limitation, loan has been sanctioned on 26.07.2014 and 31 .07 .2017; documents have been executed on 30.07 .2014 and 31 .07 .2017, and original Application has been filed on 25.11.2022. Further, the defendant No.1 acknowledged and admitted the debt and liability by a letter daled 29.11.2019 confirming the outstanding 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 has stated that the outstanding balance in Loan Accounts (inclusive of accrued interest and other charges as calculated upto 31.10.2022) is Rs.29,51,168.38 (Rupees twenty nine lakh fifty one thousand one hundred sixty eight and paise thirty eight) as on 31.10.2022,which is the amount claimed by the applicant Bank in the original Application, and the defendants No.1 & 2 are, jointly and/or severally, liable to pay the said amount to the applicant Bank with pendente lite and future interest,

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O.A.t26€, of 2022 _ ORr_2tKot

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till realization in fufl. r ailow the craim as made by the appricant Bank in the originar Application. Appricant Bank has prayed further interest thereon @ 15.750/o per annum compounded monthry rrom o1 .11.2022, interim interest and interest on judgment against the defendants No.1 & 2 joinfly and severafly, while in the sanction retter dated 31.07.2017 the rate of interest @ 13.15o/o per annum, has been mentioned. Therefore, in my view, the pendente /ife & future rate of interesl @ 13.1so/o per annum, with quarterly rests, from 01.11.2022, till realization in full, is allowed. 9. The matter also falls within the territorial as well as pecuniary jurisdiction of this Tribunal. Applicant Bank has proved to claim made in the o.A. The original application being 0.A.1266 o12022 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.266 of 2022, fited by the 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.29'51"168.38 (Rupees twenty nine lakh fifty one thousand one hundred sixty eight and paise thirty eight) due and payable, inclusive of interest and other charges as calculated upto 3'1.10.2022; and interest for the period pendente tite and future @ 13.15o/o p$ annum, with quarterly rests, from 01.11.2022, till realization of the entire sum due and recoverable.

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(ii) Amount, if any, paid by the Defendants 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, the 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 hypothecated movable assets and mortgaged immovable property, described in Schedule land Schedule ll at page 17 andpara 3A at page 7 & 8 of the original application, as under -

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Hypothecated Movable Assets:

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"All moveable items and assels and stock of cosmetic, soap and food products etc. lying at Kabita Bakery Road, lower Beniasole, P.O.- Adra, Distict - Purulia, West Bengal, Pin - 723121 and wherever the movable ifems, assefs and machineries lying for the business^purpose of Defendant No.1 together with the^present debts, book debts, stock and assets and all future debts, stock and assets of the Defendant No.1 ."

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Mortqaqed lmmovable ProDertv:

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"All^{that piece or parcel of landmeasuing 6.00 decimalmorc or less lying and} situated at Mouza - Bankra, compised in L.R. Plot No.1081 under^R.S.Khatian No.503, 504 and 505, L.R. Khatian No.629 and 553, J.L. No.176, P.S.- Raghunathpur, Distict- Purulia."

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0.A.1266 ot 2022 - DRf -2Kot

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The Defendants are arso debarred from transferring, arienating, encumbering or disposing of 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 sixty days from the date of this Final order / Judgment for repayment of the above mentioned dues, so intimated to them. rn case the defendants fair to pay the dues within the above mentioned time, the appricant Bank is enti'ed to recover its dues by sare of secured property(s), as aforesaid. Applicant Bank is arso entifled to proceed against personar property(s) of the Defendants No.1 & 2 both moveable and immoveable, 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 sharr rearize 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 19(22) of the Act of 19g3.

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Accordingly, the original Application, being o.A. No.266 ot 2022 is allowed 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 06th day of May,2026.

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copy of the Final order / Judgment be uploaded on the Tribunal,s website.

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A4n.9 Xf>u" rbind M Presiding Officer DRT-2, Kolkata

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kkb

Punjab National Bank v. Sri Dipanjan Kumar Nayak

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Sri Dipanjan Kumar Nayak

Case brief

What is this about?

What did the court decide?

What the court decided

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