same against the Defendants (Defendant Nos. I, 2, 3 & 4) in favour of Applicant Bank under Section l9 (22) of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. Accordingly, the Original Application is allowed. The copies ofthe Final Order / Judgment be given to the parties. Order pronounced in open Tribunal on this, the 20rh day of March, /2018" , D., r. /., I (r > iYiV// . Trivedi) Presiding Officer Kolkata DRT-3 Date Order Order No.12 20-03-2018 ON20812014 DRT-3/Kol DEBTS RECOVERY TRIBUNAL _ 3, KOLKATA Jeevan Sudha Bldg. 8th Floor, 42lc,J.L. Nehru Road, Kolkata - 700071 Before Sri Ram Bhushan Trivedi. Presiding Officer O.A. No. 208 of 2014 In the matter of United Bank of India, a body corporate constituted under Banking Companies (Acquisition and Transfer of Undertakings) Act 1970, having its Head Office at ll, Hemanta Basu Sarani, Kolkata 700001, and carrying on business, inter-olia, at 225C, A.J.C. Bose Road, P.S.- Ballygunge, Kolkata 7000020, known as Trivoli Park Branch. - Applicant Bank
l. M/s C.G. Diary Pvt. Ltd., ll25,Podder Nagar, Kolkata 700068, and also at Plot No.57, Sector A, Sirgitti Industrial Area, Bilaspur, Chattisgarh 495001.
2. Sri Kumar Basu, son of Kalachand Basu, Director & Guarantor of M/s C.G. Diary Pvt. Ltd., 16193, Indira Colony, Water Tank Road, Tarbahar, Bilaspur, chattisgarh 495005, and also at FlatNo.l1, 7128,Shahid Nagar, Kolkata- 700068, and also at 63D, Sarat Ghosh Garden Road, Kolkata 700031.
3. Sri Bimalendu Dasgupta, son of Late Santosh Kumar Dasgupta, Director & Guarantor of M/s C.G. Diary Pvt. Ltd., 428, Rani Rashmoni Bagan, Santoshpur, Kolkata 700075, and also at 59, Kali Kumar Majumder Road, Santoshpur, Kolkata -700075.
4. Mrs. Aparna Masih, wife of S.P. Masih, Director & Guarantor of M/s C.G. Diary Pvt. Ltd., Shila Parisar, Near Ayappa Mandir, Roypur Road, Bilaspur, Chattisgarh 495001. - Defendants Counsel for the parties : For the Applicant - Bank For the Defendant Ms. Sangeeta Ghosh, Ld. Counsel, representing Amicus Legal Associates, Law Firm. Ex-parte. FINAL ORDER / JUDGMENT (Delivered on March 20,2018) Applicant, United Bank of India instituted the Original Application being O.A. No.208 of 2014 on 30.10.2014 against four Defendants under Section 19 of the Recovery of Debts Due to the Banks and Financial Institutions Act, 1993 for recovery of Rs.1,76,15,732.00 (Rupees one crore seventy six lacs fifteen thousand seven hundred thirty two) together with further interest, and costs of the O.A. etc. R,2 ON20812014 DRT-3/Kol
2. The brief facts of the case as set out by the Applicant Bank in its Original Application are that the Defendant No.l is a Private Ltd. Company, namely M/s C.G. Diary Pvt. Ltd. and is a borrower, Defendant Nos.2 to 4 are the Directors of Defendant No.l and they are Guarantors also. Applicant Bank in their O.A. mainly submitted as under:-
(i) On request of the Defendants being the Directors of Defendant No.l , Applicant Bank granted advance by way of (i) Term Loan for Rs.1,05,00,000.00 (Rupees one crore five lacs) and (ii) Cash Credit facility of Rs.18,00,000.00 (Rupees eighteen lacs), aggregating to overall limit of Rs.1,23,00,000.00 (Rupees one crore twenty three lacs) to the Defendant No.l, vide sanction letter dated 23.12.2009, copy of sanction letter is annexed as Annexure 'A'. Defendant No.l Company has approved / accepted the sanctioned credit facilities by their Board Resolution dated 22.01.2010, copy of the same is annexed as Annexure as Annexure 'B'. As a security for the loan, the Defendants executed necessary loan documents on29.0l.20l} including Demand Promissory Note for Rs.1.23 crores dated 29.01.2010. Defendant Nos.2, 3 & 4 executed Letters of Guarantee dated 29.01.2010 forthe above-said credit facilities, copies of said documents are annexed as Annexure'C-1'to'C-8'.
(ii) To secure the said credit facilities, Defendant Nos.2 to 4 created equitable mortgage upon their immovable property(s), described in para 5 (vii) & (viii) at page 1 I of the O.A., by depositing the Original Lease Deed dated 16.03.2007 with the Applicant Bank, copy of original Registered Lease Deed alongwith NOC by Chattisgarh State Industrial Development Corp. Ltd. are annexed as Annexure 'D' &'E'.
(iii) The said credit facility sanctioned to Defendant No.l on 23.12.2009 was revised by sanction letter dated 07.06.2010, copy of the same is annexed as Annexure'G'. Defendants executed necessary documents for the revised credit facilities granted to them on 04.06.2010; and Defendant Nos.2 to 4 have jointly executed Letter of Guarantee for the revised credit facilities in favour of Applicant Bank on the same date i.e. 04.06.2010, copies of documents are annexed as Annexure 'H-1' to 'H-9'.
(iv) At the request of Defendants, Applicant Bank enhanced the existing overall limit from Rs.1,23,00,000.00 to Rs.1,43,00,000.00 (Rupees one crore forty three lacs) in March 2012. Defendant No.1 company has approved / accepted the sanctioned the enhanced credit facilities by their Board Resolution dated 18.03.2012, copies of loan Application dated 08.03.2012, sanction letter and company's Board Resolution are annexed as Annexure oI' & 'K'. As a security for the enhanced facilities, the Defendants executed necessary loan documents on 21.03.2012 including Demand Promissory Note for Rs.1.43 crores dated 2l-03.2012. Defendant Nos.2, 3 & 4 executed Letters of Guarantee dated 21.03.2012 for the said enhanced credit facilities, copies of said documents are annexed as Annexure 'L-l' to 'L-l l'. To secure the said enhanced credit facilities availed by Defendant No.l, Defendant Nos.2 & 3 extended / created the equitable mortgage dated 21.03.2012, copy of the extension letter is annexed as Annexure'M'. i?,=a*r"L o Nzo,r2or4- DRT-3/Kor
3. Defendant Nos.2 & 3 duly executed a Debt Balance Confirmation dated 21.03.2012 admitting and acknowledging the debts & liabilities owing by Defendant No.l Company for Rs.1,34,18,928.00, copies of the same is annexed as Annexure.J'. 4' Defendant No.l enjoyed the loan I facilities in the Account opened in the name of .M/s C'G' Diary Pvt. Ltd.' in Applicant Bank's Trivoli Park Branch, Ballygunge, Kolkata. However, Defendant No.l committed breach of terms and conditions of the loan lfacilities and failed and neglected to repay the outstanding Bank's dues. Defendant No.l did not pay the agreed EMIs in the Term Loan and overdue interests also. Accounts became out of order and was classified as NPA on 31 .12.2012. Despite several requests and reminders, the Defendant No'l neglected to regrtlarize the Account. Applicant Bank issued re-call Demand Notice dated 01'08'2014 through its Ld. Advocate upon the Defendants demanding payment of outstanding dues of Rs.1,76,15 ,732.00 as on 31.07 .2014 in both the Accounts, but the Defendants did not comply the Notice, copy of the same is annexed as Annexure 'N'. Thereafter, Applicant Bank issued Notice u/s 13(2) of SAMAESI Act, 2002 on 07 .01.2013, calling upon the Defendants to pay the Bank's dues, but the Defendants did not turn up to repay the same, copy of the l3(2) Notice is annexed as Annexure 'Q'. Certified copies of Statement of Accounts alongwith Certificate under Bankers' Books Evidence Act, along with Statement of Claim have been filed to show and prove the dues, as Annexure 'O' &'P',and future interest @ 15.60%per annum in Term Loan and @ 14.75% per annum in C.C. Account, have been prayed. Applicant Bank submitted that their claim in the o.A. is within limitation. 5' The Notices / summons were sent to Defendant Nos.l to 4 by the Tribunal; and service upon Defendant No.l & 3 was completed by normal process as per order dated 27 .01.2015, and Defendant Nos.l & 3 appeared through Counsel on27.01.2015. on request of Ld. Counsel, service of summons upon Defendant Nos.2 & 4 was made through substitute process, i.e. by way of newspaper publication, and the same was found complete vide order dated 0g.0g.2015. Despite service and directions, the Defendants did not appear, nor filed the W.S., hence all the Defendants are ordered to be proceeded ex-parte. Ld. Counsel for Applicant Bank filed the written notes of arguments on20.03_2017. 6' on behalf of the Applicant Bank, one Sri Kajal Mondal, Asstt. General Manager of Applicant Bank's Trivoli Park Branch, Ballygunge, Kolkata 700020 has filed the evidence- on-affidavit on 05-02.2016 and thereby he confirmed the Applicant Bank's version as stated in the o'A' Applicant Bank has also filed the true certified copies of documents alongwith affidavit as per Index Exhibit 'A-1' to 'A-40' . The original documents have been verified and returned back to Ld. Counsel for Applicant Bank. 7' I have carefully gone through the pleadings, evidence, affidavit and copies of documents filed by the Applicant Bank. Applicant Bank has been able to prove that the enhanced Term loan and Cash Credit facility aggregating to the sum of Rs.1.43 crores were granted to the Defendant No.l on 23.12.2009 & March 2012, security documents were executed by Defendants on 29.01.2010,04.06.2070 &21.03.2012. DefendantNos.2, 3 &4 Rfrn',tt$ ON20812014 DRT-3/Kol executed Letters of Guarantee on 29.01.2010 & 21.03.2012. Defendant Nos.2 to 4 created equitable mortgage in respect of their immovable property(s) by deposit of Original Lease Deed of the property with the Bank. The statement of Accounts prove the availment of moneys by Defendants; hence, the Defendant Nos.l to 4 are liable to repay the same with interest. The claim of the Applicant Bank is within limitation.
8. Upon perusal of the Statements of Accounts I find that the debit balances shown in the statement of Accounts in both the Accounts (Term Loan Account & Cash Credit Account) inclusive of interests calculated in both the Accounts upto 31.07 .2014. is aggregating to Rs.1,76,15,732.00 (Rupees one crore seventy six lacs fifteen thousand seven hundred thirty two), which is the amount claimed in the O.A. I allow the claim as made by the Applicant Bank in the O.A. Applicant Bank has prayed future interest @ 15.60% per annum in Term Loan and @ 14.75% per annum in C.C. Account. In the last set of documents (D.p. Note) dated 21.03.2012, consolidated interest rate @I5.l0o/o per annum has been mentioned. Therefore, the pendentilite & future interest which has been agreed between the parties i.e. @ 15.10% per annum with monthly rests, be allowed to Applicant Bank from 0l .08.2014. ORDER
9. Under the circumstances, Applicant Bank is entitled to recover the dues as claimed in the O.A. from the Defendant Nos.l to 4; it is hereby held and ordered by this Tribunal that-(1) The Defendant Nos.1 to 4 are liable to pay to the Applicant Bank a sum of Rs.1,76,15,732.00 (Rupees one crore seventy six lacs fifteen thousand seven hundred thirty two) together with interest @ 15.l0o/o per annum with monthly rests on the above- said amount from 01.08.2014, till the date of realizationand costs of the O.A. The Defendant Nos.l to 4 are given a time of thirty days from the date of this Final Order / Judgment for repayment of the above mentioned dues. In case said Defendants fail to pay the said dues within the said time, Applicant Bank is entitled to recover its dues by sale of hypothecated movable assets described in the Schedule 'A' & 'B'at page 30 & 31 and mortgaged immovable property(s) described in para 5 (vii) & (viii) at page I I of the O.A., and also proceed against the Defendant Nos.2, 3 &. 4 personally to recover the dues from their personal assets and properties, in accordance with law. Ld. Registrar of this Tribunal is directed to place the Recovery Certificate in terms of the Final Order / Judgment for issuance of the same against the Defendants (Defendant Nos.l, 2, 3 & 4) in favour of Applicant Bank under Section 19 (22) of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. Accordingly, the Original Application is allowed. The copies of the Final Order / Judgment be given to the parties. Order pronounced in open Tribunal on this, the 20s day of March, 2018. P,n,il--- (Ram Bhushan Trivedi) Presiding Officer
3. Kolkata