w w w . L a w y e r S e r v i c e s . i n



Indian Overseas Bank V/S Bharati Khandelwal Rice Mill Private Limited and Others.


Company & Directors' Information:- R P G OVERSEAS PRIVATE LIMITED [Active] CIN = U74899DL1989PTC035238

Company & Directors' Information:- M K OVERSEAS PRIVATE LIMITED [Active] CIN = U25209DL1987PTC029976

Company & Directors' Information:- P K OVERSEAS PRIVATE LIMITED [Active] CIN = U74899DL1994PTC059051

Company & Directors' Information:- U & M OVERSEAS PRIVATE LIMITED [Active] CIN = U25200DL2007PTC165258

Company & Directors' Information:- B R K OVERSEAS PRIVATE LIMITED [Active] CIN = U51311DL2002PTC117390

Company & Directors' Information:- A V I OVERSEAS PRIVATE LIMITED [Active] CIN = U74899DL1994PTC059014

Company & Directors' Information:- INDIAN OVERSEAS CORPORATION PRIVATE LIMITED [Active] CIN = U51900DL2010PTC203948

Company & Directors' Information:- J C OVERSEAS LIMITED [Active] CIN = U65993WB1999PLC090116

Company & Directors' Information:- J S OVERSEAS PVT LTD [Active] CIN = U74899DL1994PTC058039

Company & Directors' Information:- H A OVERSEAS PRIVATE LIMITED [Active] CIN = U55101CH1999PTC032886

Company & Directors' Information:- B. R. OVERSEAS LIMITED [Active] CIN = U24111MP1973PLC001244

Company & Directors' Information:- A T OVERSEAS LTD [Active] CIN = U17115PB1995PLC015815

Company & Directors' Information:- A L OVERSEAS PRIVATE LIMITED [Active] CIN = U15300DL2013PTC250975

Company & Directors' Information:- D R OVERSEAS PRIVATE LIMITED [Active] CIN = U15122DL2013PTC253214

Company & Directors' Information:- INDIA RICE LTD [Under Liquidation] CIN = U01111KL1994PLC008050

Company & Directors' Information:- M R OVERSEAS PRIVATE LIMITED [Active] CIN = U01111DL1998PTC092787

Company & Directors' Information:- R. B. RICE MILL PRIVATE LIMITED [Active] CIN = U15312UP2008PTC035912

Company & Directors' Information:- B C C OVERSEAS PRIVATE LIMITED [Active] CIN = U74899DL1994PTC058775

Company & Directors' Information:- R B OVERSEAS PVT LTD [Active] CIN = U24200MH1982PTC028320

Company & Directors' Information:- S L OVERSEAS PRIVATE LIMITED [Active] CIN = U74899DL1999PTC099800

Company & Directors' Information:- B L OVERSEAS PRIVATE LIMITED [Active] CIN = U51109DL2008PTC177039

Company & Directors' Information:- G D R OVERSEAS LIMITED [Strike Off] CIN = U51909TN1994PLC028831

Company & Directors' Information:- S. B. OVERSEAS PVT LTD [Active] CIN = U27101WB1994PTC065565

Company & Directors' Information:- BHARATI KHANDELWAL RICE MILL PRIVATE LIMITED [Active] CIN = U15312WB2005PTC104613

Company & Directors' Information:- G B OVERSEAS PRIVATE LIMITED [Active] CIN = U51109WB2007PTC116567

Company & Directors' Information:- G B OVERSEAS PRIVATE LIMITED [Active] CIN = U74110DL2007PTC317094

Company & Directors' Information:- B M R RICE MILL PRIVATE LIMITED [Active] CIN = U15312OR2010PTC011652

Company & Directors' Information:- AT OVERSEAS INDIA PRIVATE LIMITED [Active] CIN = U74900DL2015PTC276303

Company & Directors' Information:- M D OVERSEAS LIMITED [Active] CIN = U52110DL1980PLC011099

Company & Directors' Information:- R C OVERSEAS PRIVATE LIMITED [Active] CIN = U74899DL1991PTC045610

Company & Directors' Information:- K M S MILL PRIVATE LIMITED [Active] CIN = U17111TZ2005PTC011548

Company & Directors' Information:- U B RICE MILL PRIVATE LIMITED [Active] CIN = U15312WB2005PTC103505

Company & Directors' Information:- S. R. O. OVERSEAS PRIVATE LIMITED [Active] CIN = U51101DL2014PTC268846

Company & Directors' Information:- K P OVERSEAS LIMITED [Active] CIN = U51311DL2004PLC125574

Company & Directors' Information:- M I OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U74899DL1987PTC026966

Company & Directors' Information:- R F OVERSEAS PRIVATE LIMITED [Active] CIN = U51909PB1997PTC019643

Company & Directors' Information:- M R K OVERSEAS PRIVATE LIMITED [Active] CIN = U74899DL1984PTC018631

Company & Directors' Information:- L & W OVERSEAS PRIVATE LIMITED [Active] CIN = U17221PB2013PTC037343

Company & Directors' Information:- C D OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51909DL1997PTC085553

Company & Directors' Information:- J D OVERSEAS PRIVATE LIMITED [Active] CIN = U74899DL1990PTC038866

Company & Directors' Information:- G RICE INDIA LIMITED [Strike Off] CIN = U15312HP1998PLC022089

Company & Directors' Information:- A A P OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51909KA2007PTC042105

Company & Directors' Information:- K G OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U74899DL1993PTC054832

Company & Directors' Information:- M P RICE PRIVATE LIMITED [Active] CIN = U15312PB1998PTC021722

Company & Directors' Information:- OVERSEAS CORPN. PVT LTD [Active] CIN = U67120WB1947PTC014910

Company & Directors' Information:- G R OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U74899DL1992PTC050950

Company & Directors' Information:- A M D OVERSEAS PRIVATE LIMITED. [Active] CIN = U52110DL1980PTC010622

Company & Directors' Information:- M S D OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U74899DL1995PTC069001

Company & Directors' Information:- R K G OVERSEAS PRIVATE LIMITED [Active] CIN = U51229DL1997PTC086734

Company & Directors' Information:- B. M. RICE MILL PRIVATE LIMITED [Strike Off] CIN = U15312WB2011PTC162150

Company & Directors' Information:- N D OVERSEAS PRIVATE LTD [Converted to LLP] CIN = U51900MH1994PTC076787

Company & Directors' Information:- N W OVERSEAS PRIVATE LIMITED [Active] CIN = U51507HR1999PTC034265

Company & Directors' Information:- R. G. OVERSEAS LIMITED [Strike Off] CIN = U27104TN1981PLC008963

Company & Directors' Information:- S D RICE PRIVATE LIMITED [Strike Off] CIN = U15312PB1999PTC022547

Company & Directors' Information:- P M OVERSEAS PRIVATE LIMITED [Active] CIN = U51909DL1991PTC045126

Company & Directors' Information:- S S RICE MILL PRIVATE LIMITED [Active] CIN = U15312UP1998PTC023659

Company & Directors' Information:- KHANDELWAL PVT LTD [Converted to LLP and Dissolved] CIN = U74899DL1981PTC012869

Company & Directors' Information:- J M B OVERSEAS PRIVATE LIMITED [Active] CIN = U51909WB1997PTC085224

Company & Directors' Information:- S C J OVERSEAS PRIVATE LIMITED [Active] CIN = U74899DL1993PTC052913

Company & Directors' Information:- A J K RICE MILL PRIVATE LIMITED [Strike Off] CIN = U15312WB1996PTC082072

Company & Directors' Information:- M C S OVERSEAS PVT LTD. [Strike Off] CIN = U51909WB1994PTC063666

Company & Directors' Information:- B. J. OVERSEAS PVT. LTD. [Strike Off] CIN = U24134WB1994PTC063846

Company & Directors' Information:- J RICE MILL PVT LTD [Strike Off] CIN = U15312WB1994PTC061993

Company & Directors' Information:- A H OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51109UP1977PTC004421

Company & Directors' Information:- R M OVERSEAS LTD [Active] CIN = U51909PB1992PLC011971

Company & Directors' Information:- L O P OVERSEAS PRIVATE LIMITED [Active] CIN = U51109UP2001PTC026011

Company & Directors' Information:- R R OVERSEAS LTD [Active] CIN = U51909DL1993PLC054909

Company & Directors' Information:- U D OVERSEAS PRIVATE LIMITED. [Strike Off] CIN = U74999DL2000PTC105257

Company & Directors' Information:- S A OVERSEAS PRIVATE LIMITED [Active] CIN = U51909DL2001PTC112769

Company & Directors' Information:- A H R OVERSEAS PRIVATE LIMITED [Active] CIN = U51909DL2000PTC103069

Company & Directors' Information:- H S OVERSEAS PRIVATE LIMITED [Active] CIN = U51909DL2008PTC182147

Company & Directors' Information:- D K RICE MILL PRIVATE LIMITED [Active] CIN = U15312OR1997PTC004750

Company & Directors' Information:- S G OVERSEAS PRIVATE LIMITED [Active] CIN = U18101DL2000PTC105649

Company & Directors' Information:- R AND R OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U18101DL1987PTC030154

Company & Directors' Information:- G. S. RICE MILL PRIVATE LIMITED [Strike Off] CIN = U23202WB2007PTC119580

Company & Directors' Information:- D & D OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51420OR2009PTC010779

Company & Directors' Information:- A TO Z OVERSEAS PRIVATE LIMITED [Active] CIN = U51909PB2007PTC031342

Company & Directors' Information:- G M CO RICE MILL PRIVATE LIMITED [Strike Off] CIN = U15312WB2001PTC093159

Company & Directors' Information:- Z AND Z OVERSEAS PRIVATE LIMITED [Active] CIN = U18101DL1996PTC082824

Company & Directors' Information:- J P OVERSEAS PRIVATE LIMITED [Active] CIN = U74899DL1994PTC059744

Company & Directors' Information:- R Q OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51909MH2012PTC230840

Company & Directors' Information:- V M RICE MILL PRIVATE LIMITED [Strike Off] CIN = U15312WB2010PTC142779

Company & Directors' Information:- J M OVERSEAS PRIVATE LIMITED [Active] CIN = U51909WB2008PTC128957

Company & Directors' Information:- D N OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U24119DL1999PTC102409

Company & Directors' Information:- A-3 OVERSEAS PRIVATE LIMITED [Active] CIN = U36900HR2016PTC063750

Company & Directors' Information:- D M OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U74900DL1995PTC072532

Company & Directors' Information:- B R V K OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51909DL1982PTC014130

Company & Directors' Information:- OVERSEAS (INDIA) LTD [Strike Off] CIN = U51909WB1945PLC012624

Company & Directors' Information:- B N OVERSEAS PVT LTD [Strike Off] CIN = U74899DL1991PTC042764

Company & Directors' Information:- S N R OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U00063KA1996PTC019873

Company & Directors' Information:- P B M OVERSEAS PVT LTD [Strike Off] CIN = U51311RJ1996PTC011483

Company & Directors' Information:- M H OVERSEAS LIMITED [Strike Off] CIN = U36911UP2000PLC025118

Company & Directors' Information:- V. R. OVERSEAS PRIVATE LIMITED [Active] CIN = U51109WB2006PTC107676

Company & Directors' Information:- I E S (OVERSEAS) PVT LTD [Active] CIN = U31200WB1974PTC029343

Company & Directors' Information:- V B OVERSEAS PRIVATE LIMITED [Active] CIN = U28995DL1996PTC077049

Company & Directors' Information:- J N OVERSEAS PRIVATE LIMITED [Active] CIN = U74899DL1994PTC060359

Company & Directors' Information:- V C OVERSEAS PRIVATE LIMITED [Active] CIN = U51900DL2007PTC166741

Company & Directors' Information:- T M K OVERSEAS LIMITED [Strike Off] CIN = U51223KL1992PLC006416

Company & Directors' Information:- V E OVERSEAS PVT LTD [Strike Off] CIN = U31909DL1981PTC011849

Company & Directors' Information:- S R D OVERSEAS PRIVATE LIMITED [Active] CIN = U52209DL2008PTC178806

Company & Directors' Information:- THE RICE COMPANY INDIA PRIVATE LIMITED [Active] CIN = U74899DL2001PTC109522

Company & Directors' Information:- C M D OVERSEAS PVT LTD [Active] CIN = U74899DL1995PTC073068

Company & Directors' Information:- M B OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U74899DL1994PTC061016

Company & Directors' Information:- B G OVERSEAS PRIVATE LIMITED [Under Process of Striking Off] CIN = U74899DL1990PTC038859

Company & Directors' Information:- M N OVERSEAS PRIVATE LIMITED [Active] CIN = U51909WB2004PTC099257

Company & Directors' Information:- KHANDELWAL OVERSEAS PRIVATE LTD [Active] CIN = U74899DL1987PTC028742

Company & Directors' Information:- R L K OVERSEAS PRIVATE LIMITED [Converted to LLP] CIN = U74899DL1991PTC043115

Company & Directors' Information:- J S R OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U52399DL2009PTC190839

Company & Directors' Information:- K D OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U18101DL1982PTC013342

Company & Directors' Information:- S S B OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U74120WB1997PTC086041

Company & Directors' Information:- C J OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U74899DL1991PTC045545

Company & Directors' Information:- A RICE OVERSEAS LIMITED [Strike Off] CIN = U15312HP1999PLC022275

Company & Directors' Information:- A AND P OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U74999DL1992PTC048780

Company & Directors' Information:- RICE INDIA (P) LTD. [Strike Off] CIN = U99999DL1998PTC092455

Company & Directors' Information:- V & D OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51909DL2009PTC186537

Company & Directors' Information:- P G OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U74999DL1982PTC013479

Company & Directors' Information:- S N OVERSEAS PRIVATE LIMITED [Active] CIN = U74996DL2006PTC150004

Company & Directors' Information:- D. T. OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U36911UP1996PTC020289

Company & Directors' Information:- A R C OVERSEAS PRIVATE LIMITED [Active] CIN = U74899DL1989PTC036343

Company & Directors' Information:- T D OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U52590DL2013PTC257410

Company & Directors' Information:- V K OVERSEAS PVT LTD [Strike Off] CIN = U18209CH1990PTC010214

Company & Directors' Information:- J B OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U17220DL1983PTC016197

Company & Directors' Information:- K H OVERSEAS PVT LTD [Strike Off] CIN = U51496CH1989PTC009704

Company & Directors' Information:- A. A. OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51909PB2008PTC032010

Company & Directors' Information:- Z H OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51909MH2005PTC155819

Company & Directors' Information:- E B OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51101DL2007PTC157263

Company & Directors' Information:- A P OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51101DL2014PTC271288

Company & Directors' Information:- S H OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U18101DL2002PTC116516

Company & Directors' Information:- S D S OVERSEAS PRIVATE LIMITED [Active] CIN = U51909DL2013PTC249539

Company & Directors' Information:- L T OVERSEAS PRIVATE LIMITED [Active] CIN = U15122DL2014PTC272665

Company & Directors' Information:- R P OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U74899DL2000PTC108954

Company & Directors' Information:- S V OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U52100DL2013PTC258278

Company & Directors' Information:- T & Y OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51505HR2012PTC047468

Company & Directors' Information:- G R D OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U80301HR2012PTC046968

Company & Directors' Information:- T & T OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51900GJ2015PTC083022

Company & Directors' Information:- S K P OVERSEAS PRIVATE LIMITED [Active] CIN = U51909GJ2013PTC076553

Company & Directors' Information:- P R OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U27310GJ2014PTC079227

Company & Directors' Information:- G T C OVERSEAS PVT LTD [Strike Off] CIN = U18101PB1993PTC013743

Company & Directors' Information:- D AND P OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U18109DL1989PTC038623

Company & Directors' Information:- B G S OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51101PB2007PTC031400

Company & Directors' Information:- I P S OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U63030DL1976PTC008356

Company & Directors' Information:- BHARATI PVT LTD [Strike Off] CIN = U51109WB1952PTC020611

Company & Directors' Information:- INDIA AND OVERSEAS CORPORATION LIMITED [Dissolved] CIN = U99999MH1947PTC005626

    O.A. No. 52 of 2017

    Decided On, 03 January 2020

    At, Debts Recovery Tribunal Kolkata

    By, THE HONORABLE JUSTICE: M.S. RAO
    By, (PRESIDING OFFICER)

    For Petitioner: Mousumi Ganguly



Judgment Text


1. Applicant, Indian Overseas Bank, tendered the present Application, being O.A. No. 52 of 2017, on 22nd February, 2017, under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 for recovery of Rs. 8,52,92,368.02 (Rupees eight crore fifty two lac ninety two thousand three hundred sixty eight and paise two only) [Cash Credit Account No. 147902000000358 - Rs. 7,56,44,740.02 plus Term Loan Account No. 147903260800001 - Rs. 38,59,039.00 plus Term Loan Account No. 147903261200001 - Rs. 57,88,589.00] charged upto 31st December, 2016 and further interest at the rate of 14.20% compounded monthly from 1st January, 2017 and cost, etc., till realization against three Defendants.

2. In brief, Applicant Bank mentioned as under:

(i) Defendant No. 1, M/s. Bharati Khandelwal Rice Mill Private Limited, a Private Limited Company of which Defendants No. 2 and 3 are Directors, is borrower. The Defendants No. 2 and 3 are Directors as well as Guarantors of the Defendant No. 1.

(ii) Applicant Bank on the request of the Defendant No. 1, through its Directors, sanctioned the Cash Credit Facility of Rs. 100.00 lac on 12th January, 2008 and Term Loan for Rs. 150.00 lac.

(iii) In order to avail the aforesaid Loan facilities, Defendant No. 1, through its Directors, executed on 17th January, 2008 Demand Promissory Note for Rs. 100.00 lac, Letter of Continuity, Hypothecation of Book Debts, Letter of Hypothecation (in case of open advances only), Demand Promissory Note Rs. 150.00 lac, Letter of payment of instalment for Rs. 150.00 lac, Term Loan Agreement for Rs. 150.00 lac, Letter of Hypothecation (for securing machineries/vehicles goods/book debts) for Rs. 250.00 lac.

Defendants No. 2 and 3, executed the Letters of Guarantee.

(iv) On the request of the Defendant No. 1, through its Directors, Applicant Bank vide Credit Sanction Advice dated 09th April, 2012 enhanced the Cash Credit limit upto Rs. 250.00 lac from Rs. 100.00 lakhs and sanctioned a fresh Term Loan of Rs. 70.00 lac.

(v) In order to avail the aforesaid Loan facilities, Defendant No. 1, through its Directors, executed on 12th April, 2012 Demand Promissory Note for Rs. 150.00 lac; Letter of Continuity, Letter of Hypothecation (for securing machineries/vehicles goods/book debts) for Rs. 4,11,71,000.00.

(vi) On the request of the Defendant No. 1, through its Directors, the Applicant Bank, vide Credit Sanction Advice dated 3rd June, 2012, enhanced the existing Term Loan of Rs. 70.00 lac to Rs. 90.00 lac.

(vii) In order to avail the aforesaid Loan facilities, Defendant No. 1, through its Directors executed on 12th June, 2012 Demand Promissory Note for Rs. 90.00 lac, Letter of payment of instalment for Rs. 90.00 lac, Term Loan Agreement, Letter of Hypothecation (for securing machineries/vehicles goods/book debts) for Rs. 5,01,71,000.00.

Defendants No. 2 and 3 executed Letter of Guarantee.

(viii) On the request of the Defendant No. 1, through its Directors, the Applicant Bank, vide Credit Sanction Advice dated 5th July, 2013 enhanced the Cash Credit limit upto Rs. 350.00 lac from Rs. 250.00 lac and Term Loan of Rs. 81.80 lac, Term Loan of Rs. 1.12 lac, Term Loan of Rs. 67.50 lac and Term Loan of Rs. 4.67 lac and also sanctioned Letter of Guarantee favouring WBSEDCL limit of Rs. 16.19 lac.

(ix) In order to avail the aforesaid Loan facilities, Defendant No. 1, through its Directors, executed on 03rd July, 2013, Demand Promissory Note for Rs. 100.00 lac, Letter of Continuity, Hypothecation of Book Debts, Letter of Hypothecation (in case of open advances only), Letter of Hypothecation (for securing machineries/vehicles goods/book debts) for Rs. 5,06,71,000.00 and Letter of Undertaking.

Defendants No. 2 and 3 executed Letters of Guarantee.

(x) On the request of Defendant No. 1, through its Directors, Applicant Bank, vide Credit Sanction Advice dated 25th September, 2014 enhanced the Cash Credit limit upto Rs. 650.00 lac from Rs. 350.00 lac and Term Loan of Rs. 54.80 lac, Term Loan of Rs. 60.00 lac and Term Loan of Rs. 2.21 lac and Letter of Guarantee with a limit of Rs. 16.19 lac favouring WBSEDCL.

(xi) In order to avail the aforesaid Loan facilities, Defendant No. 1, through its Directors, executed on 26th September, 2014 Demand Promissory Note for Rs. 300.00 lac, Letter of Continuity, Hypothecation of Book Debts, Letter of Hypothecation (in case of open advances only), Supplemental Deed of Hypothecation/Pledge for Rs. 650.00 lac, Letter of Hypothecation (for securing machineries/vehicles goods/book debts) for Rs. 7,02,90,000.00, Letter of Undertaking. Defendants executed Declaration dated 25th September, 2014.

Defendants No. 2 and 3 executed Letters of Guarantee.

(xii) On the request of Defendant No. 1, through its Directors, Applicant renewed the said Letter of Guarantee, limit of Rs. 16.19 lac and extended the period of said Bank Guarantee in favour of WBSPDCL, the beneficiary of the said guarantee.

Defendant No. 1, through its Directors, executed one General Counter Guarantee on 1st May, 2015 in favour of the Applicant Bank.

(xiii) On the request of Defendant No. 1, through its Directors, the Applicant vide Credit Sanction Advice dated 16th January, 2016 Applicant Bank renewed the earlier limits with one shot LG in favour of WBSEDCL of Rs. 1.00 lac. The above said LG of Rs. 16.19 lakhs has already been invoked by WBSEDCL and the date of the LG of Rs. 1.00 lakh has expired and has not been renewed further.

(xiv) Board of Directors of Defendant No. 1, in their Meetings held on 04th March, 2008, 1st June, 2012, 28th January, 2013, 20th March, 2013, 2nd July, 2013 and 25th September, 2014 passed necessary Resolution authorizing Defendant No. 1 to avail of aforesaid credit facilities from the Applicant Bank and authorized Defendants No. 2 and 3, inter alia, to sign and to execute necessary documents and forms as may be required by the Applicant Bank on behalf of Defendant No. 1 with the common seal wherever necessary.

(xv) At the time of availing loan from the Applicant, Defendant No. 1, through its Directors, created security by way of hypothecation of Rice, Paddy and machineries and entire stocks of goods stored or to be stored, moveable and immovable fixed assets along with the current assets of the company both existing and future for obtaining financial assistance for running its business together with all present debts, stock and assets and all future debts, stock and assets. The detail of the hypothecated property is given in Schedule-I of the O.A.

(xvi) Defendants No. 2 and 3 agreed to extend the mortgage of their immovable property, already created in a separate Housing Loan on 22nd May, 2006, in respect of piece and parcel of land measuring 4 Cottahs 3 Chittacks 9 Sq.ft or 0066 Acre more or less lying and situated at Mouza Bamchandaipur, J.L. No. 74, R.S. Khatian No. 1197, R.S. Plot Nos. 1509(P), 1508(P) and 1512(P), Layout Plot No. TAAV07 of Mini Township Ulhas, Class Bastu, P.S. & District : Burdwan; morefully described in Item No. 1 of Schedule II of the O.A. and denoted in the Deed of Assignment being No. 5932 for the year 2005. Defendant No. 1, through its Directors, executed Confirmation of Mortgage dated 22nd May, 2006 and Letters of Confirmation (Supplemental) dated 9th October, 2009 and 26th September, 2014.

(xvii) Defendants No. 2 and 3 on behalf of Defendant No. 1 with intent to create equitable mortgage deposited original title deeds with the Applicant Bank in respect of:

(a) Part and parcel of land measuring 22 decimal situated at Mouza Jubila, J.L. No. 76, L.R. Khatian No. 63, R.S. Dag No. 6635/6895 P.S. Khandogosh, District - Burdwan, butted and bounded on north - Berugram Road, on the south - Shali land R.S. Dag No. 6626, on the east - Shali land R.S. Dag No. 6657, on the west - Shali land R.S. Dag No. 6896; Registered in Book No. I, Volume No. 18, Pages 104 - 111, No. 367 for the year 2007;

(b) Part and parcel of land measuring 13 decimal situated in District and District Sub-Registry Burdwan, under Police Station and Sub-Registry Khandagosh at Mouza - Jubila, J.L. No. 76, under L.R. Khatian No. 687 from L.R. Khatian No. 1613/1, Dag No. 6634/6896, butted and bounded on north - Berugram Road, on the south - Shali land R.S. Dag No. 6626, on the east - Shali land R.S. Dag No. 6626, on the west - Shali land R.S. Dag No. 6897; Registered in Book No. I, Volume No. 18, Pages 112 - 119, No. 368 for the year 2007;

(c) Part and parcel of land measuring 52 (50 + 2) decimal situated in District and District Sub-Registry Burdwan, under Police Station and Sub-Registry Khandagosh at Mouza - Jubila, J.L. No. 76, under L.R. Khatian No. 2146 and 1157 from L.R. Khatian No. 2651, Dag No. 6626, (50 decimal), R.S. Dag No. 6626/6851 (2 decimal) Dag No. 6626 butted and bounded on north - agricultural shali land in Dag No. 6895, on the south - agricultural shali land in R.S. Dag No. 6763 and 6626/6851, on the east - agricultural shali land in Dag No. 6761 and 6762, on the west - agricultural shali land in 1/3rd share of the said dag;

Dag No. 6626/6851 butted and bounded on north -shali land in Dag No. 6626, on the south - agricultural shali land in Dag No. 6761, on the east - agricultural shali land in Dag No. 6762, on the west - agricultural shali land in Dag No. 6763; Registered in Book No. I, Volume No. 18, Pages 120 - 128, No. 369 for the year 2007;

(d) Part and parcel of land measuring 41 decimal situated in District and District Sub-Registry Burdwan, under Police Station and Sub-Registry Khandagosh at Mouza - Jubila, J.L. No. 76, under L.R. Khatian No. 2146 and 1157 from L.R. Khatian No. 2649, Dag No. 6626, butted and bounded on north - agricultural shali land purchased by the vendee from Taher Ali Mondal of part Dag No. 6896 on the south - agricultural shali land in Dag No. 6768, on the east - agricultural shali land to the extent of in 1/3rd share of the said dag, on the west -agricultural shali land in 1/3rd share of the said dag; Registered in Book No. I, Volume No. 18, Pages 129 - 136, No. 370 for the year 2007.

Defendants executed Letters of Confirmation of Mortgage dated 18th January, 2008 and Letters of Confirmation (Supplemental) dated 12th April, 2012, 12th June, 2012 and 26th September, 2014.

(xviii) Charge over hypothecation of the Machinery, Equipment, Stock and trade, book debts and mortgage created by the Defendant No. 1, through its Directors, in favour of the Applicant Bank, has been recorded in the office of Registrar of Companies.

(xix) Defendants No. 2 and 3 executed Revival Letters on 3rd December, 2010, 25th November, 2013, 3rd July, 2013, 6th April, 2015 and 30th March, 2016.

(xx) Defendant No. 1, through its Directors, executed the Debit Balance Confirmation on 31st March, 2016.

3. Defendants enjoyed the loan but failed and neglected to pay the outstanding debts to the Applicant Bank on the basis of the terms and conditions stipulated in the Sanction Letters as a result, the accounts, being Cash Credit Account No. 147902000000358, Term Loan Account No. 147903260800001 Term Loan Account No. 147903261200001 have been classified as "Non Performing Assets" (NPA) on 30th June, 2016. Applicant Bank sent Demand/Recall Notice on 20th September, 2016 but Defendants did not pay the dues. Dues against Defendants is Rs. 8,52,92,368.02 (Rupees eight crore fifty two lac ninety two thousand three hundred sixty eight and paise two only) including interest charged upto 31st December, 2016. O.A. has been filed for recovery of the same. Future interest at the rate of 14.20% compounded monthly from 1st January, 2017 has been claimed. Certified statement of account has been filed. Applicant Bank has mentioned that their claim is within limitation.

4. Service upon the Defendants is complete. Completion of service has been recorded in the Learned Registrar-in-Charge's order dated 4th June, 2018. Ms. R. Biswas, representing Ms. Mitul Chakrabarti, Learned Counsel appeared on behalf of all the Defendants but in spite of several opportunities failed to file written statement hence right to file written statement by Defendants was closed vide order dated 12th March, 2019. Thereafter Learned Counsel for Defendants filed an I.A., being I.A. 273 of 2019 and prayed for recalling of the order dated 12th March, 2019. On 10th April, 2019 the I.A. was taken up for hearing. At the time of hearing of the I.A. Learned Counsel for Applicant Bank vehemently opposed the recalling application. This Tribunal, however, for the ends of justice allowed the Defendants to file written statement but with costs of Rs. 20,000.00 to be paid to the Account of the Prime Minister's Relief Fund. There after neither the Defendants appeared nor filed written statement. Accordingly, they were set ex parte vide Tribunal's order dated 27th November, 2019.

5. Applicant Bank has filed Evidence-on-affidavit, affirmed by Mr. Subash Prasad, Manager of Applicant Bank's Burdwan Branch, alongwith the copy of original documents executed by the parties. Original documents have been produced by the Applicant Bank; the same have been verified with copies of the documents annexed with the O.A. and the originals have been returned to Mr. Subash Prasad, Manager of Applicant Bank's Burdwan Branch, as has been recorded in the Learned Registrar-in-Charge's Order dated 22nd February, 2017. The documents produced by the Applicant Bank are exhibited and marked as Exhibits A-1 to A-71. Applicant Bank by filing supplementary evidence indicated the date of N.P.A. and annexed Banker's Certificate as has been recorded vide Registrar's order dated 21st August, 2019.

Photocopies of Bengali Title Deeds alongwith English translated copies of Bengali Title Deeds have purportedly been filed by way of supplementary evidence as will appear from the order dated 22nd February, 2017.

I have heard the Learned Counsel for the Applicant Bank and perused the records.

6. Evidence-on-affidavit, filed by the Applicant Bank, is supported by copies of the documents (original documents verified by the Registry and returned to Mr. Subash Prasad, Manager of Applicant Bank's Burdwan Branch on 22nd February, 2017). Applicant Bank has corroborated the averments made in the O.A. Applicant Bank has proved sanction of Cash Credit Facility of Rs. 100.00 lac which was finally enhanced to Rs. 650.00 lac and Term Loan for Rs. 150.00 lac.

Applicant Bank has also proved hypothecation of secured assets and creation of Equitable Mortgage in respect of immoveable property as detailed above.

7. Evidence-on-affidavit, filed by Applicant Bank, has remained unchallenged, un-rebutted. Applicant Bank has proved the averments made in the O.A.

8. Applicant Bank has filed Statement of Account certified under Banker's Books Evidence Act. Rs. 8,52,92,368.02 (Rupees eight crore fifty two lac ninety two thousand three hundred sixty eight and paise two only) including interest charged upto 31st December, 2016 is due and payable. Future interest at the rate of 14.20% compounded monthly from 1st January, 2017 have been charged. Initially while granting loan interest at the rate of 12.75% per annum has been claimed, accordingly, future interest at the rate of 12.75% per annum, simple, is allowed.

9. On the point of limitation, the O.A. has been tendered on 22nd February, 2017. On 30th March, 2016 Defendants executed Revival Letter; thus, the O.A. has been filed within the limitation period.

10. 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 O.A. deserves to be allowed; hence allowed.

O R D E R

(1) O.A. No. 52 of 2017, filed by the Applicant Bank, is allowed and debt is determined with cost against the Defendants No. 1, 2 and 3. It is hereby ordered that Applicant Bank is entitled to recover from the Defendants, jointly and severally, the total debt amount of Rs. 8,52,92,368.02 (Rupees eight crore fifty two lac ninety two thousand three hundred sixty eight and paise two only) is due and payable, inclusive of interest and other charges as calculated upto including interest charged upto 31st December, 2016; and interest for the period pendente lite and future at the rate of 12.75% per annum, simple, from 1st January, 2017, till realization of the entire sum due and recoverable.

(2) Amount, if any, paid by the Defendants in the loan account or amount, if any, recovered by the Applicant Bank 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, pendente lite and future interest shall be calculated on the reduced amount.

(3) Defendants are debarred from transferring, alienating, encumbering or disposing of the hypothecated/mortgaged property, being:

(a) All That piece and parcel of land measuring 4 Cottahs 3 Chittacks 9 Sq.ft or 0066 Acre more or less lying and situated at Mouza Bamchandaipur, J.L. No. 74, R.S. Khatian No. 1197, R.S. Plot Nos. 1509(P), 1508(P) and 1512(P), Layout Plot No. TAAV07 of Mini Township Ulhas, Class Bastu, P.S. & District : Burdwan; morefully described in Item No. 1 of Schedule II of the O.A.

(b) Part and parcel of land measuring 22 decimal situated at Mouza Jubila, J.L. No. 76, L.R. Khatian No. 63, R.S. Dag No. 6635/6895 P.S. Khandogosh, District Burdwan, butted and bounded on north - Berugram Road, on the south - Shali land R.S. Dag No. 6626, on the east - Shali land R.S. Dag No. 6657, on the west - Shali land R.S. Dag No. 6896; Registered in Book No. I, Volume No. 18, Pages 104 - 111, No. 367 for the year 2007;

(c) Part and parcel of land measuring 13 decimal situated in District and District Sub-Registry Burdwan, under Police Station and Sub-Registry Khandagosh at Mouza - Jubila, J.L. No. 76, under L.R. Khatian No. 687 from L.R. Khatian No. 1613/1, Dag No. 6634/6896, butted and bounded on north - Berugram Road, on the south - Shali land R.S. Dag No. 6626, on the east - Shali land R.S. Dag No. 6626, on the west - Shali land R.S. Dag No. 6897; Registered in Book No. I, Volume No. 18, Pages 112 - 119, No. 368 for the year 2007;

(d) Part and parcel of land measuring 52 (50 + 2) decimal situated in District and District Sub-Registry Burdwan, under Police Station and Sub-Registry Khandagosh at Mouza - Jubila, J.L. No. 76, under L.R. Khatian No. 2146 and 1157 from L.R. Khatian No. 2651, Dag No. 6626, (50 decimal), R.S. Dag No. 6626/6851 (2 decimal) Dag No. 6626 butted and bounded on north - agricultural shali land in Dag No. 6895, on the south - agricultural shali land in R.S. Dag No. 6763 and 6626/6851, on the east - agricultural shali land in Dag No. 6761 and 6762, on the west - agricultural shali land in 1/3rd share of the said dag;

Dag No. 6626/6851 butted and bounded on north -shali land in Dag No. 6626, on the south - agricultural shali land in Dag No. 6761, on the east - agricultural shali land in Dag No. 6762, on the west - agricultural shali land in Dag No. 6763; Registered in Book No. I, Volume No. 18, Pages 120 - 128, No. 369 for the year 2007;

(e) Part and parcel of land measuring 41 decimal situated in District and District Sub-Registry Burdwan, under Police Station and Sub-Registry Khandagosh at Mouza - Jubila, J.L. No. 76, under L.R. Khatian No. 2146 and 1157 from L.R. Khatian No. 2649, Dag No. 6626, butted and bounded on north - agricultural shali land purchased by the vendee from Taher Ali Mondal of part Dag No. 6896 on the south - agricultural shali land in Dag No. 6768, on the east - agricultural shali land to the extent of in 1/3rd share of the said dag, on the west -agricultural shali land in 1/3rd share of the said dag; Registered in Book No. I, Volume No. 18, Pages 129 - 136, No. 370 for the year 2007.

And hypothecated rice and padd

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y and raw material, moveable items and assets lying at 3rd Avenue, Plot No. TAAV07, P.O. Joteram, Ulhas, Burdwan - 713 101 and at P.O. & Village - Jubila, P.S. Khandogosh, Burdwan, West Bengal, P.I.N. - 713 424 and wherever the movable items and assets lying in connection to the business of Defendant No. 1 as security along with the charged over all the book debts, outstanding, moneys receivables, claims and bills which now due and owing of which may at any time for repayment of the dues of the Plaintiff for the business purpose of Defendant No. 1. Defendants are also debarred from transferring, alienating, encumbering or disposing any other property and assets belonging to them till the aforesaid adjudicated debt amount is recovered from the Defendants. (4) Defendants are given a time of thirty days from the date of this judgment/final order for repayment of the above mentioned dues, so intimated to them. In case the Defendants fail to pay the dues within the abovementioned time, the Applicant Bank is entitled to recover its dues by sale of secured assets, as aforesaid. Applicant Bank is also entitled to proceed against personal properties of the Defendants both moveable and immoveable and also proceed against the Defendants personally to recover the dues in accordance with law. (5) Let the Certificate of Recovery be drawn up by Learned Registrar forthwith in terms of judgment for issuance of the same against Defendants in favour of Applicant Bank under Section 19 (22) of The Recovery of Debts and Bankruptcy Act, 1993 and put up the same for signature for issuance. (6) Learned Recovery Officer shall realize the amount as per the Recovery Certificate from Defendants in accordance with law. (7) Learned 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 1993. Accordingly, the Original Application, being O.A. 52 of 2017, is allowed and stands disposed of. Copy of the Judgment/Final Order be uploaded in the Tribunal's Website. File be consigned to Record room. Order pronounced by me in the open Tribunal on this the 3rd day of January, 2020.
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