PUNJAB NATIONAL BANK Vs. RAJESH & CO
LAWS(DR)-2011-6-1
DEBTS RECOVERY APPELLATE TRIBUNAL
Decided on June 20,2011

PUNJAB NATIONAL BANK Appellant
VERSUS
Rajesh And Co. And Ors. Respondents

JUDGEMENT

Sailendra Prasad Talukdar, J. - (1.) BEING aggrieved by and dissatisfied with Order No. 47 dated 6th January, 2009 passed by learned Debts Recovery Tribunal III, Kolkata in O.A. No. 14 of 2003, the appellant Bank has approached this Tribunal for redressal of its grievances. The backdrop of the present case may briefly be stated as follows: On 7th May, 2003 the appellant -Bank filed an application with prayer to adjudicate its alleged claim of Rs. 43,66,988.71 along with interest at the rate of 14.50% per annum with quarterly rests as against respondent No. 1, which is a partnership firm with respondent Nos. 2, 3 and 4 as its partners and one Smt. Shushila Devi Aggarwal (since deceased) impleaded as defendant No. 5 therein. The respondent Nos. 2 to 4 are also legal heirs of the said deceased defendant No. 5.
(2.) IN the said application, it was alleged by the Bank that the respondents were initially enjoying cash credit hypothecation for a sum of Rs. 2/ - lacs which was initially enhanced to a sum of Rs. 24/ - lacs in 1997. The said loans were secured by hypothecation of stocks and guaranteed by furnishing the guarantee by the defendant No. 5 and was further secured by extension of the existing mortgage and immovable property of land and building standing in the name of defendant No. 2. Respondents confirmed the date of execution of balance confirmation for a sum of Rs. 31,32,660.63 as on 17th May, 2000. Despite repeated demands the alleged outstanding dues were not regularised thereby compelling the applicant Bank to approach the learned. Tribunal. There was an agreement for amicable settlement of the dispute for an amount of Rs. 21.55 lacs. Respondents were advised to put the same in writing and deposit the entire amount for bringing the controversy to an end. The respondents accordingly duly deposited the said settlement amount by issuing a letter dated 31st May. 2004 enclosing seven post -dated cheques for the aforesaid sum of Rs. 21.55 lacs (in total) in favour of the Bank. The said letter was duly received by the Chief Manager putting the date and seal of the Bank.
(3.) SOON thereafter the respondents filed an application bringing this development to the notice of the learned Tribunal.;


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