respondent no.1 as the borrower and banks. On

Appeal No. 81 of 2022-DRAT-Kolkata 
    IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA 
 
 
 
 
  Appeal No.81 of 2022 
           (Arising out of  TA No. 179 of 2020  in DRT- 2 Kolkata) 
 
 
 
 
 
 
 
 
 
 
 HON’BLE  MR.  JUSTICE ANIL KUMAR SRIVASTAVA 
 
 
 
 
 
 
             CHAIRPERSON 
 
 
 
 
 
 
  
 
1. 
State Bank of India, a statutory body constituted under the 
State Bank of India Act, 1955, having its Corporate Centre at State 
Bank Bhawan, Madame Cama Road, Nariman Point, Mumbai-400021 
and carrying on its business from its Branch Office inter alia, at 
Stressed Assets Resolution Group  Commercial Group Commercial III, 
112-115, 1st floor, Plot 212, West Wing, Tulsiani Chambers, Free Press 
Journal Marg, Nariman Point 400021.  
 
  
 
 
 
 
 
 
 
 
             
 
 
 
 
 
 
 
 
 
… Appellants 
                                       -Versus- 
1. 
Abhijeet Ferrotech, The Knowledge Hub, 5th Floor, Plot No. DN-
23, Sector-V, Salt Lake, Kolkata -700091. 
 
 
2.  
Sri Abhishek Jayaswal, son of Manoj Jaiswal, Usha Sadan, Pt. 
R.S.S. Marg, Civil Lines, Nagpur-440001. 
 
3.  
Sri Manoj Jaiswal, son of Basant Lal Shaw, Usha Sadan, Pt. 
R.S.S. Marg, Civil Lines, Nagpur -440001. 
 
4.  
Abhijeet Ventures Limited, EN-1, Insignia Tower, 3rd Floor, Salt 
Lake City, Sector -V, Kolkata -700091.    
        
     …  Respondents 
  
 
5. 
Assets Care & Reconstruction Enterprise Limited, a Company 
incorporated under the Companies Act, 1956 and registered as 
an Asset Reconstruction Company pursuant to Section 3 of the 
SARFAESI Act, 2002, having its Registered Office at 2nd Floor, 
Mohan Dev Building, 13, Tolstoy Marg, New Delhi -110001 
acting in its capacity as Trustee of the ACRE-26 Trust. 
 
6. 
UCO Bank, FC Branch, Mafatlal Centre, 1st Floor, Nariman Point, 
Mumbai -400021. 
 
7. 
Indian Overseas Bank, International Business Branch, 2 Wood 
Street, Kolkata 700016. 
 
8. 
Indian Bank, Nariman Point Branch, 210, Mittal Tower, “B” 
Wing, Nariman Point, Mumbai 400021. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
 
 Appeal No. 81 of 2022-DRAT-Kolkata 
2
 
9. 
Punjab National Bank (erstwhile United Bank of India), a body 
corporate constituted under the Banking Companies (Acquisition 
and Transfer of Undertakings Act), 1970, having its corporate 
office at Dwada, New Delhi -110075 and inter-alia, a branch 
office at Zonal Sastra, United Tower, 3rd Floor, 11 Henmanta 
Basu Sarani, Kolkata 700001 
 
                           
….     .Proforma   Respondents/ 
Proforma  Defendants. 
 
 
   
 
Counsel for the Appellant  …               Mr. Jishnu Chowdhury, Learned 
Counsel,  Ms. Deblina Lahiri, Learned 
Counsel, Mr. Mrinmoy Chatterjee, 
Learned Counsel 
 
 
Counsel for Respondents              
Mr. Jishnu Saha, Learned Senior 
Counsel, Mr. Souritra Ganguly, 
Learned Counsel, Mr. Aniruddha 
Sinha, Learned Counsel               
 
 
 
 
 
 
 
 
 
 
 
 
 
                        …  Respondents 
    
 
 
JUDGMENT                           
:    
      19th March, 2024 
 
THE APPELLATE TRIBUNAL :  
Instant appeal has arisen against the judgement and 
order passed by learned DRT-II, Kolkata in T.A. No. 179 of 
2020 arising out of O.A. No. 742 of 2018 [State Bank of 
India Vs. Abhijeet Ferrotech Ltd. & Ors.] whereby learned 
DRT has held that the O.A. filed by the bank is premature.  
Accordingly, T.A. 179 of 2020 stands disposed of.  
2.  As per pleadings of the parties,  the erstwhile State 
Bank of Travancore was subsequently merged with the 
State Bank of India, the appellant.  The respondent no.1 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
 
 Appeal No. 81 of 2022-DRAT-Kolkata 
3
Abhijit Ferrotech Ltd was granted credit facilities by the 
appellant bank, which was classified NPA in due course of 
time.  Proforma respondent no. 5 to 9 are joint lenders of 
the credit facilities.   
3. 
O.A. 742 of 2018 was filed before the DRT-III, Kolkata 
on 11.09.2018 for recovery of Rs.1,13,32,74,525.88 
against respondent no.1 to 4 jointly and severally as

…