Debt Recovery Tribunal allowed a bank's original application for recovery of agricultural loans, mandating payment of principal amounts with future interest at 9% p.a. and directing sale of mortgaged properties.
Direction to pay principal amounts with future interest at 9% p.a.; entitlement to sell mortgaged properties; issue of Recovery Certificate.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
Presented on: 25.02.2020 Registered on: 17.02.2022 Decided on: 16.08.2023 Duration: Y M D 3 5 21
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No.115/2022
Bank of Maharashtra,
A Banking Company incorporated under The Banking Companies (Acquisition and Transfer of Undertakings) Act V of 1970 having its Head Office at “Lokmangal”, 1501, Shivajinagar, Pune-411 005 and Branch office amongst other places at Pawas Branch, Desai Building, 494, Block No.2, Bazar Peth, Pawas, Taluka & District Ratnagiri-415 616.
Versus
(OA No.115/2022)
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APPEARANCES
For the Applicant Mr. Srinivas Y.- Advocate For Defendants Ex parte
TOTAL CLAIM AMOUNT –Rs.25,73,105/-
JUDGMENT
(Delivered on 16th August, 2023)
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from the date of filing of Original Application i.e. 25th February, 2020 till full repayment/realization of entire dues from the defendants.
The defendant No.1 was in need of financial assistance
for working capital requirement and therefore, approached the applicant Bank for Mahabank Kisan Credit Card facility of Rs.4,00,000/-.
On 1st July, 2009, the applicant Bank sanctioned the MKCC facility of Rs.4,00,000/- on executing necessary loan transaction and security documents by defendant No.1 which includes creation of charge on immovable property
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bearing Gat/Plot No.159/2 more particularly mentioned in paragraph No.5.3.5 of the Original Application.
On 02.09.2010 the said MKCC facility was reviewed on request and enhanced the limit from Rs.4,00,000/- to Rs.5,00,000/-. The defendant No.1 created charge on the land bearing Gat/Plot No.601, originally owned by defendant No.6, as set out in paragraph No.5.3.9 of the Original Application.
On 11th July, 2013 the said MKCC facility was reviewed and enhanced from Rs.5,00,000/to Rs.10,00,000/- for which defendant Nos.4 and 5 stood as guarantors.
Again on 12th August, 2015 the said MKCC facility was converted into Agricultural Term Loan facility of Rs.10,88,943/- repayable within 05 yearly installments of Rs.2,17,790/- together with interest. The said facility was secured by way of extension of the charge already created by defendant No.1 in respect of aforesaid two immovable properties.
The applicant Bank contended that defendant No.1 executed Balance and Security Confirmation date3d 05th
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August, 2018 thereby admitted the liability.
Again, on 13th January, 2015 the applicant Bank sanctioned and disbursed the Agricultural Tatkal Loan facility of Rs.50,000/- to defendant No.1 for Mango crop, which was to be repaid by 3 yearly installments of Rs.17,000/-.
On 03rd January, 2018 defendant No.1 executed Balance and confirmation letter and acknowledged his indebtedness.
Again, on 04th November, 2015 the applicant Bank sanctioned and disbursed another MKCC facility of Rs.5,00,000/-. Defendant Nos.1, 3 & 5 signed and executed the security documents for the said MKCC facility.
On 28th March, 2018 defendant No.1 executed the Balance and Security Confirmation Letter.
The applicant Bank contended that after availing the above said credit facilities, defendants failed and neglected to repay the remaining amounts at the foot of the account.
Therefore, the applicant Bank through its Advocate issued Notice to defendants calling upon them to regularize the loan account.
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Despite Notice, defendants failed and neglected to regularize the account.
Hence, this application is filed.
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reliefs as claimed.
ORDER
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@9% p.a. from the date of filing of the Original Application i.e. 25th February, 2020 till full payment/realization of the amount mentioned in this operative order.
(C) Defendant Nos.1 to 3 shall either jointly or severally pay to the applicant Bank towards Agricultural Tatkal Loan account the sum of Rs.69,676/- (Rupees Sixty-Nine Thousand Six Hundred and Seventy-Six only) with future interest @9% p.a. from the date of filing of the Original Application i.e. 25th February, 2020 till full payment/realization of the amount mentioned in this operative order.
(D) Defendant Nos.1, 3 & 5 shall either jointly or severally pay to the applicant Bank towards MKCC loan account the sum of Rs.7,53,422/- (Rupees Seven Lakhs Fifty-Three Thousand Four Hundred and Twenty-Two only) with future interest @9% p.a. from the date of filing of the Original Application i.e. 25th February, 2020 till full payment/realization of the amount mentioned in
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this operative order.
more particularly mentioned in paragraph No.5.3.17 of the Original Application.
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Judgment and Recovery Certificate to the applicant Bank and defendants.
Place : Pune Date : 16.08.2023
Sd/- (Dilip G Murumkar) Presiding Officer Debts Recovery Tribunal, Pune
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Bank of Maharashtra
Santosh Vasudev Pokade
Ratnadeep Vasudev Golatkar
Sudesh Anant Patil
Amruta Vasudev Pokade
Prakash Narayan Patil
Dilip G Murumkar
As recorded by the court registry
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