The Debts Recovery Tribunal allowed the bank's application for recovery of a construction equipment loan, adjusting future interest to 9% p.a. and deducting specific recovery charges from the total claimed amount after the defendants appeared ex parte.
Direct payment of Rs. 22,84,887/ with 9% p.a. future interest; sale of hypothecated vehicle; 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: 28.10.2021 Registered on: 12.04.2022 Decided on: 20.12.2023 Duration: Y M D 2 1 22
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No.253/2022
YES Bank Limited
A Banking Company constituted under Companies Act, 1956 having its Registered Office at 9th Floor, Discovery of India, Nehru Centre, Dr. Annie Besant Road, Worli, Mumbai400 018 and Branch Office amongst other at Kalyani Nagar Branch, Pune411 014.
… Applicant
Versus
… Defendants
APPEARANCES
For the Applicant For Defendants
Mr. Pradip Yadav - Advocate Ex parte
(OA No.253/2022)
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TOTAL CLAIM AMOUNT –Rs.24,41,223.86Ps.
JUDGMENT
(Delivered on 20th December, 2023)
The defendant No.1 is a partnership Firm and defendant No.2 is its partner. Defendant No.1 Firm is a borrower and defendant No.2 is co-borrower who had availed Construction Equipment Loan of Rs.24,55,501/from the applicant Bank on 25th October, 2019. The loan was to be repaid in 48 months by EMI of Rs.62,100/- with interest @9.90% p.a.
In order to secure the repayment, the defendant No.1 hypothecated the Construction Equipment namely JCB 3DX XTRA Backhoe Loader bearing RTO Registration No.MH14-JE-0881 in favour of applicant Bank by executing Loan Agreement dated 25th October, 2019, more particularly
(OA No.253/2022)
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mentioned in paragraph No.5.3 of the Original Application. The applicant Bank contended that due to availing of moratorium, the loan amount was enhanced to Rs.28,40,639/- and last date of EMI was changed from 22.10.2023 to 22.07.2024.
After availing the Construction Equipment Loan, defendants failed to maintain proper financial discipline and committed defaults in repayment of loan. In spite of repeated requests and reminders, defendants failed to repay the loan.
Therefore, the applicant Bank issued Loan Recall Notice dated 11th January, 2021 recalling the outstanding amount. Despite Notice, defendants failed to deposit outstanding amount.
Hence, this applicant is filed.
(OA No.253/2022)
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Holder, which supports the case of the applicant Bank elucidated in the application.
(OA No.253/2022)
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opinion that if future interest is granted @9% p.a., it would be just and reasonable rate of interest.
ORDER
(OA No.253/2022)
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Application.
Sd/- (Dilip G Murumkar) Presiding Officer Debts Recovery Tribunal, Pune
Place : Pune Date : 20.12.2023
(OA No.253/2022)
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3 issues framed by the court
Whether the applicant bank is entitled to recovery of dues with adjusted interest from the defaulting borrowers.
Whether future interest should be granted at 9% p.a. instead of the claimed 9.90% p.a.
Whether late payment charges, cheque bounce charges, and other statutory charges should be deducted from the total claim amount.
2 provisions across 2 enactments
YES Bank Limited
M/s. Akruti Bricks
Mr. Aniket Sahebrao Somavanshi
Dilip G Murumkar
As recorded by the court registry
2 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
