The Debts Recovery Tribunal allowed an application filed by Bank of Maharashtra for recovery of term loan and cash credit dues amounting to Rs.44,82,122/-. The court reduced the penalty interest and set future interest at 9% per annum.
Defendants to pay Rs.44,82,122/- with future interest @9% p.a. from 10.02.2022 and issue a 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: 10.02.2022 Registered on: 21.03.2022 Decided on: 22.06.2023 Duration: Y M D 1 4 12
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer)
ORIGINAL APPLICATION No.308/2022
Bank of Maharashtra,
A body corporate established under the Banking Companies (Acquisition and transfer of undertakings) Act 1970, having its registered office at “Lokmangal”, 1501, Shivajinagar, Pune – 411 005 and one of its branch offices at Bhigwan Chowk, Baramati, TalukaBaramati, District – Pune Known as Baramati Branch
… Applicant
Versus
(OA No.308/2022)
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[SRD]
… Defendants
District – Pune – 413 102
APPEARANCES
| For the Applicant | Mr. R B Ganbote - Advocate |
|---|---|
| For Defendants | None(Exparte) |
TOTAL CLAIM AMOUNT –Rs.49,70,902/-
JUDGMENT (Delivered on 22nd June, 2023)
After due consideration, the applicant Bank on 2nd August, 2014 sanctioned and disbursed the Term Loan of
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[SRD]
Rs.13,50,000/- and Cash Credit of Rs.7,00,000/- to defendant No. 1. Defendant No. 2 stood Guarantor to the loan facilities availed by defendant No. 1.
The defendants executed necessary loan transaction and security documents and also created Hypothecation in respect in favour of the applicant Bank as described in Paragraph Nos. 5.5 and 5.6 of the Original Application.
The applicant Bank further issued Recall Notice to defendants on 29th January, 2022 for repayment of the outstanding loan amount. Even, after the notice, the defendants failed to repay and close the Term loan and Cash Credit accounts. So, the applicant Bank was constrained to file this Original Application for recovery of its dues.
(OA No.308/2022)
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[SRD]
Hence, this application is filed.
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description with respect to the hypothecated assets. Therefore, the relief in terms of hypothecated assets cannot be granted.
Hence, I pass the following order: -
ORDER
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Four Lakhs Eighty-Two Thousand One Hundred Twenty-Two only) with future interest @9% per annum from the date of filing of the Original Application i.e. 10th February, 2022 till payment/ realization of the amount mentioned in this operative order.
Sd/(Dilip G. Murumkar) Place: Pune Presiding Officer Date: 22.06.2023 Debts Recovery Tribunal, Pune
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2 issues framed by the court
Whether the applicant Bank is entitled to recovery of dues from the defaulting borrowers and guarantor.
Whether future interest and penal interest should be adjusted in the recovery claim.
Bank of Maharashtra
Mr. Abhijeet Subhash Zargad
Mrs. Jayashree Subhash Zargad
Dilip G. Murumkar
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
