Allowed

Bank of India v. Sanjaykumar Teli

DRT10 May 2023OA/412/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by Bank of India against four respondents for recovery of dues arising from cash credit and term loans. The court noted the accounts were declared NPA and granted recovery with future interest at 9% per annum.

What did the court decide?

Bank of India directed to recover Rs.62,95,015.79Ps. plus future interest from respondents; rights to sell mortgaged properties affirmed; Recovery Certificate issued.

Bank of India versus Sanjaykumar Teli — Banking and Recovery | DRT (2023)

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Presented on: 25.12.2021 Registered on: 12.04.2022 Decided on: 10.05.2023 Duration: Y M D 1 4 16

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.412/2022

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Bank of India

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A Body Corporate Constituted under the Banking Companies (Acquisition & Transfer of Undertakings Act V of 1970) having its Head Office at Star House, C-5, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051 and Branch Offices at various Places inter-alia at Umadi, Taluka Jath, District Sangli

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… Applicant

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Versus

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Mr. Sanjaykumar Mallikarjun Teli R/at: AP Umadi, Tal. Jath, District Sangli

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Mr. Rajkumar Mallikarjun Teli R/at: AP Umadi, Tal. Jath, District Sangli

(OA No.412/2022)

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[SRD]

Dundappa Mallikarjun Teli R/at: AP Umadi, Tal. Jath, District Sangli

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Mr. Basgonda Siddappa Kotyal R/at: AP Umadi, Tal. Jath, District …Defendants

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Sangli

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APPEARANCES

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For the Applicant Mrs. Rajashree Thakar - Advocate For Defendants None (Ex parte)

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TOTAL CLAIM AMOUNT – Rs.62,95,015.79Ps.

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JUDGMENT (Delivered on 10^th May, 2023)

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The Applicant Bank has filed the present application for recovery of aggregate sum of Rs.62,95,015.79Ps. i.e. Rs.11,48,458.25Ps. (Cash Credit) together with future interest @8.80% per annum; Rs.1,81,990.28Ps. (Term Loan I); Rs.15,46,634.65Ps. (Term Loan II); Rs.34,17,932.61Ps. (Term Loan III) together with future interest @13.30% per annum respectively, from 1^st September, 2021 till repayment/ realization of entire dues from the defendants.

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Brief facts of the application are as under:

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Defendant Nos. 1 to 3 are Principal Borrowers approached the applicant Bank in need of financial assistance

(OA No.412/2022)

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[SRD]

for purpose of establishment of grape orchards, construction of raisin shed, purchase of blower, crop loan and other equipments and accordingly applicant Bank sanctioned the loans/credit facilities on 22^nd November, 2013 to the defendant Nos. 1 to 3. Defendant No. 4 stood as Guarantor to the loan facilities availed by defendant Nos. 1 to 3.

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Details of the loans sanctioned are as follows:

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Sr.	Name of Facility	Date of Sanction	Amount Rs.
No.	and Purpose
1.	Cash Credit	22/11/2013	8,00,000/-
2.	Term Loan	22/11/2013	20,00,000/-

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In order to secure the loan facility, defendants created hypothecation and Equitable Mortgage of immovable properties in favour of the applicant Bank as set out in Schedule of the Mortgaged Property of the Original Application.

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Defendant Nos. 1 to 3 again approached the applicant Bank and requested for credit facilities. After due consideration the applicant Bank sanctioned following loan facilities on 26^th March, 2015 to the defendants. Defendant No. 4 stood as Guarantor to the loan facilities availed by

(OA No.412/2022)

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[SRD]

defendant Nos. 1 to 3.

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Details of the loans sanctioned are as follows:

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Sr.	Name of Facility	Date of Sanction	Amount Rs.
No.	and Purpose
1.	Term Loan - II	26/03/2015	8,00,000/-
2.	Term Loan - III	26/03/2015	1,00,000/-

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The applicant bank contended that after availing the loan facilities defendant Nos. 1 to 3 but failed and neglected to regularize the said loan accounts and also failed to maintain the cash credit account. Therefore, applicant Bank declared the accounts of the defendants as Non-Performing Asset on 30^th September, 2017.

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Defendants failed and neglected to repay the outstanding dues. Therefore, on 1^st December, 2021 applicant Bank issued Legal Notice to the defendants and thereby demanded outstanding loan amount together with interest. Despite

(OA No.412/2022)

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[SRD]

service of Notice, defendant failed to repay the said amount. Hence, this application is filed.

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Defendant failed to appear despite service of summons. Hence, the application proceeded ex parte against them vide order dated 8^th February, 2023 below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Rajesh Bukya, Branch Manager, which supports the case of the applicant Bank elucidated in the application.

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The applicant Bank has also produced list of documents thereby adducing in evidence the original loan transaction and security documents at Sr. Nos. AW-1/1 to AW-1/42 which corroborate the case of the applicant Bank.

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I have heard arguments of the learned Advocate for the applicant Bank.

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Since the defendants failed to appear and contest the application, I find no reason to disbelieve evidence of the applicant Bank. Therefore, the applicant Bank is entitled for reliefs as claimed.

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The applicant Bank has claimed future interest @13.30% per annum for Term Loan accounts I, II and III respectively. However, considering the facts of the present case, I am of the

(OA No.412/2022)

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[SRD]

opinion that if future interest is granted @9% per annum (simple) for the three loan accounts, it would be just and reasonable.

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Hence, I pass the following order: -

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ORDER

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(A) Original Application No. 412/2022 is allowed with costs.

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(B) Defendant Nos. 1 to 4 either jointly or severally shall pay to the applicant Bank towards Cash Credit loan account the sum of Rs.11,48,458/(Rupees Eleven Lakhs Forty-Eight Thousand Four Hundred Fifty-Eight only) with future interest @8.80% per annum from the date of filing of the Original Application i.e. 25^th December, 2021 till payment/ realization of the amount mentioned in this operative order.

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Defendant Nos. 1 to 4 either jointly or severally shall pay to the applicant Bank towards Term Loan I, Term Loan II and Term Loan III respectively, the aggregate sum of Rs.51,46,558/- (Rupees Fifty-One Lakhs Forty-Six Thousand Five Hundred Eight only) with future interest @9% per annum from the

(OA No.412/2022)

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[SRD]

date of filing of the Original Application i.e. 25^th December, 2021 till payment/realization of the amount mentioned in this operative order.

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i. Land bearing S. No. 553 admeasuring 01 H 20 R out of total land admeasuring 10H 58R of village Mouje Umadi, Taluka Jath District Sangli (owned by Sanjaykumar Teli i.e. defendant No. 1)

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ii. Land bearing S. No. 553, admeasuring 1H 60R out of total land admeasuring 10H 58R of Village Umadi, Taluka Jath District Sangli (owned by Rajkumar Teli i.e. defendant No. 2) & land bearing S. No. 553, admeasuring 1H 20R out of total land admeasuring 10H 58R of Village Umadi, Taluka Jath District Sangli (owned by Mr. Dundappa Teli i.e. defendant No. 3),

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more particularly mentioned in Schedule of the Mortgaged Property of the Original application.

(OA No.412/2022)

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[SRD]

(D) The applicant Bank is entitled to sell the mortgaged properties to recover its dues.

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(E) Issue Recovery Certificate.

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(F) The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant Bank and defendants.

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Sd/(Dilip G. Murumkar) Place: Pune Presiding Officer Date: 10.05.2023 Debts Recovery Tribunal, Pune

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(OA No.412/2022)

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[SRD]

Bank of India v. Sanjaykumar Teli

Case brief

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Bank of India v. Sanjaykumar Teli

Case brief

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