Allowed

Punjab National Bank v. Machindra Mhetre

DRT18 Dec 2023OA/780/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by Punjab National Bank for recovery of dues against three borrowers. The court decreed the total claimed amount plus future interest at a reduced rate of 9% per annum and directed the issuance of a recovery certificate against mortgaged properties.

What did the court decide?

Directed defendants to pay Rs.52,32,177/- with future interest at 9% p.a. from filing date and to issue Recovery Certificate secured by mortgaged properties.

Punjab National Bank versus Machindra Mhetre — Banking and Recovery | DRT (2023)

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Presented on: 16.11.2019 Registered on: 24.09.2022 Decided on: 18.12.2023 Duration: Y M D 4 1 2

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No.780/2022

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Punjab National Bank

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A Bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970 having its Corporate Office at Plot No.4, Sector10, Dwarka, New Delhi-110 075 and one of the branch at Baramati, having its address at-Opposite Sunshine Plaza, Bhigwan Road, Baramati, District Pune-413 102.

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… Applicant

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Versus

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Mr. Machindra Hari Mhetre, Age-67 years, Occupation-Agriculture

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Mr. Dhiraj Machindra Mhetre, Age-34 years, Occupation-Agriculture

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Mr. Sukhdev Ramu Shinde, Age-59 years, Occupation-Agriculture All R/at- Shindewadi, Post Kazad, Taluka-Indapur, District Pune-413 104.

… Defendants

(OA No.780/2022)

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APPEARANCES

For the Applicant	Mr. Yogesh Hirve - Advocate
For Defendants	Exparte

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TOTAL CLAIM AMOUNT –Rs.52,32,177/-

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JUDGMENT

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(Delivered on 18^th December, 2023)

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The Applicant Bank has filed the present Application for

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recovery of Rs.52,32,177/- in respect of Term Loan (Agri.) together with future interest @12.75% p.a. and KCC Loan account together with future interest @11.05% p.a. thereon from 16^th November, 2019 till full repayment/realization of entire dues from the defendants.

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Brief facts of the application are as under:

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The defendant Nos.1 to 3 approached the applicant Bank vide two separate loan applications dated 22^nd May, 2014 for grant of Term Loan (Agri.) of Rs.25,00,000/- for the purpose of Minor Irrigation and KCC loan of Rs.5,00,000/-.

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On 05^th June, 2014 the applicant Bank sanctioned and disbursed the said aforesaid credit facilities to defendant Nos.1 to 3.

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All the three defendants signed and executed loan transaction and security documents including

(OA No.780/2022)

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Hypothecation and Mortgage Deed in favour of the applicant Bank more particularly mentioned in paragraph Nos.5.5 and 5.6 of the Original Application.

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The applicant Bank contended that defendants have also executed Balance and Security Confirmation letters dated 20^th June, 2017 and 20^th November, 2017 acknowledging the balance outstanding in both the accounts.

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The applicant Bank also contended that after availing the credit facilities, the defendants were deliberately failed to repay the outstanding loan. Therefore, the loan accounts of defendants became Non-Performing Asset on 30^th June, 2017.

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Thereafter, the applicant Bank through its Advocate issued two Recall Notices dated 06^th November, 2018 and 12^th October, 2019 calling upon defendants to pay the outstanding amount along with interest in both the loan accounts. In spite of issuance of Recall Notices, defendants failed and neglected to comply with the said Notices.

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Hence, this application is filed.

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Defendants failed to appear despite service of Summons.

(OA No.780/2022)

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Hence, the application proceeded ex parte against them vide Order dated 12^th December, 2023 passed below the application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Jayant Bhagwat Mahajan, Senior Manager, which supports the case of the applicant Bank elucidated in the application.

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The applicant Bank has produced on record the original loan transaction documents (Sr.Nos.AW-1/1 to AW-1/24) 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 @12.75% p.a. for Term Loan (Agri.) account and 11.05% p.a. for KCC Loan account. However, having regard to the facts of the

(OA No.780/2022)

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case, I am of the opinion that if future interest is granted @9% p.a., it would be just and reasonable rate of interest.

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Hence, I pass the following order:-

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ORDER

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(A) Original Application No.780/2022 is allowed with costs.

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(B) Defendant Nos.1 to 3 shall either jointly or severally pay to the applicant Bank towards Term Loan (Agri.) and KCC Loan account the aggregate sum of Rs.52,32,177/- (Rupees Fifty-Two Lakhs Thirty-Two Thousand One Hundred and SeventySeven only) with future interest @9% p.a. from the date of filing of the Original Application i.e. 16^th November, 2019 till full realization of the amount mentioned in this operative order.

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Property owned by Mr. Machindra Hari Mhetre i.e. (i) All that piece and parcel of land

(OA No.780/2022)

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admeasuring 00 Hector 67 Aar, out of Gat No.493/1, at Village Shindewadi, Taluka Indapur, District Pune and within the jurisdiction of Sub Registrar Baramati and

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(ii) All that piece and parcel of land admeasuring 01 Hector 31 Aar, out of Gat No.497/2, at Village Shindewadi, Taluka Indapur, District Pune and within the jurisdiction of Sub Registrar Baramati;

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Property owned by Mr. Dhiraj Machindra Mhetre

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(i) All that piece and parcel of land admeasuring 00 Hector 40 Aar, out of Gat No.497/2, at Village Shindewadi, Taluka Indapur, District Pune and within the jurisdiction of Sub Registrar Baramati and

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(ii) All that piece and parcel of land admeasuring 00 Hector 20 Aar, out of Gat No.493/1, at Village Shindewadi, Taluka Indapur, District Pune and within the jurisdiction of Sub Registrar Baramati and

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Property owned by Mr. Sukhdev Ramu Shinde

(OA No.780/2022)

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i.e.

i) All that piece and parcel of land admeasuring 00 Hector 26 Aar, out of Gat No.53, at Village Shindewadi, Taluka Indapur, District Pune and within the jurisdiction of Sub Registrar Baramati;

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ii) All that piece and parcel of land admeasuring 00 Hector 10 Aar, out of Gat No.70, at Village Shindewadi, Taluka Indapur, District Pune and within the jurisdiction of Sub Registrar Baramati;

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iii) All that piece and parcel of land admeasuring 00 Hector 33 Aar, out of Gat No.73, at Village Shindewadi, Taluka Indapur, District Pune and within the jurisdiction of Sub Registrar Baramati and

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iv) All that piece and parcel of land admeasuring 00 Hector 74 Aar, out of Gat No.482, at Village Shindewadi, Taluka Indapur, District Pune and within the jurisdiction of Sub Registrar Baramati,

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more particularly mentioned in Schedule-I of the

(OA No.780/2022)

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Original Application.

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(D) The applicant Bank is entitled to sell the mortgaged

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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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Place : Pune Date : 18.12.2023

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Sd/- (Dilip G Murumkar) Presiding Officer Debts Recovery Tribunal, Pune

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(OA No.780/2022)

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Punjab National Bank v. Machindra Mhetre

Case brief

What is this about?

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Punjab National Bank v. Machindra Mhetre

Case brief

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