Allowed

State Bank of India v. Mohini Manohar Shirodkar

DRT24 Jan 2023OA/80/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an original application filed by State Bank of India for recovery of Rs. 3.35 crore with interest from three defendants. The court found the defendants jointly and severally liable based on documented loan facilities and confirmed the NPA status due to irregular payments.

What did the court decide?

Directed defendants to pay Rs. 3,35,68,339.19 with interest at 12.15% within 60 days and issued a recovery certificate.

State Bank of India versus Mohini Manohar Shirodkar — Contract and Commercial Disputes | DRT (2023)

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O.A. 80 OF 2022

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Registered on:- 23/02/2022

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Decided on:- 24/01/2023

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IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI

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ORIGINAL APPLICATION NO. 80 of 2022

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STATE BANK OF INDIA ) a Bank constituted under the State Bank of ) India Act, 1955 and having its Office at ) Stressed Assets Resolution Group (SARG), ) Retail (South), The Arcade, 2^nd Floor, World ) Trade Centre, Cuffe Parade, Mumbai-400 005 ) and its Branch amongst others functioning ) at Vasco Da Gama, Goa Branch and ) Stressed Asset Recovery Branch, First Floor, ) Kerom Building, Next to SBI Wagle Industrial ) Branch, Plot No. A-112, Road No. 22 Circle, ) Wagle Estate, Thane (West) - 400 604. )…….Applicant.

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VERSUS

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1. MRS. MOHINI MANOHAR SHIRODKAR
i) H. No. 175, Esmeralda,	)
Near Ribandar Police Out Post,	)
Fondvem, Ribandar, Tiswadi,	)
North Goa - Goa: 403006.	)
ii) Shop No.203 & 204,	)
Commercial Building,	)
Survey No.118/7, Esmaralda Casa De Povo,	)
Near Dukle Residency, Taleigao,	)
Tiswadi, Goa - 403 206.	)

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O.A. 80 OF 2022

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2. MR. MANOHAR LADU SHIRODKAR )
i) H. No. 175, Esmeralda, )
Near Ribandar Police Out Post, )
Fondvem, Ribandar, Tiswadi, )
North Goa - Goa: 403006. )
ii) Shop No.203 & 204, )
Commercial Building, )
Survey No.118/7, Esmaralda Casa De Povo, )
Near Dukle Residency, Taleigao, )
Tiswadi, Goa - 403 206. )
3. MR. RAJESH MANOHAR SHIRODKAR )
i) H. No. 175, Esmeralda, )
Near Ribandar Police Out Post, )
Fondvem, Ribandar, Tiswadi, )
North Goa - Goa: 403 006. )
ii) Shop No.203 & 204, )
Commercial Building, )
Survey No.118/7, Esmaralda Casa De Povo, )
Near Dukle Residency, Taleigao, )
Tiswadi, Goa – 403 001. )…….Defendants
______________________________________________________ Counsel for the Applicant: Adv. Sachin Koli
Counsel for the Defendants: Ex -parte

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O. A. NO. 80 of 2022

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J U D G M E N T

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The Original Application (O.A.) is filed for recovery of a sum of Rs.3,35,68,339.19 (Rupees Three Crore Thirty Five Lakh Sixty Eight Thousand Three Hundred Thirty Nine and Paise Nineteen Only) together with interest @12.15% as per the Particulars of Claim to the original application, from the date of filing original application till payment and/or realization.

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The facts succinctly set out in the O.A. are that, the Defendant No.1 is the Principal Borrower of the Term Loan facility availed from the Applicant Bank and the Defendant Nos. 2 and 3 are the guarantors for the Term Loan facility availed by Defendant No.1. and the Defendant Nos. 1 & 2 are the Mortgagors for the Term Loan facility availed by Defendant No.1.

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The Applicant Bank further stated that the Defendant No. 1 approached the Applicant Bank with an application dated 01.03.2019 for availing Term Loan under Lease Rent Discounting Scheme to the tune of Rs. 3.00 Crores and considering the requirement and documents submitted by Defendant No.1, the Applicant Bank sanctioned following Credit facility to Defendant No.1:-

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O. A. NO. 80 of 2022

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LETTER OF ARRANGEMENT DATED 28.03.2019

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(Rs. In Crores)

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FACILITY Existing Proposed Remarks
Limits Limits
A] FUND BASED
LIMITS:
Term Loan under 0.00 3.00 New Limit
Lease Rent Sanction
Discounting Scheme
TOTAL 0.00 3.00

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Pursuant to the aforesaid Sanction of the Term Loan, the Defendants duly accepted various terms and conditions as enumerated in the Arrangement Letter dated 28.03.2019.

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It is further stated that the Defendant Nos. 1 and 2 agreed to create Equitable Mortgage by Deposit of Title Deeds in respect of immovable property being Shop No. 203 & 204 situated at Commercial Building bearing Survey Number: 118/7, House No.18/332/A-13 and House No.18/332/A-14 at Esmaralda Casa De povo Near Dukle Residency Taleigao, Tiswadi Goa, Goa, (Urban), owned by in the name of Defendant Nos. 1 and 2 and all above in building named as Esmeralda Casa De Povo on Plot under S No. 118/7 of the property Abranxachi Toli

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O. A. NO. 80 of 2022

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admeasuring 4604 Sq. Mt. Village: Taleigao, St Inez, North Goa, Panaji.

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It is stated that the Defendant No. 1 agreed to repay the Term Loan within 120 months by equated monthly instalment of Rs.4,33,019/- p.m. commencing from April 2019 including interest (Floating) @ 12.15 % p.a. with monthly rest.

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It is stated that the aforesaid Term Loan availed by Defendant No.1 was secured by Assignment of Rent through Escrow of present and Future Rent Receivable for 120 months to be received from Shop No. 203 & 204 situated at Commercial Building bearing Survey Number : 118/7, House No. 18/332/A-13 and House No.18/332/A-14 at Esmaralda Casa De Povo Near Dukle Residency Taleigao, Tiswadi, Goa, Goa, (Urban) standing in the name of Defendant Nos. 1 and 2, and Equitable Mortgage by Deposit of Title Deeds in respect of the Secured Asset.

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The Applicant further stated that to secure the Term Loan Facility of Rs. 3.00 Crore, the Defendant nos. 1 to 3 executed following security documents in favour of the Applicant on 28.03.2019 and 03.04.2019 :

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a) Agreement of Loan and Power of Attorney dated 28.03.2019 executed by Defendant Nos. 1 and 2.

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O. A. NO. 80 of 2022

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b) Tripartite Agreement for Payment of Monthly Rents dated 28.03.2019 executed amongst Defendant Nos. 1 and 2, M/s. Goldleaf Ventures and the Applicant Bank.

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c) Escrow Account Agreement dated 28.03.2019 executed by Defendant No. 1.

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d) Power of Attorney dated 03.04.2019 executed by Defendant Nos. 1 and 2.

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e) Power of Attorney dated 28.03.2019 executed by Goldleaf Ventures Goa.

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f) Guarantee Agreement dated 28.03.2019 executed by the Defendant Nos. 2 and 3 for the Term Loan facility availed by Defendant No.1 from the Applicant.

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It is further stated that the by way of further consideration and security the Defendant Nos. 1 and 2 have deposited the Original Title Deeds i.e. Original Deed of Sale and Discharge dated 11.01.1967 along with Original Deed of Sale and Discharge dated 09.02.1967 along with English translation in respect of the Secured Asset on 28.03.2019 with the Applicant with intention to create Equitable Mortgage to secure the Term Loan facility disbursed to Defendant No. 1 by the Applicant.

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It is stated that the Defendant Nos. 1 and 2 have deposited the Original Title Deeds in respect of the Secured Asset on 28.03.2019 with the Applicant with intention to create

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O. A. NO. 80 of 2022

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Equitable Mortgage and following necessary documents have been executed to secure the Term Loan facility disbursed to Defendant No. 1 by the Applicant:-

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a) Affidavit dated 18.01.2019 executed by the Defendant Nos. 1 and 2, original Affidavit dated 18.01.2019.

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b) Undertaking Letter executed by the Defendant Nos. 1 and 2.

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c) Memorandum for Recording Creation of Mortgage by Deposit of Title Deeds dated 28.03.2019.

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d) Mortgagors’s Letter of Confirmation for creation of Mortgage by Deposit of Title Deeds dated 03.04.2019 executed by the Defendant Nos. 1 and 2 to confirm the deposit of original deeds of the Secured Asset.

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The Applicant stated that the principal Borrower availed and utilized the Term Loan facility sanctioned by the Applicant, however, after availing the loan, the Defendant No.1 failed to maintain financial discipline and was irregular in the repayment of Loan amount. Due to Defendant’s failure to make repayment towards monthly instalments of the Term Loan Account, the Applicant Bank on several occasions demanded and requested Defendant No. 1 to deposit requisite amount in the said Term Loan Account for payment of accumulated instalments, but Defendant Nos. 1 to 3 failed and neglected to take any positive steps in that regard and

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O. A. NO. 80 of 2022

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therefore the Applicant classified Term Loan Account as NPA on 28.02.2021.

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It is stated that the Applicant called on the Defendants on various occasions and requested them to regularize the account and requested to pay outstanding balance of Rs.2,91,28,737.19 as on 18.12.2021 along with accrued interest at 12.15% with monthly rest from 28.02.2021 in respect of the said Term Loan Account but the Defendants failed and neglected to make the payment. Therefore, the Applicant through Notice dated 09.12.2021 called upon the defendants to pay the dues. Despite said notice, as no payment was received and therefore, the applicant was compelled to file the present OA.

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Notices were issued on the OA, however despite service no one appeared for the defendants therefore they were proceeded ex-parte vide order dated 24.01.2023.

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The Applicant Bank has produced all the Original Loan documents and other relevant documents on 04.08.2022 along with their Claim Affidavit filed through their Chief Manager Mr. Pranesh Thakur.

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Heard Ld. Counsel for the applicant bank and perused the record.

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O. A. NO. 80 of 2022

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The witness of the applicant bank has fully corroborated the averments made in the OA, even otherwise the whole case of the applicant bank is based on documents and the witness has duly proved all these documents as against the defendants. In my view there is no question of disbelieving the evidence led by the applicant bank and the applicant bank has proved its case beyond reasonable doubt. The liability of the defendant Nos. 1 - 3 is joint and several.

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In the light of above discussions, the Original Application by the applicant bank deserves to be allowed against the defendants.

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O R D E R

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(i) I allow this OA and direct the defendant no. 1 to 3 to pay the applicant bank, within a period of 60 days, a sum of Rs.3,35,68,339.19 (Rupees Three Crore Thirty Five Lakh Sixty Eight Thousand Three Hundred Thirty Nine and Paise Nineteen Only) together with interest @12.15% as per the Particulars of Claim to the original application, from the date of filing original application till payment and/or realization.

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(ii) Failing which amount shall be recovered from the mortgaged as well as hypothecated assets and other assets of these defendants.

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O. A. NO. 80 of 2022

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(iii) Defendants are hereby directed not to deal with their properties till further direction of Ld. Recovery Officer.

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(iv) Defendants shall also pay the cost and expenses of the OA.

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(v) Recovery Certificate be issued forthwith and be sent to the Recovery Officer of this Tribunal.

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Copy of this order be sent to the parties as per rules.

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File be consigned to record.

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Sd/Place: Mumbai. (Dr. Rekha G. Dhakar) Date : 24.01.2023 Presiding Officer, DRT-1, Mumbai.

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ST/-

State Bank of India v. Mohini Manohar Shirodkar

Case brief

What is this about?

What did the court decide?

State Bank of India v. Mohini Manohar Shirodkar

Case brief

What is this about?

What did the court decide?

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