Debts Recovery Tribunal ordered recovery of sanctioned term loan and cash credit dues from company and its guarantors after ex parte proceedings, fixing reduced future interest rate.
Respondents to pay Rs. 7,84,22,924/- with future interest @9% p.a.; bank entitled to sell mortgaged properties to recover dues.
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: 19.07.2018 Registered on: 07.02.2022 Decided on: 16.08.2023 Duration: Y M D 5 - 28
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer)
ORIGINAL APPLICATION No. 83/2022
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 office at Lasurne, Taluka – Indapur, District – Pune
… Applicant
Versus
[SRD] (OA No.83/2022)
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APPEARANCES
… Defendants
For the Applicant Mr. R B Ganbote - Advocate For Defendants None (Ex parte)
TOTAL CLAIM AMOUNT –Rs.7,89,45,655/-
[SRD] (OA No.83/2022)
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JUDGMENT (Delivered on 16th August, 2023)
Defendant No. 1 is a Private Limited Company having its place of business at Walchandnagar, Taluka – Indapur, District – Pune and defendant Nos. 2 and 3 are the Directors of defendant No. 1.
Defendant Nos. 1 to 5 approached applicant Bank seeking financial assistance for setting up of plant and machinery for manufacturing unit and as Working Capital. After due consideration the applicant Bank on 6th December, 2014 sanctioned Term loan of Rs.6,37,00,000/- and Cash Credit of Rs.2,50,00,000/- to defendant No. 1 and defendant Nos. 2 to 5 stood as Guarantors to the said loan facilities availed by defendant No. 1.
[SRD] (OA No.83/2022)
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The defendants executed necessary loan transactions and security documents, Hypothecation and also created Mortgage in favour of the applicant Bank as described in paragraph Nos. 5.7, 5.9 and 5.11 of the Original Application.
The applicant Bank issued Notice on 3rd October, 2017 to the defendants for pay the outstanding loan amount. Despite service of Notice, defendants failed to pay the installments and regularize the loan account.
Hence, this application is filed.
[SRD] (OA No.83/2022)
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[SRD] (OA No.83/2022)
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Hence, I pass the following order: -
ORDER
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situated at Survey No. 115/2C+3 Hissa No. 1 and having corresponding City Survey No. 1124 at Village Kothrud, Taluka – Haveli, within the limits of Pune Municipal Corporation and within the limits of Registration District Pune, Sub Registration District Haveli, District Pune.
More particularly described in the paragraph No. 5.9 of the Original Application.
Sd/(Dilip G. Murumkar) Place: Pune Presiding Officer Date: 16.08.2023 Debts Recovery Tribunal, Pune
[SRD] (OA No.83/2022)
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3 issues framed by the court
Whether to grant reliefs for recovery of nonperforming asset dues?
Whether future interest should be reduced from the claimed rate?
Whether hypothecated assets can be recovered without detailed description?
2 provisions across 2 enactments
Bank of Maharashtra
Phadtare Fabtech Pvt. Ltd.
Dattatraya Sahebrao Phadtare
Mangesh Babasaheb Phadtare
Vilas Dadasaheb More
Vaishali alias Vrushali Vilas More
Dilip G. Murumkar
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
