Allowed

The Cosmos Co. Operative Bank Limited v. HolyWoodAcademy

DRT17 Apr 2024MA/12/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application by The Cosmos Co-operative Bank Limited for issuance of a Recovery Certificate due to defendants' breach of consent terms. An order directed payment of the principal sum with future interest and retention of charge on mortgaged properties.

What did the court decide?

Issue of Recovery Certificate directing payment of Rs.52,42,00,428.78 with future interest at 14% p.a. and charge on mortgaged properties.

The Cosmos Co. Operative Bank Limited versus HolyWoodAcademy — Company and Corporate | DRT (2024)

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Presented on: 01.04.2024 Registered on: 03.04.2024 Decided on: 17.04.2024 Duration: Y M D - - 16

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) Miscellanoues Application No.12/2024

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The Cosmos Co-operative Bank Limited,

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A bank deemed to have been registered under the provisions of The Multi-State Co-operative Societies Act, 2002 and having its Registered Office at - `Cosmos Tower’, Plot No.6, ICS Colony, University Road, Ganeshkhind, Shivajinagar, Pune – 411 007 and having one of its Branches at – C.S. No.1958/59, V- Mart, “C” Ward, Laxmi Road, near Laxmipuri, Chandrarup, Kolhapur, Maharashtra – 416 002.

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… Applicant

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Versus

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M/s. Holy-Wood Academy, Kolhapur

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A public charitable registered under Bombay Public Trust Act, 1950 having its registration No.F/8077/Kolhapur and having its registered office at – Somwar Peth, Injole, Taluka – Panhala, District – Kolhapur 416 201.

(MA No.12/2024)

Page 1 of 9

[KAUR]

Mr. Prakash Ramarao @ Ramrao Bhosale, Chairman Age – 62 years, Occupation : Service R/at – Narande, Taluka – Hatkanangale, District – Kolhapur.

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Mr. Dilip @ Diliprao Pandurang Pawar Age – 72 years, Occ- Agriculturist R/at – 30, Deep, E Ward, Kadam Wadi Road, Kolhapur – 416 003.

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Mr. Ganpatrao @ Ganapat Nathaso Kharade Age – 70 years, Occ- Agriculturist R/at – 3^rd Floor, Chandra Apartments, Mangalmurti Colony, Sangli.

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Mr. Rajkumar Ramchandra Bhosale, – 56 :

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Age years, Occupation Agriculturist R/at – Narande, Taluka – Hatkanangale, District – Kolhapur

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Mr. Nandkumar Ramchandra Bhosale – 58 :

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Age years, Occupation Agriculturist R/at – Narande, Taluka – Hatkanangale, District – Kolhapur

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Mr. Mohan Shankar Lohar Age – 63 years, Occ: Service R/at – 252K, Plinth no.21, Trimbakeshwar Nagar, Nagala Park, Kolhapur – 416 003.

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Mrs. Nirmala Vishwas Ghorpade

(MA No.12/2024)

Page 2 of 9

[KAUR]

Age – 60 years, Occupation – Service R/at – 189, Sai Krupa, Shaniwar Peth, Goleshwar Road, Soubhagya Mangal Karyalay, Karad, District – Satara.

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Mr. Rajendra Dinanath Kandgaonkar Age – 59 years, Occupation: Business R/at – Flat No.D-1, Mahadik Colony, Girija Apartments, Kolhapur.

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Mr. Shrikant Bhausaheb Ghatge Age – 70 years, Occupation – Business R/at – 158, E Ward, Kadam Wadi, Kolhapur.

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... Defendants

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APPEARANCES For the Applicant Mr. Vijay V. Chandawale - Advocate For defendant No.1 Mr. N.K. Khasbardar – Advocate Defendant Nos.2 to 10 Ex parte

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JUDGEMENT

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(Delivered on 17^th April, 2024)

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By the present application the applicant Bank has claimed relief for issuance of Recovery Certificate for Rs.7760.92 Lakhs along with future interest @14% p.a. from the date of filing of Original Application i.e. from 22^nd October, 2020 along with penal interest thereon until entire amount is realised and keep charge on mortgaged properties.

(MA No.12/2024)

Page 3 of 9

[KAUR]

Defendant No.1 appeared but failed to file Reply.

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An ex parte order has been passed against defendant Nos.2 to 10 as they failed to appear despite service of Notice and on the ground of not claiming Notice of this Application sent at their address and order to that effect has been passed below Exhibit-1.

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Heard both the parties.

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The learned Advocate appearing on behalf of the applicant Bank by taking me through documents produced on record submitted that the defendants have failed to comply their obligation to repay the amounts as per Consent Terms. Therefore, as per its default terms, the applicant Bank is entitled for Recovery Certificate for amount mentioned in the Original Application along with future interest. Therefore, application may be allowed by granting reliefs.

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The learned Advocate appearing for defendant No.1 candidly admitted breach of Consent Terms on part of defendants and submitted that appropriate order may be passed.

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Perused the record. The applicant bank has filed OA No.568/2021 against the defendants and thereby have

(MA No.12/2024)

Page 4 of 9

[KAUR]

claimed an amount of Rs.52,42,00,428.78Ps along with interest @14% per annum from the date of filing of Original Application till full realization of amount claimed. It also claimed penal interest @2% per annum and claimed charge on hypothecated property and on mortgaged immovable properties of defendant No.1.

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During pendency of the Original Application settlement took place between applicant Bank and defendants and they jointly filed Consent Terms. Accordingly, Original Application has been disposed of in terms of Consent Terms.

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As per Consent Terms if defendants commit breach in respect of repayment of loan, automatically the applicant Bank is entitled to recover the claim amount of Original Application along with interest.

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Admittedly, the defendants have failed to make payment as per Consent Terms and therefore, the applicant Bank is entitled to recover amount claimed in the Original Application along with future interest and costs of the application. Hence, application deserves to be allowed. Therefore, I pass the following order:

(MA No.12/2024)

Page 5 of 9

[KAUR]

ORDER

A. Miscellaneous Application No.12/2024 is allowed.

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B. Issue Recovery Certificate in following terms:

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(a) Defendant Nos.1 to 10 either jointly or severally shall pay to the applicant Bank the sum of Rs.52,42,00,428.78Ps (Rupees Fifty-Two Crores Forty-Two Lakhs Four Hundred Twenty-Eight and Paise Seventy-Eight only) with future interest @14% per annum from the date of filing of the Original Application i.e. 22^nd October, 2020 till full realization of the same and costs of the application.

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(b) The applicant Bank is not entitled to claim penal interest on the claim amount.

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(1) All those piece and parcel of the lands situated at Village – Injole, Taluka – Panhala, District – Kolhapur having description-

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Sr.No.	Gat	Total	Mortgaged
	No.	Area	Area

(MA No.12/2024)

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[KAUR]

1	28	02.61.00	02.61.00
2.	29	00.30.00	00.30.00
3.	31	00.37.00	00.37.00
4.	32	00.96.80	00.96.80
5.	33A	00.48.00	00.48.00
6.	33B	00.21.00	00.21.00
7.	34A	00.12.80	00.12.80
8.	34B	00.16.00	00.16.00
9.	35	00.23.60	00.23.60
10.	39	00.49.60	00.49.60
11.	40	00.09.00	00.09.00
12.	41	00.28.00	00.28.00
13.	42	00.11.10	00.11.10
14.	43	00.07.10	00.07.10
15.	44	00.19.50	00.19.50
16.	45	00.11.00	00.11.00
17.	46	00.33.00	00.33.00
18.	47	01.02.90	01.02.90
19.	64A	00.78.90	00.78.90
20	64B	00.46.50	00.46.50
21.	68	00.99.10	00.99.10
22.	83	00.04.00	00.04.00
23.	85	00.02.00	00.02.00
24.	90	00.88.00	00.88.00
25.	91	01.17.00	01.17.00
26.	92	03.05.90	03.05.90
27.	94	02.75.10	02.75.10
28.	101A	04.03.70	04.03.70

(MA No.12/2024)

Page 7 of 9

[KAUR]

101B 03.16.25 03.16.25

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All bein Vill Dist	those pie g the lan age-Somw rict-Kolha	ce and p ds and b ar Peth, pur havi	arcel of p uilding si Taluka ngdescri	roperties tuated at -Panhala, ption-
Sr. No.	G.P. No.	Total Area Sq. Mtrs.	Having Built up Area Sq. Ft.	Having Built up Area Sq. Mtrs.
1	17 (Old 18)	539.03	2556	237.46
2.	36 (Old 34, 35 & 55)	801.25	6245	580.17
3.	87	700	7532	699.74
4.	89	1978	21283	1977.25
5.	90	3295.70	35454	3293.78
6.	91	2037	21918	2036.24
7.	92	2147.67	23101	2146.15
8.	94	1081.30	11631	1080.55

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

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C. The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant

(MA No.12/2024)

Page 8 of 9

[KAUR]

and defendants.

Place : Pune Date: 17.04.2024

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Pronounced in open Court. Sd/(Dilip G. Murumkar) Presiding Officer Debts Recovery Tribunal, Pune

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(MA No.12/2024)

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Page 9 of 9

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[KAUR]

The Cosmos Co. Operative Bank Limited v. HolyWoodAcademy

Case brief

What is this about?

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The Cosmos Co. Operative Bank Limited v. HolyWoodAcademy

Case brief

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