Allowed

Bank of India v. Shahaji Ghodake

DRT18 Nov 2024OA/1026/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Bank of India's application against ten respondents, finding the bank entitled to recover Rs. 11,19,83,121 plus interest. The court granted rights to sell mortgaged land and issue a recovery certificate.

What did the court decide?

Respondents to pay Rs. 11,19,83,121 plus future interest at 9% p.a.; bank entitled to sell mortgaged property and issue Recovery Certificate.

Bank of India versus Shahaji Ghodake — Company and Corporate | DRT (2024)

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Presented on: 19.02.2020 Registered on: 10.11.2022 Decided on: 18.11.2024 Duration: Y M D 04 09 29

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.1026/2022.

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BANK OF INDIA ,

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A Body corporate constituted under the provisions of Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Head Office at Star House C-5, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai-400 051, having branch known as Shahupuri Branch, Balwant Niwas, 683, “E”, Second Lane, Shahupuri, Kolhapur -416 001.

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… Applicant

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Versus

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1. Mr. Shahaji Rangrao Ghodake Age adult, Occ.:- Business

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2. Mr. Deepak Rangrao Ghodake Age adult, Occ.:- Business

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3. Mr. Sanjay Rangrao Ghodake Age adult, Occ.:- Business

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4. Mrs. Sunita Shahaji Ghodake Age adult, Occ.:- Business

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5. Mr. Sourabh Shahaji Ghodake Age adult, Occ.:- Business

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6. Mrs. Sangeeta Deepak Ghodake Age adult, Occ.:- Business

(OA No.1026/2022)

Page 1 of 6

[ANIL]

7. Mrs. Suchitra Sanjay Ghodake Age adult, Occ.:- Business

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8. Mr. Rangrao Shankar Ghodake Age adult, Occ.:- Business

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9. Mr. Sahil Deepak Ghodake Age adult, Occ.:- Business

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10. Ms. Jyoti Shahaji Ghodake Age adult, Occ.:- Business

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11. Ms. Poonam Shahaji Ghodake

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Age adult, Occ.:- Business All R/at – 17B, E-Ward, Vikramnagar, Taluka Karveer, District Kolhapur-416 005. … Defendants

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APPEARANCES

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For the Applicant Mr. Parikshit Parab- Advocate. For the Defendant Ex-parte.

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TOTAL CLAIM AMOUNT –Rs.11,19,83,121/-.

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JUDGMENT

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(Delivered on 18^th November, 2024)

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The Applicant Bank has filed present application for recovery of Rs.11,19,83,121/- together with interest thereon @12.45% p.a. with monthly rests from the date of filing of the Original Application till payment and /or realization of entire dues/debts, from the defendants.

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Brief facts of the application are as under:-

(OA No.1026/2022)

Page 2 of 6

[ANIL]

Defendant No.1 is a borrower and Defendant Nos.2 to 11 are the Guarantors to the Loan Facility availed by the defendant No.1 from the Applicant Bank. Defendant Nos.1 to 11 made request to the Applicant Bank for Cash Credit Facility and the Applicant Bank upon consideration on 29.09.2011 sanctioned Cash Credit Facility of Rs.5,00,00,000/- on certain terms and conditions, to Defendant No.1.

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Defendants have executed certain loan and security documents in favor of the Applicant Bank at the time of availing Cash Credit Facility of Rs.5,00,00,000/-, as set out in Para No.5 (e) of the Original Application.

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So also, Defendant Nos.1 to 3 have deposited the original Title Deeds with the Applicant Bank in respect of the property i.e. Land bearing Gat No.350, Hissa No.3/1, admeasuring 01 Hector 46 R and Hissa No.2, admeasuring 01 Hector 25R lying and situated at village Mudshingi, Taluka Karveer, District Kolhapur.

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Upon request of the Defendants, Applicant Bank enhanced Cash Credit Limit by Rs.2,50,00,000/- thereby making aggregate Cash Credit Limit of Rs.7,50,00,000/-, upon certain terms and conditions. Defendants have executed various Loan Documents for securing the said Facility, as set out in Para No.5(h) of the Original Application.

(OA No.1026/2022)

Page 3 of 6

[ANIL]

Defendant Nos.1 to 11 have signed and executed separate letters of Acknowledgment of Debts and Securities on 09.09.2012, 25.09.2013, 02.09.2014, 28.12.2015 and 25.05.2017.

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It is contended by the Applicant Bank that Defendant No.1 availed the aforesaid Cash Credit Facility sanctioned by the Applicant Bank. However, Defendant No.1 failed to comply with the terms and conditions on which the said Cash Credit Facility of Rs.7.50 Crores were sanctioned and granted to him and committed default in repayment of the loan. Therefore, Loan Account of the Defendant No.1 was finally classified as NPA on 31.10.2019, as per the guidelines of the RBI.

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Thereafter, the Applicant Bank through its Advocate had issued Demand Notice dated 11.11.2019 to Defendant Nos.1 to 11 and called upon them to liquidate the entire outstanding in the Cash Credit Facility A/c No.090132110000001. Despite service of the Notice, defendants failed and neglected to comply with the demand in the said recall Notice.

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Hence, this application is filed.

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Defendant Nos.1 to 11 have failed to appear despite service of summons. Hence, the application proceeded ex parte against them vide Order dated 30.05.2024 passed below the Application (Exh. 01).

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The Applicant Bank has filed Claim Affidavit (Exhibit-6) of Mr. Ramchandra Saha, Chief Manager and produced on record the

(OA No.1026/2022)

Page 4 of 6

[ANIL]

Original Loan Transaction documents at Exhibits AW-1 to AW-17 which corroborates 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 the evidence of the Applicant Bank. Therefore, the Applicant Bank is entitled for reliefs as claimed.

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Applicant Bank has claimed future interest @12.45%p.a. Considering the facts of the present case; I am of the opinion that if future interest is granted @9% per annum (simple) for all the facilities, 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.1026/2022 is allowed with costs.

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(B) Defendant No.1 to 11 either jointly or severally shall pay to the Applicant Bank a sum of Rs.11,19,83,121/- (Rupees Eleven Crores Ninteen Lakhs Eighty Three Thousand One Hundred Twenty One only) with future interest @9.00%p.a. towards Cash Credit Loan Account No.090132110000001, from the date of filing of the Original Application i.e.19.02.2020 till payment/ realization of the amount mentioned in this operative order.

(OA No.1026/2022)

Page 5 of 6

[ANIL]

(C) The aforesaid adjudicated amount is secured by Mortgage regarding immovable property i.e.–Land bearing Gat No.350, Hissa No.3/1, admeasuring 01 Hector 46 R and Hissa No.2, admeasuring 01 Hector 25R lying and situated at village Mudshingi, Taluka Karveer, District Kolhapur, more particularly described in Para Nos. 3(A) and 5(f) of the Original Application.

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(D) The Applicant Bank is entitled to sell the mortgaged immovable property 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 and defendants.

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Sd/Place: Pune (Dilip G. Murumkar) Date: 18.11.2024 Presiding Officer, Debts Recovery Tribunal, Pune.

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(OA No.1026/2022)

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Page 6 of 6

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[ANIL]

Bank of India v. Shahaji Ghodake

Case brief

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Bank of India v. Shahaji Ghodake

Case brief

What is this about?

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