Allowed

Bank of Maharashtra v. Rahibai Malave

DRT25 Jul 2024OA/1174/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by Bank of Maharashtra against defaulting borrowers and guarantors for recovery of term loans and MKCC facilities, reducing interest rates and granting permission to sell mortgaged land.

What did the court decide?

Defendants jointly/severally to pay Term Loan I, II, and MKCC Facility amounts with future interest @ 9% p.a.; mortgaged property secured; Registrar to issue Recovery Certificate.

Bank of Maharashtra versus Rahibai Malave — Banking and Recovery | DRT (2024)

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Presented on: 16.08.2021 Registered on: 21.12.2022 Decided on: 25.07.2024 Duration: Y M D 02 11 09

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.1174/2022.

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Bank of Maharashtra ,

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A Body Corporate constituted under the Banking Companies (Acquisitions & Transfer of Undertakings) Act 1970 having its Head Office at “Lokmangal” 1501, Shivajinagar, Pune-5 and Branch amongst other places at Sansar, Taluka Indapur, District –Pune-413 104.

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… Applicant

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Versus

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1. Mrs. Rahibai Bhagwat Malave

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Age 76 years, Occ.-Agriculture, R/at- village Shindewadi, Taluka- Indapur, District Pune-413 104.

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2. Mr. Kisan Dattu Malave

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Age 50 years, Occ.-Agriculture, R/at- 58, Malave Kharat Vasti, Shindewadi, Taluka- Indapur, District Pune-413 104.

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3. Mr. Rajkumar Bhagwat Malave

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Age 41 years, Occ.-Agriculture, R/at- village Shindewadi, Taluka- Indapur, District Pune-413 104.

(OA No.1174/2022)

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[ANIL]

4. Mrs. Venu Kisan Malave

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Age 41 years, Occ.-Agriculture, R/at- village Shindewadi, Taluka- Indapur, District Pune-413 104. … Defendants

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APPEARANCES

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For the Applicant For the Defendants

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Advocate Mr. Ashok Tamboli. Ex parte.

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TOTAL CLAIM AMOUNT – Rs.41,98,855/-

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JUDGMENT (Delivered on 25^th July, 2024)

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The Applicant Bank has filed present application for recovery of aggregate sum of Rs.41,98,855/i.e.Rs.6,88,621/- towards Term Loan Account-1 with future interest @07.00% p.a.; Rs.20,13,525/- towards Term Loan Account-II with future interest @ 13.40% p.a.; and Rs.14,96,709/- towards MKCC Facility with future interest @11.65% p.a with monthly rest respectively from the date of filing the Original Application i.e.16.08.2021 and or repayment/ realization from the defendants.

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Brief facts of the application are as under:

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Defendant Nos.1 to 3 approached Applicant Bank and requested for MKCC Facility of Rs.8,00,000/- and MKCC Facility of Rs.13,97,000/- for the purpose of Crop Loan

(OA No.1174/2022)

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[ANIL]

which were sanctioned by the Applicant Bank. Defendant Nos.2 and 3 requested Applicant Bank to accept them as Guarantors for the above said MKCC Facilities. Further, both the MKCC Facilities of Rs.8,00,000/and Rs.13,97,000/- were converted into Term Loan Accounts.

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Defendants again approached to Applicant Bank and requested for grant MKCC of Rs.10,00,000/- and Defendant Nos.2 and 4 are the guarantors for the said facility to be availed by Defendant No.1 from the Applicant Bank.

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In order to secure the aforesaid Term Loan facilities and MKCC Facility, the defendants have executed loan and security documents as set out in the Original Application, in favor of the Applicant Bank.

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In addition to this, Defendant No.1 has executed registered Mortgage Deed of the immovable property in favour of Applicant Bank for securing the First Term Loan of Rs.08,00,000/-, Second Term Loan of Rs.13,97,000/- and MKCC Facility of Rs.10,00,000/-, as set out in the Original Application. The Mortgage Deed is registered in the office of Sub Registrar Baramati at Sr.No.793/14 dt. 27.06.2013. The immovable property i.e. all those piece and parcels of the land situate being and lying at village Shindewadi in the registration District Pune, Sub District Indapur

(OA No.1174/2022)

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[ANIL]

admeasuring 00 Hector 84 Are bearing Gat No.439 and 00 Hector 84 Are Gat No.439 total area admeasuring 01 Hector 68 Are, more particularly mentioned in Para No.5.11 of the Main Application.

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Defendant No.1 executed Deed of Hypothecation Agreement in favour of Applicant Bank and thereby hypothecated all the agricultural facilities standing crop to be grown on Gat No.439 admeasuring 01 Hector 68 Are of village Shindewadi, Indapur, District Pune.

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The Applicant Bank contended that defendants failed and neglected to repay the amounts outstanding at the foot of the aforesaid accounts, the Applicant Bank called upon defendants to pay the outstanding amount.

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The Applicant Bank contended that it has issued Recall Notice dated 30.11.2019 to the defendants through its Branch Office in respect of the Term Loan Accounts and MKCC Account and defendants failed to pay the demanded amount.

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Hence, this application is filed.

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The defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte as per order dated 23.04.2024 passed below Application (Exhibit-1).

(OA No.1174/2022)

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[ANIL]

The Applicant Bank has filed Claim Affidavit (Exhibit-6) of Mr. Pankaj Kumar Shrivastav, Branch Manager and has produced on record the original Loan Transaction documents at Exhibits.AW-1 to AW-36, 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 the reliefs claimed.

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The Applicant Bank has claimed relief in respect of hypothecated assets. However, there is no detailed description with respect to the hypothecated assets. Therefore, the relief in terms of hypothecated assets cannot be granted.

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The Applicant Bank has claimed future interest @13.40% p.a. for Term Loan II and interest @ 11.65% p.a. for MKCC Loan Account. However, considering the facts of the case, I am of the opinion that for Term Loan Account-II and MKCC Facility, if future interest is granted @9% per annum (simple), it would be just and reasonable rate of interest.

(OA No.1174/2022)

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[ANIL]

11. Hence, I pass the following order:-

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ORDER

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(A) Original Application No.1174/2022 is allowed with costs.

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(B) Defendant Nos.1, 2 and 3 either jointly or severally shall pay sum of Rs.6,88,621/- (Rupees Six Lakhs Eighty Eight Thousand Six Hundred Twenty One only) towards Term Loan –I with future interest @ 7% per annum with monthly rests from the date of filing of the Original Application i.e.16.08.2021 till payment/ realization of the amount mentioned in this operative order, to the Applicant Bank.

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(C) Defendant Nos.1, 2 and 3 either jointly or severally shall pay sum of Rs.20,13,525/(Rupees Twenty Lakhs Thirteen Thousand Five Hundred Twenty Five only ] towards Term Loan –II with future interest @09.00% per annum with monthly rests from the date of filing of the Original Application i.e.16.08.2021 till payment/ realization of the amount mentioned in this operative order, to the Applicant Bank.

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(D) Defendant Nos.1, 2 and 4 either jointly or severally shall pay sum of Rs.14,96,709/(Rupees Fourteen Lakhs Ninety Six Thousand Seven Hundred Nine only) towards MKCC Facility with future interest @ 09.00% per annum with monthly rests from the date of filing the Original Application i.e.16.08.2021 till payment/ realization of the amount mentioned in this operative order, to the Applicant Bank.

(OA No.1174/2022)

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[ANIL]

(E) The aforesaid adjudicated amounts are secured by creating Mortgage regarding immovable property i.e.- All those piece and parcels of the land situate being and lying at village Shindewadi in the registration District Pune, Sub District Indapur admeasuring 00 Hector 84 Are bearing Gat No.439 and 00 Hector 84 Are, Gat No.439 total area admeasuring 01 Hector 68 Are, more particularly mentioned in Para No.5.11 of the Main Application.

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(F) The Applicant Bank is entitled to sell the mortgaged immovable property to recover its dues.

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(G) Issue Recovery Certificate.

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(H) The Registrar is directed to send the copy of Judgment and Recovery Certificate to the Applicant Bank and the defendants.

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Sd/Place : Pune (Dilip G. Murumkar) Date: 25.07.2024 Presiding Officer Debts Recovery Tribunal, Pune

(OA No.1174/2022)

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[ANIL]

[ANIL] (OA No.1174/2022) Page 8 of 7

Bank of Maharashtra v. Rahibai Malave

Case brief

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Bank of Maharashtra v. Rahibai Malave

Case brief

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