Allowed

Bank of Maharashtra v. Rajyog Metals Prop Yogita Rajendra Shinde

DRT31 Jan 2024OA/199/2022

Case brief

AI extract

What is this about?

The Tribunal adjudicated an Original Application filed by Bank of Maharashtra for recovery of dues against the borrower and guarantors. The application was heard ex-parte. The Tribunal allowed the application, adjusted penal interest claims, and directed payment of specific sums with future interest at 9% per annum.

What did the court decide?

Respondents directed to pay adjusted principal amounts with future interest at 9% per annum; recovery certificate issued; entitlement to sell mortgaged property granted.

Bank of Maharashtra versus Rajyog Metals Prop Yogita Rajendra… — Banking and Recovery | DRT (2024)

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Presented on : 27.01.2022 Registered on : 05.03.2022 Decided on : 31.01.2024 Duration : Y M D 02 00 04

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 199/2022.

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Bank of Maharashtra,

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A Bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, having its registered office at “Lokmangal”, 1501, Shivajinagar, Pune – 411005 and one of its branch office at – Kudal Branch, District Satara and Stress Asset Management Branch, Somwar Peth, Pune 411011.

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.. Applicant

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Versus

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1 Rajyog Metals, through its proprietor Mrs. Yogita Rajendra Shinde, Age Adult, Occ. Business, R/o : 198, Nevekarwadi Karandoshi, Taluka Jawali, District Satara 415514.`

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2 Mr. Rajendra Balasaheb Shinde, Age Adult, Occ. Business, R/o : Indavali, Taluka Jawali Karandi Kudal, District Satara 415514

(OA No.199/2022)

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3 Mr. Sanjay Balasaheb Shinde, Age Adult, Occ. Business, R/o : Indavali, Taluka Jawali Karandi Kudal, District Satara 415514

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4 Mr. Jaydip Bhimrao Dhumal, Age Adult, Occ. Business, R/o : LG-7, Degapm Phata, Bhandri Heights, Kodoli, Satara 415004

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5 Mr. Aviraj Dnyaneshwar Kadade Age Adult, Occ. Business, R/o : Post Nimbuth, Taluka Baramati, District Pune 412102.

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6 Mrs. Anita Sanjay Shinde, Age Adult, Occ. Business, R/o : Indavali, Taluka Jawali Karandi Kudal, District Satara 415514

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7 Mrs. Varsha Tanaji Pisal, Age Adult, Occ. Business, R/o : Post Bawdhan, Taluka Wai, District Satara 412804. .. Defendants

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APPEARANCES

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For Applicant Advocate Nisha Ruikar. For Defendants Ex parte.

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TOTAL CLAIM AMOUNT –Rs.8,83,18,317/-

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JUDGMENT

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(Delivered on 31^st January, 2024)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.8,83,18,317/- together with future

(OA No.199/2022)

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interest @12% and 13.50% per annum with monthly rests from the date of Application till realization of the entire dues from the defendants.

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2. Brief facts of the application are as under :

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Defendant Nos.2 to 7 are the guarantors for discharging of the liabilities of defendant No.1 for the various facility availed by defendant No.1.

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As per the loan application of defendant No.1, applicant Bank sanctioned and disbursed the Term Loan I facility of Rs.77,00,000/- to defendant No.1 vide Sanction Letter dated 26.02.2016. Defendant Nos. 2 to 4 stood guarantors for the said loan. Defendant Nos.1 to 4 have executed loan and security documents along with hypothecation of plant and machineries and registered mortgage of Plot and factory shed situated at S.No./G.No. 198 of village Nevekarwadi in favour of the applicant Bank.

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Again in the year 2017, as per the loan application of defendant No.1, applicant Bank sanctioned and disbursed the Term Loan II facility of Rs.3,30,00,000/- to defendant No.1 vide Sanction Letter dated 19.06.2017. Defendant Nos. 2 to 5 stood guarantors for the said loan. Defendant Nos.1 to 5 executed

(OA No.199/2022)

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necessary loan and security documents in favour of the applicant Bank. Defendant Nos.1 to 3 also executed additional charge through registered equitable mortgage of Plot situated at S.No./G.No. 198 of village Nevekarwadi and defendant No.5 executed equitable mortgage deed of Flat No. 301, Wing A, Shri Tulja Bhavani Sahakari Gruhnirman Sanstha Ltd., S.No. 97 of village Rawet Pimpri Chinchwad, Taluka Haveli, District Pune in favour of the applicant Bank.

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In the year 2019, defendant No.1 requested for restructuring of the Term Loan I and II. Accordingly, as per Sanction Letter dated 23.01.2019, the existing Term Loan I and Term Loan II were restructured on certain fresh terms and conditions.

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Again as per Sanction Letter dated 23.01.2019, Term Loan III consisting of two facilities for Rs.44,00,000/- and OD facility of Rs.1,11,00,000/- to defendant No.1. Defendant Nos. 2 to 7 stood guarantors for the said loan. Defendant Nos.1 to 7 have executed loan and security documents and defendant Nos.2, 3 and 7 have also executed equitable mortgage deed of the land bearing Gat/CTS/Survey No. 104 situated at village Indawli, District Satara in favour of the applicant Bank.

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Thereafter on 29.08.2019, defendant No.1 requested for Term

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Loan IV of Rs.94,01,590/-. Accordingly, the applicant Bank has sanctioned Term Loan IV of Rs.94,01,590/- to defendant No.1 vide Sanction Letter dated 29.08.2019. Defendant No.1 executed necessary loan and security documents for the said loan in favour of the applicant Bank.

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So also on 29.08.2019, defendant No.1 requested for Term Loan V of Rs.4,80,000/-. Accordingly, the applicant Bank has sanctioned Term Loan V of Rs.4,80,000/- to defendant No.1 vide Sanction Letter dated 29.08.2019. Defendant No.1 executed necessary loan and security documents for the said loan in favour of the applicant Bank.

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The applicant Bank contended that defendant No.1 utilized the above mentioned Term Loans and OD facilities availed. However, the defendants committed defaults in payment of installments and failed to regularize the accounts. Therefore, on 23.04.2021, the applicant Bank issued legal Notice to the defendants. Despite service of Notice, the defendants failed and neglected to pay the outstanding dues of the applicant Bank. 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

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22.12.2023 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Safdar Hayat Khan, Senior Manager of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW1-1 to AW1-45 along with list (Exhibit 7), 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 evidence of the applicant Bank. Therefore, the applicant Bank is entitled for reliefs as 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 Penal Interest of Rs.21,782/for Term Loan I, which cannot be granted and the same is required to be deducted from the claim amount. Therefore, the claim amount of Rs.68,93,542/- is reduced to Rs.68,71,760/- for

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Term Loan I.

The applicant Bank has claimed Penal Interest of Rs.2,85,101/- for Term Loan II, which cannot be granted and the same is required to be deducted from the claim amount. Therefore, the claim amount of Rs.4,82,39,571/- is reduced to Rs.4,79,54,470/- for Term Loan II.

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The applicant Bank has claimed Penal Interest of Rs.13,210/- for Term Loan III, which cannot be granted and the same is required to be deducted from the claim amount. Therefore, the claim amount of Rs.59,44,164/- is reduced to Rs.59,30,954/- for Term Loan III.

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The applicant Bank has claimed Penal Interest of Rs.11,860/- for Term Loan IV, which cannot be granted and the same is required to be deducted from the claim amount. Therefore, the claim amount of Rs.1,11,59,912/- is reduced to Rs.1,11,48,052/- for Term Loan IV.

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The applicant Bank has claimed Penal Interest of Rs.5,995/- for Term Loan V, which cannot be granted and the same is required to be deducted from the claim amount. Therefore, the claim amount of Rs.5,38,045/- is reduced to Rs.5,32,050/- for Term Loan V.

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The applicant Bank has claimed future interest @12% and 13.50% per annum with monthly rests. However, considering the facts of the case, I am of the opinion that if future interest is granted @9% per annum (simple), it would be just and reasonable rate of interest.

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Hence, I pass the following order :-

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ORDER

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(A) Original Application No.199/2022 is allowed with costs.

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(B) Defendant Nos.1 to 4 either jointly or severally shall pay to the applicant Bank the sum of Rs.68,71,760/(Rupees Sixty Eight Lakhs Seventy One Thousand Seven Hundred Sixty only) towards Term Loan-I along with future interest @9% per annum from the date of filing of the Original Application i.e. 27.01.2022 till full payment/realization of the amount mentioned in this operative order.

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(C) Defendant Nos.1 to 4 either jointly or severally shall pay to the applicant Bank the sum of Rs.4,82,39,571/(Rupees Four Crore Eight Two Lakhs Thirty Nine Thousand Five Hundred Seventy One only) towards

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Term Loan-II along with future interest @9% per annum from the date of filing of the Original Application i.e. 27.01.2022 till full payment/ realization of the amount mentioned in this operative order.

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(D) Defendant Nos.1 to 7 either jointly or severally shall pay to the applicant Bank the sum of Rs.59,30,954/(Rupees Fifty Nine Lakhs Thirty Thousand Nine Hundred Fifty Four only) towards Term Loan-III along with future interest @9% per annum from the date of filing of the Original Application i.e. 27.01.2022 till full payment/realization of the amount mentioned in this operative order.

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(E) Defendant Nos.1 shall pay to the applicant Bank the sum of Rs.1,11,48,052/- (Rupees One Crore Eleven Lakhs Forty Eight Thousand Fifty Two only) towards Term Loan-IV along with future interest @9% per annum from the date of filing of the Original Application i.e. 27.01.2022 till full

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payment/realization of the amount mentioned in this operative order.

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(F) Defendant Nos.1 shall pay to the applicant Bank the sum of Rs.5,32,050/- (Rupees Five Lakhs Thirty Two Thousand Fifty only) towards Term Loan-V along with future interest @9% per annum from the date of filing of the Original Application i.e. 27.01.2022 till full payment/realization of the amount mentioned in this operative order.

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(G) Defendant Nos.1 to 7 either jointly or severally shall pay to the applicant Bank the sum of Rs.1,55,43,083/(Rupees One Crore Fifty Five Lakhs Forty Three Thousand Eighty Three only) towards OD facility along with future interest @9% per annum from the date of filing of the Original Application i.e. 27.01.2022 till full payment/realization of the amount mentioned in this operative order.

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(H) The aforesaid adjudicated amount is secured by the valid and subsisting mortgage of immovable properties i.e. CTS/Survey No. 198 of village Nevekarwadi, District Satara; Flat No. 301, Wing A, Shri Tulja Bhavani Sahakari Gruhnirman Sanstha Ltd., S.No. 97 of village Rawet Pimpri Chinchwad,

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Taluka Haveli, District Pune and Gat/CTS/Survey No. 104 situated at village Indawli, District Satara, more particularly described in Para No. 6(g) a to 6(g) d of the Original Application.

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(I) The applicant Bank is entitled to sell the mortgaged property to recover its dues.

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(J) Issue Recovery Certificate.

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(K) The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant and defendants.

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Sd/(Dilip G Murumkar) Place : Pune Presiding Officer Date : 31.01.2024 Debts Recovery Tribunal, Pune.

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(OA No.199/2022)

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Bank of Maharashtra v. Rajyog Metals Prop Yogita Rajendra Shinde

Case brief

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Bank of Maharashtra v. Rajyog Metals Prop Yogita Rajendra Shinde

Case brief

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