Allowed

Bank of Maharashtra v. Vijay Sapre

DRT5 Nov 2024OA/305/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an application filed by Bank of Maharashtra for recovery of Rs.23,89,954/- plus future interest from three defendants (borrower and guarantors). The court reduced the claimed interest rate to 9% per annum simple interest and directed realization through sale of mortgaged agricultural land.

What did the court decide?

Order allowed with costs; Defendants to pay Rs.23,89,954/- plus future interest at 9% p.a. simple from 11.02.2022; Allowed sale of mortgaged property; Recovery Certificate issued.

Bank of Maharashtra versus Vijay Sapre — Arbitration | DRT (2024)

¶1

Presented on : 11.02.2022 Registered on : 21.03.2022 Decided on : 05.11.2024 Duration : Y M D 02 08 22

¶2

IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 305/2022.

¶3

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 – 411005 and one of its branch office at Konkan Mangal Sapre Building, 560, Chinch Peth, Bhoo, Taluka Rajapur, District Ratnagiri 415 713.

¶4

.. Applicant

¶5

Versus

¶6

1 Shri Vijay Waman Sapre, Age – Adult, Occ. : Agriculture, R/at – At & Post Bhoo, Rajapur, Taluka Rajapur, District Ratnagiri 416 713.

¶7

2 Shri Sanjay Yashwant Sarfare, Age – Adult, Occ. : Agriculture, R/at – At & Post Bhoo, Rajapur, Taluka Rajapur, District Ratnagiri 416 713.

(OA No. 305/2022)

Page 1 of 5

Sanap

3 Shri Yashwant Narayan Deo, Age – Adult, Occ. : Agriculture, R/at – At & Post Bhoo, Rajapur, Taluka Rajapur, District Ratnagiri 416 713.

¶12

.. Defendants

¶13

APPEARANCES

¶14

For Applicant	Advocate R.B. Ganbote.
For Defendants	Exparte.

¶15

Total Claim Amount – Rs.23,89,954/-

¶16

JUDGMENT

¶17

(Delivered on 05^th November, 2024)

¶18

The Applicant Bank has filed the present application for recovery of the sum of Rs.23,89,954/- together with future interest @15.25% per annum from the date of Application till realization of the entire dues from the defendants.

¶19

Brief facts of the application are as under :

¶20

Defendant Nos.1 to 3 approached the applicant Bank in or about November 2008 and requested for Agriculture Term Loan of Rs.6,50,000/- to defendant No.1. Accordingly, the applicant Bank sanctioned the Term Loan of Rs.6,50,000/- to defendant No.1 vide Sanction Letter dated 12.12.2008. Defendant Nos.2 and 3 stood guarantors for the repayment of loan availed by defendant No.1.

¶21

In order to secure the aforesaid loan facility, the

(OA No. 305/2022)

Page 2 of 5

Sanap

defendants executed necessary loan and security documents along with deed of mortgage of agriculture land bearing Survey Nos. 344 A, 979 and 1032 situated at village Bhoo, Taluka Rajapur, District Ratnagiri in favour of the applicant Bank. Further, the defendants have executed Balance and Security Confirmation Letters on 26.11.2011, 24.11.2014, 08.09.2017 and 25.08.2020 in favour of the applicant Bank.

¶26

The applicant Bank contended that the defendants committed defaults in payment of installments and failed to regularize the accounts. Hence, the applicant Bank has classified the account of the defendants as Non Performing Asset in accordance with guidelines of Reserve Bank of India. Despite personal visits and telephonic calls, the defendants failed and neglected to pay the outstanding dues of the applicant Bank.

¶27

Hence, this application is filed.

¶28

The defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte as per Order dated 22.08.2024 passed below Application (Exhibit-1).

¶29

The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Venkata Kamalakar Pagoti, Dy. Manager and Principal Officer of the applicant Bank and has produced on record the original loan transaction documents at Sr. Nos. AW-1-

(OA No. 305/2022)

Page 3 of 5

Sanap

1 to AW-1-16 along with list (Exhibit 7), which corroborates the case of the applicant Bank.

¶34

I have heard arguments of the learned Advocate for the applicant Bank.

¶35

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.

¶36

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.

¶37

The applicant Bank has claimed future interest @15.25% per annum. 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.

¶38

Hence, I pass the following order :-

¶39

ORDER

¶40

(A) Original Application No. 305/2022 is allowed with costs.

¶41

(B) Defendant Nos. 1 to 3 either jointly or severally shall pay to the applicant Bank the sum of Rs.23,89,954/-

(OA No. 305/2022)

Page 4 of 5

Sanap

(Rs. Twenty Three Lakhs Eighty Nine Thousand Nine Hundred Fifty Four only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 11.02.2022 till full payment/realization of the amount mentioned in this operative order.

¶46

(C) The aforesaid adjudicated amount is secured by the valid and subsisting mortgage of agriculture land bearing Survey Nos. 344 A, 979 and 1032 situated at village Bhoo, Taluka Rajapur, District Ratnagiri, more particularly described in the Para No. 5.7 of the Original Application.

¶47

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

¶48

(E) Issue Recovery Certificate.

¶49

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

¶50

Place : Pune Date : 05.11.2024

¶51

Sd/(Dilip G Murumkar) Presiding Officer Debts Recovery Tribunal, Pune.

¶52

(OA No. 305/2022)

¶53

Page 5 of 5

¶54

Sanap

Bank of Maharashtra v. Vijay Sapre

Case brief

What is this about?

What did the court decide?

Bank of Maharashtra v. Vijay Sapre

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Bank of India versus Shree Gurukrupa Enterprises Prop. Mrs. Madhavi Dhiraj Pathare

Canara Bank versus Dshrath Kakade

Union Bank of India (Corporation Bank) versus M/S Sahyadri Drip and Sprinklers

State Bank of India versus Mrs. Pooja Uttam Shinde Alias Mrs. Pooja Ajit Gaikwad

State Bank of India versus Juee

Idbi Bank versus Sanjay Andre