Applicant Bank recovered dues from Respondents who defaulted on Term Loan and MKCC. Tribunal allowed application, reduced claim by penal interest, and directed sale of mortgaged land for recovery.
Respondents to pay Rs.32,23,580/- with 9% p.a. future interest; direction to sell mortgaged property; issue recovery certificate.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
Presented on: 10.02.2022 Registered on: 06.04.2022 Decided on: 24.10.2024 Duration: Y M D 02 08 14
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.337/2022.
Bank of Maharashtra ,
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 Nasrapur, Bhor - 412 213.
… Applicant
Versus
1. Mr. Prasad Sarjerao Khutwad R/at- Flat No.317, Rajdhanicomplex, S. No.19A/2A/2B, Pune Satara Road, Near Shankar Maharaj Math, Dhankawadi, District Pune-411 043.
2. Mr. Ramchandra Shankar Khutwad
3. Mr. Dashrath Shankar Khutwad
No.2& 3 R/at-Umbare, Kamthadi, Tal. Bhor, District Pune-412 213. … Defendants
APPEARANCES
For the Applicant Advocate Mrs. Sheetal Deole For the Defendants Ex parte.
TOTAL CLAIM AMOUNT – Rs.33,43,151/-
(OA No.337/2022)
Page 1 of 8
[ANIL]
JUDGMENT (Delivered on 24th October, 2024)
Defendant Nos.1 to 3 approached Applicant Bank and requested for Term Loan of Rs.28,50,000/- for the purpose of construction of Poly House and for growing of Dutch Rose. Defendant No.1 is principal borrower and Defendant Nos.2 and 3 are guarantors for the Term Loan availed by Defendant No.1.
The Applicant Bank considered the request of the Defendants and sanctioned Term Loan of Rs.28,50,000/- to Defendant No.1, on 05.05.2016.
Defendants again approached to the Applicant Bank and requested for grant of MKCC of Rs.7,00,000/- and Defendant No.2 and 3 are guarantors for the said facility to be availed by Defendant No.1 from the Applicant Bank.
(OA No.337/2022)
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[ANIL]
The Applicant Bank sanctioned Rs.7,00,000/- for 1st year, Rs.7,70,000/- for 2nd year, Rs.8,47,000/- for 3rd year, Rs.9,31,700/- for 4th year and Rs.10,00,000/- on 25.05.2017, on certain terms and conditions.
In order to secure the aforesaid Term Loan facility Rs.28,50,000/-and MKCC Facility of Rs.10,00,000/-, the Defendants have executed loan and security documents on 23.06.2016 and 06.06.2017 respectively as set out in Para Nos.5.6 and 5.13 of the Original Application, in favor of the Applicant Bank.
( A )- All the piece and parcel of the land situate being and lying at Village Umbare, Taluka Bhor, District Pune, in the Registration District Pune, Sub District Bhor, decribed as under –
(OA No.337/2022)
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[ANIL]
Gat No.125, having area admeasuring 00 Hector 04 Are; Gat No.188 having area admeasuring 00 Hector 03 85 Are; Gat No.509 having area admeasuring 00 Hector 14.2 Are; Gat No.510 having area admeasuring 00 Hector 13.4 Are; Gat No.511/A having area admeasuring 00 Hector 0.1 Are; & Gat No.511/B having area admeasuring 00 Hector 50.2 Are, more particularly mentioned in Para Nos.5.9 and 5.16 of the Original Application.
The Applicant Bank contended that Defendants executed Balance and Security Confirmation Letters dated 10.06.2019 and 29.05.2020 respectively in favour of the Applicant Bank and confirmed the balance in Term Loan Account and in MKCC Account of Defendant No.1 with Applicant Bank.
The Applicant Bank contended that the Defendants have committed defaults in payment of installments in all the Term Loan and MKCC Account and committed breach of sanction terms.
(OA No.337/2022)
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[ANIL]
The Applicant Bank contended that it has issued Legal Demand Notice dated 19.12.2020 to the Defendants through its Panel Advocate in respect of the Term Loan and MKCC Accounts and defendants failed to pay the demanded amount.
Hence, this application is filed.
Defendant Nos.2 & 3 failed to appear despite service of summons. Hence, the application proceeded ex-parte against Defendant Nos.2 & 3 as per order dated 09.07.2024 passed below Application (Exh-1).
(OA No.337/2022)
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[ANIL]
(OA No.337/2022)
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[ANIL]
12. Hence, I pass the following order:-
(B) Defendant Nos.1 to 3 either jointly or severally shall pay aggregating sum of Rs. 32,23,580/ - (i.e. Rs.20,69,093/- towards Term Loan Account and Rs.11,54,487/- towards MKCC Account ] with future interest @ 9% per annum from the date of filing of the Original Application i.e.10.02.2022 till payment/ realization of the amount mentioned in this operative order, to the Applicant Bank.
(C)
The aforesaid adjudicated amounts are secured by creating Mortgage regarding immovable property i.e.-
All the piece and parcel of the land situate being and lying at Village Umbare, Taluka Bhor, District Pune, in the Registration District Pune, Sub District Bhor, described as under –
Gat No.125, having area admeasuring 00 Hector 04 Are; Gat No.188 having area admeasuring 00 Hector 03 85 Are; Gat No.509 having area admeasuring 00 Hector 14.2 Are; Gat No.510 having area admeasuring 00 Hector 13.4 Are; Gat No.511/A having area admeasuring 00 Hector 0.1 Are; & Gat No.511/B having area admeasuring 00 Hector 50.2 Are, more particularly mentioned in Para Nos.5.9 and 5.16 of the Original Application.
(OA No.337/2022)
Page 7 of 8
[ANIL]
Place : Pune Date: 24.10.2024
Sd/(Dilip G. Murumkar) Presiding Officer, Debts Recovery Tribunal, Pune.
(OA No.337/2022)
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[ANIL]
2 issues framed by the court
Whether the Debt Recovery Tribunal can grant recovery of dues secured by mortgage without detailed description of hypothecated assets.
What future interest rate is just and reasonable given the claim of 12.50% p.a.
1 provisions across 1 enactments
Bank of Maharashtra
Mr. Prasad Sarjerao Khutwad
Mr. Ramchandra Shankar Khutwad
Mr. Dashrath Shankar Khutwad
Dilip G. Murumkar
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
