Allowed

Punjab National Bank v. Pradip Pandurang Shinde

DRT1 Feb 2024OA/362/2022

Case brief

AI extract

What is this about?

The Tribunal passed an ex parte order allowing the applicant bank's application for recovery of dues against four defendants who failed to appear. The total claim was reduced after deducting penal interest, and future interest was fixed at reduced rates with security over mortgaged property and hypothecated assets.

What did the court decide?

Defendants to pay Rs.41,30,714/- and Rs.29,06,433/- with future interest secured by mortgage of agricultural land and hypothecation of assets; Recovery Certificate issued.

Punjab National Bank versus Pradip Pandurang Shinde — Execution and Attachment | DRT (2024)

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Presented on: 25.02.2022 Registered on: 26.04.2022 Decided on: 01.02.2024 Duration: Y M D 1 11 7

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No.362/2022

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Punjab National Bank, A body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970 having its Registered Office at Plot No.4, Dwarka, Sector 10, New Delhi – 110 075 and a Branch Office amongst other places at Baramati District Pune-413 102. Thereafter, the account transferred to Circle Sastra, Pune-9, Moledina Road, Aurora Towers, Camp, Pune-411 001.

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… Applicant

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Versus

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Mr. Pradip Pandurang Shinde, At Post Akole, Tal. Indapur, Dist. Pune-413 130.

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Mr. Tanaji Pandurang Shinde, At Post Akole, Tal. Indapur, Dist. Pune-413 130.

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Smt. Ranjana Pradip Shinde, At Post Akole, Tal. Indapur, Dist. Pune-413 130.

(OA No.362/2022)

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Smt. Sangeeta Tanaji Shinde, At Post Akole, Tal. Indapur, Dist. Pune-413 130.

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… Defendants

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APPEARANCES

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For the Applicant Mrs. Sudha Koloti - Advocate For Defendants Ex parte

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TOTAL CLAIM AMOUNT –Rs.74,89,546/-

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JUDGMENT

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(Delivered on 01^st February, 2024)

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The Applicant Bank has filed the present Application for recovery of aggregate sum Rs.74,89,546/- i.e. Rs.43,93,608/in respect of Term Loan-I account together with future interest @11% p.a. with monthly rests thereon and Rs.30,95,938/- in respect of Term Loan-II account with future interest @8.85% per annum with monthly rests from 22.02.2022 till full repayment/realization of entire dues from the defendant Nos.1 to 4.

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Brief facts of the application are as under:

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Defendant Nos.1 to 4 approached the applicant Bank on 09^th December, 2014 for Agricultural Term Loan for Water Storage Tank for an amount of Rs.18,90,000/- which was sanctioned and disbursed by the applicant Bank on 20^th January, 2015, with interest payable @12.75% p.a., to be

(OA No.362/2022)

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repaid in 5 years including one year of Moratorium and four yearly installments of Rs.4,72,500/-.

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Defendants executed loan transaction and security documents as set out in paragraph Nos.5.7 & 5.8 of the Original Application including Mortgage Deed dated 21^st January, 2015 and Hypothecation Agreement dated 04^th February, 2015.

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The applicant Bank contended that in the year 2015 defendant Nos.1 to 4 again approached the applicant Bank for Term Loan-II of Rs.14,25,000/- for Agricultural purpose i.e. cultivation of Pomegranate, which was sanctioned and disbursed on 24^th August, 2015. The Term Loan-II was to carry interest @12.75% p.a., to be repaid in 7 years including one year of Moratorium and six yearly installments of Rs.2,37,500/-.

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The defendant Nos.1 to 4 signed and executed loan transaction and security documents as mentioned in paragraph No.5.13 of the Original Application.

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The applicant Bank contended that defendant No.1 executed Balance and Security Confirmation Letters dated 16^th January, 2018 for both the Term Loan accounts.

(OA No.362/2022)

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It is further contended by the applicant Bank that after availing the above said credit facilities, the account of defendant No.1 became irregular due to non-repayment of the principal and interest as per terms of sanction and resultantly, the account was classified as Non-Performing Asset on 31^st March, 2018.

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The applicant Bank further contended that defendant Nos.1 to 4 executed Balance and Security Confirmation Letter once again on 31^st December, 2020 and thereby admitted their liability.

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The applicant Bank further contended that on regular follow-up also, defendant Nos.1 to 4 failed to regularize its loan account. Therefore, the applicant Bank through its Advocate issued Legal Notice dated 21^st January, 2021 calling upon defendant Nos.1 to 4 to repay the entire outstanding amount with interest under both the loan accounts. Despite issuance of Legal Notice, defendants failed to comply with requisitions contained in the said Notice.

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Hence, this application is filed.

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Defendants failed to appear despite service of Summons.

(OA No.362/2022)

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Hence, the application proceeded ex parte against them vide Order dated 22^nd December, 2023 below the Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Praveen C. Potdar, Chief Manager, which supports the case of the applicant Bank elucidated in the application.

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The applicant Bank has produced documents in evidence (AW-1-1 to AW-1-21) 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 has claimed Simple Penal Interest of Rs.2,59,638/- and Legal and other charges of Rs.3,256/- in Term Loan-I account and also Simple Penal Interest of Rs.1,89,505/- in Term Loan-II account which cannot be

(OA No.362/2022)

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granted and these amounts will be deducted from the respective total claim amounts. Thus, the total claim amount for Term Loan-I account is reduced from Rs.43,93,608/- to Rs.41,30,714/-. and total claim amount for Term Loan-II account is reduced from Rs.30,95,938/- to Rs.29,06,433/- Consequently, the aggregate claim amount is reduced from Rs.74,89,546/- to Rs.70,37,147/-.

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The applicant has claimed future interest @11% p.a. with monthly rests for Term Loan account and @8.85% p.a. with monthly rests for Term Loan-II account. However, considering the facts of the case, I am of the opinion that if future is granted @9% (simple) for Term Loan-I account and 8.85% p.a. (simple) for Term Loan-II account, 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.362/2022 is allowed with costs.

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(B) Defendant Nos.1 to 4 shall either jointly or severally pay to the applicant Bank towards Term

(OA No.362/2022)

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Loan-I account the aggregate sum of Rs. 41,30,714/- (Rupees Forty-one Lakhs Thirty Thousand Seven Hundred and Fourteen only) with future interest @9% per annum from the date of filing of the Original Application i.e. 25^th February, 2022 till full payment/realization of the amount mentioned in this operative order.

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(C) Defendant Nos.1 to 4 shall either jointly or severally pay to the applicant Bank towards Term Loan-II account the aggregate sum of Rs.29,06,433/- (Rupees Twenty-Nine Lakhs Six Thousand Four Hundred and Thirty-Three only) with future interest @8.85% p.a. from the date of filing of the Original Application i.e. 25^th February, 2022 till full payment/realization of the amount mentioned in this operative order.

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(D) The aforesaid adjudicated amount is secured by the mortgage of immovable property i.e. all that piece and parcel of Agricultural Land Gat No.65 admeasuring 04H 55R + 00H 65R total 05H 20R, situated at Village Belwandi, Tal. Karjat, Dist-

(OA No.362/2022)

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Ahmednagar within the jurisdiction of Panchayat Samiti Karjat and Sub-Registrar Karjat.

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(E) The aforesaid adjudicated amount is secured by the hypothecation of movable assets i.e. tools/ equipments/fixtures/machines/tubewell/electric motors/diesel engine and/or other movable connected with water storage tank constructed on mortgaged land at Gat No.65 more particularly mentioned in Hypothecation Agreement dated 04.02.2015.

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(F) The applicant Bank is entitled to sell the mortgaged property/hypothecated assets to recover its dues.

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

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Sd/-

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Place : Pune Date : 01.02.2024

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

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(OA No.362/2022)

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Punjab National Bank v. Pradip Pandurang Shinde

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Pradip Pandurang Shinde

Case brief

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What did the court decide?

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