In an Ex parte application, the Debts Recovery Tribunal allowed a claim by Bank of Baroda for recovery of dues and directed realization from hypotecated properties.
Direction to pay Rs. 33,73,291.42 with 8% p.a. simple interest; authority to proceed against mortgaged and person/properties of defendants; issuance of 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: 12/10/2022 Registered on: 21/11/2022 Decided on: 15/03/2024 Duration: Y. M. D. 1 – 5 - 4
IN THE DEBTS RECOVERY TRIBUNAL, at Aurangabad
Original Application No. 479 of 2022
Total claim amount – Rs. 33,73,291.42 ps
Bank of Baroda,
a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (Act No. V of 1970) having its Head Office at Mandavi, Baroda (Gujarat State) and one of its Branches at Stressed Assets Recovery Branch, P)lot No. 8, Sector-E, CIDCO, N-5, Connaught Place, CIDCO, Aurangabad, Maharashtra- 431 003 through its Power of Attorney Holder and Chief Manager Shri Vishal Raj Gupta, age 36 years occup. Chief Manager, Bank of Baroda, Stressed Assets Recovery Branch.
… Applicant
Versus
[Madkar) (O.A. No. 479/2022)
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Defendants No. 2 to 4 residing at Datta Mandir Galli, Vidyasagar Shikshak Colony at Murshadpur post Ashti Tal. Ashti Dist. …Defendants Beed 414203
Appearance :
For the applicant-bank Mr. Satyajit R. Vakil, Adv. For Defendants Absent
Shri Vimal Gupta, Presiding Officer
Order pronounced on : 15th March 2024
O R D E R
[Madkar) (O.A. No. 479/2022)
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three lakhs seventy three thousand two hundred ninety one and ps. forty two only) together with future contractual interest thereon, from the date of filing application till repayment/ realization. Applicant-bank pleads that Deft. No.1 is a partnership firm, Defts. No. 2 and 3 are partners of Deft. No.1 and Defts. No. 2 to 4 have extended the guarantee towards the security of repayment of credit facility availed by Deft. No.1. Applicant bank pleads that the defendants have availed the Term Loan of Rs. 25.00 lakhs for construction of shed and purchasing machinery and cash credit loan of Rs. 10.00 lakhs for working capital requirement, making total loan of Rs. 35.00 lakhs, on 07/12/2018 from the applicant bank, on execution of relevant documents in favour of applicant and accepting terms and conditions as to repayment by sixty EMI of Rs. 41667/- each to the applicant with floating contractual interest and in case of default to repay as agreed, penal interest @ 2% p.a. ; and cash credit loan with interest thereon @ 9.15% p.a., on demand Applicant pleads that however, the defendants failed to repay the loan amount as agreed and therefore, the loan accounts converted into NPA, and consequently the applicant issued legal demand
[Madkar) (O.A. No. 479/2022)
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notice on 26/09/2022 to which the defendants have not paid any response and failed to repay the loan amount. It is pleaded that in the meantime, defendants acknowledged the debt outstanding against them by executing letter of acknowledgment of debt on 31/08/2021. Hence this Orig. Application.
[Madkar) (O.A. No. 479/2022)
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applicant-bank against all the defendants. Moreover, in view of the fact that the averments in the Original Application have gone unrebutted because of absence of the defendants in the matter, the Tribunal is of the opinion that the applicant-bank is entitled for the prayers made therein. Further more, perusal of the documents on record shows that the application is filed within the period of limitation. Hence I hold that the defendants are liable to pay to applicant-bank the claimed amount in Orig. Application with future reasonable interest considering meantime CovidPandeic-19 long period and costs. Hence the following order.
O R D E R
[Madkar) (O.A. No. 479/2022)
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pendency of the Orig. Appln. shall be reduced from such calculated amount before the Recovery Officer and demand notice shall be issued for balance amount.
Order be uploaded on the official website.
`
( Vimal Gupta ) PRESIDING OFFICER, Aurangabad, DEBTS RECOVERY TRIBUNAL, Date: 15/03/2024 Aurangabad
[Madkar) (O.A. No. 479/2022)
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2 issues framed by the court
Whether the applicant-bank is entitled for the claim made in the Original Application against the defendant?
Whether the application is filed within the period of limitation?
1 provisions across 1 enactments
Bank of Baroda
M/s. Sumlax Biocoals
Mrs Smita Prafulla Sahastrabuddhe
Mr Sumedh Prafulla Sahastrabuddhe
Mr Prafulla Laxmanrao Sahastrabuddhe
Vimal Gupta
As recorded by the court registry
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