Allowed

Bank of Maharashtra v. Sagar Pansare

DRT6 Apr 2024OA/572/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed a recovery application filed by Bank of Maharashtra against three borrowers and guarantors. After an ex-parte hearing, the Tribunal adjudicated a reduced principal amount of Rs. 19.91 lakh after deducting penal interest but granted future interest at 9%. The judgment secured the amount via a mortgage on land and directed the issuance of a recovery certificate.

What did the court decide?

Recovery of Rs. 19,91,768/- plus future interest at 9% p.a. secured by mortgage and enforcement through sale of mortgaged property via Recovery Certificate.

Bank of Maharashtra versus Sagar Pansare — Banking and Recovery | DRT (2024)

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Presented on : 31.01.2022 Registered on : 07.05.2022 Decided on : 06.04.2024 Duration : Y M D 02 02 06

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 572/2022.

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Bank of Maharashtra,

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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 – Market Yard, Supa, Taluka Baramati, District Pune 412204.

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.. Applicant

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Versus

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1 Shri Sagar Vitthal Pansare, Adult, Occ. Agriculture, R/o : 90 Gaonthan Naroli, Taluka Baramati, District Pune 412204.

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2 Sou. Shantabai Jaysingh Dhame, Adult, Occ. Agriculture, R/o : Naroli, Taluka Baramati, District Pune 412204.

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3 Shri Sulchand Bhikoba Konde, Adult, Occ. Agriculture, R/o : Naroli, Taluka Baramati, District Pune 412204.

.. Defendants

(OA No. 572/2022)

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Sanap

APPEARANCES

For Applicant Advocate R.B. Ganbote. For Defendants Ex parte.

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TOTAL CLAIM AMOUNT –Rs.20,20,659/-

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JUDGMENT (Delivered on 06^th April, 2024)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.20,20,659/- together with future interest @12.95% per annum from the date of Application till realization of the entire dues from the defendants.

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Brief facts of the application are as under :

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As per the loan application of defendant No.1, the applicant Bank sanctioned and disbursed the Term Loan of Rs.16,00,000/- to defendant No.1 vide Sanction Letter dated 13.04.2016. Defendant Nos.2 and 3 stood guarantor for the repayment of loan sanctioned and disbursed to defendant No.1.

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In order to secure the aforesaid Term Loan, the defendants executed necessary loan and security documents in favour of the applicant Bank along with deed of mortgage of Land Gat No. 62 (P) situated at village Naroli, Taluka Baramati, District Pune, in favour of the applicant Bank.

(OA No. 572/2022)

Page 2 of 5

Sanap

Further, the defendants have also executed Balance and Security Confirmation Letter on 24.04.2019 in favour of the applicant Bank and thereby confirmed the balance in the Term Loan account and executed the guarantee agreement.

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The applicant Bank contended that the defendants committed defaults in payment of installments and failed to regularize the accounts. Despite demand of payment from the defendants by personal visits and telephonic calls and reminders, 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 09.02.2024 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Jackson Kharbat, Chief Manager and Principal Officer of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1 to AW-10 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.

(OA No. 572/2022)

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Sanap

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.28,891/-, which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.20,20,659/- is reduced to Rs.19,91,768/-.

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The applicant Bank has claimed future interest @12.95% 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.

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Hence, I pass the following order :-

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ORDER

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(A) Original Application No. 572/2022 is allowed with costs.

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(B) Defendant Nos.1 to 3 either jointly or severally shall pay to the applicant Bank the sum of Rs.19,91,768/-

(OA No. 572/2022)

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Sanap

(Rs. Nineteen Lakhs Ninety One Thousand Seven Hundred Sixty Eight only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 31.01.2022 till full payment/realization of the amount mentioned in this operative order.

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(C) The aforesaid adjudicated amount is secured by the valid and subsisting mortgage of immovable property i.e. Land Gat No. 62 (P) situated at village Naroli, Taluka Baramati, District Pune, more particularly described in the Para No. 5.7 of the Original Application.

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

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(E) Issue Recovery Certificate.

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(F) 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 : 06.04.2024 Debts Recovery Tribunal, Pune.

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(OA No. 572/2022)

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Page 5 of 5

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Sanap

Bank of Maharashtra v. Sagar Pansare

Case brief

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Bank of Maharashtra v. Sagar Pansare

Case brief

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