Allowed

Union Bank of India v. Ajinkya Nitin Rajebhosale

DRT16 Feb 2024OA/621/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an application filed by Union Bank of India for recovery of mortgage and vehicle loan dues against three defendants who appeared ex parte. The court modified the future interest rate to 9% and granted relief for sale of mortgaged property.

What did the court decide?

Defendants to pay Rs.28.72 L and Rs.8.20 L with future interest at 9% p.a.; mortgaged property to be sold for recovery; Recovery Certificate issued.

Union Bank of India versus Ajinkya Nitin Rajebhosale — Money Laundering | DRT (2024)

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Presented on: 10.05.2022 Registered on: 08.07.2022 Decided on: 16.02.2024 Duration: Y M D 1 9 6

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No.621/2022

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Union Bank of India, A Banking company constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Central Office at Union Bank Bhavan, 239, Vidhan Bhavan Marg, Mumbai400 021 and branch amongst other places at – Shriyash Building, Near Civil Court, Bhigwan Road, Baramati, TalukaBaramati, DistrictPune, known as Baramati Branch, Pune.

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… Applicant

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Versus

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Shri Ajinkya Nitin Rajebhosale, Adult, Occ: Agriculture, Residing at732 A, Rashin, Taluka-Karjat, DistrictAhmednagar-414 403.

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Shri Nitin Shivaji Rajebhosale, Adult, Occ: Agriculture, Residing at732 A, Rashin, Taluka-Karjat, DistrictAhmednagar-414 403.

(OA No.621/2022)

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Shri Kishor Ganpat Sawant, Adult, Occ: Agriculture, Residing at-Sawant Niwas, Near Mahadeo Mandir, V.P. College Road, Opp. Nirmiti Capital, Rui, TalukaBaramati, District-Pune-413 133.

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… Defendants

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APPEARANCES

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For the Applicant	Mr. Ramesh B. Ganbote - Advocate
For Defendants	Exparte

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TOTAL CLAIM AMOUNT –Rs.36,92,108/-

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JUDGMENT (Delivered on 16^th February, 2024)

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The Applicant Bank has filed the present Application for recovery of aggregate sum of Rs.36,92,108/i.e. Rs.28,72,068/- towards Mortgage Loan account together with future interest @14.75% p.a. and Rs.8,20,040/- towards Vehicle Loan account with future interest @12.45% p.a. with monthly rests thereon from 10^th May, 2022 till full repayment/realization of entire dues from defendant Nos.1 to 3.

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Brief facts of the application are as under:

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The defendant Nos.1 & 2 approached the applicant Bank in the month of January, 2015 with a request for Mortgage Loan of Rs.25,00,000/- for their personal needs.

(OA No.621/2022)

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On 23^rd February, 2015 the applicant Bank sanctioned and disbursed the Mortgage Loan facility of Rs.25,00,000/with interest @12.75%p.a., to be repaid by 120 monthly installments of Rs.36,959/- commencing from March, 2015.

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Defendant Nos.1 and 2 signed and executed loan transaction and security documents as set out in paragraph No.5.6 of the Original Application including Simple Mortgage Deed on 24.02.2015 thereby mortgaging immovable property i.e. Grampanchayat Milkat No.732/A more particularly mentioned in paragraph No.5.7 of the Original Application.

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The applicant Bank contended that defendant Nos.1 and 2 executed Simple Debit Balance Confirmation Letter on 22^nd February, 2018 and 31^st January, 2020 thereby admitting liability in the Mortgage Loan account.

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The applicant Bank further contended that in February, 2015 defendant Nos.1 and 3 approached it with a request for Vehicle Loan of Rs.8,00,000/- to be availed by defendant No.1 for purchase of new Four Wheeler Vehicle. Defendant No.3 offered himself as Guarantor for securing Vehicle Loan.

(OA No.621/2022)

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On 18^th March, 2015 the applicant Bank sanctioned and disbursed Vehicle Loan of Rs.8,00,000/-, with interest @10.45% p.a. with monthly rests to be repaid by 84 Equated Monthly Installments of Rs.13,467/- commencing from April, 2015.

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Defendant Nos.1 and 3 signed and executed loan transaction and security documents in respect of Vehicle Loan as mentioned in paragraph No.5.13 of the Original Application. Defendant No.1 executed Hypothecation of Vehicles Agreement towards repayment of Vehicle Loan.

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The applicant Bank contended that defendant No.1 has executed Simple Debit Balance Confirmation Letter on 15^th January, 2021 thereby admitting liability in the Vehicle Loan account.

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The applicant Bank further contended that after availing the Mortgage Loan and Vehicle Loan facilities, defendants have not adhered to terms and conditions of the sanction and also failed to pay the installments in the Mortgage Loan account and Vehicle Loan account and committed breach of the sanction terms. Resultantly, the loan account has turned into Non-Performing Asset.

(OA No.621/2022)

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Therefore, the applicant Bank through its Advocate issued Recall Notice dated 16^th October, 2021 calling upon defendants to pay the outstanding. Even after issuance of Recall Notice, the defendants failed to pay the installments and also failed to regularize the accounts.

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Hence, this application is filed.

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Defendants failed to appear despite service of summons. Hence, the application proceeded ex parte against them vide Order dated 16^th January, 2024 passed below the Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Shri Vinod Narayan Godse, Manager and Principal Officer, which supports the case of the applicant Bank elucidated in the application.

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The applicant Bank has produced on record the original loan transaction documents (Sr.Nos.AW-1/1 to AW-1/21) which corroborate the case of the applicant Bank.

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

(OA No.621/2022)

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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 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 future interest @14.75% p.a. for Mortgage Loan account and @12.45% p.a. for Vehicle loan account. However, considering facts of the case, I am of the opinion that if future interest is granted @9% (simple) for both the accounts, it would be just and reasonable.

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Hence, I pass the following order:-

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ORDER

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(A) Original Application No.621/2022 is allowed with costs.

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(B) Defendant Nos.1 and 2 shall either jointly or severally pay to the applicant Bank towards

(OA No.621/2022)

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Mortgage Loan account the sum of Rs.28,72,068/(Rupees Twenty-Eight Lakhs Seventy-Two Thousand and Sixty-Eight only) with future interest @9% p.a. from the date of filing of the Original Application i.e. 10^th May, 2022 till full realization of the amount mentioned in this operative order.

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(C) Defendant Nos.1 and 3 shall either jointly or severally pay to the applicant Bank towards Vehicle Loan account the sum of Rs.8,20,040/(Rupees Eight Lakhs Twenty Thousand and Forty only) with future interest @9% p.a. from the date of filing of the Original Application i.e. 10^th May, 2022 till full realization of the amount mentioned in this operative order.

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(D) The aforesaid adjudicated amount is secured by the valid and subsisting mortgage of immovable property being all the piece and parcel of Grampanchayat Milkat No.732/A (1) admeasuring E-W 60 Ft. N-S 125 Ft. i.e. totally admeasuring 7500 Sq. Ft. open space along with building constructed

(OA No.621/2022)

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thereon at Village Rashin Gaothan, within the limits of Rashin Grampanchayat and also within the limits of Registration District Ahmednagar, Sub Registration District Karjat, District-Ahmednagar, more particularly mentioned in paragraph No.5.7 of the Original Application.

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

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(F) Issue Recovery Certificate.

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

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Place : Pune Date : 16.02.2024

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

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(OA No.621/2022)

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Union Bank of India v. Ajinkya Nitin Rajebhosale

Case brief

What is this about?

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Union Bank of India v. Ajinkya Nitin Rajebhosale

Case brief

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