Partly allowed

Federal Bank v. Shantaram Kaulapure

DRT29 Nov 2024OA/68/2023

Case brief

AI extract

What is this about?

In an ex-parte recovery application, the Debts Recovery Tribunal adjudicated the claim amount by deducting penal interest and fixed future interest at 9% p.a., restraining relief on ill-described hypothecated assets and directing sale of mortgaged properties.

What did the court decide?

Defendants shall jointly or severally pay Rs. 33,53,473/- with future interest @9% p.a. (simple) from 29.09.2022. Relief on hypothecated assets denied; mortgage properties described in order.

Federal Bank versus Shantaram Kaulapure — Banking and Recovery | DRT (2024)

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Presented on: 29.09.2022 Registered on: 21.01.2023 Decided on: 29.11.2024 Duration: Y M D 02 02 00

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE. (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.68/2023.

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The Federal Bank Ltd . A Company incorporated and registered under Indian Companies Act, 1956 [1/1956] and also a Banking Company having its Registered Office at Federal Tower, Bank Junction, ALWAYE, Ernakulum District, KERALA and having one of its branches amongst other places at Sangli City, Ground Floor, Siddhivinayak Forum, Opposite Zilla Parishad Sangli, Maharashtra 416 416.

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… Applicant

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Versus

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1. Mr. Shantaram Bhimrao Kaulapure Age: 42 years, Occu-:Agriculture,

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2. Mrs. Suvarna Shantaram Kaulapure Age 31 years, Occ.:- Agriculture,

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3. Mrs. Laxmi Bhimrao Kaulapure Age 66 years, Occ.:- Agriculture, All R/at - 1457, Near Hari Mandir, Malgaon Sangli-416 407.

… Defendants

(OA No.68/2023)

Page 1 of 7

[ANIL]

APPEARANCES

For the Applicant	Mr. Nikhil Barsode - Advocate
For the Defendants	Exparte.

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TOTAL CLAIM AMOUNT –Rs.34,30,736/-

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JUDGMENT

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(Delivered on 29^th November, 2024)

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The Applicant Bank has filed present application for recovery of aggregate sum of Rs.34,30,736/- (i.e. Rs.15,66,035/- towards AMTL A/c No.15036600002155 and Rs.18,64,701/- towards AMTL A/c No.15036600002221 together with future interest thereon @12.45% p. a. alongwith penal interest @4.% from the defendant Nos.1 to 3.

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Brief facts of the application are as under :-

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Defendant Nos.1 and 2 approached the Applicant Bank and requested for AMTL Loan of Rs.10 Lakhs for purchase of land and development. Defendant No.2 is co-obligant. The Applicant Bank sanctioned AMTL Loan of Rs.10,00,000/- on 23.03.2018, to the defendant Nos.1 & 2.

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In order to secure the said AMTL Loan, the defendants have executed necessary loan transaction and security documents on 27.03.2018 in favour of the Applicant Bank, as set out in Para No.5.8 of the Original Application.

(OA No.68/2023)

Page 2 of 7

[ANIL]

The Applicant Bank submits that in June 2018, Defendant No.1 again approached the Applicant Bank and requested for Agri Loan. The Applicant Bank considered the request and sanctioned AMTL (Direct Agri) Loan for Rs.12,40,000/-, on 25.09.2018.

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The Applicant Bank submits that further the defendants have executed loan and security documents on 25.09.2018 in favour of the Applicant Bank, as set out in Para No.5.13 of the Original Application.

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The Defendants have mortgaged the below mentioned properties in favour of the Applicant Bank.

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(i) - All that piece and parcel of Eastern Portion Agri Land area 43 Ares out of total land area 1 H 81 Are at Gat No.1178 at village Malgaon, Taluka Miraj, District Sangli, owned by Defendant No.1Shantaram Bhimrao Kaulapure.

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(ii) - All that piece and parcel of Common Road Land out of which common area 1Are of Gat No.1177 at village Malgaon, Taluka Miraj, District Sangli, owned by Defendant No.1 Shantaram Bhimrao Kaulapure.

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(iii) - All that piece and parcel of entire portion of Residential House property area 153.6 sq. mtrs. at CTS No.1625 at village Malgaon, Taluka Miraj, District Sangli, owned by Defendant No.1 Shantaram Bhimrao Kaulapure.

(OA No.68/2023)

Page 3 of 7

[ANIL]

(iv) - All that piece and parcel of entire portion of Residential House property area 136 sq. mtrs of CTS No.2270 at village Malgaon, Taluka Miraj, District Sangli, owned by Defendant No.3 - Mrs. Laxmi Bhimrao Kaulapure.

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(v) - All that piece and parcel of 1/6^th share area 3.53 sq. mtrs. out of total area 21.2 sq. mtrs of CTS No.2278 used as Common Road area at village Malgaon, Taluka Miraj, District Sangli owned by Defendant No.3 – Mrs. Laxmi Bhimrao Kaulapure, more particularly described in Schedule-I of the Original Application.

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It is contended that after availing and utilizing AMTL Loan, defendants failed to repay the instalments. Eventually, Defendants have executed balance confirmation letters dt. 25.09.2018 and 31.08.2021 confirming balance due and payable in respective loan accounts. Thereafter, the loan account was classified as NonPerforming Asset on 27.09.2021.

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Thereafter, the Applicant Bank on 29.09.2021 issued Demand Notice to the defendants by RPAD calling upon them to liquidate the dues. Despite service of Notice, defendants failed and neglected to comply with the demand 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. Hence, the application proceeded ex-parte against them vide Order dt.15.10.2024 passed below Application (Exhibit-01).

(OA No.68/2023)

Page 4 of 7

[ANIL]

The Applicant Bank has filed Claim Affidavit of evidence (Exhibit6) of Mr. Ajit Gopal Shiralkar, Senior Manager and Authorized Signatory, which supports the case of the Applicant elucidated in the application.

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The Applicant Bank has produced in evidence the original loan documents at Sr.Nos.AW-1/1 to AW-1/27, which corroborate 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 file evidence on record 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, as mentioned in Schedule-II. 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.41,238.43Ps for Term Loan Account No.15036600002155 and Rs.36,024.57Ps for NEI-Agri DIret Term Loan A/c No.15036600002221, which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.34,30,736/- is reduced to Rs.33,53,473/-.

(OA No.68/2023)

Page 5 of 7

[ANIL]

The Applicant Bank has claimed future interest @16.45% p.a. Considering the facts of the present case; I am of the opinion that if future interest is granted @9% per annum (simple) for all the facilities, 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.68/2023 is allowed with costs.

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(B) Defendant Nos.1 to 3 shall jointly or severally pay an aggregate sum of Rs.33,53,473/- (i.e. Rs.15,24,796.57Ps towards AMTL A/c No.15036600002155 & Rs.18,28,676.43Ps) with future interest @9% p. a. (Simple) to the Applicant Bank from the date of filing of the Original Application i.e.29.09.2022 till payment/realization of the amount mentioned in this operative order.

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(ii) - All that piece and parcel of Common Road Land out of which common area 1Are of Gat No.1177 at village Malgaon, Taluka Miraj, District Sangli, owned by Defendant No.1 – Mr. Shantaram Bhimrao Kaulapure.

(OA No.68/2023)

Page 6 of 7

[ANIL]

(D) The Applicant Bank is entitled to sell the mortgaged immovable 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/Place: Pune (Dilip G. Murumkar) Date: 29.11.2024 Presiding Officer, Debts Recovery Tribunal, Pune.

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(OA No.68/2023)

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Page 7 of 7

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[ANIL]

Federal Bank v. Shantaram Kaulapure

Case brief

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What did the court decide?

Federal Bank v. Shantaram Kaulapure

Case brief

What is this about?

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