Allowed

Bank of Maharashtra v. Shri Deepak Dhondiram Shinde Prop of Quality Engineers

DRT16 Jan 2024OA/837/2022

Case brief

AI extract

What is this about?

In this Debts Recovery Tribunal matter, the Bank of Maharashtra sought recovery of Rs. 30.56 lakh from defaulting borrowers and guarantors. The court ex-parte allowed the application, reduced the claim by deducting penal interest, modified future interest to 9% simple, and directed sale of mortgaged properties.

What did the court decide?

Defendants to pay Rs. 29,45,890 with future interest @9% simple per annum; mortgaged properties subject to sale for recovery.

Bank of Maharashtra versus Shri Deepak Dhondiram Shinde Prop… — Company and Corporate | DRT (2024)

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Presented on : 19.09.2019 Registered on : 21.07.2022 Decided on : 16.01.2024 Duration : Y M D 04 03 27

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 837/2022.

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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 Lasurne, Taluka Indapur, District Pune.

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.. Applicant

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Versus

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1 Shri Deepak Dhondiram Shinde, Adult, Occ. : Business, Proprietor of Quality Engineers, R/o : Anandghan Society, Junction, Taluka Indapur, District Pune - 413117.

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2 Shri Vasant Khandu Moholkar, Adult, Occ. : Business, R/o : At and Post Junction, Taluka Indapur, District Pune - 413117.

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3 Shri Dhondiram Ramchandra Shinde, Adult, Occ. : Business, R/o : Anandghan Society, Junction, Taluka Indapur, District Pune - 413117.

.. Defendants

(OA No. 837/2022)

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APPEARANCES

For Applicant	Advocate R.B. Ganbote.
For Defendants	Exparte.

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TOTAL CLAIM AMOUNT –Rs.30,56,903/-

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JUDGMENT

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(Delivered on 16^th January, 2024)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.30,56,903/- together with future interest @15.50% and 13.50% per annum with monthly rests 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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Defendant Nos.1 to 3 approached the applicant Bank in December 2013 for grant of Term Loan of Rs.12,00,000/- and Cash Credit of Rs.13,00,000/- to defendant No.1. Defendant Nos.2 and 3 offered themselves as Guarantors for the said facilities to be availed by defendant No.1 from the applicant Bank. Accordingly, the applicant Bank sanctioned Term Loan of Rs.12,00,000/- and Cash Credit of Rs.13,00,000/- to defendant No.1 vide Sanction letter dated 23.01.2014.

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In order to secure the aforesaid loan, the defendants executed necessary loan and security documents in favour of

(OA No. 837/2022)

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the applicant Bank along with deed of mortgage of Plot Nos. 22/A, 22/B, 23/A, 23/B and 24 out of Gat No. 80/1/1 at village Anandnagar (Junction), Taluka Indapur and Composite deed of hypothecation for all facilities in favour of the applicant Bank.

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Defendant Nos.1 to 3 have executed Balance and Security Confirmation Letter for Term Loan account on 23.01.2017 and for Cash Credit account on 25.01.2017.

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The applicant Bank contended that the defendants committed defaults in payment of installments and failed to regularize the accounts. Therefore, the applicant Bank demanded payment from the defendants by personal visits and telephonic calls and reminders; however, the defendants failed and neglected to pay the outstanding dues of the applicant Bank.

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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 21.12.2023 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of James David Pereira, Chief Manager of the applicant Bank, and has produced on record the original loan

(OA No. 837/2022)

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transaction documents at Sr. Nos. AW-1 to AW-17 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.

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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 Penal Interest of Rs.20,080/for Term Loan account and Rs.90,933/- for Cash Credit account, total of Rs.1,11,013/-, which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.30,56,903/- is reduced to Rs.29,45,890/-.

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The applicant Bank has claimed future interest @15.50% and 13.50% per annum respectively with monthly rests. However,

(OA No. 837/2022)

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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. 837/2022 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.29,45,890/(Rupees Twenty Nine Lakhs Forty Five Thousand Eight Hundred Ninety only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 19.09.2019 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 Plot Nos. 22/A, 22/B, 23/A, 23/B and 24 out of Gat No. 80/1/1 at village Anandnagar (Junction), Taluka Indapur, more particularly described in the Para No. 5.9 of the Original Application.

(OA No. 837/2022)

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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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Place : Pune Date : 16.01.2024

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

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(OA No. 837/2022)

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Bank of Maharashtra v. Shri Deepak Dhondiram Shinde Prop of Quality Engineers

Case brief

What is this about?

What did the court decide?

Bank of Maharashtra v. Shri Deepak Dhondiram Shinde Prop of Quality Engineers

Case brief

What is this about?

What did the court decide?

What the court decided

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