Allowed

Uco Bank v. Ravindra Thombare

DRT3 Jan 2024OA/855/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal, Pune allowed the bank's recovery application ex-parte. It ordered defendants to pay outstanding dues for term loans, credit facilities, and car loans with future interest capped at 9% p.a., securing the dues against mortgaged property.

What did the court decide?

Dedirect defendants to repay Rs.3,94,606/-, Rs.7,89,505/-, and Rs.9,07,601/- along with 9% per annum future interest, secured by mortgaged land.

Uco Bank versus Ravindra Thombare — Banking and Recovery | DRT (2024)

¶1

Presented on : 26.12.2019 Registered on : 22.07.2022 Decided on : 03.01.2024 Duration : Y M D 04 00 08

¶2

IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer)

¶3

ORIGINAL APPLICATION No. 855/2022.

¶4

UCO Bank,

¶5

A Corporate Body constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act 1970 having its head office at 10, B.T.M. Sarani, Kolkata and branch at – Market Yard, Indapur Road, Baramati, Taluka Baramati, District Pune.

¶6

.. Applicant

¶7

Versus

¶8

1 Shri Ravindra Subhash Thombare,

¶9

2 Shri Chandrakant Balkrishna Dhalpe,

¶10

3 Shri Chandrakant Dnyandeo Thombare,

¶11

4 Shri Bhagwan Ramchandra Agarkar,

¶12

5 Shri Somnath Vasant Thombare,

¶13

6 Shri Sachin Subhash Thombare,

¶14

7 Kum. Pratibha Subhash Thombare, All Residing at Ward No. 4, At and Post Bori, Taluka Indapur, District Pune 413104.

.. Defendants

(OA No.855/2022)

Page 1 of 9

Sanap

APPEARANCES

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

¶21

TOTAL CLAIM AMOUNT – Rs.20,91,712/-

¶22

JUDGMENT (Delivered on 03^rd January, 2024)

¶23

The Applicant Bank has filed the present application for recovery of the sum of Rs.3,94,606/- from defendant Nos.1 to 3, 6 and 7; Rs.7,89,505/- from defendant Nos.1, 4 to 7 and Rs.9,07,601/- from defendant Nos.1, 6 and 7 together with future interest @14%, @10.95% and @12.20% per annum respectively from the date of Application till realization of the entire dues.

¶24

Brief facts of the application are as under :

¶25

Defendant Nos.1 to 3 and late Ashabai Subhash Thombare approached the applicant Bank and requested for grant of Term Loan of Rs.3,00,000/-. Defendant Nos.2 and 3 offered themselves as Guarantors for securing the Term Loan. As per the loan application of defendants, applicant Bank sanctioned and disbursed the Term Loan facility of Rs.3,00,000/- vide Sanction Letter dated 24.04.2012. In order to secure the aforesaid Term Loan, the defendant Nos.1 to 3 and late Ashabai

(OA No.855/2022)

Page 2 of 9

Sanap

Subhash Thombare executed necessary loan and security documents in favour of the applicant Bank along with deed of mortgage of the land Gat No. 716/2/F(P), admeasuring 3H 20R situated at village Bori, Taluka Indapur, District Pune in favour of the applicant Bank. Defendant No.1 and late Ashabai have executed Acknowledgement and confirmed the balance on 10.12.2014, 30.09.2017 and 03.05.2018.

¶30

Thereafter, again in March 2012 defendant Nos.1 to 3 and late Ashabai Subhash Thombare approached the applicant Bank and requested for grant of another Term Loan of Rs.3,00,000/-. Defendant Nos.2 and 3 offered themselves as Guarantors for securing the Term Loan. As per the loan application of defendants, applicant Bank sanctioned and disbursed the Term Loan facility of Rs.3,00,000/- vide Sanction Letter dated 24.04.2012. In order to secure the aforesaid Term Loan, the defendant Nos.1 to 3 and late Ashabai Thombare executed necessary loan and security documents in favour of the applicant Bank along with deed of mortgage of the land Gat No. 716/2/F(P) situated at village Bori, Taluka Indapur, District Pune in favour of the applicant Bank. Defendant No.1 and late Ashabai Thombare have executed Acknowledgement

(OA No.855/2022)

Page 3 of 9

Sanap

and confirmed the balance on 10.12.2014, 30.09.2017 and 03.05.2018.

¶35

Further again on 05.02.2015, defendant Nos.1, 4, 5 and late Ashabai Subhash Thombare approached the applicant Bank and requested for grant of Loan for Grape Plantation and Support of Rs.6,00,000/-; for Tractor purchase of Rs.5,00,000/and for Blower of Rs.1,50,000/-. Defendant Nos.4 and 5 offered themselves as Guarantors for securing the said Loan. As per the loan application of defendants, applicant Bank sanctioned and disbursed aggregate Credit facility of Rs.9,08,000/- i.e. for Grape Plantation and Support of Rs.3,48,000/-; for purchase of Tractor of Rs.4,33,000/- and for Blower of Rs.1,27,000/-. In order to secure the aforesaid Loan, defendant Nos.1, 4, 5 and late Ashabai Thombare executed necessary loan and security documents in favour of the applicant Bank along with deed of mortgage of the land Gat No. 716/2/F(P) situated at village Bori, Taluka Indapur, District Pune in favour of the applicant Bank. Defendant No.1 and late Ashabai have executed Acknowledgement and confirmed the balance on 30.09.2017 and 03.05.2018.

¶36

Thereafter, again on 11.02.2016, defendant No.1 and late

(OA No.855/2022)

Page 4 of 9

Sanap

Ashabai Subhash Thombare approached the applicant Bank and requested for grant of Car Loan of Rs.9,25,000/-. As per the loan application of defendant No.1 and late Ashabai, applicant Bank sanctioned and disbursed Car Loan of Rs.9,25,000/- as per Sanction Letter dated 01.03.2016. In order to secure the aforesaid Loan, defendant Nos.1, 4, 5 and late Ashabai Thombare executed necessary loan and security documents in favour of the applicant Bank along with deed of hypothecation of Car. Defendant No.1 and late Ashabai have executed Acknowledgement and confirmed the balance on 30.09.2017.

¶41

The applicant Bank contended that the defendants committed defaults in payment of installments and failed to regularize the accounts. Therefore, on 29.07.2019, the applicant Bank issued legal Notice to the defendants.

¶42

After issuance of the notice, it was revealed that Ashabai Subhash Thombare was dead and defendant Nos.1, 6 and 7 are her legal heirs and now defendant Nos.1, 6 and 7 have succeeded to the properties of late Ashabai Subhash Thombare, therefore, they are liable to pay the dues of the applicant Bank. Despite service of Notice, the defendants failed and

(OA No.855/2022)

Page 5 of 9

Sanap

neglected to pay the outstanding dues of the applicant Bank. Hence, this application is filed.

¶47

The defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte as per Order dated 19.12.2023 passed below Application (Exhibit-1).

¶48

The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Lokesh Kumar, Branch 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-42 along with list (Exhibit 7), which corroborates the case of the applicant Bank.

¶49

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

¶50

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.

¶51

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.

(OA No.855/2022)

Page 6 of 9

Sanap

The applicant Bank has claimed future interest @14%, @10.95% and @12.20% per annum respectively. 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.

¶56

Hence, I pass the following order :-

¶57

ORDER

¶58

(A) Original Application No. 855/2022 is allowed with costs.

¶59

(B) Defendant Nos.1 to 3, 6 and 7 either jointly or severally shall pay to the applicant Bank the sum of Rs.3,94,606/- (Rupees Three Lakhs Ninety Four Thousand Six Hundred Six only) towards Term Loan along with future interest @9% per annum from the date of filing of the Original Application i.e. 26.12.2019 till full payment/realization of the amount mentioned in this operative order.

¶60

(C) Defendant Nos. 1, 4 to 7 either jointly or severally shall pay to the applicant Bank the sum of Rs.7,89,505/- (Rupees Seven Lakhs Eighty Nine Thousand Five Hundred Five only) towards Credit

(OA No.855/2022)

Page 7 of 9

Sanap

Facility along with future interest @9% per annum from the date of filing of the Original Application i.e. 26.12.2019 till full payment/realization of the amount mentioned in this operative order.

¶65

(D) Defendant Nos.1, 6 and 7 either jointly or severally shall pay to the applicant Bank the sum of Rs.9,07,601/- (Rupees Nine Lakhs Seven Thousand Six Hundred One only) towards Car Loan along with future interest @9% per annum from the date of filing of the Original Application i.e. 26.12.2019 till full payment/realization of the amount mentioned in this operative order.

¶66

(E) The liability of defendant Nos. 6 and 7 is restricted to the extent of estate inherited by them from deceased Ashabai Subhash Thombare.

¶67

(F) The aforesaid adjudicated amount is secured by the valid and subsisting mortgage of immovable property i.e. land Gat No. 716/2/F(P) situated at village Bori, Taluka Indapur, District Pune, more particularly described in the Para Nos. 5.7, 5.21 and 5.28 of the Original Application.

(OA No.855/2022)

Page 8 of 9

Sanap

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

¶72

(H) Issue Recovery Certificate.

¶73

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

¶74

Sd/(Dilip G Murumkar) Place : Pune Presiding Officer Date : 03.01.2024 Debts Recovery Tribunal, Pune.

¶75

(OA No.855/2022)

¶76

Page 9 of 9

¶77

Sanap

Uco Bank v. Ravindra Thombare

Case brief

What is this about?

What did the court decide?

Uco Bank v. Ravindra Thombare

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Bank of Maharashtra versus M/s. v. N. Pethe Brothers

Punjab National Bank (Oriental Bank of Commerce) versus Mr. Shrinivas Nagesh Alle Prop M/S Pranoti Packaging

Federal Bank versus Rajamram

Central Bank of India versus Gorakh

Union Bank of India versus Mr. Deepak Balu Jadhav, Prop. M/S D.H. Communication

Bank of India versus Shukracharya Mulik