Allowed

Bank of Maharashtra v. Yashraj Bakers Prop. Mr. Mahendra Kishor Bhosale

DRT15 Apr 2024OA/859/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal directed the defendant, a sole proprietor and his guarantor, to pay the applicant bank Rs. 11,22,853/-. The court reduced the principal claim by penal charges, granted future interest, and directed the issuance of a recovery certificate.

What did the court decide?

Defendants ordered to pay Rs. 11,22,853/- with 9% interest per annum from 04.07.2019; Recovery Certificate issued.

Bank of Maharashtra versus Yashraj Bakers Prop. Mr… — Insolvency and Bankruptcy | DRT (2024)

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Presented on : 04.07.2019 Registered on : 07.10.2022 Decided on : 15.04.2024 Duration : Y M D 04 09 11

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 859/2022.

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Bank of Maharashtra, Shriroli (P) Branch, Kolhapur, C.A. No. 1173, Unchgaonkar Lane, Main Road, Shiroli Pulachi, Taluka Hatkanangale, District Kolhapur 416122.

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.. Applicant

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Versus

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1 Yashraj Bakers and Ors., A sole proprietary concern represented through Proprietor – Mr. Mahendra Kishor Bhosale, R/o : Near Jawahar Nagar High School, Jawahar Nagar, Kolhapur 416115.

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2 Mr. Rajendra Kishor Bhosale, F/3, Kamla Niwas, Jawahar Nagar, .. Defendants Kolhapur 416115.

(OA No. 859/2022)

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APPEARANCES

For Applicant Advocate Priti Bhat. For Defendants Ex parte.

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TOTAL CLAIM AMOUNT –Rs.11,38,926/-

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JUDGMENT

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(Delivered on 15^th April, 2024)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.11,38,926/- together with future interest @9% 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 Cash Credit facility of Rs.10,00,000/- to defendant No.1 vide Sanction Letter dated 02.06.2017. Defendant No.2 stood guarantor for the repayment of loan availed by defendant No.1.

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In order to secure the aforesaid Cash Credit facility, the defendants executed necessary loan and security documents in favour of the applicant Bank along with deed of hypothecation in favour of the applicant Bank.

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The applicant Bank contended that the defendants committed defaults in payment of installments and failed to regularize the

(OA No. 859/2022)

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accounts. Therefore, the applicant Bank has classified the account of the defendants as Non Performing Assets on 02.08.2018 as per direction/guidelines of the Reserve Bank of India.

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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 09.02.2019 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Manoj M. Patil, Manager of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1-1 to AW-1-6 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 Penal Charges of Rs.16,073/-, which cannot be granted and the same is required to be

(OA No. 859/2022)

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deducted from the total claim amount. Therefore, the total claim amount of Rs.11,38,926/- is reduced to Rs.11,22,853/-.

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Hence, I pass the following order :-

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ORDER

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(A) Original Application No.859/2022 is allowed with costs.

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(B) The defendants shall pay to the applicant Bank the sum of Rs.11,22,853/- (Rs. Eleven Lakhs Twenty Two Thousand Eight Hundred Fifty Three only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 04.07.2019 till full payment/realization of the amount mentioned in this operative order.

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(D) 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 : 15.04.2024 Debts Recovery Tribunal, Pune.

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(OA No. 859/2022)

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Sanap

Bank of Maharashtra v. Yashraj Bakers Prop. Mr. Mahendra Kishor Bhosale

Case brief

What is this about?

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Bank of Maharashtra v. Yashraj Bakers Prop. Mr. Mahendra Kishor Bhosale

Case brief

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