Allowed

Vidharbha Konkan Gramin Bank v. Subhash Beldar

DRT6 Jun 2024OA/936/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by Vidharbha Konkan Gramin Bank for recovery of loan dues against three defendants who failed to appear. The court decreed the principal amount along with future interest at 9% per annum and directed the execution of the decree against mortgaged properties. The order was passed ex-parte.

What did the court decide?

Recovery of Rs. 21,71,130/- along with future interest @9% per annum from 07.11.2019; authorization to sell mortgaged agricultural lands.

Vidharbha Konkan Gramin Bank versus Subhash Beldar — Contract and Commercial Disputes | DRT (2024)

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Presented on	: 07.11.2019
Registered on	: 19.10.2022
Decided on	: 06.06.2024
Duration	: Y M D
	04 07 00

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 936/2022.

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Vidharbha Konkan Gramin Bank,

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A body corporate constituted under the Regional Rural Bank Act, 1976 earlier known as Solapur Gramin Bank, later on by the decision of Ministry of Finance No. F No.1/4/2006 RRB dated 15.12.2008, the bank is amalgamated and started functioning in the name as Wainganga Krishna Gramin Bank. Further as per decision of Ministry of Finance as per the Notification No.F No. 7/09/2011-RRB dated 28.02.2013 the bank amalgamated with Vidharbha Kshetriya Gramin Bank and started functioning in the name as Vidharbha Kokan Gramin Bank, Banking Company incorporated under the provisions of the Regional Rural Banks Act, 1976 having its head office at Chandraprastha, Plot No. 6, Deendayal Nagar, Ring Road, Nagpur Branch at – Lamboti, Taluka Mohol, District Solapur.

.. Applicant

Versus

(OA No. 936/2022)

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Sanap

1 Mr. Subhash Navnath Beldar, Age – Adult, Occ. – Business, R/at Village Pophali, Post Sawaleshwar, Taluka Mohol, District Solapur.

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2 Smt. Anjanabai Subhash Beldar, Age – Adult, Occ. – Housewife, R/at Village Pophali, Post Sawaleshwar, Taluka Mohol, District Solapur.

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3 Mr. Pramod Maruti Patil, Age – Adult, Occ. – Agriculture, R/at Village Pophali, Post Sawaleshwar, Taluka Mohol, District Solapur. .. Defendants

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APPEARANCES

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For Applicant Advocate M.V. Kini & Co. For Defendants Ex parte.

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TOTAL CLAIM AMOUNT –Rs.21,71,130/-

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JUDGMENT (Delivered on 06^th June, 2024)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.21,71,130/- together with future interest @15.50% 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 dated 05.02.2008 of defendant Nos.1

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and 2, the applicant Bank sanctioned the Term Loan of Rs.6,40,000/- to defendant Nos.1 and 2 for Land Development vide Sanction Letter dated 13.03.2008. Defendant No. 3 stood guarantor for the repayment of loan sanctioned and disbursed to defendant No.1.

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In order to secure the aforesaid Term Loan, the defendants executed necessary loan and security documents in favour of the applicant Bank along with deed of mortgage of agricultural lands bearing Gat Nos. 69/1E, 69/2/A, 69/2/E, 80/1, 80/2 and 74/1 situated at village Pophali, Taluka Mohol, District Solapur, in favour of the applicant Bank.

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Thereafter, the defendants have executed Letter of Acknowledgement of Debts on 02.01.2011, 02.12.2013 and 21.11.2016 and thereby acknowledged their liability.

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The applicant Bank contended that the defendants committed defaults in payment of installments and failed to regularize the accounts. Hence, on 30.09.2013, the applicant Bank has classified the account of the defendants as Non Performing Asset in accordance with guidelines of Reserve Bank of India. Therefore, on 08.02.2016, the applicant Bank issued legal Notice to the defendants. Despite service of Notice, the defendants

(OA No. 936/2022)

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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 15.04.2024 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Suhas V. Kakade, Regional Manager and Authorized Signatory of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1 to AW-15 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 future interest @15.50% per annum. However, considering the facts of the case, I am of the opinion that if future interest is granted @9% per annum

(OA No. 936/2022)

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(simple), it would be just and reasonable rate of interest. Hence, I pass the following order :-

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ORDER

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(A) Original Application No. 936/2022 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.21,71,130/(Rupees Twenty One Lakhs Seventy One Thousand One Hundred Thirty only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 07.11.2019 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 agricultural lands bearing Gat Nos. 69/1E, 69/2/A, 69/2/E, 80/1, 80/2 and 74/1 situated at village Pophali, Taluka Mohol, District Solapur, more particularly described in the Para No. 5.7 of the Original Application.

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(D) The applicant Bank is entitled to sell the mortgaged

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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/(Dilip G Murumkar) Place : Pune Presiding Officer Date : 06.06.2024 Debts Recovery Tribunal, Pune.

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(OA No. 936/2022)

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Vidharbha Konkan Gramin Bank v. Subhash Beldar

Case brief

What is this about?

What did the court decide?

Vidharbha Konkan Gramin Bank v. Subhash Beldar

Case brief

What is this about?

What did the court decide?

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