Allowed

State Bank of India v. Sanjay Shinde

DRT5 Aug 2024OA/941/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal at Pune allowed an application by State Bank of India for a recovery certificate. The court affirmed a principal amount of Rs.47.68 lakhs reduced from claimed penal interest but granted future interest at 9% p.a. The recovery is secured by mortgaged lands.

What did the court decide?

Recovery certificate issued for Rs.47,68,282/- with future interest at 9% p.a.; mortgaged lands declared as security.

State Bank of India versus Sanjay Shinde — Contract and Commercial Disputes | DRT (2024)

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Presented on: 02.07.2022 Registered on: 20.10.2022 Decided on: 05.08.2024 Duration: Y M D 02 01 03

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.941/2022.

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State Bank of India ,

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A Banking Company constituted under the State Bank of India Act, 1955, having its Corporate Office at State Bank Bhavan, Madam Cama Road, Nariman Point, Mumbai-400 021 and one of its Branch office known as State Bank of India Sangola Branch, District Sangola, filed through Stressed Assets Recovery Branch, Vardhaman Building, 2^nd floor, 321/A/3, Seven Loves Chowk, Shankar Sheth Road, Pune-42.

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… Applicant

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Versus

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1. Mr. Sanjay Gangaram Shinde Age Adult, Occ: Agriculturist,

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2. Mr. Dattatraya Gangaram Shinde Age Adult, Occ: Agriculturist,

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3. Smt. Bhagabai Gangaram Shinde Age Adult, Occ: Agriculturist, 1 to 3 R/at- 530, Chinchmala, Akola Gaothan and Wada Vasti, Gejawadi, Taluka Sangola, District Solapur - 413 307.

(OA No.941/2022)

Page 1 of 6

[ANIL]

4. Mr. Vitthal Shravan Kamble Age Adult, Occ: Agriculturist, R/at- Post Sangewadi, Taluka Sangola, District Solapur- 413 307. … Defendants

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APPEARANCES

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For the Applicant Ms. Nisha Ruikar. For Defendants Ex parte.

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TOTAL CLAIM AMOUNT – Rs.48,11,576/-

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JUDGMENT

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(Delivered on 5^th August, 2024)

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The Applicant Bank has filed the present application for recovery certificate of Rs.48,11,576/- together with future interest thereon @13.00% per annum with yearly rests from 01.07.2022, till payment or realization of entire dues/debts from the defendants.

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Brief facts of the application are as under:

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The Defendants approached the Applicant Bank on 26.09.2017 for Agricultural Term Loan. Applicant Bank considered the request of the defendants and sanctioned Agricultural Term Loan of Rs.33,00,000/- to Defendant Nos.1 to 3. Defendant No.4 is the Guarantor.

(OA No.941/2022)

Page 2 of 6

[ANIL]

In order to secure the Agricultural Term Loan Facility, the defendants have executed necessary loan transaction and security documents in favour of the Applicant. Further, defendants have executed hypothecation Agreement of the immovable properties i.e. -

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(i) - All the piece and parcel of land situated at Survey No.378 area about 01 H 75 Are at village Akola, Taluka Sangola, District Solapur;

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(ii) - All the piece and parcel of land situated at Survey No.1165 area about 00 H 55 Are at village Akola, Taluka Sangola, District Solapur;

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(iii) - All the piece and parcel of land situated at Survey No.586 area about 02 H 40 Are at village Akola, Taluka Sangola, District Solapur;

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(iv)- All the piece and parcel of land situated at Survey No.587/3 area about 00 H 95 Are at village Akola, Taluka Sangola, District Solapur;

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(v) - All the piece and parcel of land situated at Survey No.587/1 area about 00 H 47.5 Are at village Akola, Taluka Sangola, District Solapur.

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It is contended that after availing and utilizing the said Agricultural Term Loan Facility, the defendants failed and neglected to comply with the terms and conditions of the agreement. Hence, the said loan account became Non-

(OA No.941/2022)

Page 3 of 6

[ANIL]

Performing Asset on 31.05.2021. Thereafter, the Applicant Bank on 31.05.2022 issued Legal Notice to the defendant calling upon to pay the outstanding amounts of Agricultural Term Loan Account. Despite service of Notice, defendants failed & 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 the Defendants vide Order dated 19.04.2024 passed below the Application (Exhibit-01).

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The Applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mrs. Padmaja Pol, Chief Manager, 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 Annexure AW1-1 to AW1-8, which corroborate the case of the Applicant Bank.

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

(OA No.941/2022)

Page 4 of 6

[ANIL]

Since the defendants failed to appear and contest the application, I find no reason to disbelieve the 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 Interest of Rs.43,294/-, which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.48,11,576/- is reduced to Rs.47,68,282/-.

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10 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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11 Hence, I pass the following order: -

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ORDER

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(A) Original Application No.941/2022 is allowed with costs.

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(B) Defendant Nos.1 to 4 either jointly or severally shall pay to the Applicant Bank towards Agricultural Term Loan Rs.47,68,282/- (Rupees Fourty Seven Lakhs Sixty Eight Thousand Two Hundred Eighty Two only) with future interest @ 9% per annum from the date of filing of the Original Application i.e. 02.07.2022 till payment/realization of the amount mentioned in this operative order.

(OA No.941/2022)

Page 5 of 6

[ANIL]

(i) - All the piece and parcel of land situated at Survey No.378 area about 01 H 75 Are at village Akola, Taluka Sangola, District Solapur.

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(ii) - All the piece and parcel of land situated at Survey No.1165 area about 00 H 55 Are at village Akola, Taluka Sangola, District Solapur.

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(iii) - All the piece and parcel of land situated at Survey No.586 area about 02 H 40 Are at village Akola, Taluka Sangola, District Solapur.

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(iv) - All the piece and parcel of land situated at Survey No.587/3 area about 00 H 95 Are at village Akola, Taluka Sangola, District Solapur.

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(v) - All the piece and parcel of land situated at Survey No.587/1 area about 00 H 47.5 Are at village Akola, Taluka Sangola, District Solapur, as described in the Original Application.

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(D) The Applicant Bank is entitled to sell the above mentioned mortgaged immovable properties 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: 05.08.2024

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

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(OA No.941/2022)

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Page 6 of 6

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[ANIL]

State Bank of India v. Sanjay Shinde

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sanjay Shinde

Case brief

What is this about?

What did the court decide?

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