Allowed

Bank of Maharashtra v. Bhumi Sudarshan Infrastructure

DRT29 Aug 2025OA/1201/2023

Case brief

AI extract

What is this about?

In an ex-parte recovery application, the Debts Recovery Tribunal, Pune allowed the Bank of Maharashtra's claim against five defendants for a loan default. The Court awarded the claimed principal sum along with modified future interest and enforcement measures. The defendants failed to appear.

What did the court decide?

Direct payment of Rs.10,95,29,496/- plus future interest at 9% p.a. with enforcement through sale of mortgaged property and issue of Recovery Certificate.

Bank of Maharashtra versus Bhumi Sudarshan Infrastructure — Insolvency and Bankruptcy | DRT (2025)

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Presented on .. 20.01.2022 Registered on .. 07.09.2023 Decided on .. 29.08.2025 Duration .. Y—M—D 03--07--09

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 1201/2023.

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Bank of Maharashtra, Having head office at “Lokmangal”, Shivajinagar, Pune, having office at Suhurd Bldg., Khopoli, District Raigad.

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… Applicant

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Versus

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1 Bhumisudarshan Infrastructure, S.No. 18/1, Behind Gagangiri Ashram, Khopoli, District Raigad.

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2 Mr. Nilesh Raman Jain C/o Jaina Watch Company, Opposite Masjid Bazaar Peth, Khopoli, Taluka Khalapur, District Raigad.

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3 Mr. Yogesh Champalal Jain Flat No. 1, First Floor, Jalaram Kripa Building, Opposite Central Bank of India, Khopoli, Taluka Khalapur, District Raigad.

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4 Mr. Samir Dattatray Masurkar, Sudarshan Bungalow, M.G. Road, Near Datta Mandir, Khopoli, Taluka

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Sanap ( OA No. 1201/2023 ) 1 of 5

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Khalapur, District Raigad.

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5 Mr. Dattatray Shankar Masurkar, Sudarshan Bungalow, M.G. Road, Near Datta Mandir, Khopoli, Taluka Khalapur, District Raigad. … Defendants

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Appearances :-

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For Applicant Advocate Priti Bhat. For Defendants Ex parte.

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Total Claim Amount – Rs.10,95,29,496/-

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JUDGMENT (Delivered on 29^th August, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.10,95,29,496/- together with future interest at the contractual rate of interest 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 No. 1 is a registered partnership firm. Defendant Nos. 2 to 4 are the partners of defendant No.1 and also guarantors along with defendant No.5 for the facility granted to defendant No.1.

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As per the loan application of defendant No.1, the applicant Bank sanctioned the Credit facility of Rs.900 Lakhs with interest @12.50% per annum to defendant No.1 for project Champollion club resort at Khopoli vide

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Sanap ( OA No. 1201/2023 ) 2 of 5

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Sanction Letter dated 06.04.2018. Defendant Nos.2 to 5 stood guarantors for the repayment of loan availed by defendant No.1.

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Further, as per the loan application dated 27.05.2019 of the defendants No.1, the applicant Bank sanctioned the Funded Interest Term Loan facility of Rs.62,50,00,000/- to the defendants vide Sanction Letter dated 06.04.2018.

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In order to secure the aforesaid loan facilities, the defendants have executed necessary loan and security documents in favour of the applicant Bank. The defendants have also mortgaged the property i.e. all that piece and parcel of land bearing S. No. 18, Hissa No. 1, CTS No. 2732 (Part) at village Khopoli, Taluka Khalapur, District Raigad, 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 accounts. Hence, 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 26.08.2020, the applicant Bank issued legal Notice to the defendants. Despite service of Notice, 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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Sanap ( OA No. 1201/2023 ) 3 of 5

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The defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte against the defendants as per Order dated 10.02.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Parth Patwari, Branch Head of the applicant Bank, and has produced on record the original loan 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 future interest at the contractual rate which is @12.50% per annum. 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.

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Hence, I pass the following order.

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O R D E R

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A} Original Application No. 1201/2023 is allowed with costs.

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Sanap ( OA No. 1201/2023 ) 4 of 5

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B} Defendant Nos.1 to 5 either jointly or severally shall pay to the applicant Bank the sum of Rs.10,95,29,496/(Rupees Ten Crores Ninety Five Lakhs Twenty Nine Thousand Four Hundred Ninety Six only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 20.01.2022 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 mortgage in respect of all that piece and parcel of land bearing S. No. 18, Hissa No. 1, CTS No. 2732 (Part) at village Khopoli, Taluka Khalapur, District Raigad, more particularly described in the Para No. 5.9 of the Original Application.

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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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Sd/( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 29.08.2025 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 1201/2023 ) 5 of 5

Bank of Maharashtra v. Bhumi Sudarshan Infrastructure

Case brief

What is this about?

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Bank of Maharashtra v. Bhumi Sudarshan Infrastructure

Case brief

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