Allowed

Punjab National Bank v. Ayaan Welness LLP

DRT13 Feb 2025OA/1332/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by Punjab National Bank for recovery of dues from M/s Ayaan Wellness LLP and its designated partners. The court reduced the claim amount by rental charges and fixed future interest at a reasonable rate of 9% p.a.

What did the court decide?

Defendants directed to pay aggregate sum of Rs.2,36,12,434/- with future interest @9% p.a. simple; Recovery Certificate to be issued; Hypothecated assets to be available for sale.

Punjab National Bank versus Ayaan Welness LLP — Contract and Commercial Disputes | DRT (2025)

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Presented on: 02.02.2023 Registered on: 19.10.2023 Decided on: 13.02.2025 Duration: Y M D 02 -- 11

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.1332/2023.

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Punjab National Bank ,

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A Body Corporate constituted under the Banking Companies (Acquisitions & Transfer of Undertakings) Act of 1970 having its Registered Office at Plot No.4, Sector 10, Dwarka, New Delhi-110075. Loan was sanctioned at Kalyani Nagar branch, Pune and now transferred to SASTRA Centre, Pune at Aurora Towers, Moledina Road, Pune-411 001.

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… Applicant

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Versus

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M/s Ayaan Wellness LLP A Limited Liability Partnership Firm, Flat No.801, One North Tower SPICA, S.No.133P, 136P, 137P, Magarpatta Road, Hadapsar, Pune 411 028.

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AND

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Shop No.S49, R1, Sector, 40, Seawood, Central Navi Mumbai 400 706.

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Ms. Renu Rattan D/o Inderjeet Ratan, See Shell, C Wing, 404 Sector -8, Charkop Kandivali West, Mumbai – 400 067 AND Flat No.903, 9^th Floor, Tower-1, F Residency, Wadgaon Sheri, Pune-411 014.

(OA No.1332/2023)

Page 1 of 7

[ANIL]

Mr. C. P. Shoukathali

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Pallikara House, Near Jamma Masjid, PO Thavar, Kannur D T Kerala-673 522. AND Flat No.903, 9^th Floor, Tower-1, F-Residency, Wadgaon Sheri, Pune-411 014. … Defendants

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APPEARANCES

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For the Applicant For the Defendants

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Advocate –Mrs. Sudha Koloti Ex parte

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TOTAL CLAIM AMOUNT –Rs.2,41,61,152.05Ps

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JUDGMENT (Delivered on 13^th February 2025)

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The Applicant Bank has filed present application for recovery of aggregate sum of Rs.2,41,61,152.05Ps (Consisting of Rs.66,85,118.41Ps. towards Cash Credit Account No.13314011000138 with future interest @12.05% per annum; Rs.56,52,084.09Ps towards Term Loan Account No.13317011000085 with future interest @11.55% per annum; Rs.58,73,565.63Ps towards Term Loan I Account No.13317011000306 with future interest @12.05% per annum; Rs.15,54,048.52Ps towards Term Loan II Account No.13316515004462 with future interest @9.55% per annum and Rs.43,96,335.40Ps towards Term Loan III Account No.1331101L00000048 with future interest @9.90% per annum with monthly rests from 01.02.2023 till repayment/realization of the entire dues from the defendants.

(OA No.1332/2023)

Page 2 of 7

[ANIL]

2. Brief facts of the application are as under:

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Defendant No.1 is a Limited Liability Partnership Firm and Defendant Nos. 2 and 3 are the designated partners of Defendant No.1. On 05.01.2018, Defendant No.1 through Defendant Nos.2 and 3 approached the applicant with a request for availing financial assistance for Credit Facilities consisting of aggregating amount of Rs.1,50,00,000/- (consisting of two facilities Cash Credit for amount of Rs.50,00,000/- and Term Loan for amount of Rs.1,00,00,000/covered under CGTMSE Scheme.

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The Applicant Bank vide its Sanction Letter dated 03.04.2018 granted and disbursed the said loan amounts in the respective loan account.

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In order to secure the aforesaid Loan facilities, the defendants have executed loan and security documents as set out in the Original Application, in favor of the Applicant Bank.

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In the year 2019, Defendant No.1 again approached the applicant for aggregating amount of Rs.2,00,00,000/- consisting of three facilities i.e. Renewal of Cash Credit Facilities covered under CGTMSE Scheme from Rs.50,00,000/- at existing level and also Term Loan For Rs.1,00,00,000/- at outstanding balance and for Fresh Term Loan I of Rs.50,00,000/-.

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The Applicant Bank vide its Sanction Letter dated 11.02.2019 granted renewed the said loan amounts in the respective loan accounts, on certain terms and conditions.

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In order to secure the aforesaid Loan facilities, the defendants have executed loan and security documents as set out in Para

(OA No.1332/2023)

Page 3 of 7

[ANIL]

No.5.16 of the Original Application, in favor of the Applicant Bank. The applicant in pursuance to execution of documents and security given by the defendants disbursed the said amount in Term Loan-I Account.

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Defendant No.1 again approached the applicant bank for Car Term Loan for purchase of Hyundai Verna CRDI SX(O) bearing No. MH-12-RD-0234 for amount of Rs.15,00,000/-. The applicant bank sanctioned and disbursed the said amount on 22.05.2019 to Defendant No.1 and the defendants in pursuance of sanction of loan executed certain documents as set out in Para No.5.22 of the Original Application. Defendant Nos.1 to 3 also executed Term Loan Agreement and thereby hypothecated the car purchased out of bank finance in favour of the applicant.

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Defendant No.1 again approached applicant bank for sanctioning of WCTL under GECL facility of Rs.38,15,000/-. On 29.12.2020, the applicant sanctioned said loan of Rs.38,15,000/- to the defendants on the terms of sanction.

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Accordingly, Defendant Nos.1 to 3 executed certain documents as mentioned in Para No.5.28 of the Original Application.

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The Applicant Bank contended that defendant Nos. 1 to 3 have utilized the said loan facilities for business purpose and for purchasing the Car and initially made partial repayment of the said credit facilities, but thereafter, violated and failed to stick to the terms and conditions and also failed to maintain relevant records as required under law and therefore they are guilty of mismanagement and negligence. Thereafter, the Applicant Bank

(OA No.1332/2023)

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[ANIL]

issued Legal Notice dated 14.01.2023 calling upon them to pay the entire outstanding dues, but defendant failed to repay the loan amount.

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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 04.02.2025 passed below Application (Exh-1).

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5.^{The Applicant Bank has filed Claim Affidavit (Exhibit-6) of} Mr. Pravin Chandra Potdar, Chief Manager and has produced on record the Original Loan Transaction documents at Exhibits.AW-1 to AW-38, 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 the evidence of the Applicant Bank. Therefore, the Applicant Bank is entitled for the reliefs claimed.

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The Applicant Bank has claimed Legal & other charges of Rs.3,50,980/- towards Cash Credit A/c No.13314011000138 , Rs.129/towards Term Loan A/c No.13317011000085 ; Rs.1,54,119/- towards Term Loan A/c No. 13317011000306; and Rs.43,490.40Ps towards Term Loan A/c No. 1331101L00000048, which cannot be granted

(OA No.1332/2023)

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[ANIL]

and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.2,41,61,152.05Ps is reduced to Rs.2,36,12,434/-.

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The Applicant Bank has claimed future interest @12.05% p.a.; @11,55% p.a.; @12.05% p.a.; @9.55% p.a. and @9.90% p.a. respectively for the loan facilities availed. However, considering the facts of the case, I am of the opinion that if future interest is granted @9% p.a. (Simple) for all the loan facilities, it would be just and reasonable rate of interest.

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10.^{Hence, I pass the following order:-}

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ORDER

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(A) Original Application No.1332/2023 is allowed with costs.

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(B) Defendant Nos.1 to 3 jointly or severally shall pay an aggregate sum of Rs.2,36,12,434/- (Rupees Two Crore Thirty Six Lakhs Twelve Thousand Four Hundred Thirty Four only) { i.e. Rs.63,34,138.41Ps towards Cash Credit A/c No.13314011000138; Rs.56,51,955.09Ps towards Term Loan A/c No.13317011000085; Rs.57,19,446.63Ps towards Term Loan A/c No.13317011000306; Rs.15,54,048.52Ps towards Term Loan Account No. 13316515004462 and Rs.43.52,845/- towards Term Loan A/c No. 1331101L00000048, with future interest @9% p.a. (Simple) from the date of filing of the Original Application i.e. 02.02.2023 till payment/realization of the amount mentioned in this operative order, to the Applicant Bank.

(OA No.1332/2023)

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[ANIL]

(C) The aforesaid adjudicated amounts are secured by valid and subsisting hypothecation of Car Verna 1.6 CRDi SX(O) of Hyundai Make having Registration No.MH-12-RD-0234, Engine No.D4FBKM757412 and Chassis No.MALC841DMKM146558.

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So also, hypothecated assets plant, Machinery/ Equipment/furnishing and stock, other current assets and entire receivables of the company. etc., as mentioned in Para No.5.18 of the Original Application.

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(D) The Applicant Bank is entitled to sell the hypothecated 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 Bank and the defendants.

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Sd/Place : Pune (Dilip G. Murumkar) Date: 13.02.2025 Presiding Officer, Debts Recovery Tribunal, Pune.

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(OA No.1332/2023)

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Page 7 of 7

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[ANIL]

Punjab National Bank v. Ayaan Welness LLP

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Ayaan Welness LLP

Case brief

What is this about?

What did the court decide?

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