Allowed

Punjab National Bank v. Amantra Wellness and Hospitality Opc Pvt. Ltd.

DRT24 Feb 2025OA/1333/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the application filed by Punjab National Bank for recovery of dues from a private limited company and its director-guarantor. The court ordered payment of Rs. 1.67 crore plus interest at 9% per annum and directed sale of mortgaged properties.

What did the court decide?

Respondents to pay Rs. 1,67,12,120 with future interest at 9% p.a.; sale of mortgaged properties directed; Recovery Certificate issued.

Punjab National Bank versus Amantra Wellness and Hospitality… — Company and Corporate | DRT (2025)

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Presented on : 13.02.2023 Registered on : 19.10.2023 Decided on : 24.02.2025 Duration : Y M D 02 00 11

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 1333/2023.

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Punjab National Bank,

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A body corporate constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act of 1970 having its registered office at Plot No. 4, Sector 10, Dwarka, New Delhi 110075 and branch at – Kalyani Nagar and now the file has been transferred to Circle Sastra Centre, Pune at Aurora Towers, 9, Moledina Road, Camp, Pune 411 001.

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.. Applicant

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Versus

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1 M/s. Amantra Wellness and Hospitality OPC Pvt. Ltd.,

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Flat No. 801, One North Tower Spica, S.No. 133p, 136p, 137p, Magarpatta Road, Hadapsar, Pune 411 028.

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Also at –

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Shop No. S-20, Seasons Mall, Magarpatta City, Pune 411 028.

(OA No. 1333/2023)

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2 Ms. Renu Rattan d/o Inderjeet Ratan, Sea Shell, C Wing, 404, Sector 8, Charkop Kandivali West, Mumbai - 67. Also at – Shop No. S-20, Seasons Mall, Magarpatta City, Pune 411 020. Also at – Flat No. 903, 9^th Floor, Tower No.1, F .. Defendants

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Residency, Vadgaonsheri, Pune 411014.

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APPEARANCES

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For Applicant	Advocate Sudha Koloti.
For Defendants	Exparte.

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Total Claim Amount – Rs.1,68,15,612/-

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JUDGMENT (Delivered on 24^th February, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.1,68,15,612/- together with future interest for Cash Credit Loan Account @10.30% per annum, for Term Loan I @12.55% per annum, for Term Loan II @12.05% per annum, for Term Loan III @12.55% per annum and for Vehicle Loan @9.55% 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 :

(OA No. 1333/2023)

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Defendant No.1 is a private limited company and defendant No. 2 is director of defendant No.1 and also stood as personal guarantor to the credit facilities granted by the applicant Bank to defendant No.1.

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As per the loan application of defendant No.1, the applicant Bank sanctioned the following loan facilities to defendant No.1.

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	Name of the facility	Amount Rs.	Date of sanction
1	Cash Credit	5,00,000/-	11.05.2015
2	Term Loan I	87,00,000/-	11.05.2015
3	Term Loan II	50,00,000/-	09.09.2016
4	Term Loan III	50,00,000/-	03.11.2017
5	Vehicle	32,90,000/-	27.02.2019

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The defendants have renewed the Cash Credit facility from time to time.

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In order to secure the aforesaid loan facilities, the defendants executed necessary loan and security documents in favour of the applicant Bank. The defendants have also executed deed of mortgage of Flat No. 404, 4^th Floor, admeasuring 419.15 Sq. Feet Carpet Area in the society known

(OA No. 1333/2023)

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as Sea Shells Charkop Annapurna Co-operative Housing Society, Plot No. 5 RSC 25 Sector 8, Survey No. 41 of village Charkop, Kandivali West, Taluka Borivali owned by defendant No.2 and Flat No. 903, 9^th Floor, Tower No.1, Vibahag 29/442 floor, admeasuring about 1005 Sq Feet in the society F Residency, S. No. 7, Hissa 1, 2, 3, 4, 5, S No. 8 Hiss No.1/1/2, Survey No. 38A Hissa No.1B/, S.No. 38B, S. No. 38A and S. No. 3/2 at village Wadgaonsheri, Pune owned by defendant No.2, in favour of the applicant Bank. The defendants have also executed hypothecation deed of goods and vehicle purchased from bank finance bearing registration No. MH-12RK-0999, in favour of the applicant Bank.

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Further, the defendants have also executed the Balance and Security Confirmation letters on 06.11.2017. Further, the defendants have also made last payment towards loan accounts on 24.03.2021 and 29.11.2022.

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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 10.05.2021, the applicant Bank has classified the account of the defendants as Non Performing Asset in accordance with guidelines of Reserve Bank of India.

(OA No. 1333/2023)

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Therefore, on 24.01.2023, 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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The defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte as per Order dated 06.02.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit 6) of Praveen Chandra Potdar, Chief Manager of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1 to AW-56 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 other charges of Rs.15,365/-

(OA No. 1333/2023)

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towards Cash Credit facility, Rs.129/- towards Term Loan II, Rs.85,679/- towards Term Loan III, Rs.2,319/- towards Vehicle Loan, total of Rs.1,03,492/-, which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.1,68,15,612/- is reduced to Rs.1,67,12,120/-.

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The applicant Bank has claimed future interest for Cash Credit Loan Account @10.30% per annum, for Term Loan I @12.55% per annum, for Term Loan II @12.05% per annum, for Term Loan III @12.55% per annum and for Vehicle Loan @9.55% 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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ORDER

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(A) Original Application No.1333/2023 is allowed with proportionate costs.

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(B) Defendant Nos. 1 and 2 either jointly or severally shall pay to the applicant Bank the sum of Rs.1,67,12,120/- (Rupees One Crore Sixty Seven

(OA No. 1333/2023)

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Lakhs Twelve Thousand One Hundred Twenty only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 13.02.2023 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 Flat No. 404, 4^th Floor, admeasuring 419.15 Sq. Feet Carpet Area in the society nown as Sea Shells Charkp Annapurna Cooperative Housing Society, Plot No. 5 RSC 25 Sector 8, Survey No. 41 of village Charkop, Kandivali West, Taluka Borivali owned by defendant No.2 and Flat No. 903, 9^th Floor, Tower No.1, Vibahag 29/442 floor, admeasuring about 1005 Sq Feet in the society F Residency, S. No. 7, Hissa 1, 2, 3, 4, 5, S No. 8 Hiss No.1/1/2, Survey No. 38A Hissa No.1B/, S.No. 38B, S. No. 38A and S. No. 3/2 at village Wadgaonsheri, Pune owned by defendant No.2 and also hypothecation of vehicle bearing registration No. MH-12-RK-0999, more particularly described in the Para Nos. 5.16 and 5.42 of the Original Application.

(OA No. 1333/2023)

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

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Place : Pune Date : 24.02.2025

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

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(OA No. 1333/2023)

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Sanap

Punjab National Bank v. Amantra Wellness and Hospitality Opc Pvt. Ltd.

Case brief

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Punjab National Bank v. Amantra Wellness and Hospitality Opc Pvt. Ltd.

Case brief

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