Allowed

Indian Overseas Bank v. Nilesh Ransingh

DRT5 Feb 2025OA/1341/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery of Rs.46.10 lakhs from the borrower and guarantors who failed to repay a term loan for a bulk milk cooler. Relief for hypothecated assets was denied due to lack of details.

What did the court decide?

Defendants to pay Rs.46,10,042 with future interest @9% p.a.; execution of equitable mortgage on specified properties directed; recovery certificate issued.

Indian Overseas Bank versus Nilesh Ransingh — Banking and Recovery | DRT (2025)

¶1

Presented on: 04.03.2023 Registered on: 20.10.2023 Decided on: 05.02.2025 Duration: Y M D 01 11 01

¶2

IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 1341/2023.

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Indian Overseas Bank, A Body Corporate constituted under the Banking Companies (Acquisitions & Transfer of Undertakings) Act 1970 having its Head Office at 762, Anna Salai, Chennai-600002, Tamilnadu State and its branch at Indian Overseas Bank, 7, Wonderland Building, M.G. Road, Pune Cantonment-411 001.

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… Applicant

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Versus

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1. Mr. Nilesh Balasaheb Ransingh

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S.R.No.103, Gandhinagar, Yerwada,

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Lane No.7, Near Masjid,

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Pune-411 006.

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Mrs. Ashwini Satish Chavan

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R/at 606, Chaitanya Sankul Shahupuri, Lane No.1,

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Kolhapur-416 008.

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ANIL OA NO. 1341/2023 Page 1 |14

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3. Mr. Mahadev Bajirao Gandhale

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R/at Post Inamgaon, Tal. Shirur,

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District Pune.

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Mr. Dhondiram Bhimrao Chavan

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R/at 677/3, E Ward, Ghanshree Plaza, Shahupuri, Kolhapur – 416 008.

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5. Mr. Ratnamala Pilaji Kunjir

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R/at 103, Gandhi Nagar, Yerwada, Pune.

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6. Mr. Satish Dhondiram Chavan

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R/at 606, Chaitanya Sankul Shahupuri, Lane No.1, Kolhapur – 416 008.

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7. Priya Hanmantrao Nalawade

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R/at 33, Kedar Bunglow,

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Sunetra Vasti, Taluka Lath,

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District Sangli 416 404.

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8. Mr. Manesh Dhondiram Chavan

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R/at House No.339, Walsang,

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Taluka Jath, Sangli.

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… Defendants

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ANIL OA NO. 1341/2023 Page 2 |14

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APPEARANCES

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For the Applicant Advocate Mrs. Sudha Koloti For the Defendant Ex parte.

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TOTAL CLAIM AMOUNT –Rs.46,10,042.49Ps.

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JUDGMENT

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(Delivered on 5^th February, 2025)

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The Applicant Bank has filed present application for recovery of sum of Rs.46,10,042.49Ps. towards Term Loan Account No.072203391500004 inclusive of interest till 15.02.2023 plus future interest @10.35% p.a. with monthly rests from 16.02.2023 till repayment/realization of the entire dues from the defendants.

¶38

Brief facts of the application are as under:

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The Applicant Bank states that Defendant No.1 approached the applicant bank with application dated 20.08.2015 requesting for credit Term Loan of Rs.40,00,000/- for purchasing Bulk Milk Cooler.

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The applicant sanctioned Term Loan of Rs.40,00,000/- to defendant No.1 for purchase of Bulk Milk Cooler on 04.09.2015, on certain terms and conditions mentioned therein.

¶41

Applicant Nos.2 to 8 are the guarantors to Defendant No.1 and they have mortgaged their respective properties to credit facility granted by applicant to Defendant No.1.

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In order to secure the aforesaid Term Loan facility, the defendants have signed and executed all relevant loan and security documents in

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ANIL OA NO. 1341/2023 Page 3 |14

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favor of the Applicant Bank as set out in Para Nos.5.7 & 5.8 of the Original Application.

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So also, Defendant No.1 to secure the said loan executed a Letter of Hypothecation dated 07.09.2015 and hypothecated Bulk Milk Cooler and other accessories. Defendant Nos. 6 to 8 have created equitable mortgage dated 10.12.2015 and mortgaged their properties in favour of Applicant, as set out in Para No.5.11 of the Original Application.

¶46

The Applicant Bank contended that Defendant No.1 executed Revival Letter dated 04.09.2018 and thereby admitted execution of all loan cum security documents in favour of the applicant. The Defendant Nos.1 to 8 could not maintain standard status of Term Loan Account and it became irregular due to non-repayment of the Principal and Interest as per the terms of sanction. Hence, the accounts of Defendant with the Applicant Bank have become Non-Performing Asset on 31.03.2019 in accordance with the guidelines of Reserve Bank of India.

¶47

Therefore, the Applicant Bank issued Recall Notice dated 16.08.2022 to the Defendants for repayment of the Loan Accounts, but in spite of receipt of the said notice, defendants failed and neglected to repay the due amount. Hence, this application is filed.

¶48

Defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte as per order dated 03.02.2025 passed below Application (Exhibit-1).

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The Applicant Bank has filed Claim Affidavit (Exhibit-6) of Mrs. Bindu C., Senior Manager and has produced on record the Loan

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ANIL OA NO. 1341/2023 Page 4 |14

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Transaction documents at Exhibits.AW-1 to AW-19, 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.

¶54

The Applicant Bank has claimed relief in respect of hypothecated asset i.e. Bulk Milk Cooler. However, there is no detailed description with respect to the hypothecated assets. Therefore, the relief in terms of hypothecated assets cannot be granted.

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The Applicant Bank has claimed future interest @10.35% p.a. for Term Loan Account. 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.1341/2023 is allowed with costs.

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(B)- Defendant Nos.1 to 8 either jointly or severally shall pay sum of Rs.46,10,042/- (Rupees Fourty Six Lakhs Ten Thousand Fourty Two only) towards Term Loan A/c No. 072203391500004 with future interest @9% p.a. from the date of filing of the Original Application i.e.04.03.2023 till payment/realization of the amount mentioned in this operative order, to the Applicant Bank.

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ANIL OA NO. 1341/2023 Page 5 |14

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(C)The aforesaid adjudicated amount is secured by execution of Equitable Mortgage dated 10.12.2015 by the defendants-

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All that piece and parcel of the NA Plot No.1 to 55 and 57 to 65 thus totally 64 plots which are situated on land bearing Gat No.90 having total admeasuring are 06 H 99R having its assessment 03 Rs.85 Ps out of that total admeasuring area 02H 00R i.e. 11293.65 sq.mtrs. is as follows –

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Sr.No.	Plot No.	Area in Sq. Mtrs.
1.	1	260.09
2.	2	218.95
3.	3	158.95
4.	4 to 13	150 each 150x10=1500
5.	14	204.13
6.	15	278.09
7.	16	270.00
8.	17	459.00
9.	18	235.00
10.	19 to 23	150 each -150 X =750
11.	24	158.95
12.	25	201.95
13.	26 to 36	160 each-160x11=1760
14.	37	176.26
15.	38	198.95
16.	39	155

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ANIL OA NO. 1341/2023 Page 6 |14

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17.	40	173.75
18.	41	192.50
19.	42	212.50
20.	43	231.25
21.	44	250.00
22.	45	196.27
23.	46 to 55	150 each-150 x 10=1500
24.	57	165.00
25.	58	224.57
26.	59	223.12
27.	60 to 64	150 each-150 x =750
28.	65	189.37
	Total	11293.65 Sq. Mtrs.

¶66

Having total admeasuring area of about 11293.65 Sq. Mtrs. Situated at village Hippargated, Tuljapur, within the Sub Registration Sub District Taluka Tuljapur, District Osmanabad and within the limits of Grampanchayat Taluka Tuljapur and the said property is bounded as follows :-

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On or towards East	Government L	and
On or towards West	Land of Raghunath purchased by Chavan)	Mr. Krishnakant Tapkir (now Mrs. Ashwini Satish
On or towards South	Land of Mr Wable (now Satish Dhondi	Umakant Krishnaji purchased by Mr. ram Chavan)

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ANIL OA NO. 1341/2023 Page 7 |14

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On or towards North	Land of	Mr. Ramakant
	Bhalchandra	Kavade (Now
	purchased by Cnavan).	Mrs. Ashwini Satish

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All that piece and parcel of NA plot Nos. 1 to 56 thus, totally 56 plots which are situated on land bearing Gat No.5 having total admeasuring area 04H 30R having its assessment 01 Rs.70Ps out of that area 01 H 40R i.e. 7762.65 Sq. Mtrs. Is as follows :-

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Sr.No.	Plot No.	Area in Sq. Mtrs.
1.	1	356.75
2.	2 to 12	150 each = 150x11 = 1650
3.	13	158.95
4.	14	158.95
5.	15 to 17	150 each = 150x 4 = 450
6.	18	156
7.	19	285.89
8.	20	496.04
9.	21 to 23	107.25 each 107.25x 3 =321.75
10.	24	123.30
11.	25	123.95
12.	26 to 31	107.25 each 107.26x 6 =643.50
13.	32	123.30
14.	33	123.95
15.	34 to 39	107.25 each 107.26x 6 =643.50

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ANIL OA NO. 1341/2023 Page 8 |14

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16.	40	123.95
17.	41	124.60
18.	42 to 44	107.25 each 107.25x 3 =321.75
19.	45 to 47	107.25 each 107.25 x 3 =321.75

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Having total admeasuring 7762.65 sq. mtrs. Situated at village TailorNagar, Tuljapur, within the sub registration Sub District Taluka Tuljapur, District Osmanabad and within the limits of Grampanchayat, Taluka Tuljapur and the set property is bounded as follows:-

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On or towards East	Land of Mr. Salim Mehbub Patel
On or towards West	Government Land
On or towards South	Out of this Gat No. land of Mr. Kashimsha Dadesha Makandar
On or towards North	Out of this Gat No. land of Mr. Santosh Kate.

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All that piece and parcel of the NA Plot No. 1 to 5 and 7 to 45 thus totally 45 plots which are situated on land bearing Gat No.5 having total admeasuring area 04H 30R having its assessment 01 Rs.70Ps out of that area 01H 40R i.e. 8059.65 Sq. Mtrs. Is as follows:-

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Sr.No.	Plot No.	Area in Sq. Mtrs.
1.	1	303.82
2.	2	356.65
3.	3	369.68
4.	4	405.31
5.	5	218.25

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ANIL OA NO. 1341/2023 Page 9 |14

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6.	6	150
7.	7	158.95
8.	8	167.2
9.	9 and 10	165 each -165x2 = 330
10.	11	176.13
11.	12	190.5
12.	13 to 15	150 each = 150x3=450
13.	16	158.95
14.	17	158.95
15.	18 to 20	150 each = 150x3=450
16.	21	241.5
17.	22	227.25
18.	23	181
19.	24	173.75
20.	25	166.5
21.	26	159.5
22.	27	161.15
23.	28	170.62
24.	29 to 31	150 each = 150x3=450
25.	32	158.95
26.	33	151.45
27.	34 to 44	150 each = 150x11=1650
28.	45	273.59
	Total	8209.65 Sq. Mtrs.

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ANIL OA NO. 1341/2023 Page 10 |14

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Having total admeasuring area 8059.65 sq. mtyrs situated at Village Tailornagar, Tuljapur, within the Sub Registratiojn Sub District Taluka Tuljapur, District Osmanabad and within the limits of Grampanchayat Taluka Tuljapur and the said property is bounded as follows -

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On or towards East	Land of Mr. Salim Mehbub Patel
On or towards West	Government Land
On or towards South	Land of Mr. Krushnakant Raghunath Tapkir
On or towards North	Land of Mr. Khamaru Mehbub Patel

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All that piece and parcel of the NA Plot No.1 to 24 thus totally 24 plots which are situated on land bearing Gat No.474 having a total admeasuring area 14H 10R having its assessment 07 Rs.71Ps out of that area 7795.42 sq. mtrs. is as follows :-

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Sr.No.	Plot No.	Area in Sq. Mtrs.
1.	1	266.64
2.	2 to 5	238 each = 238x4=952
3.	6 to 7	229.50 each = 229.5x2=459
4.	8	245.32
5.	9	358.89
6.	10	426.83
7.	11	250.00
8.	12	255.65

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ANIL OA NO. 1341/2023 Page 11 |14

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9.	13	367.92
10.	14	320.00
11.	15	324.00
12.	16	333.50
13.	17	320.00
14.	18	363.88
15.	19	364.76
16.	20	320.00
17.	21	342.62
18.	22	618.47
19.	23	416.00
20.	24	489.15
	Total	7795.42 Sq. Mtrs.

¶87

Having total admeasuring area of 7795.42 sq. mtrs. Situated at village Katgaon, Taluka Tuljapur, within the sub registration Sub District Taluka Tuljapur District Osmanabad and within the limits of Grampanhayat of Katgaon, Taluka Tuljapur and the said property is bounded as follows :-

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On or towards East	Land of gat no. of Jagganath Mallakarujun Meru
On or towards West	Land of this Gat No of Maulali Malikasab Nadaf
On or towards South	Boramani North Solapur Road
On or towards North	Land of Gat no. which is under the Ceiling Act.

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ANIL OA NO. 1341/2023 Page 12 |14

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All that piece and parcel of the NA plot No.1 to 25 thus totally 25 plots which are situated on land bearing Gat No.474 having total admeasuring area 14H 10R having its assessment 07 Rs 71Ps out of that area 8703.14 sq. mtrs. is as follows :-

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Sr.No.	Plot No.	Area in Sq. Mtrs.
1.	1	414.99
2.	2 to 7	280 each = 280x6=1680
3.	8	359.29
4.	9	325.53
5.	10 to 14	250 each=250x5=1250
6.	15	290.64
7.	16	509.70
8.	17	437.04
9.	18	393.07
10.	19	348.18
11.	20	551.52
12.	21	519.58
13.	22 to 24	400.40 each = 400.40x3 =1201.2
14.	25	422.40
	Total	8703.14 sq mtrs.

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Having total admeasuring area of 8703.14 sq. mtrs. Situated at village Katgaon, Taluka Tuljapur, within the sub registration Sub District Taluka Tuljapur District Osmanabad and within the limits of

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Grampanhayat of Katgaon, Taluka Tuljapur and the said property is bounded as follows :-

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On or towards East	Land of this Gat No. of Daud Alabaksh Nadaf
On or towards West	Land of Gendev Ghare
On or towards South	Boramani North Solapur Road
On or towards North	Land of Gat no. which is under the Ceiling Act.

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more particularly mentioned in Para No.5.11 of the Original Application.

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(D)- The Applicant Bank is entitled to sell the mortgaged 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/-

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Place :- Pune (Dilip G. Murumkar) Date :- 05.02.2025 Presiding Officer, Debts Recovery Tribunal, Pune.

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ANIL OA NO. 1341/2023 Page 14 |14

Indian Overseas Bank v. Nilesh Ransingh

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What is this about?

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Indian Overseas Bank v. Nilesh Ransingh

Case brief

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