Allowed

Bank of Maharashtra v. Ms Chirayu Medicals

DRT7 Mar 2025OA/152/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the applicant bank's application for recovery of dues aggregating Rs. 86,39,654 from a partnership firm and guarantors, ex-parte, and directed the sale of mortgaged immovable properties to recover dues against the cash credit account.

What did the court decide?

Recovery of Rs. 86,39,654 with future interest at 9% p.a.; mortgage application directed; recovery certificate issued.

Bank of Maharashtra versus Ms Chirayu Medicals — Contract and Commercial Disputes | DRT (2025)

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Presented on: 22.10.2021 Registered on: 23.02.2022 Decided on: 07.03.2025 Duration: Y M D 03 04 15

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.152/2022.

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Bank of Maharashtra ,

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A Body Corporate constituted under the Banking Companies (Acquisitions & Transfer of Undertakings) Act 1970 having its Head Office at “Lokmangal” 1501, Shivajinagar, Pune-5 and Branch amongst other places at Ratnagiri City Branch, Ratnagiri.

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… Applicant

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Versus

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M/s Chirayu Medicals A Partnership Firm having office at – 1805, Salvi Shop, Chirayu Hospital, At Post Nachane, Taluka Ratnagiri, District – Ratnagiri- 415 612.

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Ravikiran Shrikant Jadhav Age Adult, Occu.:- Business

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Vibhavari Ravikiran Jadhav Age Adult, Occu.:- Business

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Manisha Shrikant Jadhav Age Adult, Occu.:- Business

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Shrikant Jayram Jadhav Age Adult, Occu.:- Business 2 to5 R/at- 982, Shripushpa, Vikaswdi, At Post Kherdi, Taluka Chiplun, District Ratnagiri – 415 604.

(OA No.152/2022)

Page 1 of 6

[ANIL]

Mangesh Dhondu Pedhamkar Age Adult, Occu.:- Business R/at – Sadichha Nivas, Kavil Talim, At Post Taluka Chiplun, District Ratnagiri-415 604.

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Anant Mahadeo Sawant Age Adult, Occu.:- Business R/at- Post Kuwarbav, Taluka & District Ratnagiri-415 612.

…Defendants

APPEARANCES

For the Applicant

For the Defendants

Advocate Mr. Varun Kulkarni i/b Mr. V. S. Tokekar. Ex-parte

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TOTAL CLAIM AMOUNT – Rs.86,39,654.47Ps. JUDGMENT (Delivered on 7^th March, 2025)

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1 The Applicant Bank has filed present application for recovery of aggregate sum of Rs.86,39,654.47Ps. (i.e.Rs.70,79,649.30Ps towards Cash Credit Facility and Rs.15,60,005.47Ps towards Term Loan Faility) together with future interest thereon at the rate of @12.25% p.a. & 11.00% p.a. respectively with monthly rests till actual realization of amount from the Defendants.

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2 Brief facts of the application are as under:-

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Defendant No.1 is a Partnership Firm and Defendant Nos.2 to 4 are the partners of Defendant No.1. Defendant Nos.1 to 4 requested for Cash Credit Facility of Rs.15 Lakhs to the applicant bank and the applicant bank sanctioned the same on 22.10.2003. At that time, Defendant Nos.5 to 7 agreed to stand as guarantors and stood as guarantors for discharging the liability of Defendant Nos.1 to 4.

(OA No.152/2022)

Page 2 of 6

[ANIL]

Defendants have executed following security documents in favour of the applicant bank on 22.10.2003, as mentioned in Para No.5 (c) of the Original Application.

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Thereafter, time to time the defendants requested for enhancement of existing Cash Credit Facility of Rs.15 lakhs to Rs.45 Lakhs and every time executed the security documents in favour of the applicant bank.

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So also, the defendants have executed equitable mortgage in favour of the applicant bank in respect of immovable property by depositing the original title deed in respect of the house property i.e. Original Agreement to sale dated 29.10.2012 i.e. all that piece and parcel of Gram Panchayat House No.350A area admeasuring 2040 sq.fts. and Gram Panchayat House No.362, area admeasuring 960 sq.ft and Gat No.1698(2) area admeasuring 1450 sq.mtrs lying being and situated at village Asrude, Taluka Chiplun, District Ratnagiri, more particularly described in Schedule of the Mortgage Property.

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The applicant bank submits that in the year 2017, defendant Nos.1 to 4 approached the applicant bank for Short Term Loan Facility of Rs.10 Lakhs. At that time Defendant Nos.2 to 6 agreed to stand as guarantors for the said term loan facility.

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The applicant bank considered the request of Defendant Nos.1 to 4 and sanctioned Term Loan of Rs.10 Lakhs on 04.08.2017, on certain terms and conditions. The defendants executed security documents in favour of applicant bank on 04.08.2017 as mentioned in Para No.5(l) of the original application.

(OA No.152/2022)

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[ANIL]

The applicant bank submits that Cash Credit of Rs.45 Lakhs was to be reviewed every year; however, operations under the Cash Credit Facility amount are not satisfactory. The defendants failed to serve the interest in the Cash Credit Account and Short Term Loan, as well.

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The defendants also executed balance and security confirmation letters dated 25.10.2018 and 03.08.2020 and acknowledged balances standing at the foot of Cash Credit and Short Term Loan accounts.

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4 Applicant Bank contended that after availing Cash Credit facility and Term Loan Facility, the defendants failed and neglected to pay outstanding amount and comply with the terms and conditions in which the said facilities were granted to them. Due to defaults, the Applicant Bank has classified accounts of the defendants as NPA on 01.07.2018 in accordance with the directions and/or guidelines of the Reserve Bank of India. Thereafter, the Applicant Bank issued demand notice dated 02.08.2021 to the defendants. But the defendants did not bother to the said Notice.

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Hence, this application is filed.

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5 Defendants have failed to appear despite service of summons. Hence, the application proceeded ex-parte against them vide Order dated 10.02.2025 passed below the Application (Exh.-01).

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6 The Applicant Bank has filed Claim Affidavit of Mr. Anand Dingankar, Chief Manager & produced on record the Loan Transaction documents (Exh.10) at Exhibits.AW-1 to AW-39, which corroborates the case of the Applicant Bank.

(OA No.152/2022)

Page 4 of 6

[ANIL]

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

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8 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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9 The Applicant Bank has claimed relief in respect of hypothecated assets, as mentioned in the Original Application. However, there is no detailed description with respect to hypothecated vehicle/assets. Therefore, the relief in terms of hypothecated vehicle/ assets cannot be granted.

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10 The Applicant Bank has claimed future interest @12.25% p.a. for Cash Credit Facility and interest @11.00% p.a for Term Loan Facility. However, considering the facts of the case, I am of the opinion that if future interest is granted @9% p.a. (simple), it would be just and reasonable rate of interest.

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11 Hence, I pass the following order :-

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ORDER

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(A) Original Application No.152/2022 is allowed with costs.

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(B) Defendant Nos. 1 to 7 either jointly or severally shall pay an aggregate sum of Rs.86,39,654/ - (Rupees Eighty Six Lakhs Thirty Nine Thousand Six Hundred Fifty Four only) [i.e. Rs.70,79,649/- towards Cash Credit Facility A/c No.20108633535 and Rs.15,60,005/towards Term Loan Facility A/c No.60290342546] with future interest @ 9% p.a. from the date of filing of the Original Application i.e. 22.10.2021 till payment/ realization of the amount mentioned in this operative order, to the Applicant Bank.

(OA No.152/2022)

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[ANIL]

(C) The aforesaid adjudicated amount of Rs.70,79,649/- (Rupees Seventy Lakhs Seventy Nine Thousand Six Hundred Fourty Nine only) towards Cash Credit Facility Account No.20108633535 is secured by creating Mortgage regarding immovable properties i.e. all that piece and parcel of Gram Panchayat House No.350A area admeasuring 2040 sq.fts. and Gram Panchayat House No.362, area admeasuring 960 sq.ft and Gat No.1698(2) area admeasuring 1450 sq.mtrs lying being and situated at village Asrude, Taluka Chiplun, District Ratnagiri, more particularly described in Schedule of the Mortgage Property.

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(D) The Applicant Bank is entitled to sell the mortgaged immovable properties to recover its dues towards Cash Credit Account No.20108633535.

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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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(Dilip G. Murumkar) Place : Pune Presiding Officer, Date: 07.03.2025 Debts Recovery Tribunal, Pune.

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(OA No.152/2022)

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Page 6 of 6

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[ANIL]

Bank of Maharashtra v. Ms Chirayu Medicals

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Bank of Maharashtra v. Ms Chirayu Medicals

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