Allowed

Union Bank of India v. Pratap Construction Prop. Pratap Balaji Nikam

DRT24 Feb 2025OA/152/2023

Case brief

AI extract

What is this about?

Applicant Bank filed OA for recovery of dues from defendants who defaulted on housing, mortgage, vehicle loans and OD facility. Tribunal allowed application, ordered payment with adjusted future interest, and secured recovery via equitable mortgage on listed properties.

What did the court decide?

Defendants to pay Rs.1,94,60,816/- with future interest @9% p.a. Amount secured by equitable mortgage on specified properties. Recovery Certificate issued.

Union Bank of India versus Pratap Construction Prop. Pratap… — Banking and Recovery | DRT (2025)

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Presented on: 11.11.2022 Registered on: 10.02.2023 Decided on: 24.02.2025 Duration: Y M D 02 03 13

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.152/2023.

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Union Bank of India , Having address at – 204, 2^nd Floor, Stellar Enclave, Above Macdonald, D. P. Road, Parihar Chowk, Aundh, Pune-411 007.

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Versus

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… Applicant

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1. M/s Pratap Construction Through Proprietor – Mr. Pratap Balaji Nikam Age adult, Occ.:- Business, R/at Flat No.6, Shaila Kunj, Near Telephone Exchange, Nal Stop, Karve Road, Pune-411 004.

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2. Mr. Abhinandan R. Patil R/at – Flat No.406, Chaitanya CHS, …Defendants S.B. Road, Pune-16.

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APPEARANCES

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For the Applicant Advocate Mr. P.P. Parab. For the Defendants Ex-parte.

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TOTAL CLAIM AMOUNT – Rs. 1,94,60,815.72Ps.

(OA No.152/2023)

Page 1 of 6

[ANIL]

JUDGMENT (Delivered on 24^th February, 2025)

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The Applicant Bank has filed present application for recovery of aggregate sum of Rs.1,94,60,815.72Ps. as due on 28.01.2022 together with pendent lite and future interest @11.65%p.a. from 05.10.2021 till the filing of Original Application and thereafter till repayment/ realization of the entire dues from defendants.

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Brief facts of the application are as under:-

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The Applicant Bank states that at the request of the Defendants, Applicant Bank sanctioned Mortgage Loan, Housing Loan, Vehicle Loan and OD Facility of Rs.2,04,87,500.67Ps vide its sanction letter No.PZ/ADV/ PKZLCC/207/2015-16 dated 29/30.09.2015.

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In order to secure the aforesaid Loan facilities, defendants have executed loan and security documents dated 30.09.2015 and 31.03.2020, as set out in Para Nos.5.3 of the Original Application, in favor of Applicant Bank.

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The Applicant Bank states that Defendants have mortgaged below mentioned immovable properties in favour of the applicant Bank by way of Equitable Mortgage.

(OA No.152/2023)

Page 2 of 6

[ANIL]

( 1 ) All that piece and parcel of Flat No.202, 2^nd Floor, Building No.B, Sai Sarovar Building, Near Lake, Jambhulwadi Road, Ambegaon Khurd, Pune bearing CTS No.30 admeasuring area 915 sq.ft. belonging to Mr. Pratap Balaji Nikam.

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( 2 ) Flat No.403, 4^th Floor, Building No.A, Sayajiraje Avenue, Near Florida Estate, Keshav Nagar, Mundhwa, Pune, bearing CTS No.40/1B/1 admeasuring area 893 sq.ft. belonging to Mr. Pratap Balaji Nikam.

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( 3 ) Flat No.404, 4^th Floor, Building No.A, Sayajiraje Avenue, Near Florida Estate, Keshav Nagar, Mundhwa, Pune, bearing CTS No.40/1B/1 admeasuring area 893 sq.ft. belonging to Mr. Pratap Balaji Nikam.

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The Applicant Bank contended that Defendants after availing the aforesaid loan facilities failed to maintain proper financial discipline and committed defaults on regular basis in repayment of loans.

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The Applicant Bank further contended that the defendants have executed and handed over Balance and Security Confirmation Letters on 30.03.2020, 31.05.2020, 24.08.2020 and 31.08.2021 and admitted and acknowledged outstanding loan accounts.

(OA No.152/2023)

Page 3 of 6

[ANIL]

The Applicant Bank contended that even after continuous demands, the defendants have failed to pay the interest in the Account and also failed to regularize the said account with the Applicant Bank. Hence, the said account of Defendants became NPA as per the Reserve Bank of India norms. Thereafter, the Applicant Bank issued Notice dated 30.09.2021 to the Defendants. Defendants received the notice but failed to pay the due amount.

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Hence, this application is filed.

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Defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte as per order dated 05.02.2025 passed below Application (Exhibit-1).

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The Applicant Bank has filed Claim Affidavit (Exhibit-6) of Mr. Sanjeev Madikunt, Senior Manager has produced on record original/certified Loan Transaction documents at Exhibit Nos. AW-1/1 to AW-1/19, 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.

(OA No.152/2023)

Page 4 of 6

[ANIL]

The Applicant Bank has claimed future interest @11.65% p.a. However, considering the facts of the case, I am of the opinion that if future interest is granted @9% per annum (simple) for both 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.152/2023 is allowed with costs.

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(B) Defendant Nos. 1 & 2 either jointly or severally shall pay an aggregate sum of Rs.1,94,60,816/- (Rupees One Crore Ninety Four Lakhs Sixty Thousand Eight Hundred Sixteen only) with future interest @9% p.a. (Simple) from the date of filing of the Original Application i.e.11.11.2022 till payment/ realization of the amount mentioned in this operative order, to the Applicant Bank.

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( 1 ) All that piece and parcel of Flat No.202, 2^nd Floor, Building No.13, Sai Sarovar Building, Near Lake, Jambhulwadi Road, Ambegaon Khurd, Pune bearing CTS No.30 admeasuring area 915 sq.ft. belonging to Mr. Pratap Balaji Nikam.

(OA No.152/2023)

Page 5 of 6

[ANIL]

( 3 ) Flat No.404, 4^th Floor, Building No.A, Sayajiraje Avenue, Near Florida Estate, Keshav Nagar, Mundhwa, Pune, bearing CTS No.40/ 1B/1 admeasuring area 893 sq.ft. belonging to Mr.Pratap Balaji Nikam, more particularly described in Para No.5.3 of the Original Application.

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(D) The Applicant Bank is entitled to sell the mortgaged property to recover the 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/(Dilip G. Murumkar) Place : Pune Presiding Officer, Date: 24.02.2025 Debts Recovery Tribunal, Pune.

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(OA No.152/2023)

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Page 6 of 6

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[ANIL]

Union Bank of India v. Pratap Construction Prop. Pratap Balaji Nikam

Case brief

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Union Bank of India v. Pratap Construction Prop. Pratap Balaji Nikam

Case brief

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