Allowed

Bank of India v. Ms Shiv Earthmovers Prop. Anand Sayajirao Jadhav

DRT17 Nov 2025OA/184/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Bank of India's application for recovery of Rs. 46,18,105/- plus future interest at 9% p.a. against M/s Shiv Earthmovers, which failed to appear. Future interest was fixed at a reasonable 9% per annum.

What did the court decide?

Defendant to pay Rs. 46,18,105/- with interest @9% p.a. from 15.02.2024; Recovery Certificate issued.

Bank of India versus Ms Shiv Earthmovers Prop. Anand Sayajirao… — Banking and Recovery | DRT (2025)

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Presented on: 15.02.2024 Registered on: 10.06.2024 Decided on: 17.11.2025 Duration: Y M D 01 09 02

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.184/2024.

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Bank of India ,

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A Body Corporate constituted under the Banking Companies (Acquisitions & Transfer of Undertakings) Act V of 1970 having its Head Office at Star House, C-5, G Block, Bandra-Kurla Complex, Bandra (East) Mumbai – 400 051 and Branch Office at- Shahupuri, District Kolhapur.

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… Applicant

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Versus

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M/s Shiv Earthmovers Proprietor- Anand Sayajirao Jadhav R/at- Plot No.65, Padmaraje Hsg. Soc. Ujlaiwadi, Kolhapur- 416 004.

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... Defendant

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APPEARANCES

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For the Applicant Mrs. Rajashree A. Thakar For the Defendant Ex parte.

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TOTAL CLAIM AMOUNT – Rs. 46,18,105.35Ps.

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JUDGMENT (Delivered on 17^th November, 2025)

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AGT O.A.184/2024

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Applicant Bank has filed present application for recovery of aggregate sum of Rs.46,18,105.35Ps. [ i.e. Rs.31,49,739.25Ps towards Term Cash Credit Loan A/c No.090130110000042 with interest thereon @11.85% p.a. and Rs.14,68,366.10Ps towards Term Loan A/c No. 090172410000004 with interest thereon @10.30% p.a .] from 21.10.2023 till actual payment and realization of the entire dues from the defendant.

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Brief facts of the application are as under:

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Defendant is having business of hiring of Earth Moving Machinery and Mining Contractor at Shahupuri, Kolhapur approached to the applicant bank in the year 2009 and requested to grant loan for the purpose of his business.

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The applicant bank considered the said proposal and sanctioned Loan/ Credit Facility of Rs.2,00,000/- on 24.11.2009 to the defendant, on certain terms and conditions.

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In order to secure the aforesaid loan facilities, the defendant have executed necessary loan and security documents including Hypothecation-cum-loan agreement dated 24.11.2009 as mentioned in Para No.5 (vi) of the Original Application.

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The applicant bank submits that in the year 2010, Defendant again approached to the applicant bank and requested to grant Credit Facility for the purpose of purchase of Hydraulic Excavator.

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The applicant bank considered the said proposal and sanctioned Cash Credit Facility of Rs.2,25,000/- on 15.09.2010 to the defendant, on certain terms and conditions.

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AGT O.A.184/2024

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In order to secure the aforesaid loan facility, the defendant has executed necessary loan and security documents as mentioned in Para No.5 (ix) of the Original Application.

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Defendant again approached to the applicant bank on 15.01.2015 and requested to grant Term Loan of Rs.45,50,000/- for purchase of Truck Mounted Crane.

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The applicant bank considered the said proposal and sanctioned Term Loan of Rs.45,50,000/- on 11.07.2015 to defendant, on certain terms and conditions.

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In order to secure the aforesaid loan facilities, the defendant have executed necessary loan and security documents as mentioned in Para No.5 (xii) of the Original Application.

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Defendant again approached to the applicant bank on 21.02.2018 and requested to grant Cash Credit Limit for the purpose of business.

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The applicant bank considered the said proposal and sanctioned Cash Credit Limit of Rs.20,75,000/- which comes under CGTMSE Scheme to the defendant, on certain terms and conditions.

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In order to secure the aforesaid loan facilities, the defendant have executed necessary loan and security documents including Deed of dated 16.05.2018 as Supplemental Hypothecation mentioned in Para No.5 (xv) of the Original Application.

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Defendant No.1 has executed and delivered acknowledgment of Debts and Securities for Cash Credit Loan dated 15.09.2019,

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AGT O.A.184/2024

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03.10.2012, 05.08.2014, 15.06.2016, 16.05.2018 and 04.05.2021, in favour of the applicant in respect of the aforesaid Credit Facilities. Defendant has also executed and delivered Acknowledgment of Debts and Securities for Term Loan dated 16.05.2018, 25.08.2020 and 04.08.2023 in favour of the applicant.

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The Applicant Bank contended that the defendant was very irregular in payment of the installments of the said Term Loan account and very irregular in payment of interest in the cash credit account and failed to regularize the said loan accounts. Thus, the defendant completely failed and neglected to comply with terms and conditions in which the said facilities were granted to them. The loan accounts were running irregular and defendant was reluctant to pay the amounts. Applicant repeatedly called the defendant to regularize the accounts, but they failed and neglected to comply with the same. Therefore, said loan accounts of the Defendant declared as NPA on 31.03.2021.

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Hence, the applicant through advocate issued Demand and Loan Recall Notice dated 26.10.2023 to Defendant and called upon them to repay the entire amount outstanding under the said loan accounts. But in spite of receipt of notice, defendant failed to repay the amounts outstanding in the said loan accounts.

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Hence, this application is filed.

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The defendant failed to appear despite service of summons. Hence, the application proceeded ex-parte as per order dated 04.06.2025 passed below Application (Exhibit-1).

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AGT O.A.184/2024

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5.^{The Applicant Bank has filed Claim Affidavit (Exhibit-6) of} Mrs. Vaishali Damodhar Ramteke, Authorized Officer of the Bank and produced on record the Original Loan Transaction documents at Sr. Nos. AW-1-1 to AW-1-36 alongwith 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 defendant 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 relief in respect of hypothecated assets. 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 @11.85% p.a. @10.30% p.a. respectively for the availed loan facilities. 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 accounts, 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.184/2024 is allowed with costs.

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(B) Defendant shall pay an aggregate sum of Rs.46,18,105/- (Rupees Fourty Six Lakhs Eighteen Thousand One Hundred Five only) towards to the

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AGT O.A.184/2024

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Applicant Bank with interest thereon @9% p.a. from the date of filing of the Original Application i.e. 15.02.2024 till payment/ realization of the amount.

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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 defendant.

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Place : Pune Date: 17.11.2025

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

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AGT O.A.184/2024

Bank of India v. Ms Shiv Earthmovers Prop. Anand Sayajirao Jadhav

Case brief

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Bank of India v. Ms Shiv Earthmovers Prop. Anand Sayajirao Jadhav

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