Allowed

Encore Assets Reconstruction Company Private Limited v. Ranjit Jadhav

DRT24 Jan 2025OA/191/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by a company to recover loans and future interest from three defendants. The court rejected the defendants' contentions due to lack of evidence and directed payment of the principal sum plus security over mortgaged properties.

What did the court decide?

Defendants to pay aggregate sum of Rs.1,32,06,773/- along with future interest @9% p.a. simple; mortgaged properties secured; recovery certificate issued.

Encore Assets Reconstruction Company Private… — Contract and Commercial Disputes | DRT (2025)

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Presented on : 05.02.2022 Registered on : 21.03.2022 Decided on : 24.01.2025 Duration : Y M D 02 11 19

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 191/2022.

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Encore Asset Reconstruction Company Private Limited ,

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A Company incorporated under the Companies Act, 1956 and registered as an Asset Reconstruction Company pursuant to Section 3 of the SARFAESI Act, 2022 having its registered office at Caddie Commercial Tower, Regus Business Centre, 5^th Floor, Aerocity (Dial), New Delhi 110037 and its Corporate office at 5^th Floor, Plot 137, Sector 44, Gurgaon, Haryana 122 002.

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.. Applicant

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Versus

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Mr. Ranjit Vilas Jadhav

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Mrs. Sarika Ranjit Jadhav

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Mr. Pratibha Vilas Jadhav

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All R/o : 22/104, Ganesh Nagar, Lane No.9, Shahapur Road, Ichalkaranji, Taluka Hatkanangale, District Kolhapur- 416 115.

.. Defendants

(OA No.191/2022)

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APPEARANCES

For Applicant	Advocate - Sudha Koloti.
For Defendants	Advocate – S. S. Ghate.

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TOTAL CLAIM AMOUNT –Rs.1,32,06,773/-

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JUDGMENT (Delivered on 24^th January, 2025)

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Applicant Company has filed present application for recovery of aggregate sum of Rs.1,32,06,773/- (i.e. Rs.5,95,206/- for Housing Loan and Rs.1,26,11,567/- for Flexi Term Loan) together with future interest @10.25%% per annum and @14.00% p.a. respectively with monthly rests and penal interest @2% p.a. from 25.08.2021 till realization of the entire dues from the defendants.

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Brief facts of the application are as under : Defendant No.1 availed Housing Loan and Flexi Term Loan from the Assignor Bank. Defendant No.2 and 3 are guarantors to the credit facilities granted to Defendant No.1. Defendant No.1 approached to the Applicant Bank and requested for takeover of Housing Loan from Bank of Maharashtra for an aggregate amount of Rs.23,27,000/-. The Assignor Bank accepted request of Defendant No.1 and sanctioned Rs.23,27,000/- consisting of two loans. Housing Loan–I for an

(OA No.191/2022)

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amount of Rs.15,12,000/- and Housing Loan –II for an amount of Rs.8,15,000/- on 28.02.2015 on the terms and conditions mentioned in the said sanction letter, as mentioned in Para No.5.9 of the Original Application.

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To secure the said Housing Loan facilities, Defendant No.1 to 3 executed certain documents in favour of the Assignor Bank as mentioned in Para No.5.10 of the Original Application. Defendant Nos.2 and 3 also executed Deeds of Guarantee dated 25.03.2015 in favour of the Applicant and thereby guaranteed to the assignor repayment of the amount due and payable by defendant No.1 to the assignor bank. .

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Defendant No.1 created Equitable Mortgage by deposit of the Title Deeds on 30.03.2015 and thereby mortgaged the properties i.e. all that piece and parcel of land and building situated at C.S.No.22126, Gat No.822, Plot No.3, W.No.22, H.No. 98/1/1 admeasuring area of plot is 4842 sq. fts. And built up area of bunglow is 7068 sq. fts at Ganesh Nagar, 9^th Galli, Shahapur, Ichalkaranji, Taluka Hatkanangale, District Kolhapur, more particularly mentioned in Para No.5.15 of the Original Application. So also, Defendant No.1 created Equitable Mortgage by deposit of title deeds on 31.03.2018 and

(OA No.191/2022)

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thereby mortgaged the property i.e. all that piece and parcel of NA land bearing Gat No.860, Plot No.10, admeasuring about 2527.85 sq. mtrs. near pride India Textile, Shahapur, Ichalkaranji, Taluka Hatkanangale, District Kolhapur as mentioned in Para No.5.22 of the Original Application.

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The Applicant further contended that Defendant Nos.2 and 3 in consideration of assignor having agreed to grant credit facilities for amount of Rs.90,00,000/- to defendant No.1. Both the guarantors executed Deed of Guarantees for Flexi Term Loan for an amount of Rs.90,00,000/- on 31.03.2018 in favour of the Applicant Company.

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Defendant No.1 executed certain documents to secure the said Flexi Term loan. In pursuance of the said documents, the applicant company opened Flexi Term Loan Account No.056401800058037 in the name of Defendant No.1 and the loan was disbursed in the said account and it was utilized by Defendant No.1.

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Initially Defendant No.1 was making payments regularly, thereafter, in the year 2019, defendant No.1 became irregular and did not make repayments as per terms of sanction of the Overdraft account and did not serve interest and violated

(OA No.191/2022)

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terms of agreement and failed to repay the loans. Therefore, the account of defendant No.1 was termed as NPA on 22.05.2018 as per the RBI Guidelines.

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The Applicant states that it sent a notice dated 06.10.2020 to defendant Nos.1 to 3 and called upon them to pay the amount due and payable. In view of the said notice, defendant Nos.1 to 3 approached the applicant company for one-time settlement of their dues with respect to the subject credit facilities alongwith various other credit facilities availed by them. The defendants offered to deposit a sum of Rs.8,75,00,000/- towards full and final settlement of their dues payable by the defendants. The said request was accepted in principle by the applicant company through vide letter dated 20.12.2019 The Applicant Company issued sanction letter dated 04.02.2020 bearing Reference NO.EARC/19-20/50/1194 in accordance with the terms of the In-Principal sanction letter dated 20.12.2019. The defendants accepted the OTS and also paid an amount of Rs.1,61,97,500/- towards OTS. On 07.02.2020, the applicant company issued a reminder to the defendants for 2^nd Installment of Rs.1,00,00,000/- in accordance with In-Principle and sanction letters dated 20.12.2019 and 04.02.2020, however,

(OA No.191/2022)

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defendants failed to pay the 2^nd installment by 10.02.2020. The applicant company issued letter dated 02.03.2020 due to nonadherence to the terms of settlement.

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The applicant company submits that defendants failed and neglected to comply with terms and conditions on which the said Credit Facilities were granted. The defendants did not pay the instalments towards the said loan accounts and kept the principal and interests in arrears. Therefore, the applicant company is compelled to file this application against the defendants for recovery of its due under all the facilities. Hence, this application is filed.

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The Defendants were duly served with the summons. The defendants appeared and filed Written Statement (Exhibit-11) and contested the Application.

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The Applicant Company has filed Claim Affidavit of evidence (Exhibit-6) of Virendra Ghanwat, Authorized Officer and Manager of the Applicant Company, and has produced on record the photocopies/original loan transaction documents at Sr. Nos. AW-1 to AW-33 along with list (Exhibit 7), which corroborates the case of the applicant Company.

(OA No.191/2022)

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I have heard arguments of the learned Advocate for the Applicant Company.

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It is pertinent to note that though the defendants filed the Written Statement denying contentions of the applicant Company in toto, but the defendants have failed to lead evidence. Therefore, contentions raised in the Written Statement (Exhibit-11) are devoid of consideration as observed by the Hon’ble Supreme Court in the case of Iswar Bhai C. Patel alias Bachu Bhai Patel Vs. Harihar Behara and Anr. reported in AIR 1999 SC 1341 in respect of non-filing of the evidence affidavit. I, therefore, hold that the evidence of the applicant Company in the form of Claim Affidavit and documentary evidence produced on record is conceivable and I find no reason to disbelieve the evidence of the Applicant Company. Therefore, the Applicant Company is entitled for reliefs as claimed.

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The Applicant Bank has claimed future interest @10.25%% p. a. for House Loan and @14.00% p.a for Flexi Term Loan with monthly rests. 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.

(OA No.191/2022)

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Hence, I pass the following order :-

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ORDER

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(A) Original Application No.191/2022 is allowed with costs.

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(B) Defendant Nos.1 to 3 either jointly or severally shall pay to the Applicant Company the aggregate sum of Rs.1,32,06,773/- ( Rupees One Crore Thirty Two Lakhs Six Thousand Seven Hundred Seventy Three only ) [i.e. Rs.5,95,206/- towards Housing Loan Account No.056400400045844 & Rs.1,26,11,567/- towards Flexi Term Loan Account No.056401800058037] along with future interest @9.00% per annum (Simple) from the date of filing of the Original Application i.e. 05.02.2022 till full payment/realization of the amount mentioned in this operative order.

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( A ) All that piece and parcel of land and building situated at C.S.No.22126, Gat No.822, Plot No.3, W.No.22, H.No. 98/1/1 admeasuring area of plot is 4842 sq. fts. And built up area of bungalow is 7068 sq. fts. at Ganesh Nagar, 9^th Galli, Shahapur, Ichalkaranji, Taluka District more Hatkanangale, Kolhapur, particularly mentioned in Para No.5.15 of the Original Application.

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( B ) All that piece & parcel of NA land bearing Gat No.860, Plot No.10, admeasuring about 2527.85 sq. mtrs. near pride India Textile, Shahapur, Ichalkaranji, Taluka District as Hatkanangale, Kolhapur mentioned in Para No.5.22 of Original Application.

(OA No.191/2022)

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(D) The Applicant Company is entitled to sell the above mentioned 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 and Defendants.

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Place : Pune Date : 24.01.2025

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

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(OA No.191/2022)

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Encore Assets Reconstruction Company Private Limited v. Ranjit Jadhav

Case brief

What is this about?

What did the court decide?

Encore Assets Reconstruction Company Private Limited v. Ranjit Jadhav

Case brief

What is this about?

What did the court decide?

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