Allowed

Punjab National Bank v. K P Tech Impex Prop. Mr. Manoj Sureshchand Lunkad

DRT24 Mar 2025OA/196/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an application filed by Punjab National Bank for recovery of dues from the borrowers and guarantor, adjusting illegal penal interests and fixing future interest at 9% per annum.

What did the court decide?

Defendants to pay Rs.2,86,99,760 plus future interest at 9% p.a.; mortgage property to secure dues; bank entitled to sell property; recovery certificate issued.

Punjab National Bank versus K P Tech Impex Prop. Mr. Manoj… — Banking and Recovery | DRT (2025)

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Presented on .. 30.12.2019 Registered on .. 16.02.2023 Decided on .. 24.03.2025 Duration .. Y—M—D 05—02--24

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 196/2023.

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Punjab National Bank,

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A Bank constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act 1970, having its head office at Plot No. 4, Sector 10, Dwarka, New Delhi 110075 and branch at – Deccan Gymkhana, 95/A, Vijay Apartment, Hari Sadan, Prabhat Road, Pune 411 004.

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… Applicant

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Versus

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1 M/s. K.P. Tech Impex, Through its Proprietor – Mr. Manoj Sureshchand Lunkad, Age 44 Years, Occ. : Business,

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2 Mrs. Surekha Manoj Lunkad, Age 42 Years, Occ. : Business, Both R/at – B-402, Hyde Park, Tower B, Market Yard, Pune. … Defendants

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:- Appearances

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For Applicant Advocate Yogesh Hirve. For Defendants Ex parte. Sanap ( OA No. 196/2023 ) 1 of 5

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Total Claim Amount – Rs. 2,92,62,649/-

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JUDGEMNT (Delivered on 24^th March, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.2,92,62,649/- together with future interest @11.15% per annum from the date of Application till realization of the entire dues from the defendants.

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Brief facts of the application are as under :-

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As per the loan application of defendant No.1, the applicant Bank sanctioned the Cash Credit facility of Rs.2,50,00,000/- to defendant No.1 vide Sanction Letter dated 29.03.2016. Defendant No.2 stood guarantor for the repayment of loan availed by defendant No.1.

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In order to secure the aforesaid loan facility, the defendants executed loan and necessary security documents in favour of the applicant Bank along with deed of mortgage of Flat No. 401, Fourth Floor, admeasuring carpet area 77.88 square meters with terrace having area about 104.36 square meters, Atharva Jayatu, situated on property out of town planning scheme No. III, Final Plot No. 280 B, Sub plot No. 7, out of old survey No. 113 and new Survey No. 524 part having corresponding CTS No. 383/8, situated at Ghorpade Peth, Taluka Haveli, District Pune, in favour of the applicant Bank. The

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Sanap ( OA No. 196/2023 ) 2 of 5

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defendants have also executed Balance Confirmation letters on 17.05.2018, 15.10.2018 and 02.04.2019 and thereby confirmed the balance outstanding in loan account.

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The applicant Bank contended that the defendants committed defaults in payment of installments and failed to regularize the accounts. Hence, on 08.01.2019, the applicant Bank has classified the account of the defendant as Non Performing Asset in accordance with guidelines of Reserve Bank of India. Therefore, on 12.10.2019, the applicant Bank issued legal Notice to the defendants. Despite service of Notice, the defendants failed and neglected to pay the outstanding dues of the applicant Bank. Hence, this application is filed.

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The defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte as per Order dated 05.09.2024 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Sujeet Kumar Jha, Chief Manager and Power of Attorney Holder of applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1-1 to AW-1-20 along with 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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Sanap ( OA No. 196/2023 ) 3 of 5

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Since the defendants failed to appear and contest the application, I find no reason to disbelieve evidence of the applicant Bank. Therefore, the applicant Bank is entitled for reliefs as 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 Penal Interest of Rs.4,54,648/and Law Charges and Expenses of Rs.1,08,241/-, total of Rs.5,62,889/- which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.2,92,62,649/- is reduced to Rs.2,86,99,760/-.

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The applicant Bank has claimed future interest @11.15% per annum. 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. Hence, I pass the following order.

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O R D E R

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A} Original Application No. 196/2023 is allowed with proportionate costs. B} Defendant Nos.1 and 2 either jointly or severally shall pay

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Sanap ( OA No. 196/2023 ) 4 of 5

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to the applicant Bank the sum of Rs.2,86,99,760/- (Rupees Two Crores Eighty Six Lakhs Ninety Nine Thousand Seven Hundred Sixty only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 30.12.2019 till full payment/realization of the amount mentioned in this operative order.

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C} The aforesaid adjudicated amount is secured by the valid and subsisting mortgage of Flat No. 401, Fourth Floor, admeasuring carpet area 77.88 square meters with terrace having area about 104.36 square meters, Atharva Jayatu, situated on property out of town planning scheme No. III, Final Plot No 280B, Sub plot No. 7, out of old survey No. 113 and new Survey No. 524 part having corresponding CTS No. 383/8, situated at Ghorpade Peth, Taluka Haveli, District Pune, more particularly described in the Para No. 5.7 and Schedule-I of the Original Application.

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D} The applicant Bank is entitled to sell the mortgaged property 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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Sd/( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 24.03.2025 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 196/2023 ) 5 of 5

Punjab National Bank v. K P Tech Impex Prop. Mr. Manoj Sureshchand Lunkad

Case brief

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Punjab National Bank v. K P Tech Impex Prop. Mr. Manoj Sureshchand Lunkad

Case brief

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