Allowed

The Cosmos Co. Operative Bank Limited v. M/S. Trident Industries

DRT3 Nov 2025OA/202/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal at Pune allowed an ex-parte application by The Cosmos Co-operative Bank Ltd. for recovery of debt from a partnership firm and its guarantors, reducing the claimed future interest rate from 14.05% to 9% per annum and directing the sale of secured assets.

What did the court decide?

Defendants to jointly or severally pay Rs. 8,59,72,173/- with future interest @9% per annum; Recovery Certificate issued; Security over specified properties and machinery confirmed.

The Cosmos Co. Operative Bank Limited versus M/S. Trident… — Insolvency and Bankruptcy | DRT (2025)

¶1

Presented on .. 14.02.2022 Registered on .. 05.03.2022 Decided on .. 03.11.2025 Duration .. Y—M—D 03--08--17

¶2

IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 202/2022.

¶3

The Cosmos Co-operative Bank Ltd., Bank deemed to have been registered under the provisions of the MultiState Co-operative Societies Act, 2022 and having its registered office at Cosmos Tower, Plot No. 6, ICS Colony, Ganesh Khind, University Road, Pune 411 007 and Branch Office at Chakan, Pune.

¶4

… Applicant

¶5

Versus

¶6

1 M/s. Trident Industries, Registered office : Flat No. 207, Arya Arcade, Dehu Phata, Alandi, AlandiPune Road, Pune 412 105.

¶7

Also at : S. No. 277/278/4, Silotia Rau, Pithampur bypass, Pithampur, Dhar, Madhya Pradesh.

¶8

Factory address : Ground Floor, Plot No.3, Chakan Ambethan Road, Chakan, Taluka Khed, District Pune.

¶9

Sanap ( OA No. 202/2022 ) 1 of 10

¶10

2 Mrs. Madhavi Anil Godse, House No. 2371, Dehu Phata, Alandi Road, Behind Ashiyana Lodge, Alandi Road, Pune 412 105.

¶11

3 Mrs. Usha Annaso Yeole, Flat No. 130, B Building, Aakash Enclave of Silver Urban, Silver Spring Phase No.1, Plot No. B-130, Indore, Madhya Pradesh.

¶12

4 Mr. Mangesh Nandkumar Sanas, B-2, Flat No. 11, Bhosale Paradise, Shivajinagar, Pune 411 020.

¶13

5 Mrs. Mugdha Mangesh Sanas, B-2, Flat No. 11, Bhosale Paradise, Shivajinagar, Pune 411 020.

¶14

6 Mr. Vilas Vitthal Valunj, Flat No. C-1/5, Rajashree Villa, Bhosale Paradise, Range Hill Road, Shivajinagar, Pune 411 020. Also at : House No. 1201, Royal Granddeur, Khadki Station, Aundh Road, Near Amar Heights, Pune. … Defendants

¶15

Appearances :-

¶16

For Applicant Advocate Pradip Yadav. For Defendants Ex parte.

¶17

Total Claim Amount – Rs.8,59,72,173/-

¶18

JUDGMENT

¶19

(Delivered on 03^rd November, 2025)

¶20

The Applicant Bank has filed the present application for recovery of the sum of Rs.8,59,72,173/- together with

¶21

Sanap ( OA No. 202/2022 ) 2 of 10

¶22

future interest @14.05% per annum from the date of Application till realization of the entire dues from the defendants.

¶23

Brief facts of the application are as under :- Defendant No.1 is a Partnership firm and defendant Nos. 2 and 3 are the partners of defendant No.1. Defendant Nos. 2 to 6 are the guarantors for loan sanctioned to defendant No.1.

¶24

As per the loan application of the defendants, the applicant Bank sanctioned the following loan facilities to the defendants.

¶25

	Name of facility	Amount Date of Sanction
1	Term Loan	Rs.2,80,00,000/- 02.07.2015
2	Cash Credit	Rs.70,00,000/- 02.07.2015

¶26

Defendant Nos. 2 to 6 stood as personal guarantors for the loan sanctioned and disbursed to defendant No.1.

¶27

In order to secure the aforesaid loan facilities, the defendants have executed necessary loan and security documents in favour of the applicant Bank.

¶28

Defendant No.1 has also executed deed of hypothecation and hypothecated current assets and machinery of the firm installed at Plot Nos. 3 and 6, Chakan Industrial area, Chakan, Ambethan Road, Taluka

¶29

Sanap ( OA No. 202/2022 ) 3 of 10

¶30

Khed, District Pune and also at S.No. 277/278/4, Silotia Rau, Pithampur bypass, Pithampur, Dhar, Madhya Pradesh.

¶31

Sr. No.	Type of Machine	Make	Model	No. of machine
1	VMC	AMS	MCV 450 (m30- 1099	5
2	CNC	ACE Designers	ACE CNC Lathe Model LT 20 Classic	1
3	VMC	ACE Designers	ACE CNC Lathe Model LT 20 Elite	2
4	CNC	ACE Designers	Super jobber 500	1
5	CNC	Dongbu- shukong Bhavya	C 320 K-TT	1
6	CNC	ACEJyoti	DX 250	1
7	VMC	WCIDA Bhavya	W 1200	1
8	CNC VTL	ACE Designers	ACE CNC Lathe VTL Model 30/700	1
9	Air compressor	Atlas Capoco GA 30	200 CFM	1
10	Stabilizer	Servo Max India Ltd.	25 KVA 3 Phase	9
11	Computers	PC Care	Intel	2
12	Gauges and instruments	Vikas Engineers	Valco	Set
13	Tools and fixtures	Kaka mari	Jaws	Set
14	Chuks and clamps	Ingale	Pull Back Dia 400	1

¶32

Sanap ( OA No. 202/2022 ) 4 of 10

¶33

Defendant Nos.1, 4 and 5 executed registered mortgage deed dated 15.09.2015 in respect of all that piece and parcel of property Flat No.11 admeasuring 819 square feet along with terrace admeasuring 90 square feet on third floor with right to use one car parking, Building B2, Bhosale Paradise of Narayan B/2 Co-op. Housing Society Ltd., Bhamburda, Shivajinagar, Pune.

¶34

Defendant No. 3 executed mortgage by deposit of title deeds in respect of Apartment/Flat No.130 , 1^st floor of Block B, Aakash Enclave, Silver Urbane, Siler Springs township Phase I, Gram Mundla Nayta, Tehsil and District Indore.

¶35

Thereafter, again at the request of defendants, the applicant Bank reviewed, renewed Cash Credit facility of Rs.70,00,000/- and sanctioned Term Loan facility of Rs.145,00,000/- and Letter of Credit of Rs.200,00,000/vide Sanction Letter dated 31.03.2016 and the defendants have executed necessary loan and securities documents and hypothecated and mortgaged the above said properties in favour of the applicant Bank.

¶36

Thereafter, again at the request of defendants, the applicant Bank reviewed, renewed, restructured and Sanctioned Term Loan facilities of Rs.280,00,000/- and

¶37

Sanap ( OA No. 202/2022 ) 5 of 10

¶38

Rs.145,00,000/-, Cash Credit facility of Rs.70,00,000/and Letter of Credit of Rs.200,00,000/- and New Term Loan of Rs.100,00,000/- to the defendants vide Sanction Letter dated 31.03.2017 and the defendants have executed necessary loan and securities documents and hypothecated and mortgaged the above said properties in favour of the applicant Bank. Defendant Nos. 1, 2, 4 and 5 have also executed registered mortgage deed dated 12.04.2017 in respect of all that piece and parcel of land admeasuring 06R out of S.No. 129/2/1A/1B/2 total admeasuring 25R at village Chowisawadi (Old. S. No. 925A/1A/1B/2 of village Charholi Budruk) along with entire construction thereon, Taluka Haveli, District Pune. 5. The defendants have also executed acknowledgement of debt dated 26.06.2019, 08.09.2020, 15.09.2020 and 13.10.2020.

¶39

The applicant Bank contended that the defendants committed defaults in payment of installments and failed to regularize the accounts. Therefore, on 31.03.2021, the applicant Bank has classified the loan account of the defendants as Non-Performing Asset in accordance with guidelines of Reserve Bank of India. Thereafter, on 07.07.2021, the applicant Bank issued legal Notice to the

¶40

Sanap ( OA No. 202/2022 ) 6 of 10

¶41

defendants. Despite service of Notice, the defendants failed and neglected to pay the outstanding dues of the applicant Bank.

¶42

Hence, this application is filed.

¶43

The defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte against the defendants as per Order dated 02.05.2025 passed below Application (Exhibit-1).

¶44

The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Rajesh Balasaheb Kadam, Authorized Representative of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW1-1 to AW1-49 along with list (Exhibit 9), which corroborates the case of the applicant Bank.

¶45

I have heard arguments of the learned Advocate for the applicant Bank.

¶46

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.

¶47

The applicant Bank has claimed future interest @14.05% per annum. However, considering the facts of the case, I am of the opinion that if future interest is granted @9%

¶48

Sanap ( OA No. 202/2022 ) 7 of 10

¶49

per annum (simple), it would be just and reasonable rate of interest.

¶50

Hence, I pass the following order.

¶51

O R D E R

¶52

A} Original Application No. 202/2022 is allowed with costs.

¶53

B} Defendant Nos.1 to 6 either jointly or severally shall pay to the applicant Bank the sum of Rs.8,59,72,173/- (Rupees Eight Crore Fifty Nine Lakhs Seventy Two Thousand One Hundred Seventy Three only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 14.02.2022 till full payment/realization of the amount mentioned in this operative order.

¶54

C} The aforesaid adjudicated amount is secured by the mort mortgage in respect of - (1) all that piece and parcel of property Flat No.11 admeasuring 819 square feet along with terrace admeasuring 90 square feet on third floor with right to use one car parking, Building B2, Bhosale Paradise of Narayan B/2 Co-op. Housing Society Ltd., Bhamburda, Shivajinagar, Pune; (2) Apartment/Flat No.130 , 1^st floor of Block B, Aakash Enclave, Silver Urbane, Siler Springs township Phase I, Gram Mundla Nayta, Tehsil and District Indore and (3) all that piece and parcel of land admeasuring 06R out of S.No.

¶55

Sanap ( OA No. 202/2022 ) 8 of 10

¶56

129/2/1A/1B/2 total admeasuring 25R at village Chowisawadi (Old. S. No. 925A/1A/1B/2 of village Charholi Budruk) along with entire construction thereon,

¶57

Taluka Haveli, District Pune, and hypothecation of –

¶58

Sr.No.	Type of Machine	Make	Model	No. of machine
1	VMC	AMS	MCV 450 (m30-1099	5
2	CNC	ACE Designers	ACE CNC Lathe Model LT 20 Classic	1
3	VMC	ACE Designers	ACE CNC Lathe Model LT 20 Elite	2
4	CNC	ACE Designers	Super jobber 500	1
5	CNC	Dongbu- shukong Bhavya	C 320 K-TT	1
6	CNC	ACEJyoti	DX 250	1
7	VMC	WCIDA Bhavya	W 1200	1
8	CNC VTL	ACE Designers	ACE CNC Lathe VTL Model 30/700	1
9	Air compressor	Atlas Capoco GA 30	200 CFM	1
10	Stabilizer	Servo Max India Ltd.	25 KVA 3 Phase	9
11	Computers	PC Care	Intel	2
12	Gauges and instruments	Vikas Engineers	Valco	Set
13	Tools and fixtures	Kaka mari	Jaws	Set

¶59

Sanap ( OA No. 202/2022 ) 9 of 10

¶60

14	Chuks	and	Ingale	Pull	Back Dia	1
	clamps			400

¶61

more particularly described in the Para No. 6 and 5.4 of the Original Application.

¶62

D} The applicant Bank is entitled to sell the mortgaged and hypothecated properties to recover its dues.

¶63

E} Issue Recovery Certificate.

¶64

F} The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant and defendants.

¶65

Sd/( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 03.11.2025 Debts Recovery Tribunal, Pune.

¶66

Sanap ( OA No. 202/2022 ) 10 of 10

The Cosmos Co. Operative Bank Limited v. M/S. Trident Industries

Case brief

What is this about?

What did the court decide?

The Cosmos Co. Operative Bank Limited v. M/S. Trident Industries

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Uco Bank versus Nilesh Dattatraya Nagave

Bank of India versus M/s. Rahul Engineering Works Prop. Mr. Surekhs Ashok ,Mohite

Uco Bank versus Avinash Shinde

Punjab and Sind Bank versus M/S. Anil Goat Breed Farm Prop. Mr. Anil Uddhav Suryavamshi

Uco Bank versus Digambar Shinde

Hdfc Bank versus M/S J.K. Jewell Prop. J K Gundesha HUF