Allowed

Bank of Maharashtra v. M/s. LifeCare Multispeciality Hospital

DRT3 Apr 2025OA/246/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant Bank's application for recovery of outstanding term loans. The court reduced the claim amount by deducting penal charges and modified the interest rate to 9% p.a. simple, granting a recovery certificate with a mandate to mortgage specified immovable property.

What did the court decide?

Defendant ordered to pay Rs. 1,60,00,247/- with future interest at 9% p.a. from filing date, secured by mortgage of specified land.

Bank of Maharashtra versus M/s. LifeCare Multispeciality… — Specific Performance | DRT (2025)

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Presented on: 18.07.2022 Registered on: 18.02.2023 Decided on: 03.04.2025 Duration: Y M D 02 08 15

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.246/2023.

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Bank of Maharashtra ,

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A Body Corporate constituted under the Banking Companies (Acquisitions & Transfer of Undertakings) Act 1970 having its Head Office at “Lokmangal” 1501, Shivajinagar, Pune-5 and Branch amongst other places at Saidapur Branch, Taluka Karad, District Satara-415 124.

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… Applicant

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Versus

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M/s LifeCare Multispeciality Hospital

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Through Proprietor - Dr. Dattaprasad Shivaji Randive Tanvi, Bunglow No.10, KST Planet, Near Reliance Petrol Pump, Malkapur, Taluka –Karad, District – Satara – 415 539.

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… Defendant

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APPEARANCES

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For the Applicant For the Defendant

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Advocate Mr. Satyan Jagtap Ex-parte

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TOTAL CLAIM AMOUNT – Rs. 1,60,38,438/-

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JUDGMENT

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(Delivered on 3^rd April, 2025)

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1 The Applicant Bank has filed present application for recovery of aggregate sum of Rs.1,60,38,438/- [ i.e.Rs.60,10,076/- towards Term

(OA No.246/2023)

Page 1 of 5

[ANIL]

Loan Account-I No.60360359007 of Rs.115 Lakhs and Rs.1,00,28,362/towards Term Loan Account-II No.60360713059 of Rs.113 Lakhs ] as on 27.05.2022 together with future interest thereon at the rate of @9.20% p.a. with monthly rests alongwith 2% p.a. penal interest from 11.08.2021 till actual realization of amount from the Defendant.

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2 Brief facts of the application are as under:-

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Defendant in the year 2020 approached to the applicant bank and requested for loan for taking over term loan granted by IDBI Bank which was sanctioned for construction of Hospital Building and for purchase of medical equipment and machineries. Accordingly, the applicant bank sanctioned Term Loan I Facility of Rs.115 lakhs and Term Loan II Facility of Rs.113 lakhs i.e. total Rs.228 lakhs on 01.07.2020, on certain terms and conditions.

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Defendant has executed security documents in favour of the applicant bank on 08.07.2020 and 13.07.2020 for Term Loan I & II, as mentioned in Para Nos.5.5 and 5.6 of the Original Application and requested to make abovesaid facilities available.

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So also, the defendant has deposited Title Deed of the following property in favour of the applicant bank –

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All those pieces and parcel of land situated at Final Plot No.463/1 out of T. P. Scheme No.1, Near Shinde Hospital & Super Market, Shaniwar Peth, Tal. Karad, District Satara, total area admeasuring 305.00 sq. mtrs. i.e. 3281.80 sq.ft. and construction of commercial premises of 3784.50 sq.ft. and parking area considered in commercial portion 652.16 sq. ft. or to be constructed thereon.

(OA No.246/2023)

Page 2 of 5

[ANIL]

The applicant bank submits that defendant utilized the advance by withdrawing amounts from its account and made partial repayments towards the said withdrawals. Thereafter, defendant failed and neglected to comply with terms and conditions in which the said facilities were granted to the defendant. The term loan accounts of the defendant were running irregular and defendant was reluctant to pay the amounts and hence, the account became NPA on 11.08.2021. Thereafter, the applicant bank repeatedly called upon the defendant to regularize the accounts, but he failed and neglected to comply with the same. Hence, the applicant through advocate issued legal notice dated 18.10.2021 to the defendant and thereby called upon the defendant to repay the entire amount outstanding under the said loan accounts. However, the defendant failed to comply with the requisitions contained in the legal notice and failed to repay the amounts outstanding in the said loan accounts.

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Hence, this application is filed.

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4 Defendant has failed to appear despite service of summons. Hence, the application proceeded ex-parte against him vide Order dated 19.02.2025 passed below the Application (Exh.-01).

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5 The Applicant Bank has filed Claim Affidavit of Mr. Pradip Balaso Kadam, Branch Manager & produced on record the Loan Transaction documents (Exh.10) at Exhibits.AW-1/1 to AW-1/14, which corroborates the case of the Applicant Bank.

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6 I have heard arguments of the learned Advocate for the Applicant Bank.

(OA No.246/2023)

Page 3 of 5

[ANIL]

7 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 reliefs as claimed.

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8 The applicant bank has claimed penal interest of Rs.37,837/- and other charges of Rs.354/- towards both Term Loan facilities, which cannot be granted and it is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs. 1,60,38,438/- is reduced to Rs.1,60,00,247 /-.

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9 The Applicant Bank has claimed future interest @9.20% p.a. for both Term Loan Facilities. However, considering the facts of the case, I am of the opinion that if future interest is granted @9% p.a. (simple), 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.246/2023 is allowed with costs.

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(B) Defendant shall pay an aggregate sum of Rs.1,60,00,247/ - (Rupees One Crore Sixty Lakhs Two Hundred Fourty Seven only) [i.e. Rs.59,91,478 /- towards Term Loan Account-I No.60360359007 and Rs.1,00,08,769 /- towards Term Loan Account II No. 60360713059] with future interest @ 9% p.a. from the date of filing of the Original Application i.e.18.07.2022 till payment/realization of the amount mentioned in this operative order, to the Applicant Bank.

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(C) The aforesaid adjudicated amounts are secured by creating Mortgage regarding immovable property i.e. all those pieces and parcel of land situated at Final Plot No.463/1 out of T. P. Scheme No.1, Near Shinde Hospital & Super Market, Shaniwar Peth, Tal. Karad,

(OA No.246/2023)

Page 4 of 5

[ANIL]

District Satara, total area admeasuring 305.00 sq. mtrs. i.e. 3281.80 sq.ft. and construction of commercial premises of 3784.50 sq.ft. and parking area considered in commercial portion 652.16 sq. ft. or to be constructed thereon, more particularly described in the Original Application.

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(D) The Applicant Bank is entitled to sell the mortgaged immovable properties to recover its dues.

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(E) Issue Recovery Certificate. (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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Sd/(Dilip G. Murumkar) Place : Pune Presiding Officer, Date: 03.04.2025 Debts Recovery Tribunal, Pune.

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(OA No.246/2023)

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Page 5 of 5

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[ANIL]

Bank of Maharashtra v. M/s. LifeCare Multispeciality Hospital

Case brief

What is this about?

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Bank of Maharashtra v. M/s. LifeCare Multispeciality Hospital

Case brief

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What the court decided

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