Allowed

Bank of India v. Sangramsinh

DRT30 Jan 2025OA/277/2022

Case brief

AI extract

What is this about?

In an ex-parte application filed under the Recovery Tribunal rules, the Bank of India sought recovery of approximately Rs. 47.67 lakhs as outstanding dues from a borrower and guarantors. After reviewing evidence and hearing the applicant, the court allowed the application, fixing future interest at 9% p.a. and authorizing the sale of secured assets to recover dues.

What did the court decide?

Decree recovered principal of ~Rs. 47.67 lakhs with future interest at 9% p.a. and directed sale of secured mortgaged properties and tractor for repayment of dues.

Bank of India versus Sangramsinh — Execution and Attachment | DRT (2025)

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Presented on: 22.02.2022 Registered on: 24.03.2022 Decided on: 30.01.2025 Duration: Y M D 2 11 08

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No.277/2022

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Bank of India,

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A Banking Company incorporated under the Banking Companies (Acquisition & Transfer of Undertakings) Act V 1970, having its Head Office at “Star House”, Bandra-Kurla Complex, Bandra, Mumbai and having its one of the branch at Piliv Tal. Malshiras, District Solapur - 413 310.

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… Applicant

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Versus

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Mr. Sangramsinh Ajitsinh Jahagirdar

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Piliv Gavthan, Taluka Malshiras, District Solapur – 413 310.

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Mr. Kiran Mallikarjun Aarve At Post – Piliv, Tal. Malshiras, District – Solapur – 413 310.

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Mr. Gopal Vishnusingh Bhais At Post – Piliv, Tal. Malshiras, District – Solapur – 413 310 … Defendants

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APPEARANCES

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For the Applicant Mr. P.D.Pathak - Advocate For Defendant Ex parte

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TOTAL CLAIM AMOUNT –Rs.47,67,454.45Ps.

(OA No.277/2022)

Page 1 of 7

[ANIL]

JUDGMENT (Delivered on 30^th January, 2025)

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The Applicant Bank has filed present Application for recovery of aggregate sum of Rs.47,67,454.45Ps. [ i.e. Rs.6,90,376.25 in respect of Star Housing Loan account, together with future interest @9.50% p.a. with monthly rests, Rs.10,86,913.98 in respect of Crop Loan Account together with future interest @9.90 p.a. with monthly rests, Rs.2,27,881.43 in respect of Tractor Loan Account together with future interest @10.90% pa. with monthly rests, Rs.20,07,031.96/- in respect of Agricultural Term Loan account together with future interest @11.35% p.a. with monthly rests and Rs.7,55,250.19Ps in respect Term Loan for land development together with future interest @ 9.90% p.a with monthly rests ] from 01.01.2022 till repayment/ realization of entire dues from the defendants.

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Brief facts of the application are is under:

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Defendant No.1 is the principal borrower and defendant Nos.2 and 3 are the guarantors to the loan facilities availed by defendant No.1 from the applicant Bank.

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The defendants approached the applicant Bank from time to time for availing various Loan facilities. The applicant Bank sanctioned and disbursed the following loans from time to time to the defendants:

(OA No.277/2022)

Page 2 of 7

[ANIL]

Head	Amount	Date of Sanction	Purpose
Term Loan Star Housing Loan	Rs.10,00,000	20.12.2010	For purchasing Flat No.10, 2^nd Floor, having carpet area 101.26 sq mtrs. Shiv Majestic Apartment, Neminath Nagar, Sangali, Taluka Miraj, District Sangali.
Crop Loan (Cash Credit) & Crop Loan Enhancement.	Rs.3,00,000 Rs.7,00,000	01.01.2016 02.03.2021	Crop Loan for Land bearing G.No.230/1A, (941/1/A) adms. 4 Hector, at Mouje Piliv, Taluka Malshiras, Dist. Solapur.
New Tractor (Term Loan)	Rs.03,30,000	25.04.2018	Purchase of New Tractor
Term Loan for Agricultural	Rs.21,50,000	25.07.2019	For agricultural needs and minor
Needs & minor Irrigation			irrigation.
Term Loan for Land Development	Rs.07,00,000	02.03.2021	For Land Development

(OA No.277/2022)

Page 3 of 7

[ANIL]

In order to secure above mentioned credit facilities & term Loan facilities, the defendants executed necessary loan transactions & security documents. Further, defendants mortgaged the immovable properties (Schedule-A) & hypothecated property (Schedule-B) in favour of the Applicant Bank as set out in the Original Application.

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It is contended that the defendants acknowledged the liability in all the accounts from time to time by executing letters of Acknowledgement of Debt and Security as mentioned in Paragraph No.5.27 (Page No.29) of the Original Application. It is further contended that after availing and utilizing credit facilities, defendants failed to repay the loan amounts as per terms of sanction. Hence, the loan accounts were classified as NonPerforming Asset on 10^th November, 2021 as per the Reserve Bank of India norms.

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Thereafter, the Applicant Bank on 19.01.2022 issued Demand Notice to the defendants calling upon them to pay the outstanding amounts. Despite service of Notice, defendants failed and neglected to comply with the demand in the said Notice. Hence, this application is filed.

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Defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte against the defendants vide order dated 18^th January, 2024 passed below the application

(OA No.277/2022)

Page 4 of 7

[ANIL]

(Exhibit-1).

The applicant Bank has filed Claim Affidavit of evidence (Exhibit6) of Mr. Raja Raman, Chief Manager, Power of Attorney Holder & Legal Representative of the Applicant Bank, which supports the case of the applicant Bank elucidated in the application.

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The applicant Bank has produced on record the original loan transaction documents alongwith list Exh.9 (Exh. A to Z-4, at Sr.Nos.1 to 43) dated 29.11.2024, which corroborate 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 defendants 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 as claimed.

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Considering the facts of the present case and the various interest rates claimed by the Applicant Bank in each loan facility availed by the defendants, I am of the opinion that if future interest is granted @9% per annum (simple) for all the facilities, it would be just and reasonable rate of interest.

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Hence, I pass the following order:-

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ORDER

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(A) Original Application No.277/2022 is allowed with costs.

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(B) Defendant No.1 and 2 either jointly or severally shall pay to the applicant Bank towards the Star Housing Loan (A/c

(OA No.277/2022)

Page 5 of 7

[ANIL]

No.71375610000003), a sum of Rs.6,90,376/- (Rupees Six Lakhs Ninety Thousand Three Hundred Seventy Six only) with future interest @9% p.a. from the date of filing of the Original Application i.e. 22.02.2022 till payment/ realization of the amount mentioned in this operative order.

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(C) Defendant Nos.1 to 3 jointly or severally shall pay to the applicant Bank towards Crop Loan (A/c No.71376310000487), a sum of Rs.10,86,914/- (Rupees Ten Lakhs Eighty Six Thousand Nine Hundred Fourteen only) with future interest @9% p.a. from the date of filing of the Original Application i.e. 22.02.2022 till payment/ realization of the amount mentioned in this operative order.

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(D) Defendant Nos.1to3 jointly or severally shall pay to the applicant Bank towards Tractor Loan (A/c No.71376210000461), a sum of Rs.02,27,881/- (Rupees Two Lakhs Twenty Seven Thousand Eight Hundred Eighty One only) with future interest @9% p.a. from the date of filing of the Application i.e. 22.02.2022 till payment/ realization of the amount mentioned in this operative order.

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(E) Defendant Nos.1 to 3 jointly or severally shall pay to the applicant Bank toward Agricultural Term Loan (A/c No.71376210000480), a sum of Rs.20,07,032/- (Rupees Twenty Lakhs Seven Thousand Thirty Two only) with future interest @9% p.a. from the date of filing of the Original Application i.e. 22.02.2022 till payment/ realization of the amount mentioned in this operative order.

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(F) Defendant No.1 & 3 either jointly or severally shall pay to the Applicant Bank towards Term Loan For Land Development (A/c No.71376210000547), a sum of Rs.7,55,250/- (Rupees Seven Lakhs Fifty Five Thousand Two Hundred Fifty only) with future interest @9% p.a. from the date of filing of the Original Application i.e. 22.02.2022 till payment/realization of the amount mentioned in this operative order.

(OA No.277/2022)

Page 6 of 7

[ANIL]

(G) The aforesaid adjudicated amounts are secured by valid & subsisting mortgaged properties i.e. :-

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( 1 ) All that piece and parcel of Flat No.10, 2^nd Floor, admeasuring carpet area about 101.26 Sq.Mtrs in the Shiv Majestic Apartment/Building constructed on S.No.13301/ 1B situated at Village Neminath Nagar, Sangali, Taluka Miraj, District Sangali.

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( 2 ) All that piece and parcel of Gat No.230/1A (941/1/A) admeasuring about 4 Hector, $-R Potkharaba-1H, 00 R situated at Village Piliv, Taluka Malshiras, District Solapur.

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( 3 ) All that piece and parcel of Gat No.230/1A, Gat No.230/1/B/2, admeasuring area 8.56 Hq. and 1.36 Hq.+ Potkharaba situated at Village Piliv, Taluka Malshiras, District Solapur.

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(H) The aforesaid adjudicated amounts are secured by the valid and subsisting hypothecation of the Tractor bearing Reg. No.MH-45-AD-7329, Agricultural Tractor manufactured by Mahindra & Mahindra bearing Chassis No.MBNZKGBBFHGG02892 & Engine No.GHG4WLA3277, Mahindra Jivo 245 DI.

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(I) The applicant Bank is entitled to sell the mortgaged immovable properties and hypothecated vehicle i.e. Tractor, to recover its dues.

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(J) Issue Recovery Certificate.

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(K) The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant Bank and defendants.

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Place : Pune Date : 30.01.2025

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

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(OA No.277/2022)

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Page 7 of 7

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[ANIL]

Bank of India v. Sangramsinh

Case brief

What is this about?

What did the court decide?

Bank of India v. Sangramsinh

Case brief

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