Allowed

State Bank of India v. Surajya Polymers Private Limited

DRT8 Aug 2025OA/320/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by State Bank of India for recovery of dues aggregating to Rs.1,55,37,515/- along with future interest from a company and its three directors acting as personal guarantors after the defendants failed to appear in court.

What did the court decide?

The defendants jointly or severally to pay the specified principal amounts for various loan accounts along with future interest at the modified rates.

State Bank of India versus Surajya Polymers… — Contract and Commercial Disputes | DRT (2025)

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Presented on .. 04.08.2022 Registered on .. 24.02.2023 Decided on .. 08.08.2025 Duration .. Y—M—D 03--00--04

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 320/2023.

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State Bank of India,

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A Banking Company constituted under the State Bank of India Act, 1955 and having its Corporate Office at State Bank Bhavan, Nariman Point, Madam Cama Road, Mumbai 400 021 and its branch at – Commercial Branch, Office No. 101 and 102, First Floor, Next Gen Avenue, Bahiratwadi, Behind CC Trade Tower, Off. Senapati Bapat Road, Pune 411 016.

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… Applicant

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Versus

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1 M/s. Surajya Polymers Private Limited, Plot No. E-74, MIDC Ranjangaon, Taluka Shirur, District Pune 412 220.

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2 Mr. Balasaheb Dattu Lashkar, At Karanje Nagar 2, Near Tower Line, Talegaon Road, Post Shikrapur, Taluka Shirur, District Pune 412 208.

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Sanap ( OA No. 320/2023 ) 1 of 9

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3 Mr. Pravin Ramchandra Zende, At Karanje Nagar 2, Near Tower Line, Talegaon Road, Post Shikrapur, Taluka Shirur, District Pune 412 208.

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4 Mr. Sachin Sambhaji Dhore, At Wada Punarvasan, Post Koregaon Bhima, Taluka Shirur, District Pune 412 216. … Defendants

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:- Appearances For Applicant Advocate Sudha Koloti. For Defendants Ex parte.

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Total Claim Amount – Rs.1,55,37,515/-

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JUDGMENT

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(Delivered on 08^th August, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.1,55,37,515/- together with future interest @12.95% per annum for Term Loan account, @9.55% per annum for Cash Credit Loan account, @15.15% per annum for FITL I account, @15.65% per annum for WCTL I Loan account and @8.80% per annum for Guaranteed Emergency Credit Line (GECL) – I and II loan accounts, from the date of Application till realization of the entire dues from the defendants jointly and severally.

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Brief facts of the application are as under :-

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Sanap ( OA No. 320/2023 ) 2 of 9

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Defendant No.1 is a Private Limited Company and defendant Nos. 2 to 4 are the Directors of defendant No.1. Defendant Nos. 2 to 4 also stood personal guarantors to the credit facilities granted to defendant No.1 by the applicant Bank.

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As per the loan application dated 15.07.2017 of defendant No.1, the applicant Bank sanctioned the Term Loan of Rs.1,10,00,000/- and DCC loan facility of Rs.7,00,000/- to defendant No.1 vide Arrangement Letter dated 27.09.2017 under CGTMSE.

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Again as per request application dated 13.08.2019 of defendant No.1 for enhancement, restructure of Term Loan and Sanction of FITL and WCTL, the applicant Bank reviewed and sanctioned the following loan facilities to defendant No.1 vide Letter of Arrangement dated 28.08.2019.

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Type Amount

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1 DCC (Renewal with From Rs.7,00,000/enhancement) to Rs.25,00,000/-

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2 Review of Term Loan at Rs.64,01,798/run down balance.

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3 FITL – I Rs.1,09,442/-

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4 WCTL – I Rs.36,67,787/-

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Sanap ( OA No. 320/2023 ) 3 of 9

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Thereafter, again as per loan application dated 28.05.2020 of defendant No.1 for sanction of loan facilities aggregating of Rs.1,52,00,000/-, the applicant Bank sanctioned the following loan facilities to defendant No.1 vide Letter of Arrangement dated 30.05.2020.

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Type

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Amount

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1 Cash Credit Rs.25,00,000/-

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2 Guaranteed Emergency Rs.25,00,000/Credit Line (GECL)

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3 Term Loan Rs.64,00,000/4 FITL – I Rs.1,00,000/5 WCTL – I Rs.37,00,000/-

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Thereafter, again as per loan application dated 22.02.2021 of defendant No.1 for sanction of loan facilities aggregating of Rs.1,53,00,000/-, the applicant Bank sanctioned the following loan facilities to defendant No.1 vide Letter of Arrangement dated 02.09.2021.

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Type

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Amount

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1 Cash Credit Rs.25,00,000/2 Guaranteed Emergency Rs.25,00,000/Credit Line (GECL)

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3 Term Loan Rs.64,00,000/4 FITL – I Rs.1,00,000/-

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Sanap ( OA No. 320/2023 ) 4 of 9

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5 FITL – II Rs.1,00,000/6 WCTL – I Rs.37,00,000/-

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Defendant Nos. 2 to 4 stood guarantors for the repayment of loan availed by defendant No.1.

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In order to secure the aforesaid loan facilities, the defendants have executed necessary loan and security documents in favour of the applicant Bank. The defendants have also executed deed of hypothecation in favour of the applicant Bank. The defendants have also executed Balance Confirmation dated 05.04.2022 and thereby confirmed the balance outstanding in loan accounts.

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The applicant Bank contended that the defendants committed defaults in payment of installments and failed to regularize the accounts. On inspection, it is observed that the hypothecated machinery missing and on questioning the Directors-guarantors did not give satisfactory answer. Hence, the applicant Bank has classified the account of the defendants as Non Performing Asset in accordance with guidelines of Reserve Bank of India. Therefore, on 20.05.2022, the applicant Bank issued Recall Notice to the defendants. Despite service of Notice, the defendants failed and

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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 against the defendants as per Order dated 16.04.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Abhishek Anand, Chief Manager of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1 to AW-51 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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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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Sanap ( OA No. 320/2023 ) 6 of 9

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The applicant Bank has claimed future interest @12.95% per annum for Term Loan account, @9.55% per annum for Cash Credit Loan account, @15.15% per annum for FITL I account, @15.65% per annum for WCTL I Loan account and @8.80% per annum for Guaranteed Emergency Credit Line (GECL) – I and II loan accounts. However, considering the facts of the case, I am of the opinion that if future interest is granted @9% per annum (simple) for Term Loan account, for Cash Credit Loan account, for FITL I account and for WCTL I Loan account and @8.80% per annum (simple) for Guaranteed Emergency Credit Line (GECL) – I and II loan accounts, it would be just and reasonable rate of interest.

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Therefore, I pass the following order.

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O R D E R

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A} Original Application No.320/2023 is allowed with costs. B} Defendant Nos. 1 to 4 either jointly or severally shall pay to the applicant Bank the sum of Rs.59,96,890/(Rupees Fifty Nine Lakhs Ninety Six Thousand Eight Hundred Ninety only) towards Term loan account along with future interest @9% per annum from the date of filing of the Original Application i.e. 04.08.2022 till full payment/realization of the amount mentioned

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Sanap ( OA No. 320/2023 ) 7 of 9

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in this operative order.

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C} Defendant Nos. 1 to 4 either jointly or severally shall pay to the applicant Bank the sum of Rs.27,69,392/(Rupees Twenty Seven Lakhs Sixty Nine Thousand Three Hundred Ninety two only) towards Cash Credit loan account along with future interest @9% per annum from the date of filing of the Original Application i.e. 04.08.2022 till full payment/realization of the amount mentioned in this operative order.

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D} Defendant Nos. 1 to 4 either jointly or severally shall pay to the applicant Bank the sum of Rs.75,066/(Rupees Seventy Five Thousand Sixty Six only) towards FITL I loan account along with future interest @9% per annum from the date of filing of the Original Application i.e. 04.08.2022 till full payment/realization of the amount mentioned in this operative order.

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E} Defendant Nos. 1 to 4 either jointly or severally shall pay to the applicant Bank the sum of Rs.32,69,766/(Rupees Thirty Two Lakhs Sixty Nine Thousand Seven Hundred Sixty Six only) towards WCTL I loan account along with future interest @9% per annum from the date of filing of the Original Application i.e. 04.08.2022 till full payment/realization of the amount mentioned

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Sanap ( OA No. 320/2023 ) 8 of 9

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in this operative order.

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F} Defendant Nos. 1 to 4 either jointly or severally shall pay to the applicant Bank the sum of Rs.21,80,268/(Rupees Twenty One Lakhs Eighty Thousand Two Hundred Sixty Eight only) towards GECL I loan account along with future interest @8.80% per annum from the date of filing of the Original Application i.e. 04.08.2022 till full payment/realization of the amount mentioned in this operative order.

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G} Defendant Nos. 1 to 4 either jointly or severally shall pay to the applicant Bank the sum of Rs.12,46,133/(Rupees Twelve Lakhs Forty Six Thousand One Hundred Thirty Three only) towards GECL II loan account along with future interest @8.80% per annum from the date of filing of the Original Application i.e. 04.08.2022 till full payment/realization of the amount mentioned in this operative order.

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H} Issue Recovery Certificate.

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I} 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 : 08.08.2025 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 320/2023 ) 9 of 9

State Bank of India v. Surajya Polymers Private Limited

Case brief

What is this about?

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State Bank of India v. Surajya Polymers Private Limited

Case brief

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