Debts Recovery Tribunal allowed the applicant bank's original application for recovery of loan dues from a partnership firm and its partners due to default on term loan and cash credit facilities.
Recovery of aggregate sum of Rs.11,71,144 with future interest at 9% per annum from January 17, 2019.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
Presented on: 17.01.2019 Registered on: 14.03.2023 Decided on: 06.02.2025 Duration: Y M D 6 - 17
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.340/2023
Union Bank of India A Banking Company constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Head Office at 239, Vidhan Bhavan Marg, Nariman Point, Mumbai -400 021 and a Branch Office amongst other places at – Punyashlok Bapusaheb Maharaj Building, near Kudal High School, Kudal, Taluka-Kudal, District – Sindhudurg – 416 520 known as “Kudal Branch”.
… Applicant
Versus
(OA No.340/2023)
Page 1 of 5
[KAUR]
Sindhudurg – 416 520.
Adult, Occupation : Business R/at – H.No.1272, Dhuri Temb Nagar, Post Pingali, Taluka-Kudal, District – Sindhudurg – 416 520.
…Defendants
APPEARANCES For the Applicant Mr. Ramesh B. Ganbote - Advocate For Defendants None (Ex parte)
TOTAL CLAIM AMOUNT –Rs.11,71,144/-
JUDGMENT
(Delivered on 6th February, 2025)
Defendant No.1 is the Partnership firm of which defendant Nos.2 and 3 are the partners. In or about March, 2014 defendant No.1 through defendant Nos.2 and 3 approached the applicant Bank seeking financial assistance. After due consideration, the applicant Bank on 10th March, 2014 sanctioned and disbursed Cash Credit facility of
(OA No.340/2023)
Page 2 of 5
[KAUR]
Rs.7,00,000/- as Working Capital and Term Loan of Rs.5,00,000/- to defendant No.1.
After sanction of the credit facilities, defendant No.1 through defendant Nos.2 and 3 executed necessary loan transaction and security documents in favour of the applicant Bank as mentioned in Paragraph Nos.5.6 and 5.7 of the Original Application. Defendant No.1 agreed to repay the Term Loan of Rs.5,00,000/- by 81 monthly installments of Rs.6,172/- plus interest.
Since the defendants failed to pay the interest or regularize the loan account, hence the applicant filed the present Original Application for recovery of its dues.
(OA No.340/2023)
Page 3 of 5
[KAUR]
Hence, I pass the following order:-
ORDER
(B) Defendant Nos.1 to 3 either jointly or severally shall pay to the applicant Bank the aggregate sum of
(OA No.340/2023)
Page 4 of 5
[KAUR]
Rs.11,71,144/- (Rupees Eleven Lakhs Seventy-One Thousand One Hundred and Forty-Four only) with future interest @ 9% per annum from the date of filing of the Original Application i.e. 17th January, 2019 till payment/realization of the amount mentioned in this operative order.
(C) Issue Recovery Certificate. (D) The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant and defendants.
Sd/(Dilip G. Murumkar) Place : Pune Presiding Officer Date: 06.02.2025 Debts Recovery Tribunal, Pune
(OA No.340/2023)
Page 5 of 5
[KAUR]
2 issues framed by the court
Whether the debts recovery tribunal is entitled to allow recovery of loan dues and interests
Whether the quantum of future interest can be modified by the tribunal
1 provisions across 1 enactments
Union Bank of India
M/s. Dalvi Soaps
Rajendra Gopal Dalvi
Sarvesh Sahadev Dalvi
Dilip G. Murumkar
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
