Allowed

Bank of Maharashtra v. M/S Chandrasakha Dairy Farm Prop Nivrutti Anant Wasvand

DRT23 Apr 2025OA/422/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed a recovery application by Bank of Maharashtra against three respondents. The court adjusted the claimed amount by deducting penal interest and fixed future interest at 9% per annum, granting a recovery certificate and direction to sell mortgaged property.

What did the court decide?

Deduction of penal interest; recovery of Rs.35,06,722 with future interest at 9% p.a.; recovery certificate issued; mortgaged property open for sale.

Bank of Maharashtra versus M/S Chandrasakha Dairy Farm… — Insolvency and Bankruptcy | DRT (2025)

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Presented on .. 18.03.2022 Registered on .. 27.04.2022 Decided on .. 23.04.2025 Duration .. Y—M—D 03--01--05

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 422/2022.

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Bank of Maharashtra, Banking Company Incorporated under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, having its head office at ―Lokmangal‖, 1501, Shivajinagar, Pune – 5 and one of its branch office at Ambegaon, Pune.

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… Applicant

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Versus

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1 M/s Chandrasakha Dairy Farm, Prop. Nivrutti Anant Wasvand, Age Adult, Occ. – Business, A} Gat No. 72, Morwadi Kikwi, Taluka Bhor, District Pune 41220. B} S. No.1, Chandrasakha Wear House, Ambegaon Bk., Taluka Haveli, District Pune 411 046.

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2 Anant Sakharam Wasvand, Age Adult, Occ. – Business, R/at - S. No.1, Chandrasakha Wear House, Ambegaon Bk., Taluka Haveli, District Pune 411 046.

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Sanap ( OA No. 422/2022 ) 1 of 5

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3 Gulab Anant Wasvand, Age Adult, Occ. – Business, R/at - S. No.1, Chandrasakha Wear House, Ambegaon Bk., Taluka Haveli, District Pune 411 046. … Defendants

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:- Appearances For Applicant Advocate V.S. Tokekar. For Defendants Ex parte.

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Total Claim Amount – Rs.35,71,919/-

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JUDGEMNT

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(Delivered on 23^rd April, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.35,71,919/- together with future interest @13.25% per annum from the date of Application till realization of the entire dues from the defendants.

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Brief facts of the application are as under :-

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As per the loan application dated 01.07.2013 of defendant No.1 for grant of working capital and purchase of machinery, equipment etc., the applicant Bank sanctioned the Term loan facility of Rs.217.00 Lakhs and Cash Credit of Rs.12.00 Lakhs to defendant No.1 vide Sanction Letter dated 09.10.2013. Defendant Nos.2 and 3 stood guarantor for the repayment of loan availed by defendant No.1.

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In order to secure the aforesaid loan facilities, the defendants executed loan and necessary security documents along with deed of mortgage of Gat No. 72 area

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Sanap ( OA No. 422/2022 ) 2 of 5

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2 H 98 R plus Pot Kharaba 24 R, totally 3 Hector 22 Ares, situated at village Morwadi (Kikwi), Taluka Bhor, District Pune, in favour of the applicant Bank.

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The applicant Bank contended that the defendants committed defaults in payment of installments and failed to regularize the accounts. Hence, on 26.03.2021, 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 09.06.2021, the applicant Bank issued legal Notice to the defendants. Despite service of Notice, the defendants failed and 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 25.06.2024 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exh.6) of Preeti Pawar, Branch Manager of the applicant, and has produced on record the original loan transaction documents at Sr. Nos. AW1-1 to AW1-11 along with list (Exh. 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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Sanap ( OA No. 422/2022 ) 3 of 5

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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 ledger balance of Rs.29,00,825/-. However, account extract filed by the applicant Bank shows ledger balance of Rs.28,75,825/-. Thus, the applicant Bank is entitled to recover the same. The applicant Bank has also claimed Penal Interest charges of Rs.40,197/-, which cannot be granted and the same is required to be deducted from the total claim amount. As such, the applicant Bank is entitled to recover ledger balance as per account extract of Rs.28,75,825/- plus unapplied interest from the date of NPA up to date of filing Application of Rs.6,30,897/i.e. total of Rs.35,06,722/-. Therefore, the total claim amount of Rs.35,71,919/- is reduced to Rs.35,06,722/-.

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The applicant Bank has claimed future interest @13.25% per annum. However, considering the facts of the case, I am of the opinion that if future interest is granted @9% per annum (simple), it would be just and reasonable rate of interest. Hence, I pass the following order.

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O R D E R

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A} Original Application No. 422/2022 is allowed with

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Sanap ( OA No. 422/2022 ) 4 of 5

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proportionate costs.

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B} Defendant Nos.1 to 3 either jointly or severally shall pay to the applicant Bank the sum of Rs.35,06,722/- (Rupees Thirty Five Lakhs Six Thousand Seven Hundred Twenty Two only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 18.03.2022 till full payment/realization of the amount mentioned in this operative order.

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C} The aforesaid adjudicated amount is secured by the valid and subsisting mortgage of Gat No. 72 area admeasuring 2 Hector 98 Ares plus Pot Kharaba 00 Hector 24 Ares, totally 3 Hector 22 Ares, situated at village Morwadi (Kikwi), Taluka Bhor, District Pune, more particularly described in the Schedule of the Original Application.

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D} The applicant Bank is entitled to sell the mortgaged property to recover its dues.

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E} Issue Recovery Certificate.

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F} 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 : 23.04.2025 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 422/2022 ) 5 of 5

Bank of Maharashtra v. M/S Chandrasakha Dairy Farm Prop Nivrutti Anant Wasvand

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Bank of Maharashtra v. M/S Chandrasakha Dairy Farm Prop Nivrutti Anant Wasvand

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