Allowed

Bank of Maharashtra v. Ms Yogiraj Industries Prop Shri. Ravindra Mohan Bhandare

DRT2 Apr 2025OA/435/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application by Bank of Maharashtra for recovery of Rs.96,19,973/- plus future interest. The court decreed repayment at 9% simple interest per annum and ordered enforcement against mortgaged lands.

What did the court decide?

Defendants shall pay Rs.96,19,973/- with future interest at 9% per annum; mortgaged lands are declared security for the amount and sale may be directed for recovery.

Bank of Maharashtra versus Ms Yogiraj Industries Prop Shri… — Specific Performance | DRT (2025)

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Presented on .. 27.07.2021 Registered on .. 04.04.2022 Decided on .. 02.04.2025 Duration .. Y—M—D 03--08--05

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 435/2022.

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Bank of Maharashtra,

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A Banking Company Incorporated under the Banking Companies (Acquisition and Transfer of Undertakings) Act V of 1970, having its head office at ―Lokmangal‖, 1501, Shivajinagar, Pune – 411005 and one of its branch office at Akkalkot, Taluka and District Solapur.

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… Applicant

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Versus

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1 M/s. Yogiraj Industries, Through Prop. - Shri Ravindra Mohan Bhandare, Age 42 years, Occ. Business, At CTS No.2721, Plot No.1858, Swami Aydogik Vasahat, Gangapur Road, Akkalkot, District Solapur 413 216.

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2 Smt. Anuradha Mohan Bhandare, Age 62 years, Occ. Agriculture, At CTS No.2721, Plot No.1858, Swami Aydogik Vasahat, Gangapur Road, Akkalkot, District Solapur 413 216.

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Sanap ( OA No. 435/2022 ) 1 of 6

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3 Smt. Rama Mohan Bhandare, Age 33 years, Occ. Business, At CTS No.2721, Plot No.1858, Swami Aydogik Vasahat, Gangapur Road, Akkalkot, District Solapur 413 216.

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4 Shri Rahul Mohan Bhandare, Age 39 years, Occ. Business, At CTS No.2721, Plot No.1858, Swami Aydogik Vasahat, Gangapur Road, Akkalkot, District Solapur 413 216. … Defendants

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:- Appearances

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For Applicant Advocate Ashok Tamboli. For Defendants Without written statement.

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Total Claim Amount – Rs.96,19,973/-

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JUDGEMNT

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(Delivered on 02^nd April, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.96,19,973/- together with future interest @13.75% 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 of defendant No. 1 M/s. Yogiraj Industries Prop. Mr. Ravindra Mohan Bhandare, the applicant Bank sanctioned the following loan facilities to defendant No.1.

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Sanap ( OA No. 435/2022 ) 2 of 6

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Name of facility	Amount Rs.	Date of Sanction
1 Term Loan	30,00,000/-	27.12.2012
2 Cash Credit	15,00,000/-	27.12.2012

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Defendant Nos. 1 to 4 (defendant No.1 in personal capacity) 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 executed necessary loan and security documents in favour of the applicant Bank. The defendants have also executed deed of mortgage of land admeasuring 1858 sq. mtrs. bearing CTS No. 2721 situated at Akkalkot, District Solapur and Plot No. 73 admeasuring 450 sq. mtrs. in Swami Samarth Audyogik Vasahat in MIDC Akkalkot, District Solapur, in favour of the applicant Bank.

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The defendants have also executed Balance and Security Confirmation Letters on 28.12.2015, 03.02.2016, 21.12.2018 and 22.02.2019 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. Hence, on 30.04.2014, the

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Sanap ( OA No. 435/2022 ) 3 of 6

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applicant Bank has classified the account of the defendants as Non Performing Asset in accordance with guidelines of Reserve Bank of India. Therefore, on 23.03.2018, 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.

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Hence, this application is filed.

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The defendants failed to file written statement. Hence, the application proceeded without written statement of the defendants as per Order dated 24.03.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Madiga Nagaraju, Branch Manager of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1 to AW-21 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 contest the application, I find no reason to disbelieve evidence of the applicant

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Sanap ( OA No. 435/2022 ) 4 of 6

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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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The applicant Bank has claimed future interest @13.75% 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.

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Hence, I pass the following order.

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A} Original Application No. 435/2022 is allowed with costs.

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B} Defendant Nos.1 to 4 either jointly or severally shall pay to the applicant Bank the sum of Rs.96,19,973/- (Rupees Ninety Six Lakhs Nineteen Thousand Nine Hundred Seventy Three only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 27.07.2021 till full payment/realization of the amount mentioned in this operative order.

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Sanap ( OA No. 435/2022 ) 5 of 6

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C} The aforesaid adjudicated amount is secured by the valid and subsisting mortgage of land admeasuring 1858 sq. mtrs. bearing CTS No. 2721 situated at Akkalkot, District Solapur and Plot No. 73 admeasuring 450 sq. mtrs. in Swami Samarth Audyogik Vasahat in MIDC Akkalkot, District Solapur, more particularly described in the Para No. 5.4 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. 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 : 02.04.2025 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 435/2022 ) 6 of 6

Bank of Maharashtra v. Ms Yogiraj Industries Prop Shri. Ravindra Mohan Bhandare

Case brief

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Bank of Maharashtra v. Ms Yogiraj Industries Prop Shri. Ravindra Mohan Bhandare

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