Allowed

Bank of Maharashtra v. M/S Sai Sales Corporation Prop Mrs. Santosh Vijay Jalan

DRT7 Aug 2025OA/444/2022

Case brief

AI extract

What is this about?

Dr. G. Murumkar, Presiding Officer, adjudicated a recovery application filed by Bank of Maharashtra against borrowers and guarantors. The Tribunal accepted the Bank's evidence ex parte, reduced the claim by penal interest, adjusted future interest to 9%, and authorized the sale of mortgaged properties to recover the balance.

What the court decided

AI extract

Bank of Maharashtra versus M/S Sai Sales… — Contract and Commercial Disputes | DRT (2025)

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Presented on .. 19.01.2021 Registered on .. 04.05.2022 Decided on .. 07.08.2025 Duration .. Y—M—D 04--06--18

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 444/2022.

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Bank of Maharashtra, Having its registered office at ―Lokmangal‖, Shivajinagar, Pune, having Branch Office at 444, Somwar Peth, Pune.

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… Applicant

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Versus

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1 M/s. Sai Sales Corporation, 302, Park Plaza, Opp. Kamla Nehru Park, Dr. Ketkar Road, Shivajinagar, Pune 411 004. Represented through its proprietress Mrs. Santosh Vijay Jalan, R/o : Apart No.11 (Flat No.12) + Apartment No.12 (Flat No.13), Damodar Villa, CTS No. 868, Shivajinagar, Pune.

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2 M/s. Shriniwas Constructions, Represented by its partners – A] Mr. Sanjay Narayan Jalan, B] Mr. Govind Ganesh Sarada, Having office at CTS No. 1254/1 and 1253, Bhavani Peth, Pune.

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Sanap ( OA No. 444/2022 ) 1 of 9

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3 Mr. Vijay Narayan Jalan, R/o : Apart No.11 (Flat No.12) + Apartment No.12 (Flat No.13), Damodar Villa, CTS No. 868, Shivajinagar, Pune.

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4 Mr. Sanjay Narayan Jalan, Having office at CTS No. 1254/1 and 1253, Bhavani Peth, Pune.

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5 Mr. Govind Ganesh Sarada, Having office at CTS No. 1254/1 and 1253, Bhavani Peth, Pune. … Defendants

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:- Appearances For Applicant Advocate Priti Bhat. For Defendants Ex parte.

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Total Claim Amount – Rs.8,65,18,141/-

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JUDGMENT

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(Delivered on 07^th August, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.8,65,18,141/- together with future interest at the contractual rate i.e. @14.50% per annum from the date of Application till realization of the entire dues from defendant Nos. 1 to 3.

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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, the applicant Bank sanctioned the Cash Credit facility of Rs.2,09,00,000/- to defendant No.1 vide Sanction Letter

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Sanap ( OA No. 444/2022 ) 2 of 9

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dated 31.10.2012 and thereafter as per application dated 18.03.2013 of defendant No.1, the same was enhanced to Rs.500 Lakhs as per Sanction letter dated 18.03.2013. Defendant Nos. 2 and 3 stood guarantors for the repayment of loan availed by defendant No.1. Defendant Nos.4 and 5 are partners of defendant No. 2.

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In order to secure the aforesaid loan facility, defendant Nos. 1 to 3 have executed necessary loan and security documents in favour of the applicant Bank. Defendant Nos.1 to 3 have also executed deed of mortgage dated 21.03.2013 in respect of –

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(A) Apartment No. 11 corresponding Flat No. 12, on 4^th floor, having proportionate 6.600% undivided share in the property bearing CTS No. 868 along with two storeyed structure standing thereon corresponding Final Plot No. 209 and part of Survey No. 239 total FSI adm. 1132.60 sq. meters and which building is standing thereon known as Damodar Villa situated at village Bhamburda, Shivajinagar, Pune along with one car parking bearing No. CP-11 area about 9.36 sq. mtrs. along with exclusive right to use adjacent terrace adm area about 10.22 sq. mtrs. owned by Mr. Vijay Narayan Jalan;

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Sanap ( OA No. 444/2022 ) 3 of 9

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(B) Apartment No. 12 corresponding Flat No. 13 on 4^th floor, having proportionate 6.785% undivided share in the property bearing CTS No. 868 along with two storeyed structure standing thereon corresponding Final Plot No. 209 and part of Survey No. 239 total FSI adm. 1132.60 sq. meters and which building is standing thereon known as Damodar Villa situated at village Bhamburda, Shivajinagar, Pune along with one car parking bearing No. CP-12 area about 9.36 sq. mtrs. along with exclusive right to use adjacent terrace adm area about 10.22 sq. mtrs. owned by Mrs. Sanotsh Vijay Jalan; and

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(C) All that piece and parcel of land and ground with the building and structure thereon bearing CTS No. 1254/1 and 1253, Bhavani Peth admeasuring 1694.85 sq. mt. and 92 sq. mt. respectively, Taluka Haveli, District Pune, owned by M/s. Shriniwas Constructions, 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, the applicant Bank has classified the account of the defendants as Non Performing Asset in accordance with guidelines of

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Sanap ( OA No. 444/2022 ) 4 of 9

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Reserve Bank of India. Therefore, the applicant Bank sent demand notices to the defendants thereby recalling the outstanding amount.

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Hence, this application is filed.

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Defendant Nos.1 and 3 failed to file written statement, therefore, the application proceeded without written statement against defendant Nos.1 and 3 as per Order dated 06.08.2025 passed below Application (Exhibit-1).

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So also, defendant Nos. 2, 4 and 5 failed to appear despite service of summons. Hence, the application proceeded ex-parte against them as per Order dated 06.08.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Prashant Suresh Antapurkar, Chief Manager of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW1-1 to AW1-19 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

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Sanap ( OA No. 444/2022 ) 5 of 9

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for reliefs as claimed against defendant Nos.1 to 3. The applicant Bank has not claimed any relief against defendant Nos. 4 and 5, therefore, no order is passed against them.

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The applicant Bank has claimed Accrued Penal Interest of Rs.49,13,988/-, which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.8,65,18,141/- is reduced to Rs.8,16,04,153/-.

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The applicant Bank has claimed future interest at the contractual rate i.e. @14.50% 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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O R D E R

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A} Original Application No. 444/2022 is allowed with proportionate costs against defendant Nos.1 to 3.

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B} Defendant Nos.1 to 3 either jointly or severally shall pay to the applicant Bank the sum of Rs.8,16,04,153/(Rupees Eight Crore Sixteen Lakhs Four Thousand One Hundred Fifty Three only) along with future interest @9% per annum from the date of filing of the Original

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Sanap ( OA No. 444/2022 ) 6 of 9

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Application i.e. 19.01.2021 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 mortgage in respect of –

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(A) Apartment No. 11 corresponding Flat No. 12, on 4^th floor, having proportionate 6.600% undivided share in the property bearing CTS No. 868 along with two storeyed structure standing thereon corresponding Final Plot No. 209 and part of Survey No. 239 total FSI admeasuring area 1132.60 sq. meters (net plot FSI 809 square meters and TDRFSI admeasuring 323.60 square meters and which building is standing thereon known as Damodar Villa situated at village Bhamburda, Shivajinagar, Pune along with one car parking bearing No. CP-11 and CP-9 area about 9.36 square meters along with exclusive right to use adjacent terrace admeasuring area about 10.22 square meters owned by Mr. Vijay Narayan Jalan;

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(B) Apartment No. 12 corresponding Flat No. 13 on 4^th floor, having proportionate 6.785% undivided share in the property bearing CTS No. 868 along

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Sanap ( OA No. 444/2022 ) 7 of 9

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with two storeyed structure standing thereon corresponding Final Plot No. 209 and part of Survey No. 239 total FSI admeasuring 1132.60 square meters and which building is standing thereon known as Damodar Villa situated at village Bhamburda, Shivajinagar, Pune along with one car parking bearing No. CP-12 area about 9.36 square meters along with exclusive right to use adjacent terrace admeasuring area about 10.22 square meters owned by Mrs. Sanotsh Vijay Jalan; and

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(C) All that piece and parcel of land and ground with the building and structure thereon bearing CTS No. 1254/1 and 1253, Bhavani Peth, admeasuring 1694.85 square meters and 92 square meters respectively, Taluka Haveli, District Pune, owned by M/s. Shriniwas Constructions,

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more particularly described in the Para No. 5.10 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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Sanap ( OA No. 444/2022 ) 8 of 9

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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 : 07.08.2025 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 444/2022 ) 9 of 9

Bank of Maharashtra v. M/S Sai Sales Corporation Prop Mrs. Santosh Vijay Jalan

Case brief

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Bank of Maharashtra v. M/S Sai Sales Corporation Prop Mrs. Santosh Vijay Jalan

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