Allowed

Bank of India v. Mr. Vishal Sanjay Golande, Prop. of M/S. Vivere Colorito

DRT20 Jun 2025OA/541/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed Bank of India's original application for recovery of Rs. 22,40,661 from the defendant, awarding 9% simple interest p.a. as future interest for non-adjustment of hypothecated assets described in the claim.

What did the court decide?

Recovery of Rs. 22,40,661 with future interest @9% p.a. (simple) from date of application; issue of Recovery Certificate.

Bank of India versus Mr. Vishal Sanjay Golande, Prop. of M/S… — Banking and Recovery | DRT (2025)

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Presented on .. 26.10.2021 Registered on .. 04.06.2022 Decided on .. 20.06.2025 Duration .. Y—M—D 03--07--24

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 541/2022.

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Bank of India,

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A Banking company incorporated under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970 and Banking Company as defined in Section 2 (e) of Recovery of Debts to Banks and Financial Institutions Act, 1993 having its head office at Star House, C-5, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400051 and branch at – Survey No. 8, Yashwant Plaza, Yashwant Nagar, Opposite Radison Hotel, Kharadi, Pune 411014.

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… Applicant

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Versus

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Mr. Vishal Sanjay Golande, Proprietor of M/s. Vivere Colorito, Age 32 years, Occ. Business,

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a) R/at : Survey No. 2113, Sainikwadi, Wadgaon Sheri, Pune 411 014.

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b) Office at : Shop No. 19, Surve No. 36/1, Karan Bazar, Wadgaon Sheri, Pune 411 0014.

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… Defendant

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Sanap ( OA No. 541/2022 ) 1 of 5

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:- Appearances For Applicant Advocate Yogesh Hirve. For Defendant Ex parte.

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Total Claim Amount – Rs.22,40,660=74

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JUDGMENT

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(Delivered on 20^th June, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.22,40,660=74, by rounding Rs.22,40,661/- together with future interest @10.15% per annum from the date of Application till realization of the entire dues from the defendant.

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Brief facts of the application are as under :-

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As per the loan application dated 13.07.2016 of the defendant, the applicant Bank sanctioned the Term loan facility of Rs.29,50,000/- to the defendant for his business requirements, vide Sanction Letter dated 22.07.2016.

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In order to secure the aforesaid loan facility, the defendant executed loan and necessary security documents in favour of the applicant Bank along with deed of hypothecation, in favour of the applicant Bank. The defendant has also executed Acknowledgment of Debt on 19.07.2019 and thereby confirmed the balance outstanding in loan account. The defendant has lastly

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Sanap ( OA No. 541/2022 ) 2 of 5

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deposited Rs.50,000/- in the Term Loan account on 01.10.2020.

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The applicant Bank contended that the defendant committed defaults in payment of installments and failed to regularize the accounts. Hence, on 15.04.2021, the applicant Bank has classified the account of the defendant as Non Performing Asset in accordance with guidelines of Reserve Bank of India. Therefore, on 12.08.2021, the applicant Bank issued Recall Notice to the defendant. Despite service of Notice, the defendant 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 defendant failed to appear despite service of summons. Hence, the application proceeded ex-parte against the defendant as per Order dated 23.04.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Kunwar Singh, Senior Manager of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1-1 to AW-117 along with list (Exhibit 7), which corroborates the case of the applicant Bank.

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Sanap ( OA No. 541/2022 ) 3 of 5

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I have heard arguments of the learned Advocate for the applicant Bank.

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Since the defendant 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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The applicant Bank has claimed future interest @10.15% 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. 541/2022 is allowed with costs.

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B} The defendant shall pay to the applicant Bank the sum of Rs.22,40,661/- (Rupees Twenty Two Lakhs Forty Thousand Six Hundred Sixty One only) along with

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Sanap ( OA No. 541/2022 ) 4 of 5

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future interest @9% per annum from the date of filing of the Original Application i.e. 26.10.2021 till full payment/realization of the amount mentioned in this operative order.

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C} Issue Recovery Certificate. D} The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant and defendant.

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Sd/( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 20.06.2025 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 541/2022 ) 5 of 5

Bank of India v. Mr. Vishal Sanjay Golande, Prop. of M/S. Vivere Colorito

Case brief

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Bank of India v. Mr. Vishal Sanjay Golande, Prop. of M/S. Vivere Colorito

Case brief

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