Allowed

Bank of Maharashtra v. Harischandra Ghatkar

DRT29 Apr 2025OA/559/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the Debts Recovery Tribunal application filed by Bank of Maharashtra for recovery of dues. The respondents failed to appear. The court adjusted the claimed future interest rates to 9% and 7% per annum and directed payment of principal along with the reduced future interest, enforcing the mortgage security.

What did the court decide?

Payment of principal amounts towards Agricultural Term Loan and MKCC facilities along with future interest at 9% and 7% per annum respectively; enforcement of mortgage; issuance of Recovery Certificat

Bank of Maharashtra versus Harischandra Ghatkar — Banking and Recovery | DRT (2025)

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Presented on .. 07.10.2021 Registered on .. 13.04.2023 Decided on .. 29.04.2025 Duration .. Y—M—D 03--06--22

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 559/2023.

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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 – 411005 and one of its branch office at Desai Building, Bazarpeth, Pawas, Taluka and District Ratnagiri 415 616.

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… Applicant

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Versus

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1 Mr. Harischandra Ganpat Ghatkar, R/at – At and Post Shivar Ambere, Taluka and District Ratnagiri 415 626.

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2 Mr. Suresh Dhanaji Lakhan, R/at – At and Post Shivar Ambere, Taluka and District Ratnagiri 415 626.

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3 Mr. Vasant Ganpat Hatiskar, R/at – At and Post Shivar Ambere, Taluka and District Ratnagiri 415 626.

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Sanap ( OA No. 559/2023 ) 1 of 7

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4 Mr. Vijay Bhanu Mohite, R/at – At and Post Shivar Ambere, Taluka and District Ratnagiri 415 626.

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5 Mr. Narayan Sadashiv Agre, R/at – Dhopatwadi, Post Golap, Taluka and District Ratnagiri 415 626.

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6 Mr. Ganpat Bendu Ghatkar, R/at – At and Post Shivar Ambere, Taluka and District Ratnagiri 415 626. … Defendants

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:- Appearances

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For Applicant Adv Pooja Mali i/b M.V. Kini & Co. For Defendants Ex parte.

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Total Claim Amount – Rs.56,92,634/-

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JUDGEMNT

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(Delivered on 29^th April, 2025)

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The Applicant Bank has filed present application for recovery of the sum of Rs.56,92,634/- together with future interest @11.50% per annum from the date of Application till realization of entire dues from defendant Nos. 1, 4 and 5; Rs.5,24,672/- together with future interest @10.40% per annum from the date of Application till realization of entire dues from defendant Nos. 1 to 3 and Rs.4,42,001/- together with future interest @7% p.a. from the date of Application till realization of entire dues from defendant Nos. 1, 2 and 4.

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Sanap ( OA No. 559/2023 ) 2 of 7

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Brief facts of the application are as under :-

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Defendant No.1 is borrower, defendant Nos.2 to 5 are guarantors and defendant No. 6 is mortgagor. As per the loan application of defendant No.1, the applicant Bank sanctioned the following loan facilities to defendant No.1.

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Name of facility	Amount Rs.	Date of Sanction
1 MKCC	5,00,000/-	19.01.2010
2 Agricultural Term Loan	15,00,000/-	20.03.2010
3 MKCC	3,00,000/-	16.01.2016

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Defendant Nos.2 and 3 stood guarantors for the repayment of MKCC loan availed by defendant No.1. Defendant Nos. 4 and 5 stood guarantors for the repayment of Agricultural Term loan availed by defendant No.1. Defendant Nos.2 and 4 stood guarantors for the repayment of MKCC loan availed by defendant No.1.

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Further, as per application dated 14.08.2015, defendant No.1 requested for rephasement of limit of earlier MKCC of Rs.3.00 (5.00) Lakhs availed by him. Accordingly, the applicant Bank sanctioned rephasement of earlier MKCC and converted into Agricultural Term

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Sanap ( OA No. 559/2023 ) 3 of 7

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Loan of Rs.3,28,264/- vide sanction letter dated 14.08.2015.

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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 along with deed of mortgage of the land bearing Survey No. 109/4 admeasuring 5-19-00 situated at village Shivarambere, Taluka and District Ratnagiri, in favour of the applicant Bank. Defendant No.1 has executed Acknowledgment of Debt from time to time and lastly on 04.01.2019 and 10.01.2019 and thereby confirmed the balance outstanding in loan account.

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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 18.09.2018, 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 28.12.2020, 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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Sanap ( OA No. 559/2023 ) 4 of 7

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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 17.02.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Achutha Madhu Kotian, Senior Manager and Authorized Signatory of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1 to AW-32 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 for reliefs as claimed.

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The applicant Bank has claimed future interest for Agricultural Term Loans @11.50% and 10.40% per annum and for MKCC loan facility @7% per annum. However, considering the facts of the case, I am of the opinion that if future interest is granted @9% per annum (simple) for Agricultural Term Loans of Rs.15 Lakhs and

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Sanap ( OA No. 559/2023 ) 5 of 7

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Rs.3,28,264/- and for MKCC loan facility of Rs.3 Lakhs @7% 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. 559/2023 is allowed with costs.

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B} Defendant Nos.1, 4 and 5 either jointly or severally shall pay to the applicant Bank the sum of Rs.47,25,961/(Rupees Forty Seven Lakhs Twenty Five Thousand Nine Hundred Sixty One only) towards Agricultural Term Loan Facility of Rs.15 Lakhs along with future interest @9% per annum from the date of filing of the Original Application i.e. 07.10.2021 till full payment/realization of the amount mentioned in this operative order.

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C} Defendant Nos.1 to 3 either jointly or severally shall pay to the applicant Bank the sum of Rs.5,24,672/- (Rupees Five Lakhs Twenty Four Thousand Six Hundred Seventy Two only) towards Agricultural Term Loan Facility of Rs.3,28,264/- along with future interest @9% per annum from the date of filing of the Original Application i.e. 07.10.2021 till full payment/realization of the amount mentioned in this operative order.

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Sanap ( OA No. 559/2023 ) 6 of 7

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D} Defendant Nos.1, 2 and 4 either jointly or severally shall pay to the applicant Bank the sum of Rs.4,42,001/(Rupees Four Lakhs Forty Two Thousand One only) along with future interest @7% per annum from the date of filing of the Original Application i.e. 07.10.2021 till full payment/realization of the amount mentioned in this operative order.

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E} The aforesaid adjudicated amount is secured by the valid and subsisting mortgage of land bearing Survey No. 109/4 admeasuring 5-19-00 situated at village Shivarambere, Taluka and District Ratnagiri, more particularly described in Schedule B of the Original Application.

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

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G} Issue Recovery Certificate.

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H} 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 : 29.04.2025 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 559/2023 ) 7 of 7

Bank of Maharashtra v. Harischandra Ghatkar

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Bank of Maharashtra v. Harischandra Ghatkar

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