Allowed

Bank of India v. Unique Enterprises Prop. Mrs. Nilofar Iliyas Shaikh

DRT7 Oct 2025OA/584/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by Bank of India for recovery of dues from a proprietorship concern and its guarantor. The court dismissed the claim for relief regarding hypothecated assets due to lack of description but ordered payment of the principal amount with future interest at 9%.

What did the court decide?

Defendants to pay Rs. 54,41,962/- with future interest @9% p.a.; creation of charge on mortgaged property; issue of Recovery Certificate.

Bank of India versus Unique Enterprises Prop. Mrs. Nilofar Iliyas… — Money Laundering | DRT (2025)

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Presented on : 07.01.2022 Registered on : 24.06.2022 Decided on : 07.10.2025 Duration : Y M D

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03 09 --

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri. Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.584/2022.

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BANK OF INDIA

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A Body corporate constituted under the Banking Companies Acquisition and Transfer of Undertakings Act, 1970 and having its Head Office at Star House, Plot No.C-5, G Block, Bandra Kurla Complex, Bandra (E), Mumbai- 400 015 and its branch address at Kharadi, Survey No.8, Yashwant Plaza, Opposite Radison Hotel, Kharadi, Pune-14.

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Vs.

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… Applicant

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1. Mrs. Nilofar Iliyas Shaikh Proprietor - M/s Unique Enterprises Age 36 years, Occ.:- Business, Office Address- 22/1, Thite Vasti, Lane No.4, Kharadi, Pune-411 014. Residing at- Flat No.A/22, 2^nd Floor, Vazir Cascade Co-Op. Hsg. Society, Kondhwa, Pune-411 048.

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2. Mrs. Aasiya Ishaque Shaikh Age 46 years, Occ.:- Business, R/at - Flat No.D/5, Manish Park Phase-III, NIBM Road, Kondhwa, Pune-411 048.

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.. Defendants

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APPEARANCES

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For the Applicant For the Defendants

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Mrs. Tejashree Y. Hirve - Advocate Ex-parte.

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TOTAL CLAIM AMOUNT –Rs.54,41,962.49Ps.

(OA No.584/2022)

Page 1 of 6

[ANIL]

JUDGMENT (Delivered on 7^th October, 2025)

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Applicant Bank has filed present application for recovery of Rs.54,41,962.49Ps together with future interest thereon @09.95% p.a. towards CC Loan A/c No.055530110000026 from the date of filing of present Original Application till payment/realization of entire dues from the defendants.

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Brief facts of the application are as under:

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Defendant No.1 is a Proprietary concern engaged in business of Tours and Travels approached applicant bank on 08.07.2015 through Proprietor for grant of Cash Credit of Rs.10 Lakhs on 08.07.2015 for the purpose of business requirement for his business.

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Applicant bank has granted and sanctioned Cash Credit Facility of Rs.10 lakhs on 13.07.2015 to defendant for business requirement on certain terms and conditions. Defendant No.2 stood as guarantor for the said Cash Credit Facility availed by Defendant No.1.

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In order to secure the Cash Credit facility, the defendants have executed necessary loan transaction and security documents, as mentioned in Para No.5.6 of the Original Application.

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After completion of all the formalities and execution of the above Loan and Security Documents, Defendant No.1 availed and utilized Cash Credit Facility from the applicant bank vide Loan A/c No.055530110000026

(OA No.584/2022)

Page 2 of 6

[ANIL]

Defendant No.1 created security in favour of the applicant bank by executing Hypothecation-cum-Loan Agreement of stock and book debts for the said cash credit.

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Defendant No.1 further approached applicant bank on 10.01.2016 for enhancement of Cash Credit Facility from Rs.10 lakhs to Rs.30 Lakhs for the purpose of Business requirement for business.

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Applicant bank sanctioned & extended Cash Credit of Rs.30 Lakhs on 20.01.2016 to defendant No.1 on certain terms & conditions.

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Defendant No.1 created security by way of Hypothecation of Assets i.e.Hardware, Engineering Material. Defendant No.2 also mortgaged immovable property being Non-Agricultural Plot bearing Gat No.7/2/22 admeasuring 228.16 sq. mtrs. at village Yavat, Taluka Daund, District Pune, more particularly mentioned in Schedule-I of the Original Application.

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Defendant No.1 vide Equitable Mortgage, deposited the Original Agreement dated 22.05.2015 registered in the office of Sub Registrar Kedgaon, at Sr. No.2379/2015 alongwith Index-II and Registration Receipt and Original Sale Deed dated 15.07.2015 registered in the Office of Sub Registrar Kedgaon at Sr. No.3303/2015 alongwith Index-II and Registration Receipt.

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Defendant No.1 signed and executed certain Loan and Security documents in favour of the applicant bank at the time of availing said Cash Credit Facility of Rs.30 Lakhs, more particularly mentioned in Para No.5.14 of the Original Application.

(OA No.584/2022)

Page 3 of 6

[ANIL]

Defendant No.2 stood as Guarantor for Cash Credit Facility of Rs.30 Lakhs availed by Defendant No.1 thereby guaranteeing repayment of said loan and have signed and executed Deed of Guarantee dated 20.01.2016 in favour of the applicant bank.

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It is further contended that after availing and utilizing Cash Credit facility, defendant No.1 failed to repay the loan amounts as per terms of sanction. Hence, the loan said account of Defendant No.1 was classified as Non-Performing Asset on 30.06.2016, as per Reserve Bank of India norms.

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The defendants failed and neglected to comply with the terms and conditions on which the said loan facility was granted. The defendants did not pay the installments on account of Cash Credit Loan Account. Hence, the applicant bank issued Loan Recall Notice on 03.12.2021 through their Advocate Mrs. Tejashree Hirve to the defendants calling upon to pay the outstanding amounts. Despite service of notice, the defendants failed and neglected to comply with the demand in the said Notice.

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Hence, this application is filed.

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Defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte against the defendants vide order dated 27.06.2025 passed below the Application (Exhibit-01).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Kunwar Singh, Authorized Officer, which supports the case of the applicant elucidated in the application.

(OA No.584/2022)

Page 4 of 6

[ANIL]

The applicant bank has produced in evidence the original loan documents at Sr.Nos.AW-1/1 to AW-1/29, which corroborate 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 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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Applicant Bank has claimed future interest @09.95% per annum for the said Cash Credit Facility. 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: -

(OA No.584/2022)

Page 5 of 6

[ANIL]

ORDER

(A) Original Application No.584/2022 is allowed with costs. (B) Defendants No.1 and 2 shall jointly or severally pay to the Applicant Bank a sum of Rs.54,41,962/- (Rupees Fifty Four Lakhs Fourty One Thousand Nine Hundred Sixty Two only) towards Cash Credit Account No. 055530110000026 with future interest @9% per annum from the date of filing of the Original Application i.e. 07.01.2022 till payment/ realization of the amount mentioned in this operative order.

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(C) The aforesaid adjudicated amount is secured by creating charge of the applicant bank on the immovable property i.e.all that piece and parcel of Non-Agricultural Plot bearing Gat No.7/2/22 admeasuring 228.16 sq. mtrs. at village Yavat, Taluka Daund, District Pune, within the local limits of Yavat Grampanchayat, Taluka Panchayat Samiti Daund, Jilha Parishad Pune and within the jurisdiction of Sub Registrar Daund, more particularly mentioned in Schedule-I of the Original Application.

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(D) The Applicant Bank is entitled to sell the charged immovable property to recover its dues.

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(E) Issue Recovery Certificate. (F) The Registrar is directed to send copy of Judgment and Recovery Certificate to the applicant bank and the defendants.

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Sd/ - Place : Pune (Dilip G. Murumkar) Date: 07.10.2025 Presiding Officer, Debts Recovery Tribunal, Pune.

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(OA No.584/2022)

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Page 6 of 6

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[ANIL]

Bank of India v. Unique Enterprises Prop. Mrs. Nilofar Iliyas Shaikh

Case brief

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Bank of India v. Unique Enterprises Prop. Mrs. Nilofar Iliyas Shaikh

Case brief

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