Allowed

The Cosmos Co. Operative Bank Limited v. Annasaheb Ashok Kajale Prop M/S Shri Ram Glass

DRT15 Dec 2025OA/687/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the bank's application for recovery of Rs. 5.63 crores plus interest. The court reduced future interest from 14% to 9% per annum and directed the sale of mortgaged properties to recover dues.

What did the court decide?

Defendants to pay Rs. 5,63,74,045 with 9% future interest; mortgaged property to be sold for recovery; Recovery Certificate issued.

The Cosmos Co. Operative Bank Limited versus Annasaheb Ashok… — Money Laundering | DRT (2025)

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Presented on .. 04.02.2022 Registered on .. 06.08.2022 Decided on .. 15.12.2025 Duration .. Y—M—D 03--10--11

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 687/2022.

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The Cosmos Co-operative Bank Ltd., A body Corporate and Multi-State Co-op. Bank, registered under the provisions of the Multi-State Cooperative Societies Act, 2002 and Scheduled Bank within the meaning of the Reserve Bank of India Act, 1934, having its registered office at Cosmos Tower, Plot No. 6, ICS Colony, Ganesh Khind, University Road, Pune 411 007 and Branch Office at Shop No. 3 to 6, B Wing, Mega Center, S. No. 153/A, Laxminagar, Pune-Solapur Road, Pune – 411 013.

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… Applicant

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Versus

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1 Annasaheb Ashok Kajale,

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Age 41 years, Occ. Business carrying on in the name style M/s. Shri Ram Glass a Sole Proprietary Firm fully owned by him as its Proprietor. R/at : CTS No. 723/1/17 (Part), Uplai Road, Barshi, District Solapur 413 401.

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Sanap ( OA No. 687/2022 ) 1 of 7

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Business at - Gat No. 866/4, Parag Estate, Barshi, Dist. Solapur 413 401.

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2 Amol Ashok Kajale, Age 38 years, Occ. Business, R/at : Arangaon, Taluka Barshi, District Solapur 413 401.

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3 Shivadas Umakant Thalakari, Age 37 years, Occ. Business, R/at : Shriram Nagar, Yusuf Vadgaon, Beed, Dist. Beed 431 517.

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4 Ramakant Adinath Surve, Age Adult, Occ. Business, R/at : Om Sai Niwas, Shivshakti Maidan, Kurdwadi Road, Barshi, District Solapur 413 401.

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5 Dattatrya Bhairu Mate, Age - Adult, Occ. Business, R/at : At & Post Chare, Taluka Barshi, District Solapur 413 409.

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Appearances :-

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For Applicant Advocate S.S. Tryambake. For Defendants Ex parte and without written statement.

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Total Claim Amount – Rs.5,63,74,045/-

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JUDGMENT

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(Delivered on 15^th December, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.5,63,74,045/- together with future interest @14% per annum from the date of

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Sanap ( OA No. 687/2022 ) 2 of 7

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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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Defendant No.1 is sole proprietor of M/s Shri Ram Glass. Defendant Nos.2 and 3 are co-borrower and defendant Nos. 4 and 5 are the guarantors.

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As per the loan application dated 01.12.2020 of defendant No.1, the applicant Bank sanctioned the Cash Credit facility limit of Rs.5,00,00,000/- for the purpose of taking over outstanding loan from Baramati Sahakari Bank Ltd. to defendant No.1 vide Sanction Letter dated 09.12.2020. Defendant Nos. 2 and 3 affixed their signatures in token of having accepted terms and conditions of the said Sanction Letter. Defendant Nos. 4 and 5 stood guarantors for the repayment of loan availed by defendant No.1.

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In order to secure the aforesaid loan facility, the defendants have executed necessary loan and security documents in favour of the applicant Bank. Defendant Nos.1 to 3 have also executed deed of hypothecation in favour of the applicant Bank. Defendant No.1 has executed simple mortgage dated 04.05.2021 in favour of the applicant Bank in respect of (1) Non-agricultural land

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Sanap ( OA No. 687/2022 ) 3 of 7

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bearing Gat No. 866/4 admeasuring 189.90 square meters together with construction on the ground floor and first floor total admeasuring 183.12 square meters situated at village Barshi, Taluka Barshi, District Solapur, and (2) Portion of land admeasuring 275.92 square meters formed out of Land City Survey No. 723/1/17 admeasuring 551.84 square meters together with construction admeasuring 385.09 square meters on the said portion of land situated at village Barshi, Taluka Barshi, District Solapur.

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The applicant Bank contended that the defendants committed defaults in payment of installments and failed to regularize the accounts. Therefore, on 30.06.2021, the applicant Bank has classified the account of the defendants as Non-Performing Asset in accordance with guidelines of Reserve Bank of India. Thereafter, on 30.06.2021, 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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Defendant Nos. 1, 2, 4 and 5 though appeared, failed to file written statement and defendant No.3 failed to

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Sanap ( OA No. 687/2022 ) 4 of 7

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appear despite service of summons. Hence, the application proceeded without written statement and exparte against the defendants as per Order dated 27.03.2025 and 05.02.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Rajesh Ramdas Shah, Chief Manager and Authorised Officer of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW1-1 to AW1-25 along with list (Exhibit 9), 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 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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Sanap ( OA No. 687/2022 ) 5 of 7

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The applicant Bank has claimed future interest @14% 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. 687/2022 is allowed with costs.

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B} Defendant Nos.1 to 5 either jointly or severally shall pay to the applicant Bank the sum of Rs.5,63,74,045/(Rupees Five Crore Sixty Three Lakhs Seventy Four Thousand Forty Five only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 04.02.2022 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 valid and subsisting mortgage in respect of (1) Nonagricultural land bearing Gat No. 866/4 admeasuring 189.90 square meters together with construction on the ground floor and first floor total admeasuring 183.12 square meters situated at village Barshi, Taluka Barshi,

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Sanap ( OA No. 687/2022 ) 6 of 7

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District Solapur, and (2) Portion of land admeasuring 275.92 square meters formed out of Land City Survey No. 723/1/17 admeasuring 551.84 square meters together with construction admeasuring 385.09 square meters on the said portion of land situated at village Barshi, Taluka Barshi, District Solapur, more particularly described in the Para No. 5.9 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 : 15.12.2025 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 687/2022 ) 7 of 7

The Cosmos Co. Operative Bank Limited v. Annasaheb Ashok Kajale Prop M/S Shri Ram Glass

Case brief

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The Cosmos Co. Operative Bank Limited v. Annasaheb Ashok Kajale Prop M/S Shri Ram Glass

Case brief

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