Allowed

Punjab National Bank (Oriental Bank of Commerce) v. M/S. Jagtap Press Components Prop. Mr. Yogesh Kakasaheb Jagtap

DRT5 Aug 2025OA/739/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application for recovery of Rs.22,63,634/- against the defendant for loan defaults. The claim was disposed of ex-parte, granting the principal amount and future interest at 9% per annum, secured by hypothecated machinery.

What did the court decide?

Payment of Rs.22,63,634/- plus future interest at 9% p.a., realization of hypothecated security, and issue of Recovery Certificate.

Punjab National Bank (Oriental Bank of Commerce)… — Contract and Commercial Disputes | DRT (2025)

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Presented on .. 20.02.2018 Registered on .. 20.04.2023 Decided on .. 05.08.2025 Duration .. Y—M—D 07--05--15

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 739/2023.

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Punjab National Bank, Erstwhile Oriental Bank of Commerce,

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A body corporate constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act No. 40 of 1980 having its Head Office at E Block, Harsha Bhawan, Connaught Place, New Delhi 110 001, and branch office at Shri Siddhivinayak Tower, Abdulpurkar Estate, Bhigwan Road, P. No. 10+11+12, Baramati, District Pune 413 102.

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… Applicant

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Versus

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M/s. Jagtap Press Components, Through Proprietor Mr. Yogesh Kakasaheb Jagtap, Age – Adult, Occ. Business, Add. (a) A-12/17, MIDC Baramati, Taluka Baramati, District Pune 413133 (b) Wanewadi, Post Somnath Nagar, Taluka Baramati, District Pune 412306

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… Defendant

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Sanap ( OA No. 739/2023 ) 1 of 5

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:- Appearances For Applicant For Defendant

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Advocate Satyan Jagtap. Ex parte.

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Total Claim Amount – Rs.22,63,634/-

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JUDGMENT

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(Delivered on 05^th August, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.22,63,634/- together with future interest @10.45% 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 of the defendant, the applicant Bank sanctioned and disbursed the Cash Credit facility of Rs.2,00,000/- and Term loan facility of Rs.5,75,000/- under CGTMSE Scheme to the defendant for purchase of power machines, vide Sanction Letter dated 10.08.2011.

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Further, as per loan application of the defendant, the applicant Bank sanctioned additional Cash Credit facility of Rs.8 Lakhs i.e. total amounting to Rs.10 Lakhs vide Sanction Letter dated 31.12.2013 to the defendant.

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Again as per application of the defendant, the applicant Bank sanctioned Term Loan II facility of Rs.7,50,000/- and review the previous cash credit of Rs.10,00,000/- and Term Loan of Rs.5,75,000/- to the defendant vide Sanction Letter dated 13.02.2015.

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Sanap ( OA No. 739/2023 ) 2 of 5

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In order to secure the aforesaid loan facilities, the defendant has executed necessary loan and security documents along with deed of hypothecation in respect of (1) CNS pipe bending machine with PLC (Make Fame Auto Component Solution), (2) CNS Controller and Panasonic A.C. Servo Drive Panel (Make Supiyar Gear Cut), (3) IGBT Technology CO2/MIG Welding Equipment of 500 AMPS capacity (Make MOGORA Cosmis Pvt. Ltd. Model INVAMIG 500 Sr. No. 1501972, (4) Sai ARK Make 400 AMP Co Welding machine along with 7 Inch Bosch Grinder 5 inches Bosch Grinder Pug Machine with track gas cutting Torch and (5) Dell Computer and ACER Computer, in favour of the applicant Bank. The defendant has executed Balance Confirmation Letter on 11.01.2018 and confirmed the balance outstanding in loan account.

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The applicant Bank contended that the defendant committed defaults in payment of installments and failed to regularize the accounts. Therefore, on 11.05.2017, the applicant Bank issued legal Notice to the defendant. Despite service of Notice, the defendant failed and neglected to pay the outstanding dues of the applicant Bank. Hence, this application is filed.

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The defendant failed to appear despite service of summons. Hence, the application proceeded ex-parte

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Sanap ( OA No. 739/2023 ) 3 of 5

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against the defendant as per Order dated 28.03.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Shrikrishna Shrimant Gholave, Branch Manager of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1-1 to AW-1-23 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 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 future interest @10.45% 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. Hence, I pass the following order.

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O R D E R

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A} Original Application No. 739/2023 is allowed with costs. B} The defendant shall pay to the applicant Bank the sum of Rs.22,63,634/- (Rupees Twenty Two Lakhs Sixty Three Thousand Six Hundred Thirty Four only) along with

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Sanap ( OA No. 739/2023 ) 4 of 5

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future interest @9% per annum from the date of filing of the Original Application i.e. 20.02.2018 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 hypothecation of (1) CNS pipe bending machine with PLC (Make Fame Auto Component Solution), (2) CNS Controller and Panasonic A.C. Servo Drive Panel (Make Supiyar Gear Cut), (3) IGBT Technology CO2/MIG Welding Equipment of 500 AMPS capacity (Make MOGORA Cosmis Pvt. Ltd. Model INVAMIG 500 Sr. No. 1501972, (4) Sai ARK Make 400 AMP Co Welding machine along with 7 Inch Bosch Grinder 5 inches Bosc Grinder Pug Machine with track gas cutting Torch and (5) Dell Computer and ACER Computer, more particularly described in the Para No. 6 of the Original Application.

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D} The applicant Bank is entitled to sell the hypothecated property to recover its dues.

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E} Issue Recovery Certificate.

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F} 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 : 05.08.2025 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 739/2023 ) 5 of 5

Punjab National Bank (Oriental Bank of Commerce) v. M/S. Jagtap Press Components Prop. Mr. Yogesh Kakasaheb Jagtap

Case brief

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Punjab National Bank (Oriental Bank of Commerce) v. M/S. Jagtap Press Components Prop. Mr. Yogesh Kakasaheb Jagtap

Case brief

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