Allowed

Bank of India v. Shree Siddhivinayak Entrerprises Prop Mr. Hrishikesh Snyandev Gole

DRT29 Aug 2025OA/994/2023

Case brief

AI extract

What is this about?

, The Debts Recovery Tribunal at Pune allowed the Bank of India's recovery application against two defaulting borrowers/guarantors. The Tribunal adjusted penal interest, fixed future interest at 9% p.a., and directed payment of the adjudicated sum secured by specified immovable properties under equitable mortgage with a direction to sell.

What did the court decide?

Defendants shall jointly or severally pay Rs. 5,16,47,282/- with future interest @ 9% p.a., secured by equitable mortgage of specified properties, with direction to issue Recovery Certificate.

Bank of India versus Shree Siddhivinayak Entrerprises Prop Mr… — Banking and Recovery | DRT (2025)

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Presented on: 24.11.2022 Registered on: 11.07.2023 Decided on: 29.08.2025 Duration: Y M D 02 09 05

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.994/2023.

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Bank of India ,

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A Bank constituted under the Banking Companies (Acquisitions & Transfer of Undertakings) Act, 1970, having its Head Office at Star House, C-5, “G”Block, Bandra-Kurla Complex, Bandra (East), Mumbai- 500 051 and a Branch Office amongst other places known At and Post Diveagar, Taluka Shriwardhan, District Raigad-402 404.

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… Applicant

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Versus

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M/s Shree Siddhivinayak Enterprises Prop. – Mr. Hrishikesh Dnyandev Gole Age 38 years, Occ.- Business, R/at 6, Chogale Complex, At Post Borlipanchantan, Tal. Shrivardhan, District – Raigad- 402 403. AND At Post Wadawali, Tal. Shrivardhan, District – Raigad- 402 403. AND At Wakalghar, Post Dandguri, Tal.-Shrivardhan, District – Raigad- 402 404.

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Mr. Vijay Sadashiv Joshi @ Vijay Sadashiv Patwardhan Age 63 years, Occ.:-Farm Service & Resort, R/at – At and Post Diveagar, Taluka Shriwardhan, District Raigad – 402 404.

…Defendants

(OA No.994/2023)

Page 1 of 8

[ANIL]

For the Applicant For the Defendants

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APPEARANCES

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Mrs. Tejashree Hirve - Advocate Ex parte.

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TOTAL CLAIM AMOUNT –Rs.5,30,47,146.69Ps.

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JUDGMENT

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(Delivered on 29^th August, 2025)

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Applicant Bank has filed present application for recovery of an aggregate amount of Rs.5,30,47,146,69Ps. [ i.e.Rs.65,87,245.34Ps towards Cash Credit Loan Account No.124530110000042; Rs.37,56,611,86Ps towards Term Loan A/c No.124572310000041; Rs.74,98,702.93Ps. towards Term Loan A/c No.124572310000040; Rs.3,32,19,096.65Ps towards Cash Credit Loan A/c No.124530110000047; Rs.19,58,339.20Ps towards FITL Loan A/c No.124565810000021 and Rs.27,150.71Ps towards FITL Loan A/c No.124565810000018 ] together with future interest @11.20% p.a. for Cash Credit Facility, @11.20% p.a.for Term Loan facility, @11.20% p.a. for Term Loan facility, @13.90% p.a. for Cash Credit Facility, @10.05% p.a. for FITL facility and @10.05% p.a. for FITL facility with monthly rests from the date of filing of the present Original Application till full and final payment or realization.

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2. Brief facts of the application are as under:

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Applicant Bank states that Defendant No.1 is borrower and Defendant No.2 is a Guarantor. Defendant No.1 approached to the Applicant Bank on 09.10.2017 for grant of Cash Credit Facility. The Applicant bank granted and sanctioned Cash Credit Facility of

(OA No.994/2023)

Page 2 of 8

[ANIL]

Rs.30,00,000/- on 02.11.2017 to Defendant No.1 on certain terms and conditions. On 20.03.2018 the said facility was enhanced to Rs.55,00,000/-. Defendant No.1 signed and executed Loan and Security documents in favour of the applicant bank as described in Para No.5.6 of the Original Application.

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Defendant No.1 further approached to the applicant bank on 20.03.2018 and requested for grant of Term Loan of Rs.36,00,000/for purchase of Transport Vehicle i.e. Hyundai R 210-7 Loader and Rs.64,00,000/- for purchaser of Transport Vehicle i.e. Tipper B No.3128 CS 8/4 5175 T4DYC 198XSTHDNTHDYW NT ND YW. The applicant bank granted and sanctioned Term Loan of Rs.36,00,000/- on 20.03.018 and also sanctioned Term Loan of Rs.64,00,000/- to Defendant No.1 on certain terms and conditions.

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Defendant No.1 signed and executed Loan and Security documents in favour of the applicant bank at the time of availing Cash Credit facility and Term Loan facilities as described in Para Nos.5.11, 5.12 and 5.13 of the Original Application.

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After completion of all formalities and execution of above loan and security documents, defendant No.1 availed and utilized said cash credit facility from applicant bank and also acknowledged balance outstanding on 20.04.2021.

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Defendant No.1 again approached on 27.11.2018 to the applicant bank and requested to grant Cash Credit Facility of Rs.2,70,00,000/- which the applicant bank has sanctioned on 11.04.2019 to defendant No.1 on certain terms and conditions.

(OA No.994/2023)

Page 3 of 8

[ANIL]

Towards security for repayment of the aforesaid loan, defendant No.1 agreed to create security by way of equitable mortgage i.e. mortgage by way of Title Deeds dated 10.10.2019 of the properties owned by Defendant No.1, which are as under –

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(A)- All that piece and parcel of property bearing Residential Flat Gala No.6 admeasuring about 451 sq. ft., building No.1325, Survey No.5, Hissa No.1/5(A)/1A/2, situated at village Borli Panchatan, Taluka Shriwardhan, District Raigad within the local limits of Shriwardhan Taluka and within the jurisdiction of Raigad Sub Registration District;

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(B) - All that piece and parcel of property bearing Agricultural Land No.12, admeasuring area 0-05-0 Hector, situated at village Wakalghar at Post Borli Panchatan, Taluka Shriwardhan, District Raigad, within the local limits of Shriwardhan Taluka and within the jurisdiction of Raigad Sub Registration District;

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(C) - All that piece and parcel of property bearing Survey No.105/15, admeasuring aggregate area 1-19-00 Hector Aar, situated at village Borli Panchatan, Taluka Shriwardhan, District Raigad within the local limits of Shriwardhan Taluka and within the jurisdiction of Raigad Sub Registration District, more particularly described in Schedule –I, of the Original Application.

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Defendant No.1 also executed loan and security documents in favour of the applicant bank at the time of availing said Cash Credit Facility of Rs.2,70,00,000/-, more particularly described in Para No.5.20 of the Original Application.

(OA No.994/2023)

Page 4 of 8

[ANIL]

Further, Defendant No.1 again approached to applicant bank and requested for Funded Interest Term Loan (FITL) during Covid19 Pandemic in accordance with RBI guidelines. The applicant bank granted and sanctioned FITL facility of Rs.15,42,120.17Ps and Rs.3,10,491.78Ps to Defendant No.1 on certain terms and conditions.

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Defendant No.1 has signed and executed Deed of Term Loan and Agreement of Funded Interest Term Loan on 28.08.2020 towards security for the repayment of the said loan in favour of the applicant bank, as mentioned in Para No.5.28 of the Original Application.

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Defendant No.1 availed and utilized the said FITL facility of Rs.15,42,120.17Ps and Rs.3,10,491.78Ps fully from the applicant bank.

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Defendant No.1 was irregular in payment of EMI since beginning and made persistent default in repayment of the said loans. The applicant bank time and again requested defendant No.1 to repay the loans but defendant No.1 deliberately and knowingly failed to repay as agreed in spite of repeated requests by the applicant bank. Thus, the Loan Accounts of the defendant became NPA on 31.03.2021.

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Thereafter, the Applicant Bank sent a Legal Notice on 17.03.2022, through its Advocate Mrs. Tejashree Hirve to the defendants to amount of calling upon pay outstanding Rs.4,36,05,093.14Ps. Despite Service of notice, the defendants failed and neglected to pay the outstanding dues of the Applicant Bank.

(OA No.994/2023)

Page 5 of 8

[ANIL]

Thus, the defendants have violated terms and conditions of the aforesaid loan facilities and loan and security documents executed by them in favour of the applicant bank and failed and neglected to repay the amount due in spite of repeated requests and demands by the applicant bank.

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Hence, this application is filed.

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Defendants No.1 and 2 failed to appear despite service of summons. Hence, the application proceeded ex-parte as per order dated 07.05.2025 passed below Application (Exhibit-1).

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The Applicant Bank has filed Claim Affidavit (Exhibit-6) of Mr. Sowmya Rohit Gujar, Chief Manager, who has produced on record the Original Loan Transaction documents at Exhs.AW-1 to AW-62, 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 the evidence of the Applicant Bank. Therefore, the Applicant Bank is entitled for the reliefs 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 penal interest of Rs.1,81,945.52Ps.; Rs.1,01,954/-; Rs.1,93,439.95Ps; Rs.8,61,383.24Ps; Rs.50,894.92Ps and Rs.10,246,89Ps (Total Rs.13,99,864.52Ps), which is required to be

(OA No.994/2023)

Page 6 of 8

[ANIL]

deducted from the total claim amount. Therefore, total claim amount of Rs.5,30,47,146.69 is reduced to Rs.5,16,47,282 /-.

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The Applicant Bank has claimed future interest @11.20%, @11.20%, @11.20% @13.90%, @10.05% & @10.05% p.a. for Cash Credit Facility, Term Loan Facility and FITl facilities respectively with monthly rests. However, considering the facts of the case, I am of the opinion that if future interest is granted @9% p.a. (simple) for all the loan facilities, it would be just and reasonable rate of interest.

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Hence, I pass the following order:-

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ORDER

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(A) Original Application No.994/2023 is allowed with costs.

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(B) Defendants No.1 & 2 either jointly or severally shall pay to the Applicant Bank an aggregate sum of Rs.5,16,47,282/- (Rupees Five Crores Sixteen Lakhs Fourty Seven Thousand Two Hundred Eighty Two only) as under – i.e. (i)- Rs.64,05,299.82Ps towards Cash Credit Loan A/c No.124530110000042; (ii)- Rs.36,54,657.86Ps. towards Term Loan A/c No.124572310000041; (iii)- Rs.73,05,262.98Ps towards Term Loan A/c No.124572310000040; (iv)- Rs.3,23,57,713.41Ps towards Cash Credit Loan A/c No.124530110000047; Rs.19,07.444.28Ps towards FITL Loan A/c No.124565810000021 & Rs.16,903.82Ps. towards FITL Loan A/c No.124565810000018 with future interest @9% p.a. from the date of filing of the Original Application i.e.24.11.2022 till payment/realization of the amount mentioned in this operative order.

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(D) The aforesaid adjudicated amount is secured by equitable mortgage of the immovable properties i.e.

(OA No.994/2023)

Page 7 of 8

[ANIL]

( A )- All that piece and parcel of property bearing Residential Flat Gala No.6 admeasuring about 451 sq. ft., building No.1325, Survey No.5, Hissa No.1/5(A)/1A/2, situated at village Borli Panchatan, Taluka Shriwardhan, District Raigad within the local limits of Shriwardhan Taluka and within the jurisdiction of Raigad Sub Registration District;

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( B ) - All that piece and parcel of property bearing Agricultural Land No.12 admeasuring area 0-05-0 Hector, situated at village Wakalghar at Post Borli Panchatan, Taluka Shriwardhan, District Raigad within the local limits of Shriwardhan Taluka and within the jurisdiction of Raigad Sub Registration District;

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( C ) - All that piece and parcel of property bearing Survey No.105/15, admeasuring aggregate area 1-19-0 Hector Aar, situated at village Borli Panchatan, Taluka Shriwardhan, District Raigad within the local limits of Shriwardhan Taluka and within the jurisdiction of Raigad Sub Registration District, more particularly described in Schedule –I of the Original Application.

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(E) The Applicant Bank is entitled to sell the above mentioned mortgaged properties to recover its dues.

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(F) Issue Recovery Certificate.

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(G) The Registrar is directed to send the copy of Judgment and Recovery Certificate to the Applicant Bank and the defendants.

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Sd/-

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Place : Pune (Dilip G. Murumkar) Date: 29.08.2025 Presiding Officer, Debts Recovery Tribunal, Pune.

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(OA No.994/2023)

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Page 8 of 8

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[ANIL]

Bank of India v. Shree Siddhivinayak Entrerprises Prop Mr. Hrishikesh Snyandev Gole

Case brief

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Bank of India v. Shree Siddhivinayak Entrerprises Prop Mr. Hrishikesh Snyandev Gole

Case brief

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