Allowed

National Cooperative Development Corporation v. M/S Kisan Veer Satara Sahakari Sakhar Karkhana Ltd.

DRT27 Jan 2025TA/1529/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the transfer application filed by the National Co-operative Development Corporation and the Union of India against a sugar factory for recovery of outstanding loans. The respondent failed to appear. The court ordered payment of dues with interest and directed recovery from specific mortgaged and hypothecated properties.

What did the court decide?

Directed respondent to pay Rs.59,09,23,196 with interest and costs within 30 days; ordered recovery from specific mortgaged and hypothecated properties in case of default.

National Cooperative Development Corporation versus M/S Kisan… — Company and Corporate | DRT (2025)

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Beforc SUSHIL^{KUMARRASTOGI, Presiding Officer} Debts Recovery^{Tribuna!-Il,Delhi}

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TA No.1529 OF 2022

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NATIONAL CO.OPERATIVE^DE\IELOPMENT CORPORATION^{& ANR VS M/S KISANVEER SATARA} SAHAKARI SAKHAR^{KARKHANA LTD}

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Reserved on z L9.L7-.2O24

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Pronounced on^{z 27.OL.2O25}

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National Co-operaUve^{Development Corporation}

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Union of India

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-^Applicants

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Vs.

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M/s Kisan Veer^Satara Sahakari Sakhar^{Karkhana Ltd}

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Defendant

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Present: Ms.^{RP Aggarwal,Counselappears for} aPPlicant^FI.

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Defendant are^{ex-partesince 22'03'2024'}

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FINAL ORDER

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This original^{application has been filed by the} applicant^{nos.1and 2, on 15.01.2021 throughShri Lalit} Geol, Director^{(Legal) of the applicantno'1, under} Section 19^{of the Recovery of Debts and Bankruptcy} Act, 1993 against^{the sole defendant for recovery of a} sum of Rs.59,09,23,196/-^{together with cost,charges} and^{pendentelliteand future interest @ 11'05o/o P'a'} from date of^{filing of this O.A. till the realization in full'}

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The brief^{facts of the case are that applicant no'1} deals with^{the financing of co-operativeincluding} various sugar^{factories and as such,applicantno'1 was} appointed^{by applicant no'2 as agentfor disbursement} of the SDF^{Loans. At the request of the sole defendant} ,",\

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TANO. 1529^of 2022

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on the recommendation^{of applicant} no.1, the applicant no.2^sanctionedon 16.06.2011,^a Cogeneration^{Loan of Rs.28,66,00,000/-for meeting} the shortfall in^{Promoter'scontributionwhich the} factory is required^{to meet from its own resources for} setting up^{22 MWbagasse based cogeneration power} project situated at AT^{& P.O. Kisanveer Nagar Tal' Wai,} Distt. Satara^{Maharashtra and a ModernizationLoan} Facility of^{Rs.3,52,00,000/-for meetingthe shortfallin} Promoter's^{contribution which the factoryis required to} meet from^{its own resources for modernizationof} existing sugar^{factory, installed capacity2t000 TCD,} sugar factory at^{Bhuinj, P.O.Kisanveer Nagar Tal' Wai'} Distt. Satara^{Maharashtra. As a security for the} repayment^{of the above said loans,the sole defendant} executed a^{Deedof Hypothecation dated20'10'2011in} favour of applicant^{no.2. The sole defendanthas} hypothecated^{by way of first pari-passucharge basis all} its movable^{properties situated at Bhuinj, Chindhavali,} Jamb, Kikali^{and elsewherein the state of Maharashtra} (save and except^{book debts) including movableplant} & machinery,^{machinery, equipmentmachinery'} spares, tools^{and accessories and other movables, both} present and future.^{As a further security for repayment} of the said^{loans, an Indenture of Mortgage dated} 20.10.2011^{was executed by defendantsocietythrough} its Chairman^{and its ManagingDirector and thereby the} following^{properties were mortgagedin f,avourof the} applicant^{no.2 through applicant no'1 i'e' (i) All those} pieces and^parcels of^{the land or ground hereditaments} and^{premises- land measuring 36'24'5 hectares} situated at^{Village Bhuinj, Taluka Wai, District Satara} and Registration^District ?tura^{sub- districtTalukaWai}

TANO. 1529^of 2022

and within the^{limits of SataraZhilla Parishad (ii)} All those^{piecesand parcels of the land or ground} hereditaments and^{premises land measuring58'33'7} hectares situated^{at Village Chindhawali,TalukaWai,} District Satara and^{RegistrationDistrict Satara sub-} district Taluka^{Wai and within the limits of Satara Zhilla} Parishad^{(iii) All those pieces and parcels of the land or} ground hereditaments and^{premises- land measuring} 14.06 hectares^{situatedat Village Jamb, TalukaWai,} District Satara and^{RegistrationDistrict Satara sub-} district Taluka^{Wai and within the limitsof Satara Zhilla} Parishad^(iv) All^{those pieces and parcels of the land or} ground hereditaments and^{premises- land measuring} 14.09 hectares^{situated at VillageKikalee,Taluka Wai,} District Satara and^{RegistrationDistrict Satara sub-} district Taluka^{Wai and within the limits of Satara Zhilla} Parishad. In order^{to avail the above said loan facility} the sole defendant^{have executedvarious loaning} documents dated^{20.10.2011. Two Tripartite} Agreement^{were executed on 29'08.2011betweenthe} defendant^{society, applicant nos.1 and applicant no'2'}

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It is further^{submittedthat the sole defendant} enjoyed and utilized^{the Loan facility, but failed to} maintain the^{financial discipline and failed to repay the} due amounts.^{The applicantno.1 actingon behalf of} the applicant no.2,^{requested the sole defendant to} regularize the loan^{accountby visits and letters, but} there was no response^{from the sole defendant'} Therefore, the applicant^{no'1 acting on behalf of} applicant^{no.2 has serueda recall-cum-demand notice} dated 15.10.2015^{to sole defendant, demandingthe} amount due as on^{that date, but failed to recoverthe}

TANO. 1529 of2022

same. Thus,^{the present T'A. is preferredby the} applicant^{nos. 1 and 2 to recover its dues'}

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On notice^{by this Tribunal,sole defendantfailed} to put appearance^{at all, despite service and} accordingly^{sole defendant was proceeded against ex-} parte on 22.03.2024.

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The applicants^{have filed evidence by way of the} affidavit of^{Mr. Lalit Goel, Director (Legal) of the} applicant no.l^{as AnnexureA-1 to A-16 which have} gone unchallenged and^{un-rebutted. Hence, the case} of the applicant^{standsfully establishedagainst the} defendant^{with respect to non payment of EMI/} outstanding^amount.

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After^{perusing the records, this Tribunalis of the} view that the applicant^{has proved its case beyond} reasonable doubts.^{The documents flled by the} applicant not^{rebutted by the defendant by not placing} any document^{and there is no question of disbelieving} the documents^{flledby the applicant bank'}

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In the light of^{the above discussions, the presentT'A'} deserves to^{be allowed against sole defendant'}

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ORDER

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I hereby^{allow this T.A. of the Applicant and direct} the sole defendant^{to pay to the applicant bank within} 30 days from today,^{a sum of Rs.59,09,23,196/- along} with cost, expenses^{and interest @ 11.05o/o from the} date of filing of^{this OA whichhas become T'A' till the} date of realization.

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TANO. 1529of2022⁵

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In case^{of failure to deposit the above amount} within the stipulated^{period, the same shall be} recovered from^{the sale of hypothecated assets and} sale of mortgaged^{propefties being (i) Allthose pieces} and^parcels of^{the land or ground hereditamentsand} premises- land measuring36.24.5^{hectares situated at} Vitlage Bhuinj,^{Taluka Wai, District Sataraand} Registration^{DistrictSatara sutr districtTaluka Wai and} within the^{limits of Satara Zhilla Parishad (ii) All those} pieces and^parcels of^{the land or ground hereditaments} and^{premises- land measuring 58'33'7hectares} situated at^{VillageChindhawali, Taluka Wai, District} Satara and^{Registration District Satara sub- district} Taluka Wai^{and within the limits of Satara Zhilla} Parishad^{(iii) All those pieces and parcelsof the land or} ground hereditaments^{and premises- land measuring} 14.06 hectares^{situated at Village Jamb, Taluka Wai'} District Satara^{and RegistrationDistrict Satarasub-} district^{Taluka Wai and within the timits of Satara Zhilla} Parishad^{(iv) All those pieces and parcelsof the land or} ground hereditaments^{and premises- land measuring} 14.09 hectares^{situated at VillageKikalee,Taluka Wai'} District Satara^{and RegistrationDistrict Satarasub-} district Taluka^{Wai and within the limitsof Satara Zhilla} Parishad. In^{case of shortfall the same shall be} recovered^{from the sale of personal movableand} immovable^{assets of the sole defendant'}

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Recovery^{Certificatebe issuedforthwith andbe} sent to Recovery^{Officer,Debts Recovery TribunaFll'} Delhi.

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6 TANO. 1529^{of 2022}

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The registry^{of this Tribunal is hereby directed} to issue free^{copy of the order and sendthe same to} both the Parties.

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Parties^{are directed to appear before the Ld'} Recovery Officer,^{DRT-II, Delhion28'03'2025' Pending} IAs, if any,^{standdisPosed of'}

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File be consigned^{to records'}

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Datel.27.0t.2025

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1_--.e^ ,6(susHIL KUMAR^RASToGI) PRESIDING^OFFICER DRT-II, Delhi

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This^{judgement has been} signed, dated^and pronounced in oPen^court.

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Date : 27.01.2025

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( S"\ ( (SUSHIL KUMAR^RASTOGI) PRESIDING^OFFICER DRT-II,^Delhi

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National Cooperative Development Corporation v. M/S Kisan Veer Satara Sahakari Sakhar Karkhana Ltd.

Case brief

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National Cooperative Development Corporation v. M/S Kisan Veer Satara Sahakari Sakhar Karkhana Ltd.

Case brief

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