Allowed

The Cosmos Co. Operative Bank Limited v. Rajdeep Distributors Pvt. Ltd.

DRT3 Jan 2026OA/1020/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an application filed by The Cosmos Co-operative Bank Ltd. for recovery of dues from a company and its directors, who were also guarantors. The court imposed a future interest rate of 9% per annum and enforced mortgage rights over the respondents' property.

What did the court decide?

Recovery of Rs. 3,71,31,277 plus future interest at 9% per annum, enforcement of mortgage, and issuance of recovery certificate.

The Cosmos Co. Operative Bank Limited versus Rajdeep… — Company and Corporate | DRT (2026)

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Presented on .. 30.12.2022 Registered on .. 13.07.2023 Decided on .. 03.01.2026 Duration .. Y—M—D 03--00--04

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 1020/2023.

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The Cosmos Co-operative Bank Ltd., Bank deemed to have been registered under the provisions of the MultiState Co-operative Societies Act, 2022 and having its registered office at Cosmos Tower, Plot No. 6, ICS Colony, Ganesh Khind, University Road, Pune 411 007 and Branch Office at University Road, Pune.

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… Applicant

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Versus

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1 M/s. Rajdeep Distributors Pvt. Ltd. A under company registered

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Company Act, 1956, having registered office at 356/357, Shukrawar Peth, Shivaji Road, Near Gadikhana, Pune 411 002.

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2 Mr. Vipul Kishorkumar Parekh, A/603, Soni Tower, Haridas Nagar, Near Ram Mandir, Borivali West, Mumbai 400 092.

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Sanap ( OA No. 1020/2023 ) 1 of 7

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3 Mrs. Leena Vipul Parekh, A/603, Soni Tower, Haridas Nagar, Near Ram Mandir, Borivali West, Mumbai 400 092. … Defendants

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Appearances :-

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For Applicant Advocate Pradip Yadav. For Defendants Ex parte.

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Total Claim Amount – Rs.3,71,31,277/-

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JUDGMENT

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( Delivered on 03^rd January, 2026 )

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The Applicant Bank has filed the present application for recovery of the sum of Rs.3,71,31,277/- together with future interest @14% per annum from the date of 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 borrower is a Private Limited Company and defendant Nos. 2 and 3 are Directors of defendant No.1 Company. Defendant Nos. 2 and 3 are also guarantors for loan sanctioned to defendant No.1.

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As per the loan application of the defendants, the applicant Bank sanctioned the Cash Credit facility of Rs.2,50,00,000/- to the defendants vide Sanction Letter dated 30.03.2017.

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Sanap ( OA No. 1020/2023 ) 2 of 7

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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 No.2 has also executed registered deed of mortgage dated 07.04.2017 in favour of the applicant Bank in respect of all that piece and parcel of residential unit situated on the first floor i.e. entire first floor, construction admeasuring 1480.8 square feet area out of total construction of the building admeasuring 452.38 square meter situated at CTS No. 356 and 357 at Shukrawar Peth, Pune along with 1/4^th undivided share in the land underneath the said building i.e. area admeasuring 44.81 square meter out of CTS No. 356 totally admeasuring 179.26 square meter and area admeasuring about 14 square meter out of CTS No. 357 totally admeasuring 56 square meter situated at Shukrawar Peth, Pune.

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Thereafter, at the request of the defendants, the applicant Bank enhanced Cash Credit limit up to Rs.4,00,00,000/and sanctioned Working Capital of Rs.1,00,00,000/- vide Sanction Letter dated 27.09.2017 on execution of necessary loan and security documents along with registered mortgage deed dated 10.10.2017 by the

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Sanap ( OA No. 1020/2023 ) 3 of 7

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defendants in respect of the above mentioned property in favour of the applicant Bank.

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The applicant Bank reviewed and reduced the Cash Credit facility from Rs.4,00,00,000/- to Rs.300,00,000/vide Sanction Letter dated 11.02.2020. Again at the request of the defendants, the applicant Bank sanctioned Ad-hoc Cash Credit Limit of Rs.20,00,000/- vide Sanction Letter dated 17.03.2022 on execution of necessary documents by defendants in favour of the applicant Bank.

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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 26.09.2022, 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 11.10.2022, 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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The defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte

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Sanap ( OA No. 1020/2023 ) 4 of 7

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against the defendants as per Order dated 03.09.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Rajesh Balasaheb Kadam, Authorized Representative of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1 to AW-29 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 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. 1020/2023 is allowed with costs.

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Sanap ( OA No. 1020/2023 ) 5 of 7

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B} Defendant Nos.1 to 3 either jointly or severally shall pay to the applicant Bank the sum of Rs.3,71,31,277/(Rupees Three Crore Seventy One Lakh Thirty One Thousand Two Hundred Seventy Seven only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 30.12.2022 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 all that piece and parcel of residential unit situated on the first floor i.e. entire first floor, construction admeasuring 1480.8 square feet area out of total construction of the building admeasuring 452.38 square meter situated at CTS No. 356 and 357 at Shukrawar Peth, Pune along with 1/4^th undivided share in the land underneath the said building i.e. area admeasuring 44.81 square meter out of CTS No. 356 totally admeasuring 179.26 square meter and area admeasuring about 14 square meter out of CTS No. 357 totally admeasuring 56 square meter situated at Shukrawar Peth, Pune, more particularly described in the Para No. 5.4 and 5.5 of the Original Application.

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Sanap ( OA No. 1020/2023 ) 6 of 7

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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.

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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 : 03.01.2026 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 1020/2023 ) 7 of 7

The Cosmos Co. Operative Bank Limited v. Rajdeep Distributors Pvt. Ltd.

Case brief

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The Cosmos Co. Operative Bank Limited v. Rajdeep Distributors Pvt. Ltd.

Case brief

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