Allowed

Bank of Baroda v. M/s Marianella Properties Pvt. Ltd.

DRT21 Jul 2026OA/593/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the applicant bank's application to recover over ₹25 crores from a private limited company and four guarantors who failed to repay a term and car loan. The judgment ordered payment of principal, accrued interest, and future interest along with security enforcement over mortgaged and hypothecated assets and issuance of a recovery certificate.

What did the court decide?

Recovery of ₹25,77,43,623.93/- with future interest at 12% p.a. jointly and severally, secured by mortgaged and hypothecated properties; issue of recovery certificate.

Bank of Baroda versus M/s Marianella Properties Pvt. Ltd. — Money Laundering | DRT (2026)

¶1

ORIGINAL APPLICATION NO.593 OF 2023

¶2

DEBTS RECOVERY TRIBUNAL No.2, MUMBAI

¶3

PRESIDING OFFICER: HARISH KUMAR KAUSHIK

¶4

ORIGINAL APPLICATION NO.593 OF 2023

¶5

Date of Institution: 23.06.2021 Date of Decision: 21.07.2026

¶6

TOTAL CLAIM AMOUNT : ₹ 25,77,43,623.93/-

¶7

BANK OF BARODA,

¶8

A body corporate constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act V, 1970 having its Head Office at Mandvi, Baroda, in the state of Gujarat and amongst other places at Branch Office known as Worli Branch, 13, Vaswani Chambers, Opp. Old Passport Office, 264-265, Dr. A. B. Road, Worli, Mumbai-400 030 through its Assistant General Manager, Mr. Nilmani

¶9

… Applicant

¶10

Versus

¶11

M/S. MARIANELLA PROPERTIES PVT. LTD., (Borrower) Having its office address at Office No.51/54 Dattani Chamber, S.V.Road, Malad (W), Mumbai-400 064.

¶12

LANCELOT D’SOUZA, (Guarantor) Having its residential address at

¶13

Page 1 of 22

¶14

ORIGINAL APPLICATION NO.593 OF 2023

¶15

118, Lynron Apartments, Gamdevi Road, Poisar, Kandivali (West), Mumbai-400 067. 3. LAURDES D’SOUZA, (Guarantor) Having its residential address at 118, Lynron Apartments, Gamdevi Road, Poisar, Kandivali (West), Mumbai-400 067 4. M/S. ROSE BUILDER, (Prop. Mr.Lancelot D’souza) (Guarantor) Having its office at address Office No.51/54 Dattani Chamber, S.V.Road, Malad (W), Mumbai-400 064 And Office Number 228, Natraj Market, S.V.Road, Malad (W), Mumbai-400064

¶16

…Defendants

¶17

APPEARANCES

¶18

For the Applicant : Ms Akshita Rathudi i/b M/s. Anup Khaitan & Co. - Advocate For Defendants : Ex-parte

¶19

J U D G M E N T

¶20

(1) This is an application under Section 19(1) of the Recovery of the Debts due to Banks and Financial Institutions Act, 1993 renamed as Recovery of the Debt and Bankruptcy Act, 1993 (for short, ‘the 1993 Act’) initially to recover ₹25,77,43,623.93/(Rupees Twenty-Five Crores Seventy-Seven

¶21

Page 2 of 22

¶22

ORIGINAL APPLICATION NO.593 OF 2023

¶23

Lakhs Forty-Three Thousand Six Hundred Twenty-Three and Paisa Ninety-Three Only) wherein ₹25,34,20,768.83/- (Rupees Twenty-Five Crores Thirty-Four Lakhs Twenty Thousand Seven Hundred Sixty-Eight and paisa Eighty-Three Only) with respect to Term Loan Facility with future interest @ 13.60% per annum compounded at monthly rests and ₹43,22,855.10/- (Rupees Forty Three Lakhs Twenty Two Thousand Eight Hundred Fifty Five and paisa Ten Only) with respect to Car Loan Facility with interest @ 8.85% per annum compounded at monthly rests thereon from the date of presentation of the Original Application i.e. 23.06.2021 till payment/realization and to enforce the mortgaged and hypothecated securities.

¶24

The details of the claim amount are as under: -

¶25

Sr	Particulars	Amount
No
1	Principal O/s. with respect to Term Loan Account No.04220600001113 as on 28.03.2018	15,21,09,112.75/-
2	Add: Accrued Interest @ 13.60% from 31.03.2018 to 31.05.2021	9,13,53,016.90/-
3	Add: Penal Interest @2% per annum from 31.08.2018 to 31.05.2021	99,58,639.18/-
	Total Amount (A)	25,34,20,768.83/-
4	Principal O/s. with respect to Car Loan Account No.04220600001231 as on 26.03.2018	43,54,905.50/-
5	Less: Recovery	(17,50,000/-)
6	Add: Accrued Interest @ 8.85% from 27.03.2018 to 31.05.2021	14,47,456.07/-
7	Add: Penal Interest @ 2% per annum	2,70,493.53/-

¶26

Page 3 of 22

¶27

ORIGINAL APPLICATION NO.593 OF 2023

¶28

Total Amount (B)	43,22,855.10/-
Grand Total (A) + (B)	25,77,43,623.93/-

¶29

(2) It is undisputed fact in the matter that the Defendant nos.1 to 4 were duly served with the summons vide order-sheet dated 22.07.2024. Despite service, the defendants did not enter their appearance and therefore, they were set ex-parte on 10.07.2025.

¶30

(3) Defendant No.1, a Private Limited company through its directors and guarantors i.e. Defendant No.2 to 4 are the principal borrowers who approached the Applicant Bank and sought financial assistance by way of Term Loan Facility and Car Loan Facility. Pursuant to the loan application made by defendant, the Applicant sanctioned the loan in sum of ₹15,00,00,000/(Rupees Fifteen Crores Only) payable in 6 EMI of ₹2,50,00,000/(Rupees Two Crores Fifty Thousand Only) commencing from December, 2016 with interest at the rate of 4.75% above Base rate plus tenor premium @ 0.10% i.e. 15.10% per annum floating interest. The instalments to meet working capital requirements of the unit. The 1^st instalment was to be paid on 30.09.2016 and last instalment on 31.12.2017. Thereafter, vide Sanction Letter dated 14.07.2016, the Applicant sanctioned an amount of ₹50,00,000/- (Rupees Fifty Lakhs Only) payable in 84 EMIs of ₹82,747.80/- (Rupees Eighty-Two Thousand Seven

¶31

Page 4 of 22

¶32

ORIGINAL APPLICATION NO.593 OF 2023

¶33

Hundred Forty-Seven and paisa Eighty Only) with MCLR + Strategic Premium + 0.25% i.e.9.90% with monthly rests, subject to change as per Bank/ RBI Guidelines. MCLR equivalent to 9.40% and Strategic Premium is 0.25%.

¶34

The details of the Sanction amount are as under: -

¶35

S r	Date of Sanction	Nature of	Amount	ROI	Security	Collatera Security	l
N		Facility
o
1	06.04.2015	Term	₹15,00,0	@4.75	Equitable	Equitable
		Loan	0,000/-	%	mortgage of	Mortgage	of
		(Fresh)		above	Land located	Office no	.51 to
				Base	Village:	54, 5 ^{t h}	floor
				rate	Malode,	Dattani
				plus	Taluka:	Chamber,	S.V.
				tenor	Vasai (W),	Road,	Malad
				premi	District:	(W), M	umbai
				um @	Thane	64 in the	name
				0.10%	bearing	of M/s	Rose
				i.e. 15.10	Hissa No. 1, C.T.S.	Builders.
				% per annu	No.269 & 276
				m	admeasuring	Personal
				floati	60.20 sq.	Guarante	e of
				ng	mtrs and	the follow	ing:
				intere	2921.41 sq.	(1) Mr La	ncelot
				st	mtrs (Total	D’souza;
					2981.61 sq.	(2)	Mrs
					mtrs.) in the	Laurdes
					name of the	D’souza;
					company and	(3) Guar	antee
					proposed	of M/s	Rose
					construction	Builder	prop
					of building thereupon.	firm of Lancelot D’souza	Mr being
						owner o collateral security.	f the

¶36

Page 5 of 22

¶37

ORIGINAL APPLICATION NO.593 OF 2023

¶38

Total Amount	-	₹15,00, 00,000/ -	-	-
2 14.07.2016	Car Loan	₹50,00,0 00/-	MCLR + Strate gic Premi um + 0.25% i.e.9. 90% with mont hly rests, subje ct to chang e as per Bank / RBI Guide lines. MCLR equiv alent to 9.40% and Strate gic Premi um is 0.25%	Hypothecatio n of Vehicle Mercedez- Benz Series W212 Model 250	Personal Guarantee of the following: (1) Mr Lancelot D’souza; (2) Mrs Laurdes D’souza.
Total Amount	-	₹50,00,0 00/-	-	-	-
Total amount sanctioned	-	₹15,50, 00,000/ -	-	-	-

¶39

(4) On the dates given below, defendants signed and executed the loan and security documents as set out in paragraph nos. 2 to 6 of the Original

¶40

Page 6 of 22

¶41

ORIGINAL APPLICATION NO.593 OF 2023

¶42

Application. Defendants hypothecated the following: -

¶43

(1) Vehicle Mercedez-Benz Series W212 Model 250 and

¶44

(2) (i) The whole of the Borrower's stocks, both present and future and including but without prejudice to the generality of the foregoing words, all stocks of raw materials work-in-process, semifinished goods and finished goods such as construction material at construction site, packing materials and stores etc. whatsoever and wheresoever situate and/or in transit whether now belonging to or that may at any time during the continuance of thin security belong to the Borrower or that may be held by any party anywhere to the order and disposition of the Borrower;

¶45

(ii) All the present and future book -debts, outstanding moneys, receivables, claims bills, contracts, engagements and securities which are now due and owing or which may at any time hereafter during the continuance of this security become due and owing to the Borrower in the course of its business by any person, firm company or body corporate or by the Government of India or any State Government or Indian Railways or any Government Department or Office

¶46

Page 7 of 22

¶47

ORIGINAL APPLICATION NO.593 OF 2023

¶48

or any Municipal or Local or Public or Semi - Government body or authority whatsoever including those relating to the assets leased out and/or given on hire purchase basis;

¶49

(iii) All the tangible movable machinery and plant and cranes, boats and crafts and the vehicles of the Borrower together with spares, tools and accessories and other movables, both present and future, and furniture, fixtures and fittings and office equipment whether installed or not and whether lying loose or in cases which are now lying or stored in or about or shall be brought into or be stored or be in or upon or about the Borrower's premises and godowns or wherever else the same may be or be held by any party to the order or disposition of the Borrower (including those on lease or hire-purchase) relating or pertaining to the Borrower's works at Hissa Not, CTS NO. 2698 276 Village – Melonde, Vasai Dist- Thane; And

¶50

mortgaged Plot of land bearing survey no 131 hissa no 1 corresponding CTS no 269 admeasuring 60.20 sq. mtrs. & CTS no 279 admeasuring 2921.41 sq. mtrs. in aggregate 2981.61 sq mtrs along with structure to construct thereon under commercial complex project known

¶51

Page 8 of 22

¶52

ORIGINAL APPLICATION NO.593 OF 2023

¶53

as "VASAL CENTRAL" situated at Village: Malode, Vasai (W) and proposed construction of building thereon bearing Vasai Municipal House Nos.368, 368 B, 368C, 368D & 368E within the territory of Thane District & also within the jurisdiction of Sub-Registrar of Assurance Vasai at Village Malond, Taluka Vasai, District Thane;

¶54

and Office Premises no 51,52,53 & 54 situated on 5th floor admeasuring, in aggregate, 1210 sq ft carpet area in building known as "Dattani Chambers" situated at S. V. Road, Malad (W) Mumbai 400 064 bearing CTS no 625, 625 (1to 9) of Village: Malad South, Mumbai Suburban District in the name of M/s Rose Builders to secure the loan.

¶55

The details of the documents executed as per Sanction Letter dated 06.04.2015 by the Defendant are as under: -

¶56

(a) Sanction Letter dated 06.04.2015 for an amount of ₹15.00 Crores (Rupees Fifteen Crores Only);

¶57

(b) Board Resolution dated 14.05.2015 whereby the board of directors have given the requisite consent for the company to borrow the Term Loan of ₹15.00 Crores (Rupees Fifteen Crores Only);

¶58

¶59

Page 9 of 22

¶60

ORIGINAL APPLICATION NO.593 OF 2023

¶61

₹15.00 Crores (Rupees Fifteen Crores Only) whereby the Defendant No.1 agreed to pay to the Applicant on demand a sum of ₹15.00 Crores (Rupees Fifteen Crores Only) with the interest thereon;

¶62

(d) Term Loan Agreement dated 08.06.2015 executed by Defendant Nos.2 & 3 on behalf of Defendant No. 1;

¶63

(e) Composite Hypothecation Agreement (For Stocks/Book debts/Vehicles/Movable Machinery) dated 08.06.2015 executed by the Defendant Nos.2 & 3 on behalf of Defendant No. 1;

¶64

(f) The General form of Guarantee dated 08.06.2015 executed by the Defendant Nos.2, 3 & 4;

¶65

(g) Composite Undertaking Cum-Declaration dated 08.06.2015 executed by the Defendant Nos. 2, 3 and 4 and their legal heirs;

¶66

(h) Declaration Cum Undertaking Cum Authority dated 08.06.2015 executed by all the Defendant No. 2 and the Defendant No. 3;

¶67

(i) Undertaking dated 08.06.2015 executed by the Defendant No. 2 and 3 on behalf of the Defendant No. 1;

¶68

(j) Letter of Installment with Acceleration Clause dated 08.06.2015 executed by the Defendant Nos.2 and 3 on behalf of the Defendant No. 1;

¶69

Page 10 of 22

¶70

ORIGINAL APPLICATION NO.593 OF 2023

¶71

(k) Letter of Authority in Bank's Favour to Disclose or Publish Name of Borrower in case of Default of Loan / Advances dated 08.06.2015 executed by the Defendant Nos. 2 and 3 on behalf of the Defendant No. 1, whereby the Defendant No. 1 have authorized the Applicant herein to disclose or publish name of the Defendant No. 1 in case of the default on behalf of the Defendant No. 1;

¶72

(l) Affidavit / Declaration / Undertaking / No objection dated 09.06.2015 duly executed by the Defendant Nos. 2 and 3 on behalf of the Defendant No. 1;

¶73

(m) Memorandum of Entry dated 08.06.2015, whereby the Defendant No.1, through its authorized representative in presume to the Board Resolution dated 14.05.2015 and the Defendant No. 2 on behalf of Defendant No. 4 have created mortgage in respect of the said property no. 1 and the said property no. 4 by deposit of title deeds, the said deposit of title deed was recorded by the Applicant vide Memorandum of Entry dated 08.06.2015;

¶74

(n) Original title deeds dated 04.07.2015 of the said mortgaged property i.e. Plot of land bearing survey no 131 alongwith Agreement of Sale dated 26.04.1982, 12.04.1982 and 31.03.1982;

¶75

Page 11 of 22

¶76

ORIGINAL APPLICATION NO.593 OF 2023

¶77

(o) Letter of Confirmation of Creation of Mortgage dated 09.06.2015 executed by the Defendant No. 2 and the Defendant No. 2 on behalf of the Defendant No. 4, whereby the Defendant No. 1 and the Defendant No. 4 have confirmed of having created mortgage in respect of the said mortgaged properties;

¶78

(p) Irrevocable General Power of Attorney dated 09.06.2015 duly executed by the Defendant 2 and the Defendant No. 3 on behalf of the Defendant No. 1, whereby the Defendant No. I have authorized the Applicant herein to do various acts, deeds, and things more particularly described in the said Irrevocable General Power of Attorney;

¶79

(q) Irrevocable General Power of Attorney dated 09.06.2015 duly executed by the Defendant 2 on behalf of the Defendant No. 4, whereby the Defendant No. 4 have authorized the Applicant herein to do various acts, deeds and things more particularly described in the said Irrevocable General Power of Attorney;

¶80

(r) Undertaking dated 17.12.2015, where by the Defendant No.2 on behalf of the Defendant No.1 undertook to create Simple Registered Mortgage immediately on disbursement;

¶81

(s) Board Resolution dated 17.12.2015 by the Defendant No. 1, whereby the Defendant No. 1

¶82

Page 12 of 22

¶83

ORIGINAL APPLICATION NO.593 OF 2023

¶84

authorized its authorized representative to create registered mortgage in respect of the said property no. 1;

¶85

(t) Deed of Simple Mortgage dated 02.02.2016, whereby the Defendant Nos.1 and 4 have created registered simple mortgage in respect of the said mortgaged properties. The said Deed of Simple Mortgage dated 02.02.2016 was registered with the Sub Registrar office vide registration receipt no. VS12-746-2016 dated 04.02.2016 on payment of registration fees of ₹31,260/(Rupees Thirty-One Thousand Two Hundred Sixty Only);

¶86

(u) Registration of charge with Registrar of Companies, whereby the Defendant No.1 have registered charge upon the mortgaged property and the hypothecation of stocks, book, debts & movable properties with the Registrar of Companies;

¶87

(v) Board Resolution dated 14.07.2017 whereby, the Board of Directors have authorized its authorized representative to execute the Letter of Acknowledgement of Dent for the Term Loan facility availed by Defendant No.1;

¶88

(w) Letter of Acknowledgement of Debt dated 14.07.2017 for the Term Loan facility of ₹ 15.00 Crores (Rupees Fifteen Crores Only) executed by the Defendant No. 2. the

¶89

Page 13 of 22

¶90

ORIGINAL APPLICATION NO.593 OF 2023

¶91

Defendant No. 3 on behalf of the Defendant No. 1 and the Defendant No. 2, the Defendant No. 3 and the Defendant No. 2 in his capacity as the proprietor of the Defendant No. 4 whereby the Defendant Nos 2 to 4 have acknowledged the debts of the Defendant No. 1 from the Applicant herein;

¶92

(x) Letter of Acknowledgement of Debt dated 07.06.2019 for the Term Loan facility of ₹ 15.00 Crores (Rupees Fifteen Crores Only) executed by the Defendant No. 2 and the Defendant No. 3 as the authorized representative of the defendant No. 1 and the Defendant No. 2, the Defendant No. 3 and the Defendant No. 2 in his capacity as the proprietor of the Defendant No. 4, whereby the Defendants to acknowledged the debts of the Defendant No.1 from the Applicant herein.

¶93

The details of the documents executed as per Sanction Letter dated 14.07.2016 by the Defendant are as under: -

¶94

(a) Sanction Letter dated 14.07.2016;

¶95

(b) Board Resolution dated 20.07.2016;

¶96

(c) Demand Promissory Note for ₹50.00 Lakhs dated 26.07.2016 executed by the Defendant No. 3 on behalf of the Defendant No. 1 whereby, the Defendant No.1;

¶97

Page 14 of 22

¶98

ORIGINAL APPLICATION NO.593 OF 2023

¶99

(d) Instrument of Hypothecation of Vehicle dated 26.07.2016 executed by the Defendant No. 3 on behalf of the Defendant No. 1 for ₹50.00 Lakhs against car;

¶100

(e) General Form of Guarantee dated 26.07.2016 executed by the Defendant Nos.2 and 3 for ₹50.00 Lakhs (Rupees Fifty Lakhs Only) in the favour of the Applicant, whereby the Defendant Nos.2 and 3 stood as guarantors for the credit facilities availed by the Defendant No. 1;

¶101

(f) Letter of Acknowledgement of Debt dated 07.06.2019 for the Car Loan facility of ₹50.00 Lakhs executed by the Defendant No. 1 through its authorized representative and the Defendant No. 2, the Defendant No.3 and the Defendant No. 2 in his capacity as the proprietor of the Defendant No. 4 whereby the Defendant No. 1 have acknowledged the debts of the Defendant No. 1 from the Applicant herein.

¶102

(5) As per Claim Affidavit dated 22.06.2021, the Applicant state that the hypothecated Vehicle Mercedez-Benz Series W212 Model 250 had been sold by the Applicant on 19.12.2020 and an amount of ₹17,50,000/- (Seventeen Lakhs Fifty Thousand Only) has been credited to Account No. 04220600001231 on 31.12.2020 towards the part

¶103

Page 15 of 22

¶104

ORIGINAL APPLICATION NO.593 OF 2023

¶105

satisfaction of the claim of the Applicant in the vehicle loan account.

¶106

(6) After availing the loan, defendants did not adhere to the financial discipline and committed default in payment of instalments and repayment of the loan and accordingly the accounts of the borrowers were declared as Non-Performing Assets (N.P.A.) on 31.03.2018 as per RBI Guidelines. Therefore, on 23.02.2021, the applicant, through its advocate, called upon defendants to liquidate the outstanding in the sum of ₹21,95,25,433/(Rupees Twenty One Crore Ninety Five Lakh Twenty Five Thousand Four Hundred Thirty Three only) as on 31.01.2021 in respect of Term Loan facility along with interest @ 13.60% and penal interest @ 2% p.a. from 01.02.2021 till payment/realization and an amount of ₹37,96,413 (Rupees Thirty Seven Lakh Ninety Six Thousand Four Hundred Thirteen only) as on 31.01.2021 in respect of Car Loan facility along with interest @ 8.85% from 01.02.2021 till penal and interest @ 2% p.a. payment/realization within 7 days of notice. Despite notice, defendant nos. 1 to 4 failed and neglected to pay.

¶107

(7) As on 31.05.2021, there was owing, due and payable by defendants to the applicant the aggregate sum of ₹25,77,43,623.93/- (Rupees Twenty-Five Crores Seventy-Seven Lakhs Forty-

¶108

Page 16 of 22

¶109

ORIGINAL APPLICATION NO.593 OF 2023

¶110

Three Thousand Six Hundred Twenty-Three and Paisa Ninety-Three Only). The applicant has maintained the loan ledger extract and the entries posted therein are made in the usual and ordinary course of the banking business.

¶111

(8) Since, defendants failed and neglected to make the payment, the applicant was left with no other alternate but to file the Original Application which was presented on 23.06.2021.

¶112

(9) The applicant has filed affidavit (exhibit-6) in lieu of examination in chief of Mr Nilmani, Assistant General Manager and list of documents (exhibits7, 8 & 9) thereby adducing in evidence the documents at AW-1 to AW-54, which are admitted in evidence, read, recorded and exhibited.

¶113

(10) Accordingly, in the Original Application was filed for the recovery of ₹25,77,43,623.93/- (Rupees Twenty-Five Crores Seventy-Seven Lakhs FortyThree Thousand Six Hundred Twenty-Three and Paisa Ninety-Three Only) wherein ₹25,34,20,768.83/- (Rupees Twenty-Five Crores Thirty-Four Lakhs Twenty Thousand Seven Hundred Sixty-Eight and paisa Eighty-Three Only) with respect to Term Loan Facility with future interest @ 13.60% per annum compounded at monthly rests and ₹43,22,855.10/- (Rupees Forty Three Lakhs Twenty Two Thousand Eight Hundred Fifty Five and paisa Ten Only) with respect to Car

¶114

Page 17 of 22

¶115

ORIGINAL APPLICATION NO.593 OF 2023

¶116

Loan Facility with interest @ 8.85% per annum compounded at monthly rests thereon from the date of presentation of the Original Application i.e. 23.06.2021 till payment/realisation.

¶117

(11) The Applicant bank filed Affidavit of the Applicant in compliance of the order dated 23.12.2025 (Exhibit-13), wherein it is stated the higher authority had refused to waive the penal interest.

¶118

(12) The Tribunal has scrutinised and examined the allegations contained in the Original Application and analysed the evidence adduced by the applicant which has gone unchallenged, uncontroverted and unrebutted.

¶119

(13) Upon careful scrutiny and the examination of the Original Application, analysing the evidence and giving due weightage to the documentary evidence adduced by the applicant, the Tribunal views that there is no reason to disbelieve the claim made by the applicant bank.

¶120

(14) In view of the observations made hereinabove, Original Application filed by the applicant deserves to be allowed.

¶121

(15) Hence, the following order:

¶122

ORDER

¶123

(A) The Original Application No.593 of 2023 is allowed with costs.

¶124

(B) Defendant No.1, a Private Limited company through its directors and guarantors i.e.

¶125

Page 18 of 22

¶126

ORIGINAL APPLICATION NO.593 OF 2023

¶127

Defendant No.2 to 4 are ordered and directed to pay to the applicant, either jointly or severally, the aggregate sum of ₹25,77,43,623.93/- (Rupees Twenty-Five Crores Seventy-Seven Lakhs FortyThree Thousand Six Hundred Twenty-Three and Paisa Ninety-Three Only) with future simple interest at the rate of 12% per annum from the Original Application’s presentation date, that is, 23.06.2021 till payment/realization after adjusting the recoveries made by the Applicant under SARFAESI Act, 2002 or any other amount paid by the borrowers after filing of this Original Application No. 593 of 2023.

¶128

¶129

(i) The whole of the Borrower's stocks, both present and future and including but without prejudice to the generality of the foregoing words, all stocks of raw materials work-in-process, semifinished goods and finished goods such as construction material at construction site, packing materials and stores etc. whatsoever and wheresoever situate and/or in transit whether now belonging to or that may at any time during the continuance of thin security belong to the Borrower or that may be held by any party anywhere to the order and disposition of the

¶130

Page 19 of 22

¶131

ORIGINAL APPLICATION NO.593 OF 2023

¶132

Borrower;

¶133

(ii) All the present and future book-debts, outstanding moneys, receivables, claims bills, contracts, engagements and securities which are now due and owing or which may at any time hereafter during the continuance of this security become due and owing to the Borrower in the course of its business by any person, firm company or body corporate or by the Government of India or any State Government or Indian Railways or any Government Department or Office or any Municipal or Local or Public or SemiGovernment body or authority whatsoever including those relating to the assets leased out and/or given on hire purchase basis;

¶134

¶135

Page 20 of 22

¶136

ORIGINAL APPLICATION NO.593 OF 2023

¶137

those on lease or hire-purchase) relating or pertaining to the Borrower's works at Hissa Not, CTS NO. 2698 276 Village – Melonde, Vasai DistThane;

¶138

(D) The aforesaid adjudicated amount is secured by the valid and subsisting movable mortgaged properties, that is,

¶139

(1) Plot of land bearing Survey no 131 hissa no 1 corresponding CTS no 269 admeasuring 60.20 sq. mtrs. & CTS no 279 admeasuring 2921.41 sq. mtrs. in aggregate 2981.61 sq mtrs along with structure to construct thereon under commercial complex project known as "VASAL CENTRAL" situated at Village: Malode, Vasai (W) and proposed construction of building thereon bearing Vasai Municipal House Nos.368, 368 B, 368C, 368D & 368E within the territory of Thane District & also within the jurisdiction of Sub-Registrar of Assurance Vasai at Village Malond, Taluka Vasai, District Thane;

¶140

(2) Office Premises no 51,52,53 & 54 situated on 5th floor admeasuring, in aggregate, 1210 sq ft carpet area in building known as "Dattani Chambers" situated at S. V. Road, Malad (W) Mumbai

¶141

Page 21 of 22

¶142

ORIGINAL APPLICATION NO.593 OF 2023

¶143

400 064 bearing CTS no 625, 625 (1to 9) of Village: Malad South, Mumbai Suburban District in the name of M/s Rose Builders.

¶144

(E) Defendant No.1, a Private Limited company through its directors and guarantors i.e. Defendant No.2 to 4 are entitled to redeem the hypothecated and mortgaged properties as per law failing which the applicant has right to proceed to sell the hypothecated and mortgaged properties and recover dues as per law.

¶145

(F) Issue Recovery Certificate.

¶146

(G) The learned Registrar is directed to send a copy of the judgment and recovery certificate to (i) the applicant, (ii) defendant and (iii) the Recovery Officer by post and email.

¶147

(Harish Kumar Kaushik) Presiding Officer, DRT-2, Mumbai

¶148

Page 22 of 22

Bank of Baroda v. M/s Marianella Properties Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Bank of Baroda v. M/s Marianella Properties Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

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