Allowed

Hdfc Bank v. M/S. Shri Ramdev Jewwllers Prop. Mr. Shantilal Hansaji Pirohit

DRT6 Feb 2026OA/912/2022

Case brief

AI extract

What is this about?

In this Debts Recovery Tribunal case, the applicant bank filed an original application for recovery of dues amounting to ₹56,58,631.54plus interest from the respondent. The tribunal, hearing the case ex-parte as the respondent failed to appear, allowed the application but deducted penal interest, reduced the claimed interest rate, and directed the issuance of a recovery certificate.

What did the court decide?

The respondent shall pay ₹53,81,230plus future simple interest @9.00% per annum from 20.11.2019. Recovery certificate issued.

Hdfc Bank versus M/S. Shri Ramdev Jewwllers Prop. Mr… — Execution and Attachment | DRT (2026)

¶1

Presented on: 20.11.2019 Registered on: 23.08.2022 Decided on: 06.02.2026 Duration: Y M D 06 02 16

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.912/2022.

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HDFC BANK LIMITED ,

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A Banking Company incorporated under the Companies Act, 1956, having its Registered Office at HDFC Bank House, C.S.No.6/242, Senapati Bapat Marg, Lower Parel, Mumbai-13 and branch office at Department for Special Operations, Peninusula Business Park, B-Wing, 4^th Floor, Lower Parel (W), Mumbai-400 013.

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… Applicant

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Versus

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Mr. Shantilal Hansaji Purohit Proprietor of - M/s Shri Ramdev Jewellers A ge – 45 years, Occ.: - Business, Address- Unit No.5, 1^st floor, Vimal Plaza, C.S.No.133, Kasar Galli, Taluka Karveer, District Kolhapur-416 002.

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… Defendant

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APPEARANCES

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For the Applicant Advocate– Mr. Yogesh Hirve For the Defendant Ex-parte.

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TOTAL CLAIM AMOUNT – Rs. 56,58,631.54Ps.

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JUDGMENT (Delivered on 6^th February, 2026)

(OA No.912/2022)

Page 1 of 8

[ANIL]

Applicant Bank has filed present application for recovery of sum of Rs.56,58,631.54Ps. together with further interest @11.90%p.a. with monthly rests under Account No.12748970000071 from the date of filing of Original Application till payment and/or realization of the entire dues/debts from the defendant.

¶17

Brief facts of the application are as under:

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The applicant bank states that defendant is a Proprietary concern engaged in business of manufacturing and selling of Gold Jewelry and ornaments under the name and style as M/s Shri Ramdev Jewelers. Defendant was in need of financial assistance and, therefore, requested the applicant bank for financial assistance by way of Cash Credit of Rs.10,00,000/-.

¶19

The applicant bank granted and sanctioned Cash Credit Facility of Rs.10,00,000/- for his business requirement purpose, on 01.08.2011, on certain terms and conditions, which was accepted and acknowledged by the Defendant. The tenor of the said Cash Credit Facility was upto 15.07.2012.

¶20

The defendant signed and executed certain loan documents in favour of the applicant at the time of availing said Cash Credit Facility, as set out in Para No.5.6 of the Original Application.

¶21

Applicant submits that all loan and security documents executed by the defendant on 12.08.2011 were destroyed in a fire incident took place at Kalamboli Cotton Corporation of India, Godown No.3, Gala No.1 and 2, 1^st floor, wherein, the said documents were kept by the applicant.

(OA No.912/2022)

Page 2 of 8

[ANIL]

Therefore, the applicant could not produce all the above documents, as set out in Para No.5.6 of the Original Application, before the Tribunal.

¶26

However, by availing enhanced Cash Credit Facility and by execution of loan and security documents by the defendant for the same, the fact of availing and execution of loan and security documents by the defendant for initial Cash Credit Facility of Rs.10,00,000/- is confirmed.

¶27

After completion of all the formalities and execution of the above loan and security documents, the defendant availed and utilized the said Cash Credit Facility fully from the applicant vide Account No.12748970000071.

¶28

Upon the request of the defendant, applicant renewed said Cash Credit facility of Rs.10,00,000/- on 23.07.2012, on certain terms and conditions. It was valid up to 15.07.2013.

¶29

Upon the request of the defendant, applicant again renewed said Cash Credit facility of Rs.10,00,000/- on 29.06.2013, on certain terms and conditions. It was valid up to 20.07.2014.

¶30

Applicant submits that defendant requested applicant for enhancement of Cash Credit facility from Rs.10 lakhs to Rs.30 lakhs vide application dt. 01.03.2014. The applicant bank enhanced said Cash Credit Facility from 10 lakhs to Rs.30 lakhs on 24.04.2014 on certain terms and conditions.

(OA No.912/2022)

Page 3 of 8

[ANIL]

The defendant again signed and executed certain loan and security documents in favour of the applicant at the time of availing said enhanced Cash Credit Facility of Rs.30 Lakhs, as set out in Para No.5.19 of the Original Application.

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Upon the request of the defendant, applicant again renewed said Cash Credit facility of Rs.30,00,000/- on 21.05.2014, on certain terms and conditions. It was valid up to 20.07.2014.

¶36

Upon the request of the defendant, applicant again renewed said Cash Credit facility of Rs.30,00,000/- on 23.06.2014, on certain terms and conditions. It was valid up to 20.07.2015.

¶37

Upon the request of the defendant, applicant again renewed said Cash Credit facility of Rs.30,00,000/- on 31.07.2015, on certain terms and conditions. It was valid up to 20.07.2016.

¶38

Applicant further submits that defendant for his business requirements was in need for more financial assistance and requested to enhance Cash Credit facility from Rs.30 Lakhs to Rs.55 Lakhs.

¶39

Upon request of the defendant, applicant enhanced cash Credit Facility from Rs.30 Lakhs to Rs.55 Lakhs, on 02.06.2016 on certain terms and conditions, which was valid upto dated 20.07.2017.

¶40

Defendant again signed and executed certain Loan and security documents in favour of the applicant at the time of availing said Cash Credit facility of Rs.55 lakhs, as mentioned in Para No.5.35 of the Original Application.

(OA No.912/2022)

Page 4 of 8

[ANIL]

Defendant executed Letter of Acknowledgment dated 01.04.2017 signed and executed on 13.06.2017 acknowledging balance outstanding as on 31.03.2017 as well as confirming execution of loan and security documents.

¶45

The defendant also agreed to create a security by way of hypothecation of all the debts i.e.

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(i)- Stock-in-trade, consisting of raw materials, goods in process of manufacturing finished good, and other merchandise whatsoever being movable properties, now stored at or being or which may hereafter be brought into or stored at the premises, factories or warehouses or at any such place of the borrower, any of the above which is or amy be in course of transit or awaiting transit by any mode of transport to the borrowers factory or premises or at any other place whatsoever and wheresoever in the Borrower’s possession or occupation or at any other premises or place, and / or

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(ii)- all the book debts, outstanding, monies, receivable, claims, bills, invoice, documents, contracts, guarantees, and rights which are now due and owing or which may at any time hereafter the during the continuance of this security becomes due and owing to the borrower in the Courts of its business by any person, firm, company or body corporate or by a Government Department or office or any Municipal or Local or Public or Semi-Government body or authority or anybody Corporate or undertaking of project whatever in the Public Sector, as mentioned in Schedule-I of the Original Application.

(OA No.912/2022)

Page 5 of 8

[ANIL]

The Applicant Bank contended that the defendant was irregular in payment of loan amount and made defaults in repayment of the said Loan. The applicant bank time and again requested defendant to repay the loan as per agreed schedule. But defendant deliberately and knowingly failed to repay as agreed in spite of repeated request by the applicant bank. Consequently, the loan account of the defendant became NPA on 29.10.2018. In spite of repeated requests, defendant failed and neglected to regularize the loan account, therefore, the applicant bank has issued Recall Notice dated 14.10.2019 to the defendant by virtue of which the defendant was called upon to pay the outstanding dues towards Cash Credit Facility with further interest. But the defendant failed to pay the said outstanding amount.

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Hence, this application is filed.

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5.^{The Defendant failed to appear despite service of summons. Hence,} the application proceeded ex-parte as per order dated 08.05.2025 passed below Application (Exhibit-1).

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6.^{The Applicant Bank has filed Claim Affidavit (Exhibit-06) of} Mr. Ashwin Narayan Indulkar and produced on record the Loan Transaction documents alongwith with list Exh.7 (Exhibits.AW-1/1 to AW-1/30), which corroborates the case of the Applicant Bank.

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I have heard arguments of the learned Advocate for the Applicant Bank.

(OA No.912/2022)

Page 6 of 8

[ANIL]

Since the defendant 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.

¶60

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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10.^{The applicant bank has claimed Penal Interest of Rs.2,77,401.79Ps.} which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.56,58,631.54Ps is reduced to Rs.53,81,230/-.

¶62

11.^{The Applicant Bank has claimed interest @11.90% p.a. for Cash} Credit facility availed by the defendant. However, considering the facts of the case, I am of the opinion that if future interest is granted @9.00% per annum (simple), it would be just and reasonable rate of interest.

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12.^{Hence, I pass the following order:-}

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ORDER

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(A) Original Application No.912/2022 is allowed with costs.

(OA No.912/2022)

Page 7 of 8

[ANIL]

(B) Defendant shall pay sum of Rs.53,81,230/- (Rupees Fifty-Three Lakhs Eighty-One Thousand Two Hundred Thirty only) towards Cash Credit Loan Account No.12748970000071 with future interest @9.00%p.a. (Simple) from the date of filing of the Original Application i.e. 20.11.2019 till payment /realization of the amount mentioned in this operative order, to the Applicant Bank.

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(C) Issue Recovery Certificate. (D) The Registrar is directed to send the copy of Judgment and Recovery Certificate to the Applicant Bank and the Defendant.

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Sd/Place : Pune. (Dilip G. Murumkar) Date: 06.02.2026 Presiding Officer, Debts Recovery Tribunal, Pune.

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(OA No.912/2022)

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Page 8 of 8

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[ANIL]

Hdfc Bank v. M/S. Shri Ramdev Jewwllers Prop. Mr. Shantilal Hansaji Pirohit

Case brief

What is this about?

What did the court decide?

Hdfc Bank v. M/S. Shri Ramdev Jewwllers Prop. Mr. Shantilal Hansaji Pirohit

Case brief

What is this about?

What did the court decide?

What the court decided

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