BANK OF MAHARASHTRA vs M/S INDOTECH MINERAL SOLUTIONS on 23 April 2026

J U D G M E N T

1. 1. This is an application under Section 19(1) of Recovery of the Debt and Bankruptcy Act, 1993 (for short, 'the 1993 Act') to recover Rs.5,31,30,580.71- with future interest thereon from the date of presentation of the Transfer Original Application till payment/realization and to enforce the mortgaged securities.

2. 2. The Defendants were granted the Cash Credit Facility for a sum of Rs.4,50,00,000/- as specified in para no. 5.F of the Transfer Original Application and on them executing loan and security documents.

3. Defendants created a hypothecation and mortgage to secure the loan. Following is the list of the mortgage properties and hypothecation goods:-

a. Present and future movable plants, machineries, goods, stocks of Raw Materials, items, inventories, stock in process, semi finished and finished goods, stores and spares (Consumable Stores and Spares). Stock in trade, goods in process, movable in transit and present and future tangible and intangible assets, vehicles, goodwill, trademark copyright patent and all the right title interest and benefit of the Defendant No.1 in upon or over all contracts and agreements and amounts and rights to collect receive and recover the same together with all movables situate or located at any place at any time and all outstanding monies, Claim bills receiveables, Books debts due or to become due to the Defendant No.1 at any time or from time to time and all of the Borrower's rights titles or interest therein of Defendant No.1.

b. Shop No. G-4 admeasuring 40 sq mtrs., G-5, admeasuring 35.90 sq. mtrs., & G-6 admeasuring 35.90 sq. mtrs super built up area all on the ground floor of the building complex known as "GLASS TOWERS CONSTRUCTED IN THE PROPERTY KNOWN AS "PLAMAR JAPAO" SITUATED in Panaji within the limits of the Panaji Municipal Corporation Taluka and Sub District of Ilhas, District of North Goa, State of Goa, described in the Land Registration of Ilhas under

No. 20818 at Page 173 of Books No. B-55 New, enrolled in the Taluka revenue Office surveyed for record of Rights under Chalta No. 14 of P.T. Sheet No. 42 in the Records of the City Survey of Panaji collectively admeasuring 448 sq. mtrs. (owned by Defendant No. 4)

c. Plot No. 2-B and Plot No.2-C having an area of 2000 and 2077 sq. mtrs respectively, total admeasuring an area 7154 sq. mtrs, which Plots are under Survey No. 369/2-B and survey No.369/2-C of Flat No. B/SF-5, West-Coast Residency Soccoro Porvorim situate being and lying at Soccorro village in the registration Dist-North Coast, Sub-Dist Bardez Goa, admeasuring 155 sq. meters and bearing survey no. 369/2-B, 369/2-C at Scorroro village. (owned) by Defendant No.2)

d. Plot No. 2 -B and Plot No.2-C having an area of 2000 and 2077 sq mtrs respectively, total admeasuring an area 4154 sq. mtrs which Plots are under Survey No. 369/2-B and survey No. 369/2-C of Flat No. B/SF-4, situated on Second/Third floor of West-Coast Residency, Soccoro Porvorim situate being and lying at Soccoro Village the registration Dist. North Goa. Sub-Dist Bardez Goa, admeasuring 210 sq. meters with additional Terrace space of 25 sq.mtrs which property is described under No. 51318 at folio of Book B-108 and enrolled Revenue office under Matriz No. 1558 bearing survey no. 369/2-B & 369/2-C of Soccoro village. (owned by Defendant No.2).

e. Flat bearing No. B/SF-3, second Floor, admeasuring 175 sq mtrs, in Block B with additional terrace space of 60 sq mtrs in the building complex known as "WEST COAST RESIDENCY" constructed in the landed property made up of two Plots 2-B and 2-C totally admeasuring 4154 Sq. mtrs. plots Surveyed under No. 369/2-B and survey No. 369/2-C of village Soccorro, forms a part of the half of the property denominated as "ZAMBUL GULAM" situated at Alto Porvorim within the limits of village Panchayat of Soccorro, Taluka and Sub district Sub-Dist Bardez, in the state of Goa and half property described under No. 51318 at folio of Book B-108 and which is enrolled in the Taluka Revenue office under Martiz No. 1558 of the second circumscription. (owned by Defendant No. 3).

f. Land/Flat bearing No. B/FF-4, First Floor, admeasuring 110 sq mtrs, in Block B with additional terrace space of 60 sq mtrs, in the building complex known as "WEST COAST RESIDENCY" constructed in the landed property made up of two Plots identified as Plot 2-B and 2-C totally admeasuring 4154 sq mtrs. Plots surveyed No.369/2-B and 369/2-C of village Panchayat of Soccorro, Taluka and Sub District of Bardez, in the state of Goa and this half of the property is described under No. 51318 at folio 157 of book B-108 and which is enrolled in the Taluka Revenue Office under Matriz No. 1558 of the second circumscription. (owned by Defendant No.3)

1. 4. Despite the undertaking effected by Defendants they had failed to regularise the account and service interest in the account. So the account remained out of order since long time resulting it to be declared as NPA on 01.12.2012.

2. 5. Despite issuance of letters, personal visits, telephonic conversation and reminders the Defendants have failed to regularise the account. So the Applicant had caused the issuance of lawyer notice to Defendants to pay up the dues with interest.

3. 6. Since defendants failed to make the repayment, the applicant was left with no other alternative other than to file the Original Application which was presented on 18.06.2015. Defendant Nos.1 to 3 and 4(a) were duly served with the Tr. Notice for appearance on 07.01.2025. Despite receipt of Tr. Notice, the defendants did not appear. Though the Advocate for the Defendant No.2 filed Vakalatnama, no WS was filed by D2 and by other Defendants. They had remained absent without any representation for them and so, they were set at exparte.

4. 7. The applicant filed an affidavit (exhibit-36) in lieu of examination in chief through Mr.Mayuresh H. Tulaskar, Manager of the bank, had produced documents, which are admitted in evidence, read, recorded and exhibited and were marked as AW-1 to AW-16.

1. 8. Accordingly, the Original Application was filed for the recovery of Rs.5,31,30,580.71/- alongwith further interest @ 15.40% p.a and other expenses from the date of filing of this O.A. till the date of realization.

2. 9. A scrutiny of the averments in the Original Application and an analysis of the evidence adduced by the applicant, which has gone unchallenged, uncontroverted and unrebutted, shows that there is no reason to reject the claim made by the applicant bank.

3. 10. In view of the observations made hereinabove, Original Application filed by the applicant deserves to be allowed.

4. 11. Hence, the following order is passed.

ORDER

1. a. T.A. stands allowed with cost and Defendant No. 1 to 3 and 4(a) are held liable jointly and severally to pay to the Applicant Bank within two months a sum of Rs.5,31,30,580.71/- alongwith further interest @ 15.40% p.a and other expenses from the date of filing of this O.A. till the date of realization; failing which the aforesaid amount shall be recovered from the sale of mortgage property and hypothecated properties viz.,

1. i. Present and future movable plants, machineries, goods, stocks of Raw Materials, items, inventories, stock in process, semi finished and finished goods, stores and spares (Consumable Stores and Spares). Stock in trade, goods in process, movable in transit and present and future tangible and intangible assets, vehicles, goodwill, trademark copyright patent and all the right title interest and benefit of the Defendant No.1 in upon or over all contracts and agreements and amounts and rights to collect receive and recover the same together with all movables situate or located at any place at any time and all outstanding monies, Claim bills receiveables, Books debts due or to become due to the Defendant No.1 at any time or from time to time and all of the Borrower's rights titles or interest therein of Defendant No.1.

2. ii. Shop No. G-4 admeasuring 40 sq mtrs., G-5, admeasuring 35.90 sq. mtrs., & G-6 admeasuring 35.90 sq. mtrs super built up area all on the ground floor of the building complex known as "GLASS TOWERS CONSTRUCTED IN THE PROPERTY KNOWN AS "PLAMAR JAPAO" SITUATED in Panaji within the limits of the Panaji Municipal Corporation Taluka and Sub District of Ilhas, District of North Goa, State of Goa, described in the Land Registration of Ilhas under No. 20818 at Page 173 of Books No. B-55 New, enrolled in the Taluka revenue Office surveyed for record of Rights under Chalta No. 14 of P.T. Sheet No. 42 in the Records of the City Survey of Panaji collectively admeasuring 448 sq. mtrs. (owned by Defendant No. 4)

iii. Plot No. 2-B and Plot No.2-C having an area of 2000 and 2077 sq. mtrs respectively, total admeasuring an area 7154 sq. mtrs, which Plots are under Survey No. 369/2-B and survey No.369/2-C of Flat No. B/SF-5, West-Coast Residency Soccoro Porvorim situate being and lying at Soccorro village in the registration Dist-North Coast, Sub-Dist Bardez Goa, admeasuring 155 sq. meters and bearing survey no. 369/2-B, 369/2-C at Scorroro village. (owned) by Defendant No.2)

iv. Plot No. 2 -B and Plot No.2-C having an area of 2000 and 2077 sq mtrs respectively, total admeasuring an area 4154 sq. mtrs which Plots are under Survey No. 369/2-B and survey No. 369/2-C of Flat No. B/SF-4, situated on Second/Third floor of West-Coast Residency, Soccoro Porvorim situate being and lying at Soccoro Village the registration Dist. North Goa. Sub-Dist Bardez Goa, admeasuring 210 sq. meters with additional Terrace space of 25 sq.mtrs which property is described under No. 51318 at folio of Book B-108 and enrolled Revenue office under Matriz No. 1558 bearing survey no. 369/2-B & 369/2-C of Soccoro village. (owned by Defendant No.2).

v. Flat bearing No. B/SF-3, second Floor, admeasuring 175 sq mtrs, in Block B with additional terrace space of 60 sq mtrs in the building complex known as "WEST

COAST RESIDENCY" constructed in the landed property made up of two Plots 2-B and 2-C totally admeasuring 4154 Sq. mtrs. plots Surveyed under No. 369/2-B and survey No. 369/2-C of village Soccorro, forms a part of the half of the property denominated as "ZAMBUL GULAM" situated at Alto Porvorim within the limits of village Panchayat of Soccorro, Taluka and Sub district Sub-Dist Bardez, in the state of Goa and half property described under No. 51318 at folio of Book B-108 and which is enrolled in the Taluka Revenue office under Martiz No. 1558 of the second circumscription. (owned by Defendant No. 3).

- vi. Land/Flat bearing No. B/FF-4, First Floor, admeasuring 110 sq mtrs, in Block B with additional terrace space of 60 sq mtrs, in the building complex known as "WEST COAST RESIDENCY" constructed in the landed property made up of two Plots identified as Plot 2-B and 2-C totally admeasuring 4154 sq mtrs. Plots surveyed No.369/2-B and 369/2-C of village Panchayat of Soccorro, Taluka and Sub District of Bardez, in the state of Goa and this half of the property is described under No. 51318 at folio 157 of book B-108 and which is enrolled in the Taluka Revenue Office under Matriz No. 1558 of the second circumscription. (owned by Defendant No.3)

- vii. and in case of shortfall, the same shall be recovered from the sale of the movable and immovable properties of the Defendants.

A handwritten signature in black ink, consisting of stylized, overlapping letters that appear to be 'M' and 'J' or similar characters, followed by a long, diagonal stroke extending towards the bottom right.

- b. The defendants are directed to declare, on oath, to the Recovery Officer, Debts Recovery Tribunal - I, Mumbai, both their moveable and immoveable assets for the purpose of attachment and sale for realizing the shortfall, if any.

- c. Let a Recovery Certificate be issued with memo of cost immediately u/s 19(22) of The Recovery of Debts and Bankruptcy Act, 1993 together with the details of the properties, if any.

- d. The defendants are restrained from depleting, transferring, encumbering, alienating or in any way dealing with their properties/assets without first paying the claim of the Applicant Bank.

- e. Copies of this judgment be sent to the parties free of cost and file be consigned to the record room.

- f. Give under my hand and the seal of this Tribunal on this date :23.04.2026.

(Dictated to my Stenographer, transcribed by him corrected and signed by me and pronounced in open forum on 23.04.2026)

Place:- Mumbai Date:- 23.04.2026

Presiding Officer, DRT-1, Mumbai (Sreekala Suresh)