FEDERAL BANK vs M/S NAVDURGA BOTTLING INDUSTRY 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.14,63,911.72/- 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 and sanctioned a Term Loan Facility for a sum of Rs.27,75,000/- vide sanction letter dt 26.04.2010 and the same was repaid in 84 EMI's each of Rs.53,926/- and later Defendants failed to pay the above said facility and Defendants approached the Applicant Bank in March, 2011 for rescheduling the said facility and same was agreed by the Applicant Bank and rescheduling the said facility for a sum of Rs.24,20,998/- and as specified in para no.5.2 and 5.6 of the Transfer Original Application and on them executing loan and security documents.

3. 3. Defendants mortgaged the property viz., Plot No. SA-10 acmeasuring 600 sq. mtrs. along with the factory shed acmeasuring 178.55 sq. mtrs., Cuncolim Industrial Estate bearing Survey No. 317 in the Municipal limits of Cuncolim, Salcete Taluk, South Goa District, Goa State to secure the loan.

4. 4. It is stated in the Original Application that the applicant bank has sold the mortgage property before the filing of the

OA viz., Plot No. SA-10 admeasuring 600 sq. mtrs. along with the factory shed admeasuring 178.55 sq. mtrs., Cuncolim Industrial Estate bearing Survey No. 317 in the Municipal limits of Cuncolim, Salcete Taluk, South Goa District, Goa State under SARFAESI Act, 2002.

5. 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 in it to be declared as NPA on 27.01.2014.

6. 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.

7. 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 03.07.2014. Defendant Nos.1 to 4 were duly served with the Summons for appearance through paper publication on 17.02.2020. Despite receipt of summons, the defendants did not appear. They had remained absent without any representation for them and so, they were set at exparte.

8. The applicant filed an affidavit (exhibit-8) in lieu of examination in chief through Mr.Nabin N, Chief Manager of

A handwritten signature, possibly in ink, located at the bottom right of the page. It consists of several overlapping strokes, forming a stylized, somewhat abstract shape.

the bank, had produced documents, which are admitted in evidence, read, recorded and exhibited and were marked as AW-1 to AW-11.

1. 9. Accordingly, the Original Application was filed for the recovery of Rs.14,63,911.72/- alongwith further interest @ 17.75% p.a and other expenses from the date of filing of this O.A. till the date of realization.

2. 10. 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. 11. In view of the observations made hereinabove, Original Application filed by the applicant deserves to be allowed.

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

ORDER

1. a. T.A. stands allowed with cost and Defendant No. 1 to 4 are held liable jointly and severally to pay to the Applicant Bank within two months a sum of Rs.14,63,911.72/- alongwith further interest @ 17.75% p.a and other expenses from the date of filing of this T.O.A. till the date of realization; failing which the aforesaid amount shall be recovered from the sale of the movable and immovable properties of the Defendants.

- 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)