Debts Recovery Tribunals and Appellate Tribunals
CENTRAL BANK OF INDIA vs M/S MINERVA TEXTILE MILLS on 30 April 2026
Date of filing : 05.02.2016
Decided on :30.04.2026
**IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI
TRANSFER ORIGINAL APPLICATION NO. 242 OF 2016**
CENTRAL BANK OF INDIA A body corporate constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act 1970 and Having its Central Office at Chandermukh Nariman Point, Mumbai- 400021 and amongst other places one of its Branch Office at Turner Road, C-94, Patil Road Opp. St. Joseph's Convent, Bandra (West) Mumbai- 400050, presented through its Power of Attorney Holder Smt.Indumati Jayant, being the Branch Manager of Central Bank of India, Turner Road Branch, Bandra(West) Mumbai- 400 050.
...Applicant
**VERSUS**
M/S. MINERVA TEXTILE MILLS. a Proprietary Concern through its Sole Proprietor Shri.Mukesh Chandramohan Choudhary having its Factory at F-1/1 Rajlaxmi Sulzer Park, Sonale, Bhiwandi District- Thane, Maharashtra,
PIN-421302 And also having address at
FlatNo.601 A-Wing, Vishnu & Shivam
Tower Behind Vishnu Shivam Mall,
Thakur- Village, Kandivali (East)
Mumbai-400 101.
...Defendant
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Counsel for the Applicant : Advocate V. K. Nair.
Counsel for the Defendant : NIL- Defendant Ex -parte
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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.1,12,61,536/- 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 Defendant was granted a Cash Credit Facilities to the extent of Rs.40 Lakhs including Over Draft Facilities against book debts and collateral security to the sub limit of Rs.20 Lakhs and the Term Loan Facility to the extent of Rs.60 Lakhs vide sanction letter dt.06.06.2013 as specified in para no.5(iii) of the Transfer Original Application and on them executing loan and security documents.
1. 3. Defendant created the hypothecation of all goods, stocks and things belonging to the Defendant and lying and being at the premises/ factory situated in F-1/1 Rajlaxmi Sulzer Park, Sonale, Bhiwandi, District-Thane Maharashtra-421302 in favour of the applicant to secure the loan.
2. 4. Despite the undertaking effected by Defendant 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 14.01.2015.
3. 5. Despite issuance of letters, personal visits, telephonic conversation and reminders the Defendant had failed to regularise the account. So the Applicant had caused the issuance of lawyer notice to Defendant to pay up the dues with interest.
4. 6. Since the defendant failed to make the repayment, the applicant was left with no other alternative other than to file the Transfer Original Application which was presented on 05.02.2016. Defendant was duly served with the summons through paper publication for appearance on 06.03.2017 despite receipt of summons, the defendant did not appear. He had remained absent without any representation for them and so, they were set at exparte.
5. 7. The applicant filed an affidavit in lieu of examination in chief through Mr. Ajay Manore, Manager of the bank, had
A handwritten signature, possibly reading 'M', is located at the bottom right of the page.
produced documents, which are admitted in evidence, read, recorded and exhibited and were marked as AW-1 to AW-28.
8. Accordingly, the Transfer Original Application was filed for the recovery of Rs.1,12,61,536/- with further interest @11.25 p.a and other expenses for the period from the date of filing of this T.O.A. till payment/realization.
9. A scrutiny of the averments in the Transfer 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.
10. In view of the observations made hereinabove, Transfer Original Application filed by the applicant deserves to be allowed.
11. Hence, the following order is passed:
ORDER
a. T.O.A. stands allowed with cost and the Defendant is held liable to pay to the Applicant Bank within two months a sum of Rs.1,12,61,536/- with further interest @11.25 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 hypothecated goods and stocks and in case of shortfall, the same shall be recovered from the sale of the movable and immovable properties of the Defendant.
- b. Defendant is directed to declare, on oath, to the Recovery Officer, Debts Recovery Tribunal – I, Mumbai, both their moveable and immovable assets for the purpose of attachment and sale for realizing the shortfall, if any.
- c. Let a Recovery Certificate be issued with a 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 Defendant is 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 :30.04.2026.
(Dictated to my Stenographer, transcribed by him corrected and signed by me and pronounced in open forum on 30.04.2026)
Presiding Officer, DRT-1, Mumbai (Sreekala Suresh)
Place:- Mumbai Date:- 30.04.2026