Debts Recovery Tribunals and Appellate Tribunals
India SME Asset Reconstruction Company Limited vs SHLOK MEDIA PVT. LTD. on 10 July 2026
Date of filing : 24.11.2014
Decided on :10.07.2026
**IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI
TRANSFER ORIGINAL APPLICATION NO. 1478 OF 2016**
India SME Asset Reconstruction Company Ltd., a Company incorporated under the Companies Act, 1956 and registered as a Securitisation and Asset Reconstruction Company pursuant to Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, having its Registered Office At 1004, 10th floor, Naman Centre, Plot C-31, G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400 051.
...Applicant
**VERSUS**
1. 1. Shlok Media Pvt. Ltd. B-53, Indus House, 4th Floor, Opposite Monginis Factory, New Link Road, Andheri (West), Mumbai - 400 053.
2. 2. Managing Director, Shlok Media Pvt. Ltd., B-53, Indus House, 4th Floor, Opposite Monginis Factory, New Link Road, Andheri (West), Mumbai - 400 053.
3. Shri Mayur Govindbhai Patel, Flat No. 112, Ground Floor, Kings Apartment, 10th Road, Plot No. 1, JVPD Scheme, Vile Parle (West), Mumbai - 400 049.
4. Smt. Sapna Mayur Patel, Flat No. 112, Ground Floor, Kings Apartment, 10th Road, Plot No.1, JVPD Scheme, Vile Parle (West), Mumbai - 400 049
...Defendants
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Counsel for the Applicant : Advocate Sujata D. Adv. Vivek Sawant.
Counsel for the Defendants : Advocate Vinay Deshpande i/b V.
Deshpande & Co.
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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.2,43,61,500/- 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 a Term Loan of Rs.200 Lakhs vide sanction letter dt.27.09.2010 as specified in para no.5.4 of the Transfer Original Application and on them executing loan and security documents.
3. Defendants created hypothecation and mortgage of the properties viz.,
a. Hypothecation of the movable properties i.e., All the movable assets of the Company, including movables, plant, machinery, hoardings, equipments, tools, accessories acquired / to be acquired under the project, whether installed or not and whether now lying loose or in cases or which are now lying or stored in or about or shall hereafter from time to time during the continuance of the security be brought into or upon or be stored or be in or about the Borrower's premises, factory, showrooms and godowns or wherever else the same may be or in the course of transit or on high seas or on order of delivery, howsoever and wheresoever in the possession of the Borrower and either by way of substitution of addition
b. and mortgaged the property viz., First charge by way of immovable properties at all that piece and parcel of land bearing Survey No. 3, Hissa No. 7+ 8/8C/7, admeasuring 00, Hector 05, situated at Village Wadgaon Sheri, Dist. Pune, Registration Dist. Pune, Sub-District Haveli, in favour of the applicant to secure the loan.
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 in it to be declared as NPA on 08.08.2012.
2. 5. Despite issuance of letters, personal visits, telephonic conversation and reminders the Defendants had 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 the 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 24.11.2014. Defendants were duly served with the summons for appearance on 04.08.2015. Despite receipt of summons, the defendants who had filed Vakalatnama on 14.01.2016 had not filed their Written Statement. So, their right to file a written statement was forfeited on 07.12.2017.
4. 7. The applicant filed an affidavit (exhibit-18) in lieu of examination in chief through Mr. Rajeshwar Raghavan, Chief Manager of the bank, had produced documents, which are admitted in evidence, read, recorded and exhibited and were marked as AW-1 to AW-17.
5. 8. Accordingly, the Transfer Original Application was filed for the recovery of Rs.2,43,61,500/- with further interest @
15.75% p.a. (which is inclusive of @2% p.a. Penal interest) 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 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 No. 1 to 4 are held liable jointly and severally to pay to the Applicant Bank within two months a sum of Rs.2,43,61,500/- with further interest @ 15.75% p.a. (which is inclusive of @2% p.a. Penal interest) 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 viz., i. Hypothecated goods i.e., All the movable assets of the Company, including movables, plant, machinery, hoardings, equipments, tools, accessories acquired / to be acquired under the project, whether installed or not and whether now lying loose or in cases or which are now lying or stored in or about or shall hereafter from time to time during the continuance of the security be brought into or upon or be stored or be in or about the Borrower's premises, factory, showrooms and godowns or wherever else the same may be or in the course of transit or on high seas or on order of delivery, howsoever and wheresoever in the possession of the Borrower and either by way of substitution of addition.
ii. and mortgaged property viz., First charge by way of immovable properties at all that piece and parcel of land bearing Survey No. 3, Hissa No. 7+ 8/8C/7, admeasuring 00, Hector 05, situated at Village Wadgaon Sheri, Dist. Pune, Registration Dist. Pune, Sub-District Haveli, and in case of shortfall, the same shall be recovered from the sale of the movable and immovable properties of the Defendants.
b. 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 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 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 :10.07.2026.
(Dictated to my Stenographer, transcribed by him, corrected and signed by me and pronounced in open forum on 10.07.2026).
Place:- Mumbai Date:- 10.07.2026
Presiding Officer, DRT-1, Mumbai (Sreekala Suresh)