Debts Recovery Tribunals and Appellate Tribunals
BANK OF INDIA vs Q O SUITES AND VILLAS on 13 March 2024
Registered on : 03.06.2022
Decided on : 13.03.2024
IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI
TRANSFER ORIGINAL APPLICATION NO. 132 of 2023
CENTRAL BANK OF INDIA a Bank, a body
Corporate Constituted under the Banking
Companies
(Acquisition
and
Transfer
of
Undertakings) Act V, 1970 having their Head Office at Star House, C-5, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai- 400
051 and one of its Branch Office Amongst Other known as Campal Panaji Branch situated at Dempo House, 291, Campal, Panaji, Tiswadi, Ilhas, North Goa- 403 001, through its Constituted Attorney, Mr. Subhash Chodankar, Chief Manager of the Applicant.
…. APPLICANT
VERSUS
MRS. ASIYA ABBASI, PROPRIETRIX OF
M/S. Q O SUITES AND VILLAS Adult,
Indian Inhabitant, having address at Survey No. 20/5, Bamon Vaddo, Candolim, Bardez, Goa- 403 517.
And also at Flat No. GF-3, Harmalkar
Apartments, Naika Vaddo, Caalngute, North Goa- 403 516
… DEFENDANT
_____________________________________________
Counsel for the Applicant :
Advocate Prashant Shinde i/b Anant
Shinde & Co.
Counsel for the Defendant :
Ex-parte
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J U D G M E N T
1. The Original Application has been filed by the Applicant against the Defendant for recovery of following amounts: i. Rs. 99,39,751.24 (Rupees Ninety Nine Lakh Thirty Nine Thousand Seven Hundred Fifty One and Pasie Twenty Four Only) under Term Loan Account No. 100773410000058. ii. Rs. 8,52,244.63 (Rupees Eight Lakh Fifty Two Thousand Two Hundred Forty Four and Paise Sixty Three Only) under Funded Interest Term Loan Account No. 100765710000005. iii. Rs. 1,88,427.85 (Rupees One Lakh Eighty Eight Thousand Four Hundred and Twenty Seven and Paise Eighty Five Only) under Working Capital Term Loan Account No. 100765210000024 iv. Aggregating to Rs. 1,09,80,423.70 (Rupees One Crore Nine Lakh Eighty Thousand Four Hundred Twenty Three Only) with further interest at the rate of 9.35 % p.a. 6.85 % p.a. & 6.85 % p.a. with monthly rests plus 2 % penal interest from the filing of present OA till its realisation.
2. Facts as succinctly set out in the present OA are that at the request of Defendant, the Applicant vide sanction letter dated 14.05.2019 and sanctioned and granted Term Loan of Rs. 98 Lakh to the Defendant for the purchase of furniture, fixtures, equipments etc.
3. In consideration of sanction of the aforesaid facility, Defendant executed following loaning and security documents in favour of the Applicant on 14.05.2019:
i. Demand Promissory Note ii. Comprehensive Undertaking/ Declaration/ Authority Letter iii. Non-Relationshi Declaration iv. Undertaking v. Hypothecation cum Loan Agreement whereby the Defendant has hypothecated furniture, fixtures, equipments etc. vi. Composite Agreement vii. Format of MCLR Agreement
4. It is further stated that Defendant failed to pay accrued interest and and installment in the Term Loan Account resulting the account becoming overdue, the Defendant requested the Applicant to restructure the Term Loan Account. Accordingly, the Applicant sanctioned and granted Funded Interest Term Loan of Rs. 10,76,000/- and Working Capital Term Loan of Rs. 1,79,000/- to the Defendant vide sanction letter dated 29.04.2020.
5. In consideration of sanction of the aforesaid facilities, Defendant executed following loaning and security documents in favour of the Applicant: i. Demand Promissory Note for Rs. 10,76,000/- dated 29.04.2020 in respect of FITL. ii. Demand Promissory Note for Rs. 1,86,211 dated 27.12.2019 in respect of WCTL. iii.
dated 29.04.2020 in respect of FITL.
iv. Comprehensive Undertaking/ Declaration/ Authority Letter dated 29.04.2020 in respect of WCTL. v. Non Relationship Declaration dated 29.04.2020. vi. Composite Agreement dated 29.04.2020 in respect of the funded Interest Term Loan vii. Composite Agreement dated 29.04.2020 in respect of the Working Capital Term Loan viii. RBLR Agreement dated 29.04.2020 in respect of Funded Interest Term Loan ix. RBLR Agreement dated 29.04.2020 in respect of Working Capital Term Loan x. Supplemental Term Loan Agreement dated 27.12.2019, whereby the Defendant has hypothecated furniture, equipments etc. in favour of the Applicant.
6. It is further stated that on 29.04.2020, the Defendant acknowledged his liability in respect of the Term Lona Account No. 1007734100000058 for sum of Rs. 96,85,968.72 and confirmed the loan documents executed on 14.05.2019.
7. However, after availing aforesaid facility, Defendant failed and neglected to regularise the aforesaid facilities, thus the account was classified as NPA on 04.06.2021. Thereafter, the Applicant through their Advocate Notice dated 14.06.2021 and called upon the Defendant to pay the outstanding dues, but failed to do so. Hence, the present OA has been filed.
8. Notice was issued to the Defendant. Despite service, none appeared on behalf of the Defendant nor any WS has been filed, thus he was proceeded ex-parte vide order dated 18.01.2024.
9. The Applicant Bank has produced all the Original Loan documents and other relevant documents along with their Claim Affidavit filed through Chief Manager Nikhil Kulkarni.
10. I have heard the Ld. Counsel for the Applicant Bank and perused the record.
11. The witness of the Applicant Bank has fully corroborated the averments made in the OA, even otherwise the whole case of the Applicant Bank is based on documents and the witness has duly proved all these documents as against the defendants. In my view there is no question of disbelieving the evidence led by the Applicant Bank and the Applicant Bank has proved its case beyond reasonable doubt.
12. In the light of above discussions, the Original Application filed by the Applicant Bank deserves to be allowed against the Defendant.
O R D E R
(i) I allow the present O.A. and direct the Defendant to pay to the Applicant, within a period of 60 days, a sum of following amounts:
a. Rs. 99,39,751.24 (Rupees Ninety Nine Lakh Thirty Nine Thousand Seven Hundred Fifty One and Pasie Twenty Four Only) under Term Loan Account No. 100773410000058.
b. Rs. 8,52,244.63 (Rupees Eight Lakh Fifty Two Thousand Two Hundred Forty Four and Paise Sixty Three Only) under Funded Interest Term Loan Account No. 100765710000005.
c. Rs. 1,88,427.85 (Rupees One Lakh Eighty Eight Thousand Four Hundred and Twenty Seven and Paise Eighty Five Only) under Working Capital Term Loan Account No. 100765210000024.
d. Aggregating to Rs. 1,09,80,423.70 (Rupees One Crore Nine Lakh Eighty Thousand Four Hundred Twenty Three Only) with further interest at the rate of 9.35 % p.a. 6.85 % p.a. & 6.85 % p.a. with monthly rests plus 2 % penal interest from the filing of present OA till its realisation.
(ii) Failing which the aforesaid amount shall be recovered from the sale of the hypothecated goods, personal moveable and immoveable assets of the Defendant.
(iii) Defendant is hereby directed not to deal with their properties till further direction of Ld. Recovery Officer.
(iv) Defendant shall also pay the cost and expenses of the OA.
(v) Recovery Certificate be issued forthwith and be sent to the Recovery Officer of this Tribunal. Copy of this order be sent to the parties as per rules. File be consigned to record.
Place: Mumbai.
(Dr. Rekha G. Dhakar) Date : 13.03.2024
Presiding Officer, DRT-1, Mumbai.
Tjs/-