STATE BANK OF INDIA vs M/S. METALK LINK ALLOYS LTD. on 22 November 2023

J U D G M E N T

1. The Original Application has been filed by the Applicant before the Ld. DRT-II, Mumbai on 11.02.2015, which stands transferred to this Tribunal on 24.02.2017 as per Govt. Notification dated 26.09.2016 and registered as TA No.1520/2016. The OA has been filed for recovery of the following amounts from the Defendant No.1 to 4:

(i) Rs.25,96,65,649.77 (Rupees Twenty Five Crores Ninety Six Lakhs Sixty Five Thousand Six Hundred Forty Nine and paise Seventy Seven only) under Cash Credit Account, together with further interest @14.50% p.a. with monthly rests alongwith penal interest @2% p.a. from 11.02.2015 till its realization.

(ii) Rs.18,26,79,299.50 (Rupees Eighteen Crores Twenty Six Lakhs Seventy Nine Thousand Two Hundred Ninety Nine and paise Fifty Nine only) under WCTL-I Account, together with further interest at the rate of 14.70% p.a. with monthly rests alongwith penal interest @2% p.a. from 11.02.2015 till its realization.

(iii) Rs.15,18,00,603.72 (Rupees Fifteen Crores Eighteen Lakhs Six Hundred Three and paise Seventy Two only) under WCTL-II Account, together with further interest @14.70% p.a. with monthly rests alongwith penal interest @2% p.a. from 11.02.2015 till its realization.

(iv) Rs.3,68,72,248.82 (Rupees Three Crores Sixty Eight Lakhs Seventy Two Thousand Two Hundred Forty Eight and paise Eighty Two only) under FITL Account, together with further interest @14.65% p.a. with monthly rests alongwith penal interest @2% p.a. from 11.02.2015 till its realization. Aggregating to Rs.63,10,17,801.90 (Rupees Sixty Three Crores Ten Lakhs Seventeen Thousand Eight Hundred One and paise Ninety only) alongwith interest as mentioned above.

2. Facts as succinctly set out in the OA are that the Defendant No.1 is a Public Limited Company, and is engaged in the business of manufacturers and exporters of Copper Alloys Ingots. The Defendant No.2 to 4 are Guarantors on behalf of the Defendant No.1 Company in their personal capacity. The Defendant No.5 has pledged shares in favour of the Applicant Bank to secure the credit facilities sanctioned in favour of and availed by Defendant No.1 from the Applicant Bank. The Defendant No.6 is a financial institution from whom the Defendant No.1 has availed credit facilities and the Defendant No.6 has pari passu charge alongwith the Applicant Bank over some assets of the Defendant No.1.

3. It is stated that in or around July 2004, the Defendant No.1 Company had approached the Applicant Bank for sanction of various credit facilities. Upon appraisal of the proposal as made by the Defendant No.1 Company, the Applicant Bank vide its sanction letter dated 15.07.2004 sanctioned the following credit facilities: Facility Limit (Rs. In crores) DCC (Stocks) 11.00 DCC (Book Debts within DCC Stocks) (4.50) EPC (Within DCC) (9.00) EBD/EBP (within DCC) (3.00) LCs 2.00 BG 0.35 Total 13.35

4. It is stated that the terms and conditions of the sanction letter were duly accepted by the Defendant No.1 to 4. Further, the Defendant No.1 through its authorized signatory executed the necessary loaning and security documents on 27.08.2004 which include Arrangement Letter; Agreement of Loan for overall limit; Agreement of Hypothecation of Goods and Assets and Deed of Guarantee for Overall Limit executed by Defendant No.2 to 4.

5. In order to secure the credit facilities, the Defendant No.2 attended the office of the Applicant on 29.09.2004 and deposited the title deeds in respect of the property i.e. A commercial premises admeasuring about 851 sq. ft. being Shop No.02 known as “Kamat Vishranti Gruh” constructed on all that piece and parcel of land situated at Village Girgaon, 36AB, Nirdhar Buidling, Mughbhat Cross Lane, Girgaon, Dist. Mumbai, within the registration and sub-district of Mumbai City and Suburban Area (hereinafter referred to as “the said Shop No.02”).

6. In order to further secure the credit facilities, the Defendant No.1 company through its authorized representative attended the office of the Applicant on 29.09.2004 and deposited the title deeds in respect of the properties i.e. (1) admeasuring about 1000 sq. mtrs. bearing plot No.67, being Survey No.184/16(67) (2) Admeasuring about 1000 sq. yds. Bearing Plot No.68, being Survey No.184/17(68) (hereinafter referred to as “the said Plot No.67 & 68”).

7. It is further stated that the Defendant No.1 in or around March, 2005 again approached the Applicant Bank for renewal and enhancement of sanctioned credit facilities and for sanction of further credit facilities. The said request was considered by the Applicant and sanctioned the following credit facilities vide its Arrangement Letter dated 09.03.2005: Facility Limit (Rs. In crores) DCC (Stocks) 15.00 DCC (Book Debts within DCC Stocks) (6.00) EPC (Within DCC) (12.50) EBD/EBP (within DCC) (5.00) LCs 3.00 BG 0.50 SLC 2.25 Total 20.75

8. The Applicant Bank stated that the terms and conditions of the said Arrangement Letter were duly accepted by the Defendant No.1 to 4 and Defendant No.1 through its authorized signatory executed the necessary loaning and security documents on 16.03.2005 which include Supplemental Agreement of Loan for increase in the overall limit in Form C.A.-1; Supplemental Agreement of Hypothecation of Goods and Assets for increase in the overall limit in Form C.A.-2; Letter regarding the grant of individual limits within the overall limit; and Supplemental Deed of Guarantee for increase in the overall limit in Form C.4-A executed by Defendant No.2 to 4.

9. It is further stated that the Defendant No.1 Company through its authorized representative attended the office of the Applicant Bank on 16.03.2005 and stated that the title deeds in respect of the said Plot Nos.67 & 68 were deposited with the Applicant Bank on 29.09.2004 in order to create a security by way of mortgage by deposit of title deeds for securing the repayment of the credit facilities sanctioned by the Applicant Bank in their favour. The Defendant No.1 company through authorized representative accorded and gave oral consent to continue to hold and retain the said title deeds as and by way of mortgage by deposit of title deeds by constructive delivery on the said property for repayment of the enhanced credit facilities sanctioned by the Applicant Bank.

10. It is further stated that the Defendant No.1 in or around February, 2006 again approached the Applicant Bank for renewal and enhancement of sanctioned credit facilities and for sanction of further credit facilities. The said request was considered by the Applicant and sanctioned the following credit facilities vide its Arrangement Letter dated 08.02.2006:

Facility Limit (Rs. In crores) DCC (Stocks) 15.00 Book Debts (within DCC Stocks) (9.00) EPC (Within DCC) (11.00) EBD/EBP (within DCC) (7.00) Term Loan 4.65 LCs 3.00 BG 0.50 SLC 2.25 Total 25.45

11. The Applicant Bank stated that the terms and conditions of the said Arrangement Letter were duly accepted by the Defendant No.1 to 4 and Defendant No.1 through its authorized signatory executed the necessary loaning and security documents on 20.03.2006 which include Supplemental Agreement of Loan for increase in the overall limit in Form C.1-A; Supplemental Agreement of Hypothecation of Goods and Assets for increase in the overall limit in Form C.2-A; Letter regarding the grant of individual limits within the overall limit; and Supplemental Deed of Guarantee for increase in the overall limit in Form C.4-A executed by Defendant No.2 to 4.

12. It is further stated that the Defendant No.1 Company through its authorized representative attended the office of the Applicant Bank on 30.08.2006 and re-deposited the title deeds in respect of the said Plot Nos.67 & 68, and also deposited the title deeds in respect of property i.e. All that piece and parcels of land bearing Survey No.76/P, admeasuring 2.00 acres situated at Village

Amkhel, Taluka Sakri, District Dhule (hereinafter referred to as “the said Survey No.76/P”).

13. Further, the Defendant No.1 to 4 have executed Balance Confirmation Letter dated 04.09.2006 in favour of the Applicant and acknowledged the amounts due and outstanding in the loan accounts as on 31.03.2006.

14. It is further stated that the Defendant No.1 in or around January, 2007 again approached the Applicant Bank for renewal and enhancement of sanctioned credit facilities and for sanction of further credit facilities. The said request was considered by the Applicant and sanctioned the following credit facilities vide its Arrangement Letter dated 18.01.2007: Facility Limit (Rs. In crores) DCC (Stocks) 20.00 Book Debts (within DCC Stocks) (12.00) EPC (Within DCC) (14.00) EBD/EBP (within DCC) (13.00) Term Loan 4.35 LCs 6.00 BG 1.00 Total 31.35

15. The Applicant Bank stated that the terms and conditions of the said Arrangement Letter were duly accepted by the Defendant No.1 to 4 and Defendant No.1 through its authorized signatory executed the necessary loaning and security documents on 29.01.2007 which include Supplemental Agreement of Loan for increase in the overall limit in Form C.1-A; Supplemental Agreement of

Hypothecation of Goods and Assets for increase in the overall limit in Form C.2-A; Letter regarding the grant of individual limits within the overall limit; and Supplemental Deed of Guarantee for increase in the overall limit in Form C.4-A executed by Defendant No.2 to 4. The Guarantors duly executed a Revival letter dated 17.08.2007 in favour of the Applicant, thereby waiving the effect of limitation on the documents executed in respect of the sanctioned credit facilities.

16. It is further stated that the Defendant No.1 in or around December, 2007 again approached the Applicant Bank for renewal and enhancement of sanctioned credit facilities and for sanction of further credit facilities. The said request was considered by the Applicant and sanctioned the following credit facilities vide its Arrangement Letter dated 04.01.2008: Facility Limit (Rs. In crores) DCC (Stocks) 25.00 Book Debts (within DCC Stocks) (15.00) EPC (Within DCC) (20.00) EBD/EBP (within DCC) (20.00) LCs 6.00 BG 1.00 Total 35.67

17. The Applicant Bank stated that the terms and conditions of the said Arrangement Letter were duly accepted by the Defendant No.1 to 4 and Defendant No.1 through its authorized signatory executed the necessary loaning and security documents on 23.01.2008 which include Supplemental Agreement of Loan for increase in the overall limit in Form C.1-A; Supplemental Agreement of Hypothecation of Goods and Assets for increase in the overall limit in Form C.2-A; Letter regarding the grant of individual limits within the overall limit; and Supplemental Deed of Guarantee for increase in the overall limit in Form C.4-A executed by Defendant No.2 to 4.

18. It is further stated that the Defendant No.1 Company through its authorized representative attended the office of the Applicant Bank on 12.03.2008 and re-deposited the title deeds in respect of the said Plot Nos.67 & 68, and the said Survey No.76/P and also deposited the title deeds in respect of property i.e. All that piece and parcels of Non Agricultural land bearing survey No.189/3 (4- B) admeasuring 1000 sq. mtrs. within the jurisdiction of Bhimpore Group Panchayat Area, within Registration sub-district of Dman, Daman (hereinafter referred to as “the said Survey No.189/3).

19. It is further stated that the Defendant No.1 in or around December, 2008 again approached the Applicant Bank for renewal and enhancement of sanctioned credit facilities and for sanction of further credit facilities. The said request was considered by the Applicant and sanctioned the following credit facilities vide its Arrangement Letter dated 16.01.2009: Facility Limit (Rs. In crores) DCC (Stocks) 32.00 Book Debts (within DCC Stocks) (16.00) EPC (Within DCC) (16.00) EBD/EBP (within DCC) (16.00)

Term Loan 2.67 LCs 6.00 BG 1.00 Total 41.67

20. The Applicant Bank stated that the terms and conditions of the said Arrangement Letter were duly accepted by the Defendant No.1 to 4 and Defendant No.1 through its authorized signatory executed the necessary loaning and security documents on 17.01.2009 which include Supplemental Agreement of Loan for increase in the overall limit in Form C.1-A; Supplemental Agreement of Hypothecation of Goods and Assets for increase in the overall limit in Form C.2-A; Letter regarding the grant of individual limits within the overall limit; and Supplemental Deed of Guarantee for increase in the overall limit in Form C.4-A executed by Defendant No.2 to 4.

21. It is further stated that the Defendant No.1 Company through its authorized representative attended the office of the Applicant Bank on 17.01.2009 and re-deposited the title deeds in respect of the said Plot Nos.67 & 68, and the said Survey No.76/P and the said Survey No.189/3 to secure the repayment of the credit facilities and also gave oral consent to continue to hold and retain the said title deeds as and by way of mortgage by deposit of title deeds by constructive delivery on the said property for repayment of the enhanced credit facilities sanctioned by the Applicant Bank in favour of the Defendant No.1.

22. It is further stated that the Defendant No.1 in or around August, 2009 again approached the Applicant Bank for renewal and enhancement of sanctioned credit facilities and for sanction of further credit facilities. The said request was considered by the Applicant and sanctioned the credit facilities in the nature of Standby Letter of Credit Limit of Rs.4 crores vide its Arrangement Letter dated 03.09.2009 and terms and conditions of the same were duly accepted by the Defendant No.1 through their authorized signatories. The Defendant No.1 company through its authorized signatory executed the necessary loaning and security documents on 19.09.2009 which include Supplemental Agreement of Loan for increase in the overall limit in Form C.1-A; Supplemental Agreement of Hypothecation of Goods and Assets for increase in the overall limit in Form C.2-A; Letter regarding the grant of individual limits within the overall limit; and Supplemental Deed of Guarantee for increase in the overall limit in Form C.4-A executed by Defendant No.2 to 4.

23. It is further stated that the Defendant No.1 Company through its authorized representative attended the office of the Applicant Bank on 19.09.2009 and stated that the title deeds in respect of the said Plot Nos.67 & 68, and the said Survey No.76/P and the said Survey No.189/3 were deposited with the Applicant previously in order to create a security by way of mortgage by deposit of title deeds on the said properties for securing the repayment of the credit facilities and also gave oral consent to continue to hold and retain the said title deeds as and by way of mortgage by deposit of title deeds by constructive delivery on the said property for repayment of the enhanced credit facilities sanctioned by the Applicant Bank in favour of the Defendant No.1. The mortgage charge so created was also confirmed by the DefendantNo.1 vide Letter from Non Corporate borrower(s) confirming the deposit of title deeds for extension of the existing mortgage dated 19.09.2009. The Defendant No.1 by executing the Indenture for deposit and Pledge of Shares as collateral security dated 05.02.2010 and Security Delivery Letter dated 05.02.2010 created pledge charge in favour of the Applicant Bank over the shares of M/s Tulsi Casting and Machining Ltd.

24. It is further stated that the Defendant No.1 in or around December, 2009 again approached the Applicant Bank for renewal and enhancement of sanctioned credit facilities and for sanction of further credit facilities. The said request was considered by the Applicant and sanctioned the following credit facilities vide its Arrangement Letter dated 23.02.2010: Facility Limit (Rs. In crores) DCC (Stocks) 32.00 Book Debts (within DCC Stocks) (16.00) EPC (Within DCC) (16.00) EBD/EBN (within DCC) (16.00) Term Loan 1.64 LCs 12.00 BG 1.00 Forward Contract Limit 3.13 Total 49.77

25. The Applicant Bank stated that the terms and conditions of the said Arrangement Letter were duly accepted by the Defendant No.1 to 4 and Defendant No.1 through its authorized signatory executed the necessary loaning and security documents on 23.02.2010 which include Supplemental Agreement of Loan for increase in the overall limit in Form C.A-1; Supplemental Agreement of Hypothecation of Goods and Assets for increase in the overall limit in Form C.2-A; Letter regarding the grant of individual limits within the overall limit.

26. It is further stated that the Defendant No.1 Company through its authorized representative attended the office of the Applicant Bank on 23.02.2010 and stated that the title deeds in respect of the said Plot Nos.67 & 68, and the said Survey No.76/P and the said Survey No.189/3 were deposited with the Applicant previously in order to create a security by way of mortgage by deposit of title deeds on the said properties for securing the repayment of the credit facilities and also gave oral consent to continue to hold and retain the said title deeds as and by way of mortgage by deposit of title deeds by constructive delivery on the said property for repayment of the enhanced credit facilities sanctioned by the Applicant Bank in favour of the Defendant No.1. The Guarantors duly executed a Revival Letter dated 16.08.2010 in avour of the Applicant Bank, thereby waiving the effect of limitation on the documents executed in respect of the sanctioned Credit Facilities.

27. It is further stated that the Defendant No.1 again approached the Applicant Bank for renewal and enhancement of sanctioned credit facilities and for sanction of further credit facilities. The said request was considered by the Applicant and sanctioned the following credit facilities vide its Arrangement Letter dated 24.01.2011: Facility Limit (Rs. In crores) DCC (Stocks) 38.00 Book Debts (within DCC Stocks) (19.00) EPC/PCFC/EBD/EBN (within DCC) (11.00) Term Loan 0.24 LCs 13.00 Buyer’s Credit (within LC) (5.00) BG 1.00 Forward Contract Limit 2.84 Total 55.08

28. The Applicant Bank stated that the terms and conditions of the said Arrangement Letter were duly accepted by the Defendant No.1 to 4 and Defendant No.1 through its authorized signatory executed the necessary loaning and security documents on 24.01.2011 which include Supplemental Agreement of Loan for increase in the overall limit in Form C.A-1; Supplemental Agreement of Hypothecation of Goods and Assets for increase in the overall limit in Form C.2-A; Letter regarding the grant of individual limits within the overall limit; and Supplemental Deed of Guarantee for increase in the overall limit in Form C.4-A executed by Defendant No.2 to 4.

29. It is further stated that the Defendant No.1 Company through its authorized representative and Defendant No.2 attended the office of the Applicant Bank on 05.03.2011 and stated that the title deeds in respect of the properties i.e. Plot Nos.67 & 68; Survey No.76/P; Survey No.189/3; and Shop No.2 were deposited with the Applicant previously in order to create a security by way of mortgage by deposit of title deeds on the said properties for securing the repayment of the credit facilities and also gave oral consent to continue to hold and retain the said title deeds as and by way of mortgage by deposit of title deeds by constructive delivery on the said property for repayment of the enhanced credit facilities sanctioned by the Applicant Bank in favour of the Defendant No.1. The creation of mortgage was duly recorded on 05.03.2001 and Defendant No.1 & 2 confirmed the creation of mortgage by their respective Declaration and Confirmation Letter 24.05.2011.

30. It is further stated that the Defendant No.1 in or around November, 2011 again approached the Applicant Bank for renewal of sanctioned credit facilities. The said request was considered by the Applicant and renewed the following credit facilities vide its Arrangement Letter dated 27.12.2011: Facility Limit (Rs. In crores) DCC (Stocks) 38.00 Book Debts (within DCC Stocks) (19.00) EPC/PCFC/EBD/EBN (within DCC) (11.00) Buyers Credit (within DCC) (5.00) LCs 13.00

BG 1.00 Forward Contract Limit 2.34 Total 54.34

31. It is further stated that the Defendant No.1 Company through its authorized representative and Defendant No.2 attended the office of the Applicant Bank on 05.09.2012 acting for self and as agent for the Defendant No.5 and stated that the title deeds in respect of the properties i.e. Plot Nos.67 & 68; Survey No.76/P; Survey No.189/3; and Shop No.2 were deposited with the Applicant previously in order to create a security by way of mortgage by deposit of title deeds on the said properties for securing the repayment of the credit facilities and also gave oral consent to continue to hold and retain the said title deeds as and by way of mortgage by deposit of title deeds by constructive delivery on the said properties for repayment of the credit facilities sanctioned by the Applicant Bank and the Defendant No.5 in favour of the Defendant No.1 and that the mortgage charge so created shall rank pari passu among the Applicant Bank and the Defendant No.5. The mortgage charge so created was duly recorded in the Memorandum of Entry for extension of Mortgage/charge dated 05.09.2012. The Defendant No.1 and 2 vide their respective Balance and Confirmation Letter dated 08.09.2012 confirmed the creation of the mortgage.

32. It is further stated that the Defendant No.1 by executing the Indenture for deposit and Pledge of Shares as collateral security dated 06.11.2012 and Security Delivery Letter created pledge charge in favour of the Applicant Bank over the shares of M/s

Tulsi Casting and Machining Ltd. Further, the guarantors duly executed a Revival Letter dated 13.03.2013 whereby waived the effect of limitation on the documents executed in respect of the sanctioned credit facilities.

33. It is further stated that the Defendant No.1 in or around March 2013 again approached the Applicant Bank for renewal and restructuring of the sanctioned credit facilities. The said request was considered by the Applicant and sanctioned the following credit facilities vide its Arrangement Letter dated 05.07.2013: Facility Limit (Rs. In crores) CC 28.00 EPC/EBD/EBN (within CC) (11.00) WCTL-I 28.94 WCTL-II 12.88 FITL 6.22 LC 6.00 BG 0.25 FC/CEL 1.08 Total 69.93

34. The Applicant Bank stated that the terms and conditions of the said Arrangement Letter were duly accepted by the Defendant No.1 to 4 and Defendant No.1 through its authorized signatory executed the necessary loaning and security documents on 10.12.2013 which include Restructured Facility Agreement; Supplemental Agreement of Hypothecation and Deed of Guarantee executed by Defendant No.2 to 4.

35. It is further stated that the Defendant No.1 Company through its authorized representative and Defendant No.2 attended the office of the Applicant Bank on 10.12.2013 and stated that the title deeds in respect of the properties i.e. Plot Nos.67 & 68; Survey No.76/P; Survey No.189/3; and Shop No.2 were deposited with the Applicant previously in order to create a security by way of mortgage by deposit of title deeds on the said properties for securing the repayment of the credit facilities and also gave oral consent to continue to hold and retain the said title deeds as and by way of mortgage by deposit of title deeds by constructive delivery on the said property for repayment of the renewal and restructured credit facilities sanctioned by the Applicant Bank in favour of the Defendant No.1. The Defendant No.1 & 2 confirmed the creation of mortgage by their respective Declaration and Confirmation Letters. The Defendant No.4 & 5 by executing the Deed of Pledge dated 10.12.2013 created pledge charge in favour of the Applicant Bank over the shares of M/s Tulsi Casting and Machining Ltd. The Defendant No.2 & 3 also by executing the Deed of Pledge dated 04.03.2014 created pledge charge in favour of the Applicant Bank over the shares of Defendant No.1.

36. However, the Defendant No.1 Company failed to maintain its account regularly with the Applicant Bank. The Applicant Bank served various letter sand reminders to the Defendant No.1 to 4 to regularize the account but Defendants did not pay any heed to such requests. Thereafter, the Applicant issued Legal Notice dated 07.01.2015 and called upon the Defendant No.1 to 4 to pay the outstanding dues but they failed to pay the dues. Hence, the present OA.

37. Notices were issued to the Defendants. Despite service, none appeared for the Defendant No.2, 4, 5 & 6, thus, they were proceeded ex-pate vide order dated 23.06.2017. The Defendant No.1 & 3 put their appearance through counsel however, despite opportunities, they failed to file the written statement thus, right to file the WS was forfeited vide order dated 20.11.2017. Record reveals that since 05.02.2018, none appeared on behalf of the Defendant No.1 & 3.

38. The Applicant Bank has produced all the loaning and security documents and other relevant documents along with their Claim Affidavit filed through their Chief Manager Mr. Pramod Kumar Suresh Vishwakarma.

39. I have heard the Ld. Counsel for the Applicant Bank and perused the record.

40. The witness of the Applicant has fully corroborated the averments made in the OA/TA, even otherwise the whole case of the Applicant 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 and the Applicant has proved its case beyond reasonable doubt. The liability of the Defendant No.1 to 4 is joint and several. No monetary relief is claimed against the Defendant No.5 & 6.

41. In the light of above discussions, the Original Application deserves to be allowed against the Defendant No.1 to 4.

O R D E R

(i) The present O.A. is hereby allowed and Defendant No.1 to 4, are hereby directed to pay to the Applicant Bank, jointly and severally, within a period of 60 days, the following sums: a. Rs.25,96,65,649.77 (Rupees Twenty Five Crores Ninety Six Lakhs Sixty Five Thousand Six Hundred Forty Nine and paise Seventy Seven only) under Cash Credit Account, together with further interest @14.50% p.a. with monthly rests alongwith penal interest @2% p.a. from 11.02.2015 till its realization. b. Rs.18,26,79,299.50 (Rupees Eighteen Crores Twenty Six Lakhs Seventy Nine Thousand Two Hundred Ninety Nine and paise Fifty Nine only) under WCTL-I Account, together with further interest at the rate of 14.70% p.a. with monthly rests alongwith penal interest @2% p.a. from 11.02.2015 till its realization. c. Rs.15,18,00,603.72 (Rupees Fifteen Crores Eighteen Lakhs Six Hundred Three and paise Seventy Two only) under WCTL-II Account, together with further interest @14.70% p.a. with monthly rests alongwith penal interest @2% p.a. from 11.02.2015 till its realization. d. Rs.3,68,72,248.82 (Rupees Three Crores Sixty Eight Lakhs Seventy Two Thousand Two Hundred Forty Eight and paise Eighty Two only) under FITL Account, together with further interest @14.65%

p.a. with monthly rests alongwith penal interest @2% p.a. from 11.02.2015 till its realization.

Aggregating to Rs.63,10,17,801.90 (Rupees Sixty Three Crores Ten Lakhs Seventeen Thousand Eight Hundred One and paise Ninety only) alongwith interest as mentioned above.

(ii) Failing which the aforesaid amount shall be recovered from the sale of mortgaged properties, hypothecated assets and other secured assets, as well as other personal moveable and immoveable assets of the Defendant No.1 to 4.

(iii) Defendant No.1 to 4 are hereby directed not to deal with their properties till further direction of Ld. Recovery Officer.

(iv) Defendant No.1 to 4 shall also pay the cost and expenses of the OA/TA.

(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: 22.11.2023 Presiding Officer,

DRT-1, Mumbai

SC/-