Debts Recovery Tribunals and Appellate Tribunals
PUNJAB NATIONAL BANK vs M/S KAVERI ENTERPRISES on 9 October 2023
Registered on: 11.12.2015
Decided on: 09.10.2023
IN THE DEBT RECOVERY TRIBUNAL-I MUMBAI
TRANSFER ORIGINAL APPLICATION NO. 952 of 2016
PUNJAB NATIONAL BANK
A Banking constituted under the Banking
Companies (Acquisition & Transfer of Under- taking) Act, V of 1970, having its Head office at Bhikaiji Cama Palace, New Delhi- 119 607 and having one of the Branch amongst others at Asset Recovery Management Branch, PNB Pragati Tower, 1st Floor, Plot No. C-9, Block- G, Bandra Kurla Complex, Bandra (East), Mumbai- 400 051.
Through its constituted attorney, Damodar Murmu, Senior Manager.
… APPLICANT
VERSUS
1. M/S.
KAVERI
ENTERPRISE
A
Partnership Firm (through its partners)
having its address at BSEL TECH Park, G-12
& B-110 Plot No. 39/5 & 39/5A, Sector 30A, Vashi Navi Mumbai 400705. And also at 2nd Floor, Hilton Centre, Plot No. 66, Sector- 11, CBD, Belapur, Navi Mumbai- 400614, and Factory premises at Plot No. A-5, MIDC, Dewhandi Tumsar, District Bhandara, Maharashtra
2. KAPIL D. RAJPUT An Adult, of Indian
Inhabitant, having his address at 703, Rose, Kharghar, Plot No. 7, Sector- 10, Kharghar, Navi Mumbai– 410 210
3. MITHILESH RAJPUT An Adult, of
Indian Inhabitant, having his address at Flat No. B, 603, B- 703, Neelkanth Garden, PL
29/5, Bhoomi Constructions, Panvel 410 210
4. MURUGESHAN
ADIMOOLAM
An
Adut, of Indian Inhabitant, having his
address at Rh- 5/3, 2nd Floor, Shree Ganesh Prem CHS, Sector-7, Plot No. 23, Airoli, Navi Mumbai.
5. HEMAL N. JOBANPUTRA An Adult, of
Indian inhabitant, having her address at 4/12, Satyam Nath Pai Nagar, Airoli, Navi Mumbai.
6. DEVPRAKASH
HARBANSALAL
RAJPUT An Adult, of Indian Inhabitant,
having his address at 703, Rose, Kharghar Plot No. 7, Sector- 10, Kharghar, Navi Mumbai- 410 210
7. STAR VIEW TRADING CO. PVT. LTD,
private limited company incorporated under the companies act, 1956, having its address at 1308, 13 floor, Mayuresh Cosmos, Sector- 11, Belapur, Navi Mumbai- 400 614
8. M/S. MAGIC TIME TRADING PVT.
LTD. A Private Limited Company registered under the Companies Act, 1956 and having its address at BSEL TECH Park, G-12 & B- 110, Plot No. 39/5 & 39/5A, Sector- 30A, Vashi, Navi Mumbai- 400 705
9. M/S. MILKRAFT COMPANY PVT.
LTD. A Private Limited Company registered under the Companies Act, 1956 and having its address at BSEL TECH Park, G-12 & B- 110, Plot No. 39/5 & 39/5A, Sector- 30A, Vashi, Navi Mumbai- 400 705
10.
M/S.
SHRI
VINAYAK
MILK
PRODUCTS PVT. LTD. A Private Limited
Company registered under the companies
Act, 1956 and having its address at BSEL
TECH Park, G-12 & B-110, Plot No. 39/5 &
39/5A, Sector- 30A, Vashi, Navi Mumbai-
400 705
11. M/S. ICON TRADING COMPANY PVT.
LTD. A Private Limited Company registered under the companies Act, 1956 and having its address at BSEL TECH Park, G-12 & B- 110, Plot No. 39/5 & 39/5A, Sector- 30A, Vashi, Navi Mumbai- 400 705
12.
M/S. HONEY TASTE PVT. LTD. A
Private Limited Company registered under the companies Act, 1956 and having its address at BSEL TECH Park, G-12 & B-110, Plot No. 39/5 & 39/5A, Sector- 30A, Vashi, Navi Mumbai- 400 705
13.
M/S.
WHITEGOLD
MERCANTILE PVT. LTD. A Private
Limited Company registered under the
companies Act, 1956 and having its address at BSEL TECH Park, G-12 & B-110, Plot No.
39/5 & 39/5A, Sector- 30A, Vashi, Navi
Mumbai- 400 705
14.
M/S.
ARMAN
FOODS
A
partnership firm, (through its partners)
having it’s address at BSEL TECH Park, G-12
& B-110, Plot No. 39/5 & 39/5A, Sector- 30A, Vashi, Navi Mumbai- 400 705 and also having address at 2nd Floor, Hiolton Centre, Plot No. 66, Sector- 11, CBD, Belapur, Navi Mumbai- 400 614
15.
M/S. ARYA ENTERPRISES, A
partnership firm, (through its partners)
having it’s address at BSEL TECH Park, G-12
& B-110, Plot No. 39/5 & 39/5A, Sector- 30A, Vashi, Navi Mumbai- 400 705 and also having address at 2nd Floor, Hiolton Centre, Plot No. 66, Sector- 11, CBD, Belapur, Navi Mumbai- 400 614
16.
M/S. K. P. ENTERPRISES A
partnership firm, (through its partners)
having it’s address at BSEL TECH Park, G-12
& B-110, Plot No. 39/5 & 39/5A, Sector- 30A, Vashi, Navi Mumbai- 400 705 and also having address at 2nd Floor, Hiolton Centre, Plot No. 66, Sector- 11, CBD, Belapur, Navi Mumbai- 400 614
17.
M/S. SHIVAM ENTERPRISES A
partnership firm, (through its partners)
having it’s address at BSEL TECH Park, G-12
& B-110, Plot No. 39/5 & 39/5A, Sector- 30A, Vashi, Navi Mumbai- 400 705 and also having address at 2nd Floor, Hiolton Centre, Plot No. 66, Sector- 11, CBD, Belapur, Navi Mumbai- 400 614
18.
M/S. GAURI ENTERPRISES A
partnership firm, (through its partners)
having it’s address at BSEL TECH Park, G-12
& B-110, Plot No. 39/5 & 39/5A, Sector- 30A, Vashi, Navi Mumbai- 400 705 and also having address at 2nd Floor, Hiolton Centre, Plot No. 66, Sector- 11, CBD, Belapur, Navi Mumbai- 400 614
19.
CHANKYA
FOODS
&
BEVERAGES, A partnership firm (through
its partners) having it’s address at BSEL
TECH Park, G-12 & B-110, Plot No. 39/5 &
39/5A, Sector- 30A, Vashi, Navi Mumbai-
400 705 and also having address at 2nd Floor, Hiolton Centre, Plot No. 66, Sector- 11, CBD, Belapur, Navi Mumbai- 400 614
...DEFENDANTS
_____________________________________________
Counsel for the Applicant :
Adv. Prajakta A. i/b Adv. O. A. Das
Counsel for the Defendants :
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 Defendants before the Ld. DRT-III, Mumbai, which stands transferred to this Tribunal as per Govt. Notification dated 26.09.2016 and registered as TA No. 952/2016. The OA has been filed for recovery of Rs.12,98,27,650.10/- (Rupees Twelve Crores Ninety Eight Lakhs Twenty Seven Thousand Six Hundred Fifty and paise Ten only) as on 01.07.2015 with further interest at monthly rests from the date of filing of the present OA till its realization.
2. Facts as succinctly set out in the O.A./T.A are that the Defendant No.1 is the principal borrower and Defendant No. 2 to 5 are the Partners as well as guarantors of Defendant No. 1. Defendant No. 6 is a personal guarantor and Defendant No. 7 to 13 are the various group of companies with specific work and area formed by Defendant No. 1 stood as Corporate Guarantors for Defendant No. 1.
3. It is stated that on or about 2011, Defendant No. 1 approached the Applicant with a request for fresh cash credit facility of Rs. 500 Lakhs for its business purpose. The Applicant considered the said request and sanctioned the said facility vide sanction letter dated 01.02.2011.
4. In consideration of sanction the cash credit facility, the Defendants executed the following loaning and security documents:
a. Deed of Hypothecation dated 07.02.2011 executed by Defendant No. 1.
b. Power of attorney dated 18.02.2011 executed by Defendant No. 3, 4 & 6.
c. Agreement of Guarantee dated 21.03.2011 executed by Defendant No. 1; 2, 3; d. Agreement of Guarantee dated 21.03.2011 executed by Defendant No.4 & 6;
e. Respective Agreement of Guarantees dated 21.03.2011 executed by Defendant No.8 to 13;
f. Respective Agreement of Guarantees dated 21.04.2011 executed by Defendant No.14 to 19.
5. In order to further secure the above facility, the Defendants executed following security documents:
a. Supplemental Agreement dated 21.04.2011.
b. Memorandum of deposit of title deeds dated 03.02.2011 and 28.03.2011 executed by Defendant No. 6.
c. Respective Memorandum of deposit of title deeds dated 18.02.2011 executed Defendant No. 7 & 12.
d. Respective Memorandum of deposit of title deeds dated 14.02.2011 executed by Defendant No. 8 & 11.
6. It is further stated that on or about September, 2011, Defendant No.1 approached the Applicant with a request to enhance the credit facility of Rs. 500 Lakhs to 625 Lakhs for their business purpose. The Applicant considered the said request and sanctioned the said facility.
7. In consideration of sanction the enhanced cash credit facility, the Defendants executed the following loaning and security documents:
a. Deed of Hypothecation dated 07.02.2011 executed by Defendant No. 1.
b. Agreement of Guarantee dated 29.09.2011 executed by Defendant No. 2 & 3.
c. Agreement of Guarantee dated 28.09.2011 executed by Defendant No. 4 & 5;
d. Agreement of Guarantee dated 28.09.2011 executed by Defendant No.8, 10, 11 & 13; e. Letter of Continuity dated 26.09.2011
f. Balance and security confirmation letter dated 03.10.2012.
8. In order to further secure the enhanced cash facility Defendant No. 6 to 8, 11 & 12 have created equitable mortgage and extended the mortgage of the following properties in favour of the Applicant:
a. Shop Bering No. 22, Sai Vihar, Plot No. 78, 79 & 80 Sector, 15, CBD Belapur, Navi Mumbai.
b. 306, Sai Sagar, Sector-15, CBD Belapur, Navi Mumbai.
c. 1308, 13th Flr, Mayuresh Cosmos, Sector 11, CBD Belapur.
d. Unit No. 8, 9, 10 & 11, Giriraj Heights, Sector 20, Kharghar.
e. 6, 7 & 8, 4th Flr, Neco Chambers, Sector 11, CBD Belapur.
f. Office No. 6, 7 & 8, 4th flr. Neco Chambers, Plot No. 48, sector- 11, CBD Belapur, Navi Mumbai.
g. Gut No. 31, Hissa No. 2/A, Building known as Bhuleshwar Dairy, Village Bhandgaon, Tal. Daund, Dist. Pune.
h. Shop No. 13 Sai Vihar, Sector- 15, CBD Belapur, Navi Mumbai.
i. Office No. 5, 6, 7 & 8, 5th flr. Neco Chamber, plot No. 48, Sector-11, CBD Belapur, Navi Mumbai.
j. Godown No. 5 & 6, Gr. Flr. Saraswat Apts. Opp. Rekhi Hotel, survey No. 1434/B, Shivaji Road, Panvel.
k. Shop No. 21, Sai Vihar, Sector- 15, CBD Belapur, Navi Mumbai.
l. 4, 6 & 7, Mermaid Tower, sector- 11, CBD Belapur, Navi Mumbai, Office No. 9 & 10 4th flr, Neco Chamber, plot No. 48, sector-11, CBD Belapur, Navi Mumbai.
m. Shop No. 39, Sai Vihar, plot No. 78, 79 & 80, sector-15, CBD, Belapur, Navi Mumbai.
n. Office No. 1, 2, 3 ,4, 9 & 10 5th flr. Neco Chamber, plot No. 48, sector-11, CBD Belapur.
o. Unit No. 12, 13, 14 & 15 1st flr. Giriraj Horizon, plot No. 43A, 43B & 44B, sector-20, Village Kharghar, Panvel, Dist. Raigad, Shop No. 31, 35, 37 & 38 gr. Flr. Sai Vihar, plot No. 78, 79 & 80 sector- 15 CBD, Navi Mumbai.
9. It is further stated that on or about 2012, Defendant No. 1 approached the Applicant with a request to grant Term Loan car for Rs.43,75,988/- to purchase AUDI make under car loan scheme to firm. The Applicant considered the said request and sanctioned the said term loan vide sanction letter dated 10.02.2012. The Defendant No.1 agreed to repay the said loan in 84 EMIs of Rs.80,204/-.
10. In consideration of sanction the said term loan car, the Defendants executed the following loaning and security documents:
a. Application cum appraisal form
b. Letter of Hypothecation for car loan dated 10.02.2012 executed by Defendant No. 1.
c. Agreement of Guarantee for car loan dated 10.02.2012 executed by Defendant No. 2 to 5.
d. Balance and security confirmation letter dated 05.07.2012 executed by Defendant No. 1.
11. Further, the Defendant No. 1 has delivered a copy of RC book registered No No.MH46P5700.
12. It is further stated that on or about 2012, Defendant No. 1 approached the Applicant with a request to grant Term Loan car for Rs.44,79,688/- to purchase AUDI make under car loan scheme to firm. The Applicant considered the said request and sanctioned the said term loan vide sanction letter dated 10.02.2012. The Defendant No.1 agreed to repay the said loan in 84 EMIs of Rs. 82, 104/-. The Defendant No. 1 has delivered a copy of RC book registered No.MH46V1213.
13. In consideration of sanction the said term loan car, the Defendants executed the necessary loaning and security documents which includes Application cum appraisal form; Letter of Hypothecation for car loan dated 10.02.2012 executed by Defendant No. 1; Agreement of Guarantee for car loan dated 10.02.2012 executed by Defendant No. 2 to 5 and; Balance and security confirmation letter dated 05.07.2012 executed by Defendant No. 1.
14. It is stated that on or about 2012, Defendant No. 1 approached the Applicant with a request to grant Term Loan car for Rs. 32,06,283/- to purchase AUDI A420 TDI under car loan scheme to firm. The Applicant considered the said request and sanctioned the said term loan vide sanction letter dated 16.02.2012. The Defendant No.1 agreed to repay the said loan in 84 EMIs of Rs.58, 765/-.
15. In consideration of sanction the said term loan car, the Defendants executed the following loaning and security documents:
a. Letter of Hypothecation for car loan dated 16.02.2012 executed by Defendant No. 1.
b. Agreement of Guarantee for car loan dated 16.02.2012 executed by Defendant No. 2 to 5.
c. The Defendant No. 1 has delivered a copy of RC book registered No. MH46W3777 dated 07.05.2015.
16. However, after availing the aforesaid loan facilities, the Defendants have defaulted in repayment of Applicant dues and neglected to regularize the account, thus the account was declared as NPA on 10.11.2012. Thereafter, the Applicant initiated action under the SARFAESI Act and issued notice dated 31.12.2012 and called upon the Defendants to pay the dues but they failed to pay the dues. Further, the Applicant issued notice under Section 13(4) of the SARFAESI Act, 2002 dated 07.03.2013 to the Defendants thereafter, the symbolic possession of the mortgaged properties were taken on 15.04.2013, 16.04.2013 and 17.04.2013. Since the Defendants failed to pay the dues, the Applicant has left with no other option but to approach this Tribunal. Hence, the present OA.
17. Notices were issued to the Defendants. Despite service, through publication, no one appeared for the Defendants thus, they were Defendant No. 1 to 19 were proceeded ex-parte vide order dated 05.09.2023.
18. The Applicant Bank has filed and produced all the relevant documents and original documents alongwith their claim affidavit filed through their Manager, Ketan P. Thakkar.
19. I have heard the Ld. Counsel for the Applicant and perused the record.
20. The witness of the Applicant Bank has fully corroborated the averments made in the OA/TA, 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. The liability of Defendant No. 1 to 19 is joint and several.
21. In the light of above discussions, the Original Application deserves to be allowed against the Defendant No.1 to 19.
O R D E R
(i) The present O.A. is hereby allowed and Defendant No.1 to 19 are hereby directed to pay to the Applicant Bank, within a period of 60 days, a sum of Rs.12,98,27,650.10/- (Rupees Twelve Crores Ninety Eight Lakhs Twenty Seven Thousand Six Hundred Fifty and paise Ten only) as on 01.07.2015 with further interest as mentioned in particulars of claim (Exhibit “I” of List of Documents of OA) from the date of filing of the present OA till its realization.
(ii) Failing which the aforesaid amount shall be recovered from the sale of mortgaged properties, personal movable and immovable assets of the Defendant No.1 to 19.
(iii) Defendant No.1 to 19 are hereby directed not to deal with their properties till further direction of Ld. Recovery Officer.
(iv) Defendant No.1 to 19 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 : 09.10.2023
Presiding Officer,
DRT-1, Mumbai
Tjs/-