Debts Recovery Tribunals and Appellate Tribunals
PUNJAB NATIONAL BANK vs M/S. K.P. ENTERPRISES on 9 March 2021
Registered on:
15.09.2015
Decided on:
9.03.2021
Duration:
Y M D
5 5 29
IN THE DEBTS RECOVERY TRIBUNAL-I AT MUMBAI
DATED 9th DAY OF MARCH, 2021
ORIGINAL APPLICATION NO. 284/2016
Punjab National Bank,
A Bank Constituted under the Banking
Companies (Acquisition & Transfer of
Under-takings) Act, V of 1970, having its Head Office at 7, BhikaijiCama Place, New Delhi- 110 607 and having its one of the Branch office Asset Recovery Management Branch at PNB Pragati Tower, 1st Floor, Plot No. C-9, Block- G, Bandra Kurla Complex, Bandra (East), Mumbai- 400 051.
VERSUS
1. M/S.SHIVAM ENTERPRISES
A Partnership Firm (through its Partners)
having office at: BSEL Tech Park, G-12, B- )
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….. Applicant
110, Plot No.39/5 & 39/5A, Section -30A, Vashi, Navi Mumbai – 400 705; Having its another address at :
2nd Floor, Hilton Centre, Plot No.66, Sector -11, CBD Belapur, Navi Mumbai- 400 614.
2. KAPIL D.RAJPUT
An Adult, Indian Inhabitant
having his address at:
703, Rose, Kharghar, Plot No.7,Sector-10, Kharghar, Navi Mumbai- 410 210;
3. MITHILESH RAJPUT
An Adult, Indian Inhabitant
Having his address at: Flat No. B,
603, B-703, Neelkanth Garden, PL 29/5,
PL 29/5, Bhoomi Constructions,
Panvel – 410 210.
4. MURUGESHAN ADIMOOLAM
An Adult, 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
And Adult, of Indian Inhabitant,
Having his address at: 4/12,
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Satyam Nath Pai Nagar,
Airoli, Navi Mumbai.
6. DEVPRAKASH RAUT
An Adult, Indian Inhabitant
Having his address at:703, Rose,
Kharghar, Plot No.7, Sector -10,
Kharghar, Navi Mumbai n-410 210.
7. STAR VIEW TRADING CO.PVT.LTD.
A private limited company within the
meaning of Companies Act, 1956 having
its Registered Office 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 -110, Plot No.39/5 & 39/5A,
Sector -30A, Vashi, Navi Mumbai-400 705; 9 M/S. MILRAFT COMPANY DAIRY
TECH.PVT.LTD.
A Private Limited Company registered
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Under the Companies Act, 1956 having its address at 2nd Floor, Hilton Centre, Plot No.66, Sector -11, CBD Belapur, Navi Mumbai- 400 614 and having its another 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 having its address at: 2nd Floor, Hilton Centre, Plot No.66, Sector -11, CBD
Belapur, Navi Mumbai – 400 614; And
Having its another 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
having its address at 2nd Floor, Hilton
Centre, Plot No.66, Sector -11, CBD
Belapur, Navi Mumbai 400 614; And
having its another address at BSEL Tech
Park, G-12, B-110,
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Plot No.39/5 & 39/5A, Section -30A,
Vashi, Navi Mumbai – 400 705;
12. M/s. Honey Taste Pvt.Ltd.
A Private Limited Company registered
under the Companies Act6, 1956, having
its address at 2nd Floor, Hilton Centre, Plot No.66, Sector-11, CBD Belapur, Navi Mumbai – 400614; And Having its another address at BSEL Tech Park, G-12, B-110, Plot No.39/5 & 39/5A, Section -30A, Vashi, Navi Mumbai – 400 705;
13. M/s. WHITEGOLD MERCANTILE
COMPANY PVT.LTD.
A Private Limited Company registered
under the Companies Act, 1956, having its address at : 2nd Floor, Hilton Centre, Plot No.66, Sector-11, CBD Belapur, Navi Mumbai – 400 614; And having its another address at BSEL Tech Park, G-12, B-110, Plot No.39/5 & 39/5A, Section -30A, Vashi, Navi Mumbai – 400 705;
14. M/s.ARMAN FOODS,
A Partnership Firm (Through its
Partners, Having its office at:
BSEL TECH Park, G-12 & B-110
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Plot No.39/5 & 39/5A, Sector – 30A,
Vashi, Navi Mumbai – 400 705.
15. M/S. ARYA ENTERPRISES
A Partnership Fir, (through its partners having its address at BSEL Tech Park, G- 12, B-110,Plot No.39/5 & 39/5A, Section - 30A, Vashi, Navi Mumbai – 400 705; And having its address at 2nd Floor, Hilton 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 office at: BSEL Tech Park, G-12, B- 110,Plot No.39/5 & 39/5A, Section -30A, Vashi, Navi Mumbai – 400 705; having its another address at:2nd Floor, Hilton Centre, Plot No.66, Sector -11, CBD
Belapur, Navi Mumbai 400 614.
17. M/S.KAVERI ENTERPRISES
A Partnership Firm (through its Partners)
having office at: BSEL Tech Park, G-12, B- 110,Plot No.39/5 & 39/5A, Section -30A, Vashi, Navi Mumbai – 400 705; having its another address at 2nd Floor, Hilton )
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Centre, Plot No.66, Sector -11, CBD
Belapur,
Navi Mumbai – 400614.
18. M/S.GAURI ENTERPRISES
A Partnership Firm (through its Partners)
having office at : BSEL Tech Park, G-12, B- 110, Plot No.39/5 & 39/5A, Section -30A, Vashi, Navi Mumbai – 400 705; Having its another address at :
2nd Floor, Hilton Centre, Plot No.66, Sector -11, CBD Belapur, Navi Mumbai- 400 614.
19.
M/S.
CHANKYA
FOODS
&BEVERAGES A Partnership Firm
(through its Partners) having office at :
BSEL Tech Park, G-12, B-110,
Plot No.39/5 & 39/5A, Section -30A,
Vashi, Navi Mumbai – 400 705;
Having its another address at :
2nd Floor, Hilton Centre, Plot No.66, Sector -11, CBD Belapur, Navi Mumbai- 400 614.
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…Defendants
Advocate for applicant
Ms. O.A. DAS
None for defendant nos. 1
to 19
None (already set ex-parte)
JUDGMENT PRONOUNCED ON:
11/03/2021
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J U D G M E N T
This is an application filed under Section 19 of the DRT Act, 1993 by Punjab National Bank Ltdpraying to issue Recovery Certificate against the defendants for an amount of Rs.16,20,77,735.66 (Rupees Sixteen Crores Twenty Lakhs Seventy Seven Thousand Seven Hundred Thirty Five and Sixty Six paise only) (Cash Credit facility amounting to Rs.15,61,78,734.47 with interest @10.25% p.a (compounding), Rs.19,85,470.43 under Term Loan-I (Car) with interest @10.25% and Rs. 39,13,530.76 under Term Loan-II (Car) with interest @ 10.25%) from the date of filing of the Original Application till realization being the amount due from the defendant nos. 1 to 19 in respect ofCash CreditLoan, Term Loan and Vehicle Loan facility.
The Defendant No. 1 is a Borrowerand partnership Company and defendant no.2 to 6 are partners as well as Guarantors of Defendant No.1 .Defendant No.7 to 13 are the various group of companies and stood as corporate guarantors for defendant no.1. Defendant Nos.14 to 19 are Guarantors of Defendant No.1
OA 284 OF 2016
to the liability undertaken by Defendant No.1 who avails the Cash Credit Loan , Term Loan and Vehicle Loan facility from Applicant.
The brief facts of the application are that the defendant No.1. approached Punjab National Bank Ltd.for granting them Cash Credit, Term Loan and Vehicle Loan facility videsanction letter dated 01/02/2011.
The defendants availed the loan facilities subject to various terms and conditions as per sanction letter dated 01/02/2011. The defendant nos. 2 to 19 also executed a Agreement of Guarantee, Deed of Guarantee, Memorandum of Deposit of Title Deed, Declaration and Confirmation of Deposit of Title Deeds on various dates.
However, the defendants failed to operate the account regularly the account became irregular and was classified as non-performing assets and therefore, the applicant got issued a legal notice dated 7/3/2013 in respect of account calling upon the defendants to pay the outstanding amount. As there was no response from the defendants, the applicant having no other alternative, filed the present Original Application for recovery of the loan amount with subsequent interest and costs.
Summons were served upon defendant nos. 1 to 19 by way of Paper Publication . However, they remained absent, therefore, they were proceeded exparte vide order dated13/02/2017.
The applicant bank filed its claim affidavit under Exh. 16along with list of original documents under Exh. 17and original
OA 284 OF 2016
documents filed by the Applicant are exhibited as AW-1 to Aw-40.
The evidence affidavit and documents filed by applicant remained unchallenged. After hearing the arguments of the counsel appearing for the applicant and upon perusing the record, this Tribunal pass the following order:-
O R D E R
a) I allow the O.A. and direct the defendant nos.1 &19to pay within a period of 30 days to the applicant bank a Rs.16,20,77,735.66 (Rupees Sixteen Crores Twenty Lakhs Seventy Seven Thousand Seven Hundred Thirty Five and Sixty Six paise only)(Cash Credit facility amounting to Rs.15,61,78,734.47with interest @10.25% p.a (compounding), Rs.19,85,470.43 under Term Loan-I (Car) with interest @10.25% and Rs. 39,13,530.76 under Term Loan-II (Car) with interest @ 10.25%) from the date of filing of the Original Application till realization.
b) Failing which the aforesaid amount shall be recovered from the properties which were mortgaged mentioned in Exh.”H” in the O.A to the applicant and also from the sale of other assets of defendant nos. 1 to 19.
C) Defendant Nos. 1 to 19 are hereby directed not to deal with their properties, till further direction of Ld. Recovery Officer, DRT-1, Mumbai.
d) The defendant 1 to 19also shall pay costs incurred by the applicant bank in filing the above Original Application including professional fees and other expenses.
e) The Recovery Certificate be issued forthwith and be sent to the Recovery Officer, DRT-1, Mumbai of this Tribunal.
f) Copy of this Judgment and Recovery Certificate be sent to all the parties as per rules.
Place: Mumbai.
(Dr. Rekha G. Dhakar ) Date: 11th March, 2021. Presiding Officer, DRT-1, Mumbai.
09/03/2021 Roznama – MDRT-I O.A. No. 284/2016 Next date
Orders pronounced vide separate order.
1. I allow the O.A. and direct the defendant no.1 &19 to pay within a period of 30 days to the applicant bank a sum of Rs.16,20,77,735.66 (Rupees Sixteen Crores Twenty Lakhs Seventy Seven Thousand Seven Hundred Thirty Five and Sixty Six paise only) (Cash Credit facility amounting to Rs.15,61,78,734.47
with interest @10.25% p.a (compounding), Rs.19,85,470.43 under Term Loan-I (Car) with interest @10.25% and Rs. 39,13,530.76 under Term Loan-II (Car) with interest @ 10.25%) from the date of filing of the Original Application till realization.
2. The parties are directed to appear before the Ld. Recovery Officer No.1 on 15.04.2021. File be consigned to record room. P.O.
15/4/2021
DRT-1