Debts Recovery Tribunals and Appellate Tribunals
MS NAMAN DEVELOPERS vs The Malkapur Urban Co-Op Bank Ltd on 3 July 2025
ORDER SHEET
[Ambadas] (MA No.21/2025) Page 1 of 1
03.07.2025
Sr. No.02
MA No.21/2025
Classific
ation
No. of
Exh.
MISCELLANEOUS APPLICATION NO. 21/2025.
M/s. Naman Developers and Others
..Applicants
V/s
The Malkapur Urban Co-operative Bank
Ltd., Malkapur and Others.
..Respondents
Mr. S.R. Deshpande - Advocate for the applicants Mr. K.B. Deshpande - Advocate for Respondents.
1. The present Miscellaneous Application No. 21/2025 has filed by the applicants for restoration of Securitization Application No.
91/2019.
2. The learned counsel for the applicants argued that the Securitization Application No. 91/2019 was disposed of by this Tribunal on 30/12/2023 with the liberty to the applicants to revive this Securitization Application as and when liquidator takes charge and bank supposed to take action against applicants.
The bank was also directed to issue 15 days’ notice to the applicants in case of taking any action against them. It was further submitted that now the liquidator has been appointed and the respondent bank has issued possession notice dated 19/05/2025 for taking physical possession of the properties on 03/07/2025 i.e. today itself. Therefore, in these circumstances
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[Ambadas] (MA No.21/2025) Page 2 of 1
prayed for restoration of SA No. 91/2019. It was further argued that the applicants have filed Interlocutory Application No.
929/2025 for interim relief against possession notice as they could not pay loan amount as one of the partner died on 23/09/2022 and for substitution of the partner the applicants moved to the Bank for seeking permission to add party in place of the deceased partner, and in that process the loan amount could not be paid. It is also submitted that the applicants are ready to settle the account under OTS and they have already paid 80,00,000/- (Rupees Eighty Lakhs) on 31/03/2017, and prayed for interim relief.
3. On the other side, it was submitted on behalf of respondents that demand notice was issued to the applicants on 9/12/2016 for Rs.
4.17 crores and order under Section 14 was passed on 24/7/2019.
The applicants had paid Rs. 80,00,000/-, (Rupees Eighty Lakhs only ) and the property of the firm was mortgaged with the Bank and death of the one partner has no adverse effect for proceedings further against the assets of the firm, and now the total outstanding amount against the applicants is near-about 15
crores, and they are not entitled for interim relief.
4. Keeping in view the submissions of both the sides, I pass the following order:
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[Ambadas] (MA No.21/2025) Page 3 of 1
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ORDER
A. The MA No. 21/2025 is hereby allowed and SA No. 91/2019 be restored accordingly. B. The respondent Bank is directed to defer the possession of Secured assets fixed on 03/07/2025, in case applicants deposite Rs. 30,00,000/- (Rs. Thirty Lakhs only) today itself before 4.00 p.m. The applicants are further directed to pay Rs. 70,00,000/- (Rs. Seventy Lakhs only) by 31/07/2025. In default of deposit of either of the amount, the respondent Bank is entitled to take possession of the suit property. C. The applicant shall move OTS proposal to the Bank within fifteen days, and respondent shall decide the same within 20 days as per its policy. In default of deposit of above said amount and failure of OTS, Bank is at liberty to proceed further against the applicants / borrowers as per Law. D. The Interlocutory Application No. 929/2025 is disposed of accordingly. E. Issue notice to respondent No. 4 returnable on 18/08/2025. F. There is no need of issuance of notice to respondent Nos. 2
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[Ambadas] (MA No.21/2025) Page 4 of 1
and 3 being District Magistrate and Additional Tahasildar as they are not necessary parties to adjudicate the controversy between the parties. G. Registry is hereby directed to restore SA No. 91/2019 at its original stage.
(Dr. J.R. Chauhan) Presiding Officer Debts Recovery Tribunal, Aurangabad