MAHESH NAVELKAR Vs. GOA STATE COPERATIVE BANK LTD.

JUDGEMENT

(1.) The Petitioner, a borrower of the Respondent No. 1 Bank has called in question the Sale Certificate dated 22 September 2000 and the Award dated 19 February 1998. The Award had to be passed and the Sale Certificate had to be issued because of failure of the Petitioner to repay the loan taken from the Respondent Bank.

(2.) The Petitioner, as stated earlier, is the borrower of the Respondent No. 1 Bank. Smt. Nirupa Pawar, the Respondent No. 5 has now purchased the property in question from the Respondent Bank.

(3.) On 16 May 1996, the Respondent Bank had sanctioned a loan of Rs. 9500000/- to the Petitioner for construction and land development on the property being Plot D-1 of the larger property known as "Mallans", admeasuring 65000 sq. metres, surveyed under No. 26/2 of Village Bainguinim, Tiswadi Taluka. The loan was availed by the Petitioner, however, the Petitioner failed to repay the amount. The Respondent Bank approached the Assistant Registrar of Co-operative Societies, Goa raising a dispute in respect of non-payment of loan by the Petitioner. The dispute was numbered as Case No. ARCS/HQ/CC/ABN-21/97-98/475. The Petitioner, as Promoter of M/s. Highland Developers, and the two sureties, were joined as party Respondents. The notice issued by the Registrar on the address of the Petitioner, was served and the Petitioner remained present. Their sureties did not attend the proceedings. The Petitioner verified the documents such as Agreement for Sale, Demand Promissory Note, Final Notices, Statement of Loan Account at the hearing. The Petitioner admitted the claim of the Respondent Bank in writing and prayed for installments. In view of the clear admission of the Petitioner in writing, the Assistant Registrar disposed of the dispute by directing the Petitioner and the sureties to pay the amount of Rs. 13204617/-, together with interest at the rate of 22% per annum, from 1 January 1998 till settlement. The learned Assistant Registrar passed the award on 19 February 1998.