Jadhavgadh’s former Priest wins his duel with MSC Bank


Pune court Granted ex-freedom fighter and octogenarian Rs 1crore as Reimbursement sugar Mill auction Situation

This independence fighter still had the fight left in him. The octogenarian took about the apex thing — Maharashtra State Cooperative Bank Ltd (MSC Bank) — after he found himself cornered at a poor bargain when he bid for a sugar mill in 2013. He took the lender to court and six decades later (earlier this month) he walked off not only with a refund and interest, but also a compensation of Rs 1 crore towards compensation. He was able to convince the Pune courtroom which the bank hadn’t been clear with him concerning the property that he had been getting, forcing him toapply brakes on the offer.

Amarsinh Jotyajirao Jadhavrao, who’d participated in the Indian freedom struggle and has been convicted during Goa’s annexation into India, from Portuguese holdings from the sub-continent, had bid Nagar Taluka Sahakari Sakhar Karkhana at Ahmednagar district. He paid more than 5.7 crore as earnest money to bidding for the sugar mill put on auction from MSC Bank. But a couple of weeks after, he realised something was amiss and hauled back paying the whole Rs 42 crore he’d bid to the acquisition.

In 2014, he transferred court looking for the refund of the money he’d deposited together with an interest of 18 percent. In addition, he sought reimbursement for damages. A part of the royal household of Jadhavgadh, that he had been set to take the legal conflict to its logical conclusion.

Jadhavrao’s contention was that although he won the bidding, because he had been the only one engaging in the market, the lender didn’t come clean about the plant’s obligations. In a couple of days of winning the bid, he must learn about alitigation between the sugar mill, impending in Ahmednagar court. He searched information about the situation in the lender before proceeding with additional payments for the purchase. He advised the court that the lender never stumbled upon his petition.

Jadhavrao (L) at 2013 bidding for Nagar Taluka Sahakari Sakhar Karkhana at Ahmednagar, auctioned off by MSC Bank (R); he afterwards said the lender withheld the plant’s obligations; PIC: RAHUL DESHMUKH

Rather, the lender went ahead and sold the mill for Rs 36 crore to some other celebration in September 2014. He contended that it was binding to the lender to give him all of the essential details concerning the property he had been to buy, which the bank failed to comply with. This compelled him to withhold any further payments into your lender. On these reasons, he said that bank must not just cover back him the earnest money deposited with attention, but additionally compensate him for all the trouble he went through.

For its own part, the lender defended that it had been Jadhavrao’s obligation to perform due diligence prior to bidding to get the plant. Its agents pointed out that he had been expected to cover the whole thought of Rs 42 crore to its sugar mill within 30 days of winning the bidding. As he cried on doing this, he sacrificed the earnest money deposited, they countered.

Pursuant to the hearing, the civil court discovered that the lender hadn’t managed to set up default Jadhavrao’s part. Joint civil judge VM Karhadkar agreed it had been the bank’s duty to be transparent in regards to the property and the litigations it had been mired in. “The situation in hand doesn’t demonstrate the defendants (lender ) supplying necessary information in order to keep up with transparent enterprise. In that situation, anticipating the plaintiff (Jadhavrao) to keep with additional payment could amount to acting natural justice [sic],” he mentioned.

Making these observations, he dominated that Jadhavrao ought to be repaid the earnest money together the with 18 percent interest as he needed, in addition to be awarded Rs 1crore as compensation. Obviously relieved, Jadhavrao told Mirror,”It was a six-year legal conflict. Since large political households were included in the bargain, I had been under enormous pressure from other corners. But being a freedom fighter, I never gave up. I adhered to fundamentals and fought the situation with sincerity. Last, the truth prevailed.”


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