Allowed

Karnataka Bank Limited v. Akash Salunke

DRT9 May 2023OA/112/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed Karnataka Bank Ltd.'s application for recovery of a term loan of Rs. 2.05 crore plus future interest and penalty interest. The judgment dismissed the appeals case ex parte due to non-appearance of the defendants, relying on the bank's documentary evidence of the loan and security. The court enforced the Release of a Recovery Certificate and authorized the sale o

What did the court decide?

Order Allowed; Defendants directed to pay Rs. 2,05,20,632/- with future interest; issue Recovery Certificate; entitlement to sell mortgaged properties.

Karnataka Bank Limited versus Akash Salunke — Banking and Recovery | DRT (2023)

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Presented on: 08.10.2020 Registered on: 12.01.2022 Decided on: 09.05.2023 Duration: Y M D 2 7 1

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer)

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ORIGINAL APPLICATION No.112/2022

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Karnataka Bank Ltd., A Scheduled Bank formed and registered under the provisions of Indian Companies Act, 1913 as Banking Company, having its Registered and Head Office at P. B. No. 599, Mahaveera Circle, Kankanady, Mangaluru – 575 002, having its Regional Office at Mumbai and having branch office/s at Pune Pimpri Branch at Sunshine Marks, Shop No. 5 & 6, CTS No. 4840, Near Ambedkar chowk, Pimpri, Old Pune - Mumbai Highway, Pune – 411 018

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… Applicant

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Versus

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Mr. Akash Chandrakant Salunke R/at: S. No. 197/2, Mahatma Phule Nagar, Chakrapani Vasahat Road, Near Ram Mandir, Bhosari, Pune – 411 039 Also, at

(OA No.112/2022)

Page 1 of 6

[SRD]

Raw House No. L-6, Sub Plot No. L- 16, Plot No. 89A, Culture Crest Co-op. H. S. Ltd. Sector No. 6, Village Moshi – Pradhikaran, Taluka – Haveli – Dist. Pune

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Mrs. Swati Akash Salunke R/at: S. No. 197/2, Mahatma Phule Nagar, Chakrapani Vasahat Road, Near Ram Mandir, Bhosari, Pune – 411 039 Also, at Raw House No. L-6, Sub Plot No. L- 16, Plot No. 89A, Culture Crest Co-op. H. S. Ltd. Sector No. 6, Village Moshi – Pradhikaran, Taluka – Haveli – Dist. … Defendants Pune

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APPEARANCES For the Applicant For Defendants

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Mr. I C Shetty - Advocate None (Ex parte)

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TOTAL CLAIM AMOUNT –Rs.2,05,20,632.28Ps.

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JUDGMENT (Delivered on 9^th May, 2023)

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The Applicant Bank has filed the present application for recovery of sum of Rs.2,05,20,632.28Ps. (Term Loan) together with future interest thereon @8.65% per annum plus Penal Interest @5% per annum from 7^th October, 2020 till repayment/realization of entire dues from the defendants.

(OA No.112/2022)

Page 2 of 6

[SRD]

Brief facts of the application are as under:

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Defendant Nos. 1 and 2 approached the applicant Bank for seeking financial assistant for purchase of Raw House and accordingly on 15^th September, 2015 the applicant Bank sanctioned and disbursed Term Loan of Rs.1,87,50,000/- to the defendants.

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The defendants executed necessary loan transaction and security documents and Equitable Mortgage in favour of the applicant Bank as set out in Schedule “A” of the Original Application.

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The applicant Bank contended that defendants failed and neglected to pay the amounts due under the aforesaid Term Loan account in spite of repeated requests and demands made by the applicant Bank, since the account of the defendants was continuously irregular and bad hence the account was classified as Non-Performing Asset on 15^th July, 2019.

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Further, on 15^th July, 2019 the applicant Bank issued reminders and Demand Notice to defendants calling upon them to pay the outstanding amount. Despite service of Notice, defendants failed and neglected to comply with the demand in the said Notice.

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Hence, this application is filed.

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The defendants failed to appear despite service of summons.

(OA No.112/2022)

Page 3 of 6

[SRD]

Hence, the application proceeded ex parte against him vide order dated 31^st January, 2023 below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Badarinarayan R. Katti, Branch Manager, which supports the case of the applicant elucidated in the application.

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The applicant Bank has also produced list of documents thereby adducing in evidence the original loan transaction and security documents at Sr. Nos. AW-1/1 to AW-1/11 which corroborate the case of the applicant.

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I have heard arguments of the learned Advocate for the applicant Bank.

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Since the defendants failed to appear and contest the application, I find no reason to disbelieve evidence of the applicant Bank. Therefore, the applicant Bank is entitled for reliefs as claimed.

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Hence, I pass the following order: -

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ORDER

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(A) Original Application No.112/2022 is allowed with costs.

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(B) Defendant Nos. 1 and 2 shall jointly or severally pay to the applicant Bank towards Term Loan account

(OA No.112/2022)

Page 4 of 6

[SRD]

sum of Rs.2,05,20,632/- (Rupees Two Crores Five Lakhs Twenty Thousand Six Hundred Thirty-Two only) with future interest @8.65% per annum from the date of filing of the Original Application i.e. 7^th October, 2020 till payment/realization of the amount mentioned in this operative order.

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(C) The aforesaid adjudicated amount is secured by valid and subsisting mortgage i.e. all that piece and parcel of Raw House No. L-6 – Ground Floor, area admeasuring around 1028 Sq. Ft. i.e. 95.54 Sq. Mts., Built-Up + Garden 650 Sq. Ft., Saleable area about 1265 Sq. Ft. First Floor, admeasuring about 1550 Sq. Ft. + Top Terrace area about 909 Sq. Ft. + Garden area about 649 Sq. Ft. total saleable area about 2221 Sq. Ft. (Ground + First Floor-3466 Sq. Ft.) constructed on Sub Plot No. L-6 (Area 1204 Sq. Ft.)+L-16 (Area 1203 Sq. Ft.) Plot No. 89A, in Housing Society “Culture Crest Co-Op. Housing Society Ltd. situated at Sector – 6, Village Moshi, Pradhikaran, Dist. Pune owned and mortgaged by Mr. Akash Chandrakant Salunke and Mrs. Swati Akash Salunke, more particularly described in the Schedule “A” of the Original Application.

(OA No.112/2022)

Page 5 of 6

[SRD]

(D) The applicant Bank is entitled to sell the mortgaged properties to recover its dues.

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(E) Issue Recovery Certificate.

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(F) The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant Bank and defendants.

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Place: Pune Date: 09.05.2023

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Sd/(Dilip G. Murumkar) Presiding Officer Debts Recovery Tribunal, Pune

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(OA No.112/2022)

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Page 6 of 6

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[SRD]

Karnataka Bank Limited v. Akash Salunke

Case brief

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Karnataka Bank Limited v. Akash Salunke

Case brief

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