Debts Recovery Tribunal allowed the bank's application for recovery of agriculture and KCC loans. Due to defendant default, the court granted principal dues plus future interest at 9% per annum and directed a recovery certificate.
Recovery of Rs.25,72,006/- with future interest at 9% p.a.; issuance of Recovery Certificate; entitlement to sell mortgaged property.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
Presented on: 06.09.2021 Registered on: 20.12.2021 Decided on: 04.07.2023 Duration: Y M D 01 09 28
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer)
ORIGINAL APPLICATION No.35/2022
Indian Overseas Bank A body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970 and having its Head office at 762, Anna Salai, Chennai, 600 002, Tamil Nadu State and its branch at Indian Overseas Bank, Mahatma Phule Road, Indapur, Maharashtra 413 106.
… Applicant
Versus
(OA No.35/2022)
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[SRD]
Taluka Karmala, … Defendants District Solapur – 413 223
APPEARANCES
| For the Applicant | Mrs. Sudha Koloti – Advocate |
|---|---|
| For Defendants | None(Exparte) |
TOTAL CLAIM AMOUNT –Rs.25,72,006.34Ps.
JUDGMENT (Delivered on 4th July, 2023)
The defendant No. 1 as principle borrower through defendant Nos. 2 and 3 approached the applicant Bank seeking financial assistance for land development, pipeline and cultivation of Sugarcane and after due consideration,
(OA No.35/2022)
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[SRD]
the applicant Bank on 13th April, 2015 sanctioned and disbursed Agri Credit Facilities for an amount of Rs.12,50,000/- consisting of two Facilities i.e. Agriculture Term Loan under IOB Green Credit Scheme for an amount of Rs.9,50,000/- and Agri Kisan Credit Card (KCC) for an amount of Rs.3,00,000/- respectively. Defendant Nos. 2 and 3 stood as Guarantors to above said Agri Credit Facilities availed by defendant No.1.
The defendants executed necessary loan transaction and security documents, Hypothecation and also created Registered Mortgage in respect of the immovable properties in favour of the applicant Bank as set out in paragraph Nos. 5.7, 5.8 and 5.10 of the Original Application.
(OA No.35/2022)
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[SRD]
as Non-Performing Asset on 30th September, 2016.
Defendants executed Revival Letters on 15th February, 2016 and 15th February, 2019 thereby admitted their liability.
Thereafter, on 16th June, 2021 the applicant Bank issued Legal Notice to the defendants calling upon them to pay the outstanding loan amount. Despite service of Notice, defendants failed and neglected to comply with the demand in the said Notice.
Hence, this application is filed.
(OA No.35/2022)
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[SRD]
Hence, I pass the following order: -
ORDER
(OA No.35/2022)
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[SRD]
future interest @9% per annum from the date of filing of the Original Application i.e. 6th September, 2021 till payment/realization of the amount mentioned in this operative order.
(C) The aforesaid adjudicated amount is secured by valid and subsisting mortgage of immovable property i.e. All that piece and parcel of Agricultural Land in, Gat No. 41/1/A/3 totally admeasuring area about 2 H 40 R+ P.K. 0 H 40 R total 2 H 80 R situated at village Satoli, Taluka Karmala, District Solapur within the Jurisdiction of Division Solapur, Sub Division and Taluka and within the sub limits of Sub-Registrar Karmala, District Solapur.
Together with all trees, crop (existing and future) standing on the land and superstructure, fixtures and fittings including buildings, machinery, pipeline etc., presently installed and/or that may install thereon, more particularly mentioned in paragraph No. 5.10 of the Original Application.
(OA No.35/2022)
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[SRD]
Place: Pune Date: 04.07.2023
Sd/(Dilip G. Murumkar) Presiding Officer Debts Recovery Tribunal, Pune
(OA No.35/2022)
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[SRD]
1 issue framed by the court
Whether the defendant defaulters are liable to repay the outstanding loan amount with interest.
Indian Overseas Bank
Nitin Keshav Salunke
Ramchandra Sukhdeo Salunke
Chandrakant Shankar Mete
Dilip G. Murumkar
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
