Bank of Baroda v. Abhishek Patil
Case brief
What is this about?
Debt Recovery Tribunal allowed the bank's application for recovery of dues against borrowers and guarantor. Court adjusted penal interest and fixed future interest rate at 9% per annum.
What did the court decide?
Defendants to jointly or severally pay Rs.54,85,393/ with future interest @9% p.a. An injunction on pledged stock was also imposed.
What the court decided
Presented on: 20.12.2019 Registered on: 23.09.2022 Decided on: 07.12.2023 Duration: Y M D 3 11 17
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer)
ORIGINAL APPLICATION No.795/2022
Bank of Baroda
A Body Corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Head Office at Baroda House, Mandavi, Baroda – 390 006, Gujarat and one of its Branch at: Bank of Baroda, High School Road, Vakhar Bhag, Sangli, Maharshtra-416 416.
… Applicant
Versus
- Mr. Abhishek Rajkumar Patil, At Post Gomtsh Chouk, Wasgade, Tal. Palus, Dist. Sangli.
- Mr. Pradumna Balgonda Patil, At Post Gat No.105/1 B, TasgaonManerajuri Road, Matkunki, Tal. Tasgaon, Dist. Sangli.
- CNX Corporation Limited 301, 3rd Floor, Embassy Center, Nariman Point, Mumbai – 400 021. Also at:
Issues for consideration
3 issues framed by the court
Whether the applicant bank is entitled to recover the outstanding loan dues from the defaulting borrowers.
Whether the claim amount including penal interest should be admissible.
Whether future interest at a reduced rate is just and reasonable in the given facts.
Parties & counsel
- applicant
Bank of Baroda
- respondent
Abhishek Rajkumar Patil
- respondent
Pradumna Balgonda Patil
- respondent
CNX Corporation Limited
Coram
Case details
As recorded by the court registry
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