Uco Bank v. Sadhu Bansode
Case brief
What is this about?
In an ex-parte application for recovery, the Debt Recovery Tribunal allowed the bank's claim for principal dues, limited recovery to rescheduled loan amounts, fixed future interest at 9% simple per annum, and granted right to sell mortgaged property.
What did the court decide?
Orders respondents to pay Rs. 2,55,270; Rs. 12,56,463; and Rs. 9,00,358 along with future interest @9% per annum. Grants right to sell mortgaged land and issue recovery certificate.
What the court decided
Presented on : 12.08.2022 Registered on : 12.04.2023 Decided on : 06.07.2024 Duration : Y M D 01 10 24
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 489/2023.
UCO Bank,
A Corporate Body constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act 1970 having its head office at 10, B.T.M. Sarani, Kolkata and branch at – Market Yard, Indapur Road, Baramati, Taluka Baramati, District Pune.
.. Applicant
Versus
- 1 Shri Sadhu Maruti Bansode, Age – Adult, Occ. – Agriculture, R/o – At and Post Kazad, Taluka Indapur, District Pune 413104.
- 2 Shri Manohar Bhanudas Jadhav, Age – Adult, Occ. – Agriculture, R/o – At and Post Kazad, Taluka Indapur, District Pune 413104.
- 3 Shri Pandurang Vishnu Bansode, Age – Adult, Occ. – Agriculture, R/o – At and Post Kazad, Taluka Indapur, District Pune 413104.
(OA No. 489/2023)
Issues for consideration
3 issues framed by the court
Whether the principal applicant bank is entitled to recovery for both original and rescheduled KCC loan accounts.
Whether future interest at the claimed rates is just and reasonable.
Whether the mortgage of agricultural land is valid security for recovery.
Parties & counsel
- applicant
UCO Bank
- respondent
Shri Sadhu Maruti Bansode
- respondent
Shri Manohar Bhanudas Jadhav
- respondent
Shri Pandurang Vishnu Bansode
- respondent
Shri Vasudeo Sadhu Bansode
Case details
As recorded by the court registry
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