Federal Bank v. Deepak
Case brief
What is this about?
The Tribunal allowed an original application by The Federal Bank Ltd. for recovery of dues against two agriculturist defendants. Despite defaults leading to NPA status, the Court reduced the claimed penal interest and capped future interest at 9% per annum before granting recovery.
What did the court decide?
Recovery of Rs. 14,21,067/- and Rs. 8,32,950/- with future interest @9% p.a.; sale of mortgaged/hypothecated properties; issue of Recovery Certificate.
What the court decided
Presented on: 14.03.2022 Registered on: 06.06.2022 Decided on: 03.02.2024 Duration: Y M D 1 10 20
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No.493/2022
The Federal Bank Ltd. A Banking Company within the meaning of Companies Act, 1013 [18/2013] and also a banking company, having its registered office at Federal Towers, Bank Junction, Alwaye, Ernakulum District, Kerala and having one of its branches amongst other places at Takrarwadi Branch, Ground Floor, Kalakeshar Complex, Bhigwan Rashin Road, Takrarwadi, Tal-Indapur, Dist. Pune-413 130.
… Applicant
Versus
- Mr. Deepak Tukaram Mete, Age-49 years, Occupation-Agriculturist, R/o. Post – Dalaj No.2, Tal. Indapur, Dist. Pune-413 132.
- Mrs. Suwarna Deepak Mete, Age- 43 years, Occupation-Agriculturist, R/o. Post – Dalaj No.2, Tal. Indapur, Dist. Pune-413 132.
… Defendants
(OA No.493/2022)
(NPB)
Issues for consideration
2 issues framed by the court
Whether the applicant bank is entitled to recover the outstanding dues along with future interest after the accounts became NPAs.
Whether the adjudicated claim should be secured by the existing mortgage and hypothecation on the mortgaged and hypothecated properties.
Parties & counsel
- applicant
The Federal Bank Ltd.
- respondent
Mr. Deepak Tukaram Mete
- respondent
Mrs. Suwarna Deepak Mete
Coram
Case details
As recorded by the court registry
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