Allowed

Punjab National Bank v. Suresh Pandhare

DRT11 Jun 2024OA/839/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application by Punjab National Bank for recovery of dues aggregating roughly Rs. 60.74 lakhs from five borrowers who defaulted on agricultural term and KCC loans secured by mortgage of their agricultural land, setting future interest at 9% per annum.

What did the court decide?

Recovery of Rs.59,43,457/- + 9% interest and Rs.1,31,294/- + 9% interest; sale of mortgaged land; issue of Recovery Certificate.

Punjab National Bank versus Suresh Pandhare — Banking and Recovery | DRT (2024)

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Presented on : 15.11.2019 Registered on : 18.05.2022 Decided on : 11.06.2024 Duration : Y M D 04 06 26

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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. 839/2022.

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Punjab National Bank,

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A Bank constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act 1970 having its head office at Plot No. 4, Sector 10, Dwarka, New Delhi 110075 and branch at – Baramati, Opposite Sunshine Plaza, Bhigwan Road, District Pune 413 102.

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.. Applicant

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Versus

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1 Mr. Suresh Nemu Pandhare, Age 59 years, Occ. : Agriculture,

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2 Mr. Dattatray Nemu Pandhare, Age 55 years, Occ. : Agriculture,

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3 Mr. Uttam Nemu Pandhare, Age 55 years, Occ. : Agriculture,

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4 Mr. Bhanudas Maruti Pandhare, Age 47 years, Occ. : Agriculture,

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5 Mr. Sunil Maruti Pandhare, Age 43 years, Occ. : Agriculture, All R/at – Shindewadi, Taluka Indapur, District Pune.

.. Defendants

(OA No. 839/2022)

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APPEARANCES

For Applicant Advocate Yogesh Hirve. For Defendants Ex parte.

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TOTAL CLAIM AMOUNT – Rs.60,74,751/-

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JUDGMENT

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(Delivered on 11^th June, 2024)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.60,74,751/- together with future interest @12.75% per annum from the date of Application till realization of the entire dues from the defendants.

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Brief facts of the application are as under :

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The defendants approached the applicant Bank with loan application dated 26.06.2014 for grant of KCC and Term Loan aggregating of Rs.37,00,000/-. After considering the proposal of the defendants, the applicant Bank sanctioned the Term Loan of Rs.28,00,000/- and KCC loan of Rs.9,00,000/- to the defendants vide Sanction Letter dated 08.07.2014. In order to secure the aforesaid loan facilities, the defendants executed necessary loan and security documents in favour of the applicant Bank along with deed of mortgage of Agricultural land admeasuring 1H 60R, 1H 60R, 1H 60R, 40R and 40R respectively owned by defendant Nos.1 to 5 out of Gat No. 23

(OA No. 839/2022)

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situated at village Shindewadi, Taluka Indapur, District Pune, in favour of the applicant Bank. Further, the defendants have also executed Balance and Security Confirmation Letter on 24.11.2017 in favour of the applicant Bank and thereby confirmed the outstanding balance.

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Again defendant No.1 approached the applicant Bank with loan application dated 20.03.2016 for grant of Term Loan. Accordingly, the applicant Bank sanctioned Term Loan of Rs.1,00,000/- to defendant No. 1 vide Sanction Letter dated 21.03.2016 on execution of necessary loan documents.

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The applicant Bank contended that the defendants committed defaults in payment of installments and failed to regularize the accounts. Hence, on 30.06.2018, the applicant Bank has classified the account of the defendants as Non Performing Asset in accordance with guidelines of Reserve Bank of India. Therefore, on 12.10.2019, the applicant Bank issued legal Notice to the defendants. Despite service of Notice, the defendants failed and neglected to pay the outstanding dues of the applicant Bank.

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Hence, this application is filed.

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The defendant failed to appear despite service of summons.

(OA No. 839/2022)

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Hence, the application proceeded ex-parte as per Order dated 16.04.2024 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Jayant Bhagwat Mahajan, Senior Manager of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1-1 to AW-1-24 along with list (Exhibit 7), which corroborates the case of the applicant Bank.

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I have heard arguments of the learned Advocate for the applicant Bank. The learned advocate for the applicant Bank submitted that the account of the defendants was classified as NPA on 30.06.2018, but thereafter some credit entries are appearing in the account extracts and those entries are made as reversal of interest as per guidelines of RBI and those are not deposit entries by borrower/defendants. The applicant Bank has filed Affidavit to that effect. As such the ledger balance as mentioned in the Original Application is the balance on the date on which the account of the defendants was classified as NPA.

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Since the defendants failed to appear and contest the application, I find no reason to disbelieve evidence of the

(OA No. 839/2022)

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applicant Bank. Therefore, the applicant Bank is entitled for reliefs as claimed.

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The applicant Bank has claimed future interest @12.75% per annum. However, considering the facts of the case, I am of the opinion that if future interest is granted @9% per annum (simple), it would be just and reasonable rate of interest.

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Hence, I pass the following order :-

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ORDER

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(A) Original Application No. 839/2022 is allowed with costs.

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(B) Defendant Nos. 1 to 5 either jointly or severally shall pay to the applicant Bank the sum of Rs.59,43,457/(Rupees Fifty Nine Lakhs Forty Three Thousand Four Hundred Fifty Seven only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 15.11.2019 till full payment/realization of the amount mentioned in this operative order.

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(C) Defendant No. 1 shall pay to the applicant Bank the sum of Rs.1,31,294/- (Rupees One Lakh Thirty One Thousand Two Hundred Ninety Four only) along

(OA No. 839/2022)

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with future interest @9% per annum from the date of filing of the Original Application i.e. 15.11.2019 till full payment/realization of the amount mentioned in this operative order.

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(D) The aforesaid adjudicated amount is secured by the valid and subsisting mortgage of Agricultural land admeasuring 1H 60R, 1H 60R, 1H 60R, 40R and 40R respectively owned by defendant Nos.1 to 5 out of Gat No. 23 situated at village Shindewadi, Taluka Indapur, District Pune, more particularly described in the Schedule - I of the Original Application.

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(E) The applicant Bank is entitled to sell the mortgaged property to recover its dues.

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(F) Issue Recovery Certificate.

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

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Place : Pune Date : 11.06.2024

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

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(OA No. 839/2022)

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Punjab National Bank v. Suresh Pandhare

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Suresh Pandhare

Case brief

What is this about?

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