Allowed

Central Bank of India v. Sanjay Lokhande

DRT14 Aug 2025OA/119/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by Central Bank of India for recovery of dues aggregating approximately 78.7 lakhs along with future interest at 9% simple p.a., against six respondents who were borrowers and guarantors for agricultural term loans secured by mortgages and remained in default.

What did the court decide?

Recovery Certificate issued for payment of Rupees 78,69,710/- along with future interest at 9% p.a. simple against Defendant Nos. 1 to 6 jointly or severally.

Central Bank of India versus Sanjay Lokhande — Contract and Commercial Disputes | DRT (2025)

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Presented on: 23.03.2018 Registered on: 23.02.2022 Decided on: 14.08.2025 Duration: Y M D 07 04 21

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No.119/2022

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Central Bank of India , A Banking company constituted under Banking Companies (Acquisition and Transfer of Undertakings) Act 1970 having its Central Office at Chander Mukhi, Nariman Point, Opp. S. T. Stand, Taluka-Shirur, District Pune as Shikrapur Branch, District Pune.

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… Applicant

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Versus

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Mr. Sanjay Baban Lokhande Age – adult, Occ.:-Agri.,

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Mr. Sahebrao Martand Yeole Age - Adult, Occ: Agri.,

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Mr. Suresh Ramrao Palande

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Age adult, Occ: Agri.,

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Mr. Sujit Baban Lokhande Age adult, Occ: Agri.,

(OA No.119/2022)

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[ANIL]

Mrs. Vimal Baban Lokhande

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Age adult, Occ: Agri.,

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Mr. Bajirao Martand Yeole Age adult, Occ: Agri., All R/at & Post Mukhai, Taluka Shirur, District Pune.

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… Defendants

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APPEARANCES

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For the Applicant For the Defendants

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Mrs. Rajashree Thakar - Advocate Ex-parte.

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TOTAL CLAIM AMOUNT –Rs.80,23,813/JUDGMENT (Delivered on 14^th August, 2025)

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Applicant Bank has filed present application for recovery of aggregate sum of Rs.80,23,813/- [ i.e. Rs.14,46,504/- towards Term Loan A/c No.2287544358 and Rs.65,77,309/- towards Term Loan A/c No.3147995383 ] together with future interest @17.50% p. a. and @16.10% p. a. respectively from 13.01.2018 till repayment/ realization of entire dues from defendant Nos.1 to 6.

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Brief facts of the application are as under :-

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Defendant Nos.1 to 3 approached the applicant bank and requested for Agricultural Term Loan of Rs.13,15,000/- for cultivation of Gerbera Flowers to Defendant No.1. Defendants No.2 and 3 offered themselves as guarantors for securing Agricultural Term Loan to be availed by Defendant No.1 from the applicant.

(OA No.119/2022)

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[ANIL]

The applicant bank sanctioned Agricultural Term Loan limit of Rs.13,15,000/- to Defendant No.1 for cultivation of Gerbera flowers in February 2007, on certain terms and conditions.

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On 01.03.2007, Defendant Nos.1 to 3 have executed certain security documents in favour of the applicant bank as mentioned in Para No.5.5 of the Original Application.

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Defendant No.1 with the consent of Defendant Nos.4 to 6 have executed registered Simple Mortgage Deed in favour of the applicant bank for securing the Agricultural Term Loan of Rs.13,15,000/- to Defendant No.1. The Simple Mortgage Deed dated 21.07.2007 is duly registered with Sub Registrar Office Talegaon Dhamdhere Sr. No.920/2007. The mortgaged property is as under :-

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(a) – All that piece and parcel of land bearing Gat No.25(P) admeasuring 00 H 22 Are assessed at Rs.0.23Ps; Gat No.44(P) admeasuring 00 H 88 Are assessed at Rs.2.16Ps; Gat No.58(P) admeasuring 00 H 60 Are assessed at Rs.1.32Ps and Gat No.58(P) admeasuring 00 H 81 Are at village Mukhai, Taluka Shirur, within the limits of Registration District Pune, Sub Registration District Shirur & Talegaon Dhamdhere, District Pune;

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Defendant Nos.1 and 3 to 6 approached the applicant bank on 28.01.2011 and requested for Term Loan of Rs.59,70,000/- to Defendant No.1 for Rose Cultivation under Poly House. Defendant Nos.3 to 6 offered themselves as Guarantors.

(OA No.119/2022)

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[ANIL]

The applicant bank considered the request of the defendant Nos.1 and 3 to 6 and sanctioned Term Loan of Rs.50,00,000/- on 08.06.2011, on certain terms and conditions.

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Defendant No.1 and 3 to 6 have executed security documents on 08.09.2011 in favour of the applicant bank for securing Term Loan of Rs.50,00,000/- to Defendant No.1, as set out in para No.5.11 of the original application.

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Defendant Nos.1 and 4 to 6 have executed and registered Mortgage Deed in favour of the applicant bank for securing Term Loan of Rs.50,00,000/- sanction to Defendant No.1 and Mortgage Deed is duly registered with Sub Registrar Office Talegaon Dhamdhere at Sr.No.3765/2011 on 12.08.2011. The mortgaged properties are as under –

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(a) - All that piece and parcel of land in the name of Defendant No.1 Shri. Sanjay Baban Lokhande bearing Gat No.25(P) admeasuring 00H 22 Are plus PK 00H 07 Are assessed at Rs.0.23Ps and Gat No.44A(P) admeasuring 00H 88 Are assessed at Rs.2.16Ps at village Mukhai, Taluka Shirur, within the limits of Registration District Pune, Sub Registration District Shirur & Talegaon Dhamdhere, District Pune;

(OA No.119/2022)

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[ANIL]

within the limits of Registration District Pune, Sub Registration District Shirur & Talegaon Dhamdhere, District Pune;

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(c) - All that piece and parcel of land in the name of Defendant No.5 Sou.Vimal Baban Lokhande bearing Gat No.58(P) admeasuring 00H 60Are assessed at Rs.1.32Ps at village Mukhai, Taluka Shirur, within the limits of Registration District Pune, Sub Registration District Shirur & Talegaon Dhamdhere, District Pune;

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(d) - All that piece and parcel of land in the name of Defendant No.6 Shri. Bajirao Martand Yeole bearing Gat No.58(P) admeasuring 00H 81 Are and Gat No.44A(P) admeasuring 00H 02 Are assessed at Rs.0.04Ps at village Mukhai, Taluka Shirur, within the limits of Registration District Pune, Sub Registration District Shirur & Talegaon Dhamdhere, District Pune, more particularly described in Para No.5.13 of the Original Application.

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After execution of security documents and creation of Registered Mortgage in favour of the applicant bank, Defendant No.1 availed Term Loan of Rs.50,00,000/- as per agricultural requirement and exigencies from time to time. In spite of sufficient time for repayment and repeated requests made to Defendants by the applicant bank, the defendants failed and neglected to pay the amount in both the Term loan Accounts of Defendant No.1. Hence, the account has turned Non-Performing Asset as per Reserve Bank of India norms.

(OA No.119/2022)

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[ANIL]

Thereafter, the applicant Bank issued Legal Notice dated 26.02.2018 through its Advocate Ramesh B. Ganbote calling upon the defendants to pay the dues. In spite of issuing Notice, defendants failed to repay the amount due under the Term Loan account.

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Hence, this application is filed.

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Defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte against it vide Order dated 20.06.2024 passed below the Application (Exhibit-01).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Ms. Anushk Priya, Chief Manager which supports the case of the applicant Bank elucidated in the application.

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The applicant Bank has produced on record the originals/photocopies of loan transaction documents (Sr.Nos.AW-1 to AW-13) which corroborate the case of the applicant Bank.

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I have heard arguments of the learned Advocate for the applicant Bank.

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Since the defendants failed to appear and contest the application, I find no reason to disbelieve the evidence of the applicant Bank. Therefore, the applicant Bank is entitled for reliefs as claimed.

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10 The applicant bank has claimed relief in respect of hypothecated assets. However, there is no detailed description with respect to the

(OA No.119/2022)

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[ANIL]

hypothecated assets. Therefore, the relief in terms of hypothecated assets cannot be granted.

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11 The applicant bank has claimed total penal interest of Rs.1,54,103/which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.80,23,813/- is reduced to Rs.78,69,710/-.

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12 The applicant Bank has claimed future interest @17.50% & @16.10% p.a. respectively for Term Loan accounts. However, considering facts of the case, I am of the opinion that if future interest is granted @9% (simple), it would be just and reasonable.

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13 Hence, I pass the following order:-

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ORDER

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(A) Original Application No.119/2022 is allowed with costs.

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(B) Defendant Nos.1 to 6 shall either jointly or severally pay to the applicant Bank an aggregate sum of Rs.78,69,710 /- (Rupees Seventy Eight Lakhs Sixty Nine Thousand Seven Hundred Ten only) as under –

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(a) – Defendant Nos.1 to 3 shall either jointly or severally pay to the applicant bank a sum of Rs.14,19,472 /- (Rupees Fourteen Lakhs Ninteen Thousand Four Hundred Seventy Two only) towards Term Loan A/c No. 2287544358 with future interest @9%p.a. (Simple) from the date of filing of Original Application i.e.23.03.2018 till payment/realization of the amount mentioned in this operative order.

(OA No.119/2022)

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[ANIL]

(b) - Defendant Nos.1, 3 to 6 shall either jointly or severally pay to the applicant bank a sum of Rs.64,50,238 /- (Rupees Sixty Four Lakh Fifty Thousand Two Hundred Thirty Eight only) towards Term Loan A/c No.3147995383 with future interest @9%p.a. (Simple) from the date of filing of Original Application i.e.23.03.2018 till payment/realization of the amount mentioned in this operative order.

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(C)

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An amount of Rs.14,19,472 /- towards Term Loan A/c No. 2287544358 is secured by way of Registered Mortgage of the immovable properties i.e. all that piece and parcel of land bearing Gat No.25(P) admeasuring 00 H 22 Are assessed at Rs.0.23Ps; Gat No.44(P) admeasuring 00 H 88 Are assessed at Rs.2.16Ps; Gat No.58(P) admeasuring 00 H 60 Are assessed at Rs.1.32Ps and Gat No.58(P) admeasuring 00 H 81 Are at village Mukhai, Taluka Shirur, within the limits of Registration District Pune, Sub Registration District Shirur & Talegaon Dhamdhere, District Pune; more particularly described in Para No.5.7 of the Original Application.

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AND

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An amount of Rs.64,50,238/- towards Term Loan A/c No.3147995383 is secured by Registered Mortgage of the immovable properties i.e.-

(OA No.119/2022)

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[ANIL]

(b) - All that piece and parcel of land in the name of Defendant No.4 Shri. Sujit Baban Lokhande bearing Gat No.15(P) admeasuring 00H 21 Are assessed at Rs.0.85Ps and Gat No.44A(P) admeasuring 00H 88 Are assessed at Rs.2.16Ps at village Mukhai, Taluka Shirur, within the limits of Registration District Pune, Sub Registration District Shirur & Talegaon Dhamdhere, District Pune;

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(D) Issue Recovery Certificate.

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

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Sd/-

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Place : Pune Date : 14.08.2025

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

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(OA No.119/2022)

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[ANIL]

Central Bank of India v. Sanjay Lokhande

Case brief

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Central Bank of India v. Sanjay Lokhande

Case brief

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