Allowed

Federal Bank v. Sunil Goilkar

DRT30 Jul 2025OA/1196/2023

Case brief

AI extract

What is this about?

A Debt Recovery Tribunal allowed an Original Application by Federal Bank Limited against three agriculturist defendants for recovery of Rs. 21,18,084/- plus future interest. The court rejected the claim for penal interest and hypothecated assets but permitted future interest at 9% p.a. and secured the debt via existing agricultural land mortgage.

What did the court decide?

Defendants to pay Rs. 21,18,084/- plus future interest at 9% p.a. from 30.12.2022; Recovery Certificate issued; right to sell mortgaged property allowed.

Federal Bank versus Sunil Goilkar — Banking and Recovery | DRT (2025)

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Presented on .. 30.12.2022 Registered on .. 02.09.2023 Decided on .. 30.07.2025 Duration .. Y—M—D 02--07--00

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 1196/2023.

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The Federal Bank Limited,

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A Banking Company within the meaning of Companies Act, 2013 (18/2013), having its registered office at Federal Towers, Alwaye, Kerala and branch at – Vimal Plaza AjaraSankeshwar Main Road, Gadhinglaj, Maharashtra 416 502.

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… Applicant

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Versus

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1 Mr. Sunil Ramchandra Goilkar, Age 41 years, Occ. Agriculturist, R/o : Vadakshivale, Taluka Ajra, District Kolhapur 416 220.

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2 Mr. Deepak Ramchandra Goilkar, Age 44 years, Occ. Agriculturist, R/o : Flat No. 401, Budhaji Niwas, H. No. 1013, Koparkhairane, Navi Mumbai 411 709.

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3 Mrs. Vaidehi Sunil Goilkar, Age 31 years, Occ. Agriculturist, R/o : Vadakshivale, Taluka Ajra, District Kolhapur 416 220.

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… Defendants

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Sanap ( OA No. 1196/2023 ) 1 of 5

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:- Appearances For Applicant For Defendants

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Adv G.H. Bet i/b Adv Nikhil Barsode. Ex parte.

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Total Claim Amount – Rs.21,29,894=66

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JUDGMENT (Delivered on 30^th July, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.21,29,894=66 by rounding Rs.21,29,895/- together with future interest @11.10% 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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As per the loan application dated 13.10.2017 of defendant Nos.1 to 3, the applicant Bank sanctioned and disbursed the AMTL (Direct Agriculture) loan facility of Rs.19,30,000/- and FKCC of Rs.70,000/- to the defendants vide Sanction Letter dated 01.11.2017.

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In order to secure the aforesaid loan facility, the defendants have executed necessary loan and security documents in favour of the applicant Bank. Defendant No.1 has also executed registered mortgage deed dated 10.11.2017 in respect of agricultural land bearing Gat No. 150 area 5.10 Ares; Gat No. 414 area 65.70 Ares and Gat No. 475 area 48 Ares at village Vadakshiwale, Taluka Ajra, District Kolhapur, in favour of the applicant Bank.

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Sanap ( OA No. 1196/2023 ) 2 of 5

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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 12.05.2022, 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 12.02.2021, the applicant Bank issued Recall 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 defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte against the defendants as per Order dated 23.06.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Pandurang Parasharam Kadam, Senior Manager/Authorized Signatory holding power of attorney on behalf of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW1-1 to AW1-15 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.

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Sanap ( OA No. 1196/2023 ) 3 of 5

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

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The applicant Bank has claimed relief in respect of hypothecated assets. However, there is no detailed description with respect to the hypothecated assets, therefore, the relief in terms of hypothecated assets cannot be granted.

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The applicant Bank has claimed Penal Interest of Rs.11,811/-, which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.21,29,895/- is reduced to Rs.21,18,084/-.

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The applicant Bank has claimed future interest @11.10% 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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O R D E R

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A} Original Application No. 1196/2023 is allowed with proportionate costs.

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B} Defendant Nos.1 to 3 either jointly or severally shall pay

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Sanap ( OA No. 1196/2023 ) 4 of 5

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to the applicant Bank the sum of Rs.21,18,084/- (Rupees Twenty One Lakhs Eighteen Thousand Eighty Four only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 30.12.2022 till full payment/realization of the amount mentioned in this operative order.

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C} The aforesaid adjudicated amount is secured by the valid and subsisting mortgage in respect of agricultural land bearing Gat No. 150 area 5.10 Ares; Gat No. 414 area 65.70 Ares and Gat No. 475 area 48 Ares at village Vadakshiwale, Taluka Ajra, District Kolhapur, more particularly described in the Schedule I of the Original Application.

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D} The applicant Bank is entitled to sell the mortgaged property to recover its dues.

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E} Issue Recovery Certificate.

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F} The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant and defendants.

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Sd/-

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( Dilip G. Murumkar ) Presiding Officer Place : Pune Debts Recovery Tribunal, Date : 30.07.2025 Pune.

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Sanap ( OA No. 1196/2023 ) 5 of 5

Federal Bank v. Sunil Goilkar

Case brief

What is this about?

What did the court decide?

Federal Bank v. Sunil Goilkar

Case brief

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What did the court decide?

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