Allowed

Federal Bank v. Alaka Kerimane

DRT6 Dec 2025OA/1248/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal, Pune allowed the original application filed by Federal Bank Limited for recovery of dues from two defendant-borrowers. The court adjusted the claim amount for other charges and ordered future interest at 9% per annum, securing the payment through a mortgage on agricultural land.

What did the court decide?

Defendants ordered to pay Rs. 23,95,498/- with future interest at 9% p.a.; Recovery Certificate issued and sale of mortgaged land directed.

Federal Bank versus Alaka Kerimane — Contract and Commercial Disputes | DRT (2025)

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Presented on .. 19.11.2022 Registered on .. 15.09.2023 Decided on .. 06.12.2025 Duration .. Y—M—D 03--00--17

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 1248/2023.

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The Federal Bank Limited,

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A company incorporated under the Companies Act, 2013 (18/2013) and a Banking Company within the meaning of Companies Act, 2013, having its registered office at Federal Towers, Bank Junction, Alwaye, Ernakulum District, Kerala and branch at – village Vaddi, House No. 315, Gat No. 579, Miraj Kagwad Road, A/P Vaddi, Taluka Miraj, District Sangli 416 410.

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… Applicant

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Versus

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1 Mrs. Alaka Ravaso Kerimane, Age 55 years, Occ. Agriculturist, R/o – 41B, Sutar Galli, Malgaon, Taluka Miraj, District Sangli 416 407.

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2 Mr. Avinash Ravaso Kerimane, Age 32 years, Occ. Agriculturist, R/o – 41B, Sutar Galli, Malgaon, Taluka Miraj, District Sangli 416 407.

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… Defendants

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Sanap ( OA No. 1248/2023 ) 1 of 5

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Appearances :- For Applicant Adv G.H. Bet i/b Adv Nikhil Barsode. For Defendants Ex parte.

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Total Claim Amount – Rs.24,65,339=65

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JUDGMENT

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(Delivered on 06^th December, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.24,65,339=65 (by rounding Rs.24,65,340/-) together with future interest @12.73% 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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Defendant No.1 is borrower and defendant No. 2 supplemented the request for loan as co-obligant. As per the loan application dated 22.05.2015 of the defendants, the applicant Bank sanctioned the AMTL-1 loan facility of Rs.3,50,000/- and FKCC for Rs.6,50,000/- to the defendants vide Sanction Letters dated 25.05.2015 and 26.05.2015.

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In order to secure the aforesaid loan facilities, the defendants have executed necessary loan and security documents along with registered mortgage deed dated 25.05.2015 in respect of Agricultural Land bearing Gat No. 552/A area 88R and Gat No. 553/A area 1H 08R at village Gundewadi, Taluka Miraj, District Sangli, in favour of the applicant Bank. The defendants have also executed

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Sanap ( OA No. 1248/2023 ) 2 of 5

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Balance Confirmation Letters dated 12.03.2018 and 04.08.2020 in favour of the applicant Bank and thereby confirmed the balance outstanding in loan accounts.

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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 24.05.2018, the applicant Bank has classified the account of the defendants as Non-Performing Asset in accordance with guidelines of Reserve Bank of India. Thereafter, on 10.07.2018 and 03.07.2020, 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. 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 22.04.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Rajkumar Shankar Sherekar, Senior Manager and Authorized Signatory on behalf of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW1-1 to AW1-24 along with list (Exhibit 7), which corroborates the case of the applicant Bank.

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Sanap ( OA No. 1248/2023 ) 3 of 5

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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 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 other charges of Rs.1,133/and Penal Interest of Rs.64,891/- for AMTL Account and Other charges of Rs.3,818/- for FKCC Account (total of Rs.69,842/-), which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.24,65,340/- is reduced to Rs.23,95,498/-.

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The applicant Bank has claimed future interest @12.73% 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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Sanap ( OA No. 1248/2023 ) 4 of 5

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O R D E R

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A} Original Application No. 1248/2023 is allowed with costs.

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B} Defendant Nos.1 and 2 either jointly or severally shall pay to the applicant Bank the sum of Rs.23,95,498/- (Rupees Twenty Three Lakhs Ninety Five Thousand Four Hundred Ninety Eight only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 19.11.2022 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. 552/A area 88R and Gat No. 553/A area 1H 08R at village Gundewadi, Taluka Miraj, District Sangli, 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/( Dilip G. Murumkar ) Presiding Officer Place : Pune Debts Recovery Tribunal, Date : 06.12.2025 Pune.

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Sanap ( OA No. 1248/2023 ) 5 of 5

Federal Bank v. Alaka Kerimane

Case brief

What is this about?

What did the court decide?

Federal Bank v. Alaka Kerimane

Case brief

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What did the court decide?

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