Allowed

Federal Bank v. Bhakti Tamgave

DRT1 May 2025OA/1256/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application for recovery of dues. After deducting unauthorized charges, the court directed the defendants to pay the reduced principal amount along with future simple interest at 9% per annum, secured by an existing mortgage of their property.

What did the court decide?

Payment of Rs. 34,16,913/- with future simple interest at 9% p.a., enforceable by sale of mortgaged property and issuance of Recovery Certificate.

Federal Bank versus Bhakti Tamgave — Execution and Attachment | DRT (2025)

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Presented on .. 29.12.2022 Registered on .. 15.09.2023 Decided on .. 01.05.2025 Duration .. Y—M—D 02--04--02

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 1256/2023.

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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 – Sangli Kolhapur Road, Jaysingpur, near ST Stand, Kolhapur 416 101.

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… Applicant

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Versus

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1 Mrs. Bhakti Sandip Tamgave, Age 31 years, Occ. Service, R/o : House No. 33, Dudhgaon Road, Near Primary Health Care Centre, A/P Kavathe Piran, Taluka Miraj, District Sangli 416 417.

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2 Mr. Sandip Sukumar Tamgave, Age 38 years, Occ. Service,

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R/o : House No. 33, Dudhgaon Road, Near Primary Health Care Centre, A/P Kavathe Piran, Taluka Miraj, District Sangli 416 417.

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Sanap ( OA No. 1256/2023 ) 1 of 5

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3 Mr. Bharat Yandappa Tamgave, Age 55 years, Occ. -, R/o : Near Old Jain Basti, Nandani, Tal. Shirol, District Kolhapur 416102. … Defendants

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:- Appearances

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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.35,00,670 /-

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JUDGMENT (Delivered on 01^st May, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.35,00,670/- together with future interest @10.65% 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 of the defendants, the applicant Bank sanctioned the Property Power Loan of Rs.30,00,000/- to the defendants vide Sanction Letter dated 18.07.2018.

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In order to secure the aforesaid loan facility, the defendants executed loan and necessary security documents in favour of the applicant Bank. Defendant Nos. 1 to 3 have also executed deed of mortgage dated 19.06.2018 of House property bearing CTS 725, Near PHC Nandani, area admeasuring 760 sq. situated at Jaysingpur-

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Sanap ( OA No. 1256/2023 ) 2 of 5

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Nandani Road, Nandani, Taluka Shirol, District Kolhapur, in favour of the applicant Bank.

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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 21.05.2021, 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 28.06.2021, 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. Therefore, the applicant Bank has taken symbolic possession of mortgaged property as per possession notice dated 16.09.2021.

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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 07.04.2025 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 of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW1-1 to AW1-12 along with list

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Sanap ( OA No. 1256/2023 ) 3 of 5

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(Exhibit 9), 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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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 other charges of Rs.63,463/- and Penal Interest of Rs.20,294/-, which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.35,00,670/- is reduced to Rs.34,16,913/-.

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The applicant Bank has claimed future interest @10.65% 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. 1256/2023 is allowed with proportionate costs.

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B} Defendant Nos.1 to 3 either jointly or severally shall pay to the applicant Bank the sum of Rs.34,16,913/- (Rupees

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Sanap ( OA No. 1256/2023 ) 4 of 5

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Thirty Four Lakhs Sixteen Thousand Nine Hundred Thirteen only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 29.12.2022 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 of House property bearing CTS 725, Near PHC Nandani, area admeasuring 760 sq. situated at Jaysingpur-Nandani Road, Nandani, Taluka Shirol, 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/( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 01.05.2025 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 1256/2023 ) 5 of 5

Federal Bank v. Bhakti Tamgave

Case brief

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What did the court decide?

Federal Bank v. Bhakti Tamgave

Case brief

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