Allowed

Union Bank of India v. Manik

DRT7 Oct 2025OA/1271/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's original application for recovery of Rs. 40.45 lakhs from the borrowers and guarantors, reducing the future interest rate from 11.30% to 9% per annum and directing the issue of a Recovery Certificate.

What did the court decide?

The defendants were directed to jointly or severally pay Rs. 40,45,165/- plus future interest at 9% per annum, and the applicant was ordered to issue a Recovery Certificate and sell the hypothecated p

Union Bank of India versus Manik — Contract and Commercial Disputes | DRT (2025)

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Presented on .. 28.08.2022 Registered on .. 05.10.2023 Decided on .. 07.10.2025 Duration .. Y—M—D 03--01--10

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 1271/2023.

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Union Bank of India,

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A body corporate constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1980, having its head office at 239, Vidhan Bhavan Marg, Nariman Point Mumbai – 400 021 and Branch Office at – House No. 150, At and Post Chikhalthan, Taluka Karmala, District Solapur 413 202.

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… Applicant

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Versus

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1 Mr. Manik Manohar Nimgire, Age Adult, Occ. Agri. & Business, R/at : At and Post Jeurwadi, Taluka Karmala, District Solapur 413 202.

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2 Mr. Vasant Laxman Nimgire, Age Adult, Occ. Agri. & Business, R/at : At and Post Jeurwadi, Taluka Karmala, District Solapur 413 202.

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3 Mr. Kundalik Laxman Nimgire, Age Adult, Occ. Agri. & Business,

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Sanap ( OA No. 1271/2023 ) 1 of 5

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R/at : At and Post Jeurwadi, Taluka Karmala, District Solapur 413 202. … Defendants

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Appearances :-

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For Applicant Adv Bhakti Rokade i/b Adv. Srinivas Y. For Defendants Ex parte.

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Total Claim Amount – Rs.40,45,165/-

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JUDGMENT

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(Delivered on 07^th October, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.40,45,165/- together with future interest @11.30% 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 defendant No.1, the applicant Bank sanctioned and disbursed the Term loan facility of Rs.15,84,000/- to defendant No.1 vide Sanction Letter dated 05.09.2008. Defendant Nos. 2 and 3 stood guarantors for the repayment of loan availed by defendant No.1.

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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 created charge of the applicant Bank on the

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Sanap ( OA No. 1271/2023 ) 2 of 5

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property i.e. all that piece and parcel of the property bearing Gat No. /Sr. No. 181, Hissa No. 2 admeasuring about 6H 47R lying and situated at village Jeurwadi, Taluka Karmala, District Solapur.

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Defendant No.1 has also executed letter of debit balance confirmation and acknowledgment along with Demand Promissory Note on 24.12.2012, 25.03.2014, 29.11.2016 and 25.10.2019 in favour of the applicant Bank and thereby confirmed the balance outstanding in loan account.

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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 31.03.2019, 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 17.08.2022, 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 defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte

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Sanap ( OA No. 1271/2023 ) 3 of 5

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against the defendants as per Order dated 30.06.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Padmaraj Shashikant Jirage, Branch Manager and Principal Officer of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW1-1 to AW1-13 along with list (Exh. 7), which corroborates 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 future interest @11.30% 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. 1271/2023 is allowed with costs.

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Sanap ( OA No. 1271/2023 ) 4 of 5

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B} Defendant Nos.1 to 3 either jointly or severally shall pay to the applicant Bank the sum of Rs.40,45,165/- (Rupees Forty Lakhs Forty Five Thousand One Hundred Sixty Five only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 28.08.2022 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 hypothecation in respect of all that piece and parcel of the property bearing Gat No. /Sr. No. 181, Hissa No. 2 admeasuring about 6H 47R lying and situated at village Jeurwadi, Taluka Karmala, District Solapur, more particularly described in the Para No. 5.7 of the Original Application.

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D} The applicant Bank is entitled to sell the hypothecated 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 : 07.10.2025 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 1271/2023 ) 5 of 5

Union Bank of India v. Manik

Case brief

What is this about?

What did the court decide?

Union Bank of India v. Manik

Case brief

What is this about?

What did the court decide?

What the court decided

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