Debts Recovery Tribunal allowed the bank's original application to recover non-performing loan dues. The court disallowed penal interest but granted recovery of the principal sum along with future interest at 9%, secured by the mortgaged agricultural land.
Recovery of Rs.22,49,405/- plus future interest at 9% p.a.; mortgaged land authorized for sale to recover dues.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
Presented on .. 01.02.2023 Registered on .. 30.10.2023 Decided on .. 30.05.2025 Duration .. Y—M—D 02--03--29
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 1374/2023.
The Federal Bank Limited, A company incorporated and registered under Indian Companies Act, 1956 (1/1956) and also a Banking Company, having its registered office at Federal Towers, Bank Junction, Alwaye, Ernakulum District, Kerala and branch at – Kesar Bhavan, Shambharfooti Road, Vishrambaugh, S.T. Colony, Sangli 416 415.
… Applicant
Versus
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:- Appearances For Applicant For Defendants
Adv G.H. Bet i/b Adv Nikhil Barsode. Ex parte.
Total Claim Amount – Rs.24,68,870/-
JUDGMENT (Delivered on 30th May, 2025)
Defendant Nos.1 and 2 are farmers. As per the loan application of the defendants, the applicant Bank sanctioned the FKCC loan facility of Rs.7,60,000/- to the defendants vide Sanction Letter dated 17.06.2014.
In order to secure the aforesaid loan facility, the defendants executed necessary loan and security documents in favour of the applicant Bank along with registered mortgage deed dated 19.06.2014 of Agricultural land Gat No. 682 area 2H 23R out of total area 8H 92R situated at village Khanderajuri, Taluka Miraj, District Sangli, in favour of the applicant Bank. The defendants have also executed Balance Confirmation
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Letter on 06.06.2017 and thereby confirmed the balance outstanding in loan account.
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Hence, I pass the following order.
O R D E R
A} Original Application No. 1374/2023 is allowed with proportionate costs.
B} Defendant Nos.1 and 2 either jointly or severally shall pay to the applicant Bank the sum of Rs.22,49,405/(Rupees Twenty Two Lakhs Forty Nine Thousand Four
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Hundred Five only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 01.02.2023 till full payment/realization of the amount mentioned in this operative order.
C} The aforesaid adjudicated amount is secured by the valid and subsisting mortgage of Agricultural land Gat No. 682 area 2H 23R out of total area 8H 92R situated at village Khanderajuri, Taluka Miraj, District Sangli, more particularly described in the Schedule - I of the Original Application.
E} Issue Recovery Certificate.
F} The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant and defendants.
Sd/( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 30.05.2025 Debts Recovery Tribunal, Pune.
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2 issues framed by the court
Whether the applicants are entitled to recover the principal amount of the loan from the defaulting borrowers.
Whether future interest at a reduced rate of 9% per annum is just and reasonable in the circumstances.
3 provisions across 3 enactments
The Federal Bank Limited
Mr. Kagwade Rajkumar Dhanchandra
Mr. Kagwade Prema Rajkumar
Shri Dilip G. Murumkar
As recorded by the court registry
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