Federal Bank v. Bhauso
Case brief
What is this about?
The Debts Recovery Tribunal allowed the Federal Bank's application for recovery of loan dues. It directed the defendants to pay Rs. 34,06,478 reduced by penal interest, accruing at 9% p.a., and ordered a recovery certificate and sale of mortgaged property.
What did the court decide?
Directed defendants to pay Rs.34,06,478 plus future interest at 9% p.a.; recovery certificate issued; direction to sell mortgaged property.
What the court decided
Presented on : 03.03.2023 Registered on : 30.10.2023 Decided on : 20.02.2025 Duration : Y M D 01 11 17
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 1383/2023.
The Federal Bank Limited, A Banking Company within the meaning of Companies Act, 2013 (18/2013) and also a banking company, having its registered office at Federal Towers, Alwaye, Kerala and branch at – S. T. Colony (Sangli), Kesar Bhavan, 100 Ft. Road, Near Ganesh Mandir, Vishrambag, Sangli 416 415.
.. Applicant
Versus
1 Mr. Bhauso Nivrutti Patil, Age 64 years, Occ. Agriculturist, R/o : Opp. HanumanMandir, A/P Gundewadi, Taluka Miraj, District Sangli 416 407.
2 Mrs. Chhaya Bhauso Patil, Age 47 years, Occ. Agriculturist, R/o : Opp. HanumanMandir, A/P Gundewadi, Taluka Miraj, District Sangli 416 407.
.. Defendants
(OA No. 1383/2023)
Page 1 of 5
Issues for consideration
3 issues framed by the court
Whether an application for recovery of defaulted loan dues is maintainable when defendants fail to appear.
Whether penal interest can be recovered in a recovery application for bank dues.
Whether the rate of future interest should be fixed at 9% per annum or 13.5% per annum.
Parties & counsel
- applicant
The Federal Bank Limited
- respondent
Mr. Bhauso Nivrutti Patil
- respondent
Mrs. Chhaya Bhauso Patil
Coram
Case details
As recorded by the court registry
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