Allowed

Federal Bank v. Tukaram Rupnoor

DRT7 Aug 2025OA/1502/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the Bank's application for recovery of Rs. 30,86,218/- along with future interest at 9% per annum. The Tribunal disallowed penal interest but granted reduction to the principal amount and recognized the mortgage on agricultural land as security.

What did the court decide?

Recovery of Rs.30,86,218/- with future interest @9% p.a. granted; Recovery Certificate issued; Mortgage on agricultural land recognized as security for sale.

Federal Bank versus Tukaram Rupnoor — Banking and Recovery | DRT (2025)

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Presented on .. 04.03.2023 Registered on .. 17.11.2023 Decided on .. 07.08.2025 Duration .. Y—M—D 02--05--03

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 1502/2023.

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The Federal Bank Limited, A Banking Company within the meaning of Companies Act, 2013 (18/2013), having its registered office at Federal Towers, Alwaye, Kerala and branch at – Kesar Bhavan, 100 Ft. Road, Vishrambaugh, S.T. Colony, Sangli 416 415, Taluka Miraj, District Sangli.

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… Applicant

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Versus

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1 Mr. Tukaram Bandu Rupnoor, Age 47 years, Occ. Agriculturist, R/o : Ward No.1, Dhangar Galli, A/P Khanderajuri, Taluka Miraj, District Sangli 416 410.

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2 Mrs. Laxmi Tukaram Rupnoor, Age 48 years, Occ. Agriculturist, R/o : Ward No.1, Dhangar Galli, A/P Khanderajuri, Taluka Miraj, District Sangli 416 410. … Defendants

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:- Appearances

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For Applicant Adv G.H. Bet i/b Adv Nikhil Barsode. For Defendants Ex parte. Sanap ( OA No. 1502/2023 ) 1 of 5

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Total Claim Amount – Rs.31,94,160/-

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JUDGMENT (Delivered on 07^th August, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.31,94,160/- together with future interest @13.25 and 11.75% 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 mortgagor and defendant No. 2 is co-obligant. As per the loan application dated 14.12.2018 of the defendants, the applicant Bank sanctioned the financial assistance by way of AMTL for Rs.15,00,000/for purchasing land and FKCC for Rs.5,00,000/- for crop cultivation to the defendants vide Sanction Order dated 27.12.2018.

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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 28.12.2018 in respect of Agricultural land bearing Gat No. 67/1 area to the extent of 1H 1R out of 6H 7R + 28R and Gat No. 622/2 area 41R out of 81R situated at Grampanchayat Khanderajuri, Taluka Miraj, District Sangli, in favour of the applicant Bank. The defendants

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Sanap ( OA No. 1502/2023 ) 2 of 5

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have also executed Balance Confirmation on 09.07.2021 and 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 01.10.2021, 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 10.11.2021, 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. 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 27.06.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Gangadhar Raghunath Joshi, Senior Manager and Authorized Signatory of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW1-1 to AW1-16 along with list (Exh. 7), 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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Sanap ( OA No. 1502/2023 ) 3 of 5

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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 Penal Interest of Rs.1,07,942/- (for FKCC Rs.34,823/- and for Term Loan of Rs.73,119/-), which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.31,94,160/- is reduced to Rs.30,86,218/-.

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The applicant Bank has claimed future interest @13.25 and 11.75% 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. Hence, I pass the following order.

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O R D E R

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A} Original Application No. 1502/2023 is allowed with proportionate costs.

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B} Defendant Nos.1 and 2 either jointly or severally shall pay

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Sanap ( OA No. 1502/2023 ) 4 of 5

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to the applicant Bank the sum of Rs.30,86,218/-(Rupees Thirty Lakhs Eighty Six Thousand Two Hundred Eighteen only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 04.03.2023 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. 67/1 area to the extent of 1H 1R out of 6H 7R + 28R and Gat No. 622/2 area 41R out of 81R situated at Grampanchayat Khanderajuri, Taluka Miraj, District Sangli, more particularly described in the Para No. 5.6 and 5.23 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 : 07.08.2025 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 1502/2023 ) 5 of 5

Federal Bank v. Tukaram Rupnoor

Case brief

What is this about?

What did the court decide?

Federal Bank v. Tukaram Rupnoor

Case brief

What is this about?

What did the court decide?

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