Allowed

Federal Bank v. Sunanda Yadav

DRT28 Jul 2025OA/155/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the bank's application for recovery of dues. The court adjusted the claimed amount by deducting penal interest and reduced the future interest rate to 9% per annum, ordering the respondents to pay the adjusted sum with interest and permitting sale of mortgaged property.

What did the court decide?

Respondents to pay Rs.40,81,799/- with 9% p.a. future interest; applicant entitled to sell mortgaged property.

Federal Bank versus Sunanda Yadav — Banking and Recovery | DRT (2025)

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Presented on .. 23.11.2021 Registered on .. 23.02.2022 Decided on .. 28.07.2025 Duration .. Y—M—D 03--08--05

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 155/2022.

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The Federal Bank Limited, A company incorporated and registered under Indian Companies Act, 2013 (18/2013) and within the meaning of Indian Companies Act, 2013, having its registered office at Federal Towers, Bank Junction, Alwaye, Ernakulum District, Kerala and branch at – Shop No.1, Building No. E, Sanghavi Township, Bhigwan Road, Baramati 413 102.

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… Applicant

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Versus

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1 Mrs. Sunanda Arjun Yadav, Age 56 years, Occ. Agri. & Business, R/o : 427, Yadavwasti, Uddhat, Indapur, District Pune 413 104.

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2 Mr. Arjun Ananta Yadav,

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Age 67 years, Occ. Agri. & Business, R/o : 427, Yadavwasti, Uddhat, Indapur, District Pune 413 104.

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3 Mr. Ranjit Arjun Yadav, Age 36 years, Occ. Agri. & Business, R/o : 427, Yadavwasti, Uddhat,

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Sanap ( OA No. 155/2022 ) 1 of 5

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Indapur, District Pune 413 104.

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4 Mr. Ravindra Arjun Yadav, Age 33 years, Occ. Agri. & Business, R/o : 427, Yadavwasti, Uddhat, Indapur, District Pune 413 104. … 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.

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Total Claim Amount – Rs.42,94,937=61

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JUDGMENT (Delivered on 28^th July, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.42,94,936=61 together with future interest @13.40 and 12.73% 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 Nos.1 and 2 are husband wife and defendant Nos.3 and 4 are their sons. As per the loan application dated 15.08.2014 of defendant No.1 with other defendants, the applicant Bank sanctioned the FKCC loan facility of Rs.2,,40,000/- for cultivation of sugar cane crop and AMTL loan facility of Rs.32,44,000/- for construction of cattle shed, purchase of cows and dairy equipment etc. to defendant No.1 vide Sanction Letter dated 24.09.2014.

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Sanap ( OA No. 155/2022 ) 2 of 5

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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 30.09.2014 in respect of agricultural land Gat No.38, 138, 146 and 147 at village Uddhat, Taluka Indapur, District Pune, in favour of the applicant Bank. The defendants have also executed balance confirmation letters dated 24.05.2017 and 24.06.2020 and thereby 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, the applicant Bank has classified the account of the defendants as Non Performing Asset in accordance with guidelines of Reserve Bank of India. On 29.04.2017, 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 26.06.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Sachin Nanasaheb Kadbane, Authorized

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Sanap ( OA No. 155/2022 ) 3 of 5

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signatory of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW1-1 to AW1-20 along with list (Exhibit 10), 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 Rs.5,07,093/- towards FKCC loan account and Rs.37,24,845/- (by rounding up) towards AMTL loan account of which total comes to Rs.42,31,938/- and not Rs.42,94,938/- as claimed by the applicant. Further, the applicant Bank has also claimed Rs.1,50,139/- towards Penal Interest for AMTL account, which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, otal claim amount of Rs.42,31,938/- is reduced to Rs.40,81,799/9. The applicant Bank has claimed future interest @13.40 and 12.73% 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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Sanap ( OA No. 155/2022 ) 4 of 5

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O R D E R

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A} Original Application No. 155/2022 is allowed with proportionate costs.

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B} Defendant Nos.1 to 4 either jointly or severally shall pay to the applicant Bank the sum of Rs.40,81,799/- (Rupees Forty Lakhs Eighty One Thousand Seven Hundred Ninety Nine only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 23.11.2021 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 Gat No.38, 138, 146 and 147 at village Uddhat, Taluka Indapur, District Pune, 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 : 28.07.2025 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 155/2022 ) 5 of 5

Federal Bank v. Sunanda Yadav

Case brief

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Federal Bank v. Sunanda Yadav

Case brief

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