Allowed

Federal Bank v. Sima Jarande

DRT21 Mar 2025OA/1556/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the application filed by Federal Bank Ltd for recovery of dues from three defendants who failed to repay an Agricultural Mortgage Tenant Loan. Due to ex-parte proceedings, the standard claim was reduced for unexplained charges, and future interest was standardized to 9% simple.

What did the court decide?

Order allowing application; defendants to pay Rs.23,14,246/- with future interest @9% p.a. simple; mortgage registration and sale of mortgaged property directed; recovery certificate issued.

Federal Bank versus Sima Jarande — Banking and Recovery | DRT (2025)

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Presented on: 02.09.2023 Registered on: 18.11.2023 Decided on: 21.03.2025 Duration: Y M D 01 06 19

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE. (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.1556/2023.

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The Federal Bank Ltd .

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A Banking Company within the meaning of Indian Companies Act, 2013 [18/2013] having its Registered Office at Federal Tower, Bank Junction, ALWAYE, Ernakulum District, KERALA and having one of its branches amongst other places at Ground Floor, Deshmukh Estate, Opp. SP Infocity, Pune Saswad Road, Phursungi, P.O. Haveli Taluka, Pune.

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… Applicant

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Versus

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1. Mrs. Sima Kashinath Jarande Age 62 years, Occ.:-Agriculturist

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2. Mr. Kashinath Nivrutti Jarande Age 59 Years, Occ.- Agriculturist

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3. Mr. Vinayak Kashinath Jarande Age 38 years, Occ.:- Agriculturist R/at – Jarande Ali, Kodit Bk., Kodit, Taluka Purandar, District Pune-412301.

… Defendants

(OA No.1556/2023)

Page 1 of 5

[ANIL]

APPEARANCES

For Applicant Mr.G.H.Bet i/b Nikhil Barsode - Advocate For Defendants Ex-parte.

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TOTAL CLAIM AMOUNT – Rs.24,54,561.16Ps

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JUDGMENT

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(Delivered on 21^st March, 2025)

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The Applicant Bank has filed present application for recovery of aggregate sum of Rs. 24,54,561.16Ps towards AMTL A/c No.17856600000679 together with future interest @12.20% p.a. and penal interest @4% p.a. with monthly rests till actual realization from the defendant Nos.1 to 3.

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Brief facts of the application are as under :-

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Defendant Nos.1 to 3 approached the Applicant Bank on 24.11.2017 and requested for AMTL for Land Development. The Applicant Bank sanctioned AMTL Loan of Rs.18,00,000/- on 24.11.2017, to defendant No.1 for Land Development. Defendant Nos.2 & 3 were co-borrower.

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In order to secure the said AMTL Loan, the defendants have executed necessary loan and security documents on 29.11.2017 in favour of the Applicant Bank, as set out in Para No.5.6 of the Original Application.

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Defendants have mortgaged the following immovable property in favour of the applicant bank i.e. all that piece and parcel

(OA No.1556/2023)

Page 2 of 5

[ANIL]

of agricultural land bearing Gat No.757 area admeasuring 1 Hector 49.03 Ares + Fallow Land 0H 06R total admeasuring 1H 55.03 Ares at village Kodit Budruk, Taluka Purandar, District Pune, more particularly described in the Original Application.

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It is contended that after availing and utilizing AMTL Loan, defendants failed to repay the instalments. Thereafter, the loan account was classified as Non-Performing Asset on 29.11.2021.

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Thereafter, the Applicant Bank on 17.02.2022 issued Legal Notice to the defendants by RPAD calling upon them to liquidate the entire dues closing the account. Despite receipt of notices, the defendants failed and neglected to comply with the demand in the said Notice.

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Hence, this application is filed.

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Defendant Nos.1 to 3 were duly served with summons. Despite service of summons, defendant Nos.1 to 3 failed to appear. Hence, the application proceeded ex-parte against the defendants and order of ex-parte hearing has been passed on 20.02.2025.

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The Applicant Bank has filed Claim Affidavit of evidence (Exh.-6) of Mr. Pandurang Chandrakant Bhattagaonkar, AVP and Authorized Signatory, which supports the case of the Applicant elucidated in the application.

(OA No.1556/2023)

Page 3 of 5

[ANIL]

The Applicant Bank has produced in evidence the original loan documents at Sr.Nos.AW-1/1 to AW-1/10, which corroborate 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 file evidence on record and contest the application, I find no reason to disbelieve the 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, as mentioned in the Original Application. 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 other charges Rs.9,655/- and Penal Interest of Rs.1,30,660/for Term Loan Account No. 17856600000679, which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.24,54,561.16Ps is reduced to Rs.23,14,246.16Ps.

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The Applicant Bank has claimed future interest @12.20% p.a. plus 4% penal interest. Considering the facts of the present case; I am of the opinion that if future interest is granted @9% per annum

(OA No.1556/2023)

Page 4 of 5

[ANIL]

(simple) for all the facilities, it would be just and reasonable.

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Hence, I pass the following order: -

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ORDER

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(A) Original Application No.1556/2023 is allowed with costs.

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(B) Defendant Nos.1 to 3 jointly or severally shall pay a sum of Rs.23,14,246/- (Rupees Twentuy Three Lakhs Fourteen Thousand Two Hundred Fourty Six only) towards AMTL A/c No.17856600000679 with future interest @9% p. a. (Simple) to the Applicant Bank from the date of filing of the Original Application i.e. 02.09.2023 till payment/realization of the amount mentioned in this operative order.

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(C) The aforesaid adjudicated amount is secured by registering Mortgage of the property i.e. all that piece and parcel of agricultural land bearing Gat No.757 area admeasuring 1 Hector 49.03 Ares + Fallow Land 0H 06R totally admeasuring 1H 55.03 Ares at village Kodit Budruk, Taluka Purandar, District Pune, more particularly described in the Original Application.

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(D) The Applicant Bank is entitled to sell the mortgaged immovable 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 the defendants.

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Sd/- (Dilip G. Murumkar) Place: Pune Presiding Officer, Date: 21.03.2025 Debts Recovery Tribunal, Pune.

(OA No.1556/2023)

Page 5 of 5

[ANIL]

[ANIL] (OA No.1556/2023) Page 6 of 5

Federal Bank v. Sima Jarande

Case brief

What is this about?

What did the court decide?

Federal Bank v. Sima Jarande

Case brief

What is this about?

What did the court decide?

What the court decided

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