Debts Recovery Tribunal allowed the bank's application for recovery of outstanding dues of Rs. 74,10,365/- plus interest from five agricultural defaulters, adjusting claimed amounts for penal interest and fixing future interest at 9% p.a.
Recovery of Rs.74,10,365/- plus 9% simple future interest; entitlement to sell mortgaged agricultural land.
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Presented on .. 28.08.2023 Registered on .. 18.11.2023 Decided on .. 11.04.2025 Duration .. Y—M—D 01--07--13
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 1563/2023.
The Federal Bank Limited,
A banking company within the meaning of Companies Act, 2013 and also a (18/2013) Banking Company within the meaning of Companies Act, 2013, having its registered office at Federal Towers, Alwaye, Kerala and having one of its branch at – Sangam Building, S.T. Colony Road, Near Ganpati Mandir, Vishrambag, Sangli 416 415.
Versus
Age 45 years, Occ. Agriculture, R/o – 60, Sutar Galli, A/P Malgaon, Taluka Miraj, District Sangli 416 407.
Age 41 years, Occ. Agriculture,
R/o – A/P Malgaon, Taluka Miraj, District Sangli 416 407.
Sanap ( OA No. 1563/2023 ) 1 of 7
:- Appearances
For Applicant Advocate Nikhil Barsode. For Defendants Ex parte.
Total Claim Amount – Rs.76,94,912/-
JUDGEMNT
(Delivered on 11th April, 2025)
Sanap ( OA No. 1563/2023 ) 2 of 7
Application till realization of the entire dues from the defendants.
Defendant Nos.1 to 5 are traditional farmers. As per the loan application of the defendants, the applicant Bank sanctioned the following loan facilities to the defendants.
| Name of facility | Amount Rs. | Date of Sanction |
|---|---|---|
| 1 AMTL 1 | 15,00,000/- | 20.05.2015 |
| 2 FKCC | 12,00,000/- | 20.05.2015 |
| 3 AMTL 2 (Direct Agri.) | 15,00,000/- | 28.05.2015 |
In order to secure the aforesaid loan facilities, the defendants executed necessary loan and security documents in favour of the applicant Bank. The defendants have also executed deed of mortgage of Agricultural land Gat No. 860 admeasuring 3H 76R situated at Grampanchayat Malgaon, Taluka Miraj, District Sangli, in favour of the applicant Bank. The defendants have also executed Balance Confirmation Letters on 28.05.2018 and 25.03.2021 and thereby confirmed the balance outstanding in loan accounts.
Sanap ( OA No. 1563/2023 ) 3 of 7
Hence, this application is filed.
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Sanap ( OA No. 1563/2023 ) 5 of 7
per annum (simple), it would be just and reasonable rate of interest.
Hence, I pass the following order.
O R D E R
A} Original Application No. 1563/2023 is allowed with proportionate costs.
B} Defendant Nos.1 to 5 either jointly or severally shall pay to the applicant Bank the sum of Rs.74,10,365/(Rupees Seventy Four Lakhs Ten Thousand Three Hundred Sixty Five only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 28.08.2023 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. 860 admeasuring 3H 76R situated at Grampanchayat Malgaon, Taluka Miraj, District Sangli, more particularly described in the Schedule I of the Original Application.
D} The applicant Bank is entitled to sell the mortgaged property to recover its dues.
Sanap ( OA No. 1563/2023 ) 6 of 7
Sd/( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 11.04.2025 Debts Recovery Tribunal, Pune.
Sanap ( OA No. 1563/2023 ) 7 of 7
2 issues framed by the court
Whether the bank is entitled to recovery of outstanding dues from the defaulting farmers.
Whether penal interest and future interest rates claimed by the bank are permissible.
The Federal Bank Limited
Mr. Mustafa Mahammadhanif Jamadar
Mr. Sikandar Mahammadhanif Jamadar
Mr. Ramjan Mahammadhanif Jamadar
Mrs. Daulatbi Salim Mulani
Mrs. Farida Hayachand Mulani
Dilip G. Murumkar
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
