Federal Bank v. Mira Sagvekar
Case brief
What is this about?
Debt Recovery Tribunal allowed a gold loan recovery application against one defendant who defaulted and obtained loans using spurious gold as security, while dismissing the application against a panel appraiser respondent whom the bank included without jurisdiction.
What did the court decide?
Recovery of Rs.1,01,37,010/- plus Rs.9% simple interest; Rs.10,000 penalty for bank's unprofessional conduct in naming the appraiser.
What the court decided
A compact analysis
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
Presented on: 29.03.2023 Registered on: 18.11.2023 Decided on: 25.02.2025 Duration: Y M D 01 10 26
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE. (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.1571/2023.
The Federal Bank Ltd . A Company incorporated and registered under Indian Companies Act, 1956 [1/1956] and also a Banking Company having its Registered Office at Federal Tower, Bank Junction, ALWAYE, Ernakulum District, KERALA and having one of its branches amongst other places at Bahar Commercial Complex, Bharne Naka, Mumbai-Goa Highway, Khed, Maharashtra-415 718.
… Applicant
Versus
1. Mrs. Meera Nitin Sagvekar
Age: 34 years, Occu-:Business, R/at Sonar Wadi, Post Sukivali, District Ratnagiri-415 621 AND
New Bapu Vada-Pao Centre, At Post Bharane, Taluka Khed, District Ratnagiri-415 621.
(OA No.1571/2023)
Page 1 of 8
Issues for consideration
3 issues framed by the court
Whether the applicant bank is entitled to recover dues for gold loans which have been classified as NPA.
Whether the Tribunal should reduce the claimed future interest rate from 16.50% to a lower reasonable rate.
Whether the Tribunal can pass conflicting orders allowing the application against one defendant while dismissing it against another.
Parties & counsel
- applicant
Federal Bank Ltd
- respondent
Mrs. Meera Nitin Sagvekar
- respondent
Mr. Umesh Ganpat Devrukhkar
Coram
Case details
As recorded by the court registry
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