The Debts Recovery Tribunal allowed an original application filed by Bank of India against a borrower and guarantor for recovery of dues amounting to Rs. 15,93,461 along with future interest, fixing the rate at 9% per annum simple.
Defendants jointly or severally to pay Rs. 15,93,461 with future interest at 9% per annum; recovery certificate issued.
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Presented on .. 27.07.2018 Registered on .. 16.02.2023 Decided on .. 09.12.2025 Duration .. Y—M—D 07--04--12
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 176/2023.
Bank of India,
A Bank constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970, having its head office at Star House, C-5, G Block, Bandra-Kurla Complex, Bandra East, Mumbai – 400 051 and branch at – Kavathe Mahankal, Taluka Kavathe Mahankal, District Sangli 416 405.
… Applicant
Versus
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Mahankal, Taluka Kavathe Mahankal, District Sangli 416 405.
Incorporated and registered under the provision of the Maharashtra Cooperative. Societies Act, 1960 having Regd. Office at – SDCC HO, Pushpraj Chowk, Sangli 416 416.
… Defendants
Appearances :-
For Applicant For Defendant Nos.1 & 2 For Defendant No. 3
Advocate Satyen Jagtap. Ex parte. Without written statement.
Total Claim Amount – Rs.15,93,460=77
JUDGMENT
(Delivered on 09th December, 2025)
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by way of mortgaging the properties to defendant No.3, which are mortgaged to the applicant Bank by way of second charge. Therefore, defendant No.3 is joined in this Application as necessary party and no relief has been claimed against defendant No.3.
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Hence, this application is filed.
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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. 176/2023 is allowed with costs against defendant Nos.1 and 2.
B} Defendant Nos.1 and 2 either jointly or severally shall pay to the applicant Bank the sum of Rs.15,93,461/(Rupees Fifteen Lakhs Ninety Three Thousand Four Hundred Sixty One only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 27.07.2018 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 properties Gat Nos. 1456 to 1464, 1466, 1468A, 1469 to 1472, 1474 to 1479, 1483 to 1493, 70 and 72 situated at Kavathe Mahankal, Taluka Kavathe Mahankal, District Sangli, more particularly described in the Para No. 5.11 of the Original Application, subject to first charge of defendant No.3.
D} The applicant Bank is entitled to sell the mortgaged property to recover its dues, subject to first charge of defendant No.3.
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Sd/( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 09.12.2025 Debts Recovery Tribunal, Pune.
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2 issues framed by the court
Whether the debt recovery tribunal can allow the applicant bank's claim for recovery against the borrower and guarantor absent the defendants.
Whether the tribunal can modify the claimed future interest rate to a reasonable rate.
Bank of India
Mr. Subhash Tukaram Teravade
Shri Mahankali Sahakari Sakhar Karkhana Limited
Sangli District Central Co-op. Bank Ltd.
Dilip G. Murumkar
As recorded by the court registry
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