Allowed

State Bank of India v. Gajanan

DRT6 Dec 2025OA/208/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the State Bank of India's application for recovery of dues from three respondents under agricultural term loans and KCC accounts, directing payment with future interest at 9% and enforcement via charge on land.

What did the court decide?

Respondents to jointly or severally pay Rs.41,61,121/- to the applicant bank with future interest @9% p.a. simple until realization; security created on listed land properties.

State Bank of India versus Gajanan — Banking and Recovery | DRT (2025)

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Presented on: 22.07.2022 Registered on: 18.02.2023 Decided on: 06.12.2025 Duration: Y M D 03 04 14

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.208/2023.

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State Bank of India ,

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A Banking Company constituted under the State Bank of India Act, 1955, having its Corporate Office at State Bank Bhavan, Nariman Point, Madam Cama Road, Mumbai-400021 and its Stressed Asset Recovery Branch at Vardhaman Building, 2^nd floor, 321/A/3, 7 Loves Chowk, Shankarsheth Road, Pune-411 042.

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… Applicant

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Versus

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Mr. Gajanan Prataprao Bhosale

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Age 61 years, Occ.:- Agriculturist, R/at – Bhuinj, Taluka Wai, District Satara 415 515.

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2. Mr. Sandip Nanasaheb Pol

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Age 50 years, Occ.:- Agriculturist R/at Kawathe, Taluka Wai, District Satara 415 516.

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Mrs. Anuradha Gajanan Bhosale Age 50 years, Occ.:-Household R/at Bhuinj, Taluka Wai, District Satara-415 515

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… Defendants

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APPEARANCES

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For the Applicant Mrs. Nisha Ruikar – Advocate For the Defendants Ex parte. TOTAL CLAIM AMOUNT –Rs.43,17,136/-.

(OA No.208/2023)

Page 1 of 8

[ANIL]

JUDGMENT

(Delivered on 6^th December, 2025)

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The Applicant Bank has filed present Application for recovery of an aggregate sum of Rs.43,17,136/- towards Term Loan-I; KCC & Term Loan-II together with future interest thereon @13%, @13.75% & @11.50% p.a. respectively with Half yearly rests from 20.07.2022 till full repayment/realization of entire dues from the defendants.

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Brief facts of the application are as under:-

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(i)- Defendant No.1 approached the applicant bank and made application for Agricultural Credit (Revised) on 27.10.2015 requesting for Agricultural Term Loan Facility. Defendant No.2 and 3 are the guarantors in their individual capacity for Term Loan of Rs.7,50,000/-.

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Applicant bank considered the request of Defendant No.1 and sanctioned Agricultural Term Loan-I of Rs.7.50 lakhs on 07.11.2015 under aid for Agricultural Development, on certain terms and conditions.

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Defendants have executed the loan transaction and security documents including Hypothecation agreement dated 07.11.2015 and thereby necessary stamp was paid on the document of form of declaration for creation of charge on the property i.e. Gat No.503/1 admeasuring 00H 44R, 80/1 admeasuring 00H 31R, 80/2 admeasuring 00H 84R, 502 admeasuring 00H 91R, 655/1

(OA No.208/2023)

Page 2 of 8

[ANIL]

admeasuring 00H 34R, at village Aasale, Taluka Wai, District Satara as per the provisions of Section 5(1) of the Maharashtra Provision of Facilities for Agricultural Credit by Banks Act 1974. The said document is registered in the office of Sub Registrar Wai at Sr. No.387 dated 19.11.2015, as set out in para. No.5.5 of the Original Application.

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(ii)- Defendant No.1 again approached applicant bank with loan application (Revised) on 25.01.2016 requesting for KCC of Rs.8,57,000/-. Defendant No.2 stood as Guarantor in his individual and personal capacity for KCC of Rs.8,57,000/-.

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The applicant bank sanctioned KCC of Rs.8,57,000/- to Defendant No.1 on 27.01.2016 vide Letter of Arrangement, on certain terms and conditions mentioned therein.

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Defendants have executed the loan transaction and security documents including Hypothecation agreement dated 27.01.2016 and hypothecated assets i.e. Standing Crops on the land bearing Gat No.503/1 admeasuring 00H 44R, 80/1 admeasuring 00H 31R, 80/2 admeasuring 00H 84R, 502 admeasuring 00H 91R, 655/1 admeasuring 00H 34R at village Aasale, Taluka Wai, District Satara, as mentioned in Para No.5.9 of the Original Application.

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(iii)- Defendant No.1 again on 15.03.2017 approached applicant bank requesting Term Loan-II for land development. Defendant No.3 stood as Guarantor in his individual and personal capacity for Agricultural Term Loan II of Rs.15,00,000/-.

(OA No.208/2023)

Page 3 of 8

[ANIL]

Applicant bank considered the request of Defendant No.1 and sanctioned Term Loan II of Rs.15 Lakhs for Land development on 31.03.2015, on certain terms and conditions.

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Defendants have executed the loan transaction and security documents including Hypothecation agreement dated 31.03.2015 and thereby necessary stamp was paid on the document of form of declaration for creation of charge on the property i.e. Gat No.503/1 admeasuring 00H 44R, 80/1 admeasuring 00H 31R, 80/2 admeasuring 00H 84R, 502 admeasuring 00H 91R, 655/1 admeasuring 00H 34R, at village Aasale, Taluka Wai, District Satara as per the provisions of Section 5(1) of the Maharashtra Provision of Facilities for Agricultural Credit by Banks Act 1974. The said document is registered in the office of Sub Registrar Wai at Sr. No.38 dated 23.03.2017, as set out in para. No.5.15 of the Original Application.

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The applicant Bank further contended that defendants failed and neglected to comply with terms and conditions in which the said facilities were granted. Defendant No.1 failed to repay Agricultural Term Loan I of Rs.7.50 Lakhs; KCC of Rs.8,57,000/- and Term Loan II of Rs.15 Lakhs as per the terms and conditions contained in the said agreements. Applicant called upon the defendants to regularize the accounts, but they failed and neglected to comply with the same. Therefore, KCC and Term Loan accounts of Defendant No.1 become

(OA No.208/2023)

Page 4 of 8

[ANIL]

NPA on 30.04.2020. Therefore, the applicant through advocate issued Legal Notice dated 05.07.2022 to the defendants and called upon them to repay the entire amount outstanding under KCC and Term Loan accounts. The defendants failed to comply with the requisitions contained in the Legal Notice and failed to repay the amounts outstanding in the said loan accounts.

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Hence, this application is filed.

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Despite service of summons, defendants failed to appear. Hence, application proceeded ex-parte against defendants & order of ex-parte hearing is passed on 08.04.2025 below application (Exh.-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mrs. Padmaja Pol, Chief Manager (SARB), which supports the case of the applicant Bank elucidated in the application. The applicant Bank has produced on record the original loan transaction documents (Sr.Nos.AW-1/1 to AW-1/19) 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 appear and contest the application, I find no reason to disbelieve evidence of the applicant Bank. Therefore, the applicant Bank is entitled for the reliefs as claimed.

(OA No.208/2023)

Page 5 of 8

[ANIL]

Applicant bank has claimed Penal Interest of Rs.3,202/- for Term Loan-I; Rs.6,198/- for KCC and Rs.1,46,615/- for Term Loan II, (Total Rs. 1,56,015/-), which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.43,17,136/- is reduced to Rs.41,61,121/-.

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Applicant Bank has claimed future interest @13%, @13.75% & @11.50% p.a. for Term Loan-I, KCC & Term Loan-II respectively. However, considering the facts of the case, I am of the opinion that if future interest is granted @9% p.a. (simple) for all the loan facilities, it would be just and reasonable rate of interest.

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Hence, I pass the following order:-

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ORDER

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(A) Original Application No.208/2023 is allowed with costs.

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(B) Defendant Nos.1 to 3 either jointly or severally shall pay an amount of Rs.41,61,121/- (Rupees Fourty One Lakhs Sixty One Thousand One Hundred Twenty One only) to the applicant bank as under –

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(i)- Out of Rs.41,61,121/-, Defendant Nos.1 & 2 either jointly or severally shall pay an amount of Rs.9,75,401 /- (Rupees Nine Lakhs Seventy Five Thousand Four Hundred One only) towards Agricultural Term Loan-I with future interest @9% p.a. (Simple) from the date of filing of the Original Application i.e.22.07.2022 till full realization of the amount mentioned in this operative order.

(OA No.208/2023)

Page 6 of 8

[ANIL]

(ii)- Out of Rs.41,61,121/-, Defendant Nos.1 & 2 either jointly or severally shall pay an amount of Rs.8,40,462 /- (Rupees Eight Lakhs Fourty Thousand Four Hundred Sixty Two only) towards Kisan Cash Credit (KCC) with future interest @9% p.a. (Simple) from the date of filing of the Original Application i.e.22.07.2022 till full realization of the amount mentioned in this operative order.

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(iii)- Out of Rs.41,61,121/-, Defendant Nos.1 & 3 either jointly or severally shall pay an amount of Rs.23,45,258 /- (Rupees Twenty Three Lakhs Fourty Five Thousand Two Hundred Fifty Eight only) towards Kisan Cash Credit (KCC) with future interest @9% p.a. (Simple) from the date of filing of the Original Application i.e.22.07.2022 till full realization of the amount mentioned in this operative order.

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(i)- All the piece and parcel of land situated at Gat No.503/1 area about 00H 44R at village Aasale, Taluka Wai, District, Satara;

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(ii)- All the piece and parcel of land situated at Gat No.80/1 area about 00H 31R at village Aasale, Taluka Wai, District, Satara;

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(iii)- All the piece and parcel of land situated at Gat No.80/2 area about 00H 84R at village Aasale, Taluka Wai, District, Satara;

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(iv)- All the piece and parcel of land situated at Gat No.502 area about 00H 91R at village Aasale, Taluka Wai, District, Satara; and

(OA No.208/2023)

Page 7 of 8

[ANIL]

(v)- All the piece and parcel of land situated at Gat No.655/1 area about 00H 34R at village Aasale, Taluka Wai, District, Satara, more particularly described in Original Application.

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(D) The Applicant Bank is entitled to sell the abovementioned charged immovable properties 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 Bank and defendants.

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

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Place : Pune Date : 06.12.2025

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(OA No.208/2023)

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Page 8 of 8

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[ANIL]

State Bank of India v. Gajanan

Case brief

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State Bank of India v. Gajanan

Case brief

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