Allowed

Uco Bank v. Ankit Phadtare

DRT11 Mar 2025OA/223/2023

Case brief

AI extract

What is this about?

The DRT allowed the borrower's bank's application for recovery of loan dues of Rs.75 Lakhs. The court reduced future interest to 9% as reasonable. Recovery of the adjudicated amount is secured by a specific mortgage on land; relief for hypothecated assets was denied due to lack of details.

What did the court decide?

Defendants to pay Rs.62,07,000 and Rs.13,28,796 with future interest @9% per annum; recovery of dues secured by mortgage on specified land; recovery certificate issued.

Uco Bank versus Ankit Phadtare — Company and Corporate | DRT (2025)

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Presented on .. 25.07.2022 Registered on .. 18.02.2023 Decided on .. 11.03.2025 Duration .. Y—M—D 02—07--16

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 223/2023.

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UCO Bank,

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A Corporate Body constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act 1970 and having its head office at 10, B.T.M. Sarani, Kolkata and branch at – Market Yard, Indapur Road, Baramati, Taluka Baramati, District Pune.

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… Applicant

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Versus

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1 Sou. Ankita Mangesh Phadtare, Age – Adult, Occ. – Agriculture, R/at – At & Post Kalamb, Walchandnagar, Taluka Indapur, District Pune 413 114.

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2 Smt. Usha Babasaheb Phadtare, Age – Adult, Occ. – Agriculture, R/at – At & Post Kalamb, Walchandnagar, Taluka Indapur, District Pune 413 114.

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Sanap ( OA No. 223/2023 ) 1 of 7

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3 Sou. Swati Hiralal Katkar, Age – Adult, Occ. – Agriculture, R/at – At & Post Kalamb, Walchandnagar, Taluka Indapur, District Pune 413 114. 4 Shri Hiralal Dnyandeo Katkar, Age – Adult, Occ. – Agriculture, R/at – At & Post Kalamb, Walchandnagar, Taluka Indapur, District Pune 413 114. 5 Shri Mangesh Babasaheb Phadtare, Age – Adult, Occ. – Agriculture, R/at – At & Post Kalamb, Walchandnagar, Taluka Indapur, District Pune 413 114.

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… Defendants

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:- Appearances

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For Applicant Advocate R.B. Ganbote. For Defendants Without written statement.

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Total Claim Amount – Rs.75,35,796 /-

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JUDGEMNT

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(Delivered on 11^th March, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.75,35,796/- together with future interest for Term Loan @14.20% per annum and for KCC loan @12.75% per annum from the date of Application till realization of the entire dues from the defendants.

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Sanap ( OA No. 223/2023 ) 2 of 7

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Brief facts of the application are as under :-

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As per the loan application of defendant Nos.1 and 2, the applicant Bank sanctioned the following loan facilities to the defendant Nos.1 and 2 for erection of Poly house for rose cultivation and for growing rose in poly house

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Name of facility Amount Rs. Date of Sanction 1 Term Loan 71,52,000/30.03.2015 2 Kisan Credit Card 16,98,000/06.07.2017

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Defendant Nos. 3 and 4 stood guarantors for the repayment of Term Loan and defendant Nos.3 and 5 stood guarantors for the repayment of KCC loan facility availed by defendant Nos.1 and 2.

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In order to secure the aforesaid loan facilities, the defendants executed necessary loan and security documents in favour of the applicant Bank along with deed of simple mortgage of land bearing Gat No. 301 (P) admeasuring 90 R situated at village Kalamb, Taluka Indapur, District Pune, in favour of the applicant Bank. Defendant Nos. 2 and 3 have also executed two separate Acknowledgments on

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Sanap ( OA No. 223/2023 ) 3 of 7

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31.03.2018, 31.12.2019 and 31.03.2020 and thereby confirmed the balance outstanding in loan account.

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The applicant Bank contended that the defendants committed defaults in payment of installments and failed to regularize the accounts. Therefore, on 14.07.2022, the applicant Bank issued legal Notice to the defendant. Despite service of Notice, the defendant failed and neglected to pay the outstanding dues of the applicant Bank. Hence, this application is filed.

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The defendants though appeared, failed to file written statement. Therefore, the application proceeded without written statement of the defendants as per Order dated 10.02.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Manoj Ambadas Panpatil, Branch Manager and Principal Officer of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1 to AW-20 along with list (Exhibit 7), which corroborates the case of the applicant Bank.

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Sanap ( OA No. 223/2023 ) 4 of 7

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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 contest the application, I find no reason to disbelieve 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. 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 future interest for Term Loan @14.20% per annum and for KCC loan @12.75% per annum. However, considering the facts of the case, I am of the opinion that if future interest is granted @9% per annum (simple), it would be just and reasonable rate of interest.

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Hence, I pass the following order.

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O R D E R

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A} Original Application No. 223/2023 is allowed with costs.

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B} Defendant Nos.1 to 4 either jointly or severally shall

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Sanap ( OA No. 223/2023 ) 5 of 7

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pay to the applicant Bank the sum of Rs.62,07,000/(Rupees Sixty Two Lakhs Seven Thousand only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 25.07.2022 till full payment/realization of the amount mentioned in this operative order.

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C} Defendant Nos.1 to 3 and 5 either jointly or severally shall pay to the applicant Bank the sum of Rs.13,28,796/- (Rupees Thirteen Lakhs Twenty Eight Thousand Seven Hundred Ninety Six only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 25.07.2022 till full payment/realization of the amount mentioned in this operative order.

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D} The aforesaid adjudicated amount is secured by the valid and subsisting mortgage of land bearing Gat No. 301 (P) admeasuring 90 R situated at village Kalamb, Taluka Indapur, District Pune, more particularly described in the Para No. 5.7 and 5.14 of the Original Application.

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E} The applicant Bank is entitled to sell the mortgaged property to recover its dues.

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F} Issue Recovery Certificate.

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Sanap ( OA No. 223/2023 ) 6 of 7

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G} The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant and defendants.

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Sd/( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 11.03.2025 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 223/2023 ) 7 of 7

Uco Bank v. Ankit Phadtare

Case brief

What is this about?

What did the court decide?

Uco Bank v. Ankit Phadtare

Case brief

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