Federal Bank v. Shankar
Case brief
What is this about?
Tribunal allowed an original application by Federal Bank Limited for recovery of dues against the defendants. It reduced the claim by disallowing excessive charges and penal interest, adjusted future interest to 9%, and directed realization including sale of mortgaged property.
What did the court decide?
Adjudicated sum of Rs.42,73,296/- payable with future interest@9% p.a.; power of sale over mortgaged properties conferred.
What the court decided
Presented on .. 13.07.2022 Registered on .. 18.02.2023 Decided on .. 23.07.2025 Duration .. Y—M—D 03--00--10
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 234/2023.
The Federal Bank Limited,
A company incorporated and registered under Indian Companies Act, 1956 (1/1956) and within the meaning of Indian Companies Act, 2013, having its registered office at Federal Towers, Bank Junction, Alwaye, Ernakulum District, Kerala and branch at – Shop No.1, Building No. E, Sanghavi Township, Bhigwan Road, Baramati 413 102.
… Applicant
Versus
- 1 Mr. Shankar Tukaram Mahanawar, Age 50 years, Occ. Agri. & Business, R/o : 220, Mulik Devkate Wasti, Gat No. 124, Khadkwasla Canal, Bhigwan Road, Shetphalgade, Taluka Indapur, Pune 413 130.
- 2 Mrs. Sadhana Shankar Mahanwar, Age 45 years, Occ. Agri. & Business, R/o : 220, Mulik Devkate Wasti, Gat
Sanap ( OA No. 234/2023 ) 1 of 7
No. 124, Khadkwasla Canal, Bhigwan Road, Shetphalgade, Taluka Indapur, Pune 413 130. … Defendants
Issues for consideration
3 issues framed by the court
Whether the application for recovery of dues of Rs.45,13,974/- should be allowed after adjusting excessive charges and penalty interest.
Whether future interest should be granted at a specific rate given the outstanding dues.
Whether the mortgage documents executed by the defendants remain valid to secure the recovered amount.
Parties & counsel
- applicant
Federal Bank Limited
- respondent
Shankar Tukaram Mahanawar
- respondent
Sadhana Shankar Mahanwar
Coram
Case details
As recorded by the court registry
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