Debts Recovery Tribunal allowed the bank's application for recovery of Rs.13,50,522/- owed by the defendant. The court reduced the claimed future interest rate from 11.70% to 9% simple interest per annum.
Recovery of Rs.13,50,522/ plus 9% simple interest from 05.07.2019 and issuance of Recovery Certificate.
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: 05.07.2019 Registered on: 18.02.2023 Decided on: 17.12.2025 Duration: Y M D 06 05 12
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.259/2023.
CANARA BANK ,
A Body corporate constituted under the Banking Companies Acquisition and Transfer of Undertakings Act, 1970 having its Branch Office at 143/1, Main Chowk, Hinjewadi, Pune-411 057.
… Applicant
Versus
Mr. Maruti Parshuram Bavale Prop. of Mahabaleshwar Transport, Office At & Post Hinjewadi, Taluka Mulshi, District Pune-411 057. … Defendant
APPEARANCES
For the Applicant Mr. Suraj Renake i/b R.B.Ganbote - Advocate For the Defendant Ex-parte.
TOTAL CLAIM AMOUNT –Rs.13,50,522/-.
JUDGMENT
(Delivered on 17th December, 2025)
(OA No.259/2023)
Page 1 of 5
[ANIL]
p.a. with monthly rests from the date of filing till actual realization of the entire amount from the defendant.
Defendant approached to the Applicant Bank on 29.12.2013 and requested for Overdraft Facility to the tune of Rs.10,00,000/- for business purpose. Applicant Bank considered the request of Defendant and sanctioned Rs.10,00,000/- for business purpose on 30.12.2013 to the defendant, on certain terms and conditions.
In order to secure the said Overdraft facility, Defendant has executed necessary loan transaction and security documents on 30.12.2013, in favour of the Applicant Bank for securing the above said Overdraft facility, as set out in Para No.5.5 of the Original Application. After execution of security documents in favour of the applicant bank, defendant has availed the Overdraft Facility as per his business requirement and exigencies from time to time.
Defendant again approached the applicant bank on 29.12.2014 and requested to renew the existing Overdraft facility. The applicant bank again considered the request of the defendant and renewed the Overdraft Facility on 20.02.2015 on certain terms and conditions which the defendant has accepted and signed the Sanction Letter dated 20.02.2015. Thereafter, the defendant has executed the Letter of Renewal on 20.02.2015 in favour of the applicant bank.
(OA No.259/2023)
Page 2 of 5
[ANIL]
Thereafter, on 13.03.2015 and 10.03.2018 the defendant has executed acknowledgment of Debt and Security in favour of the applicant bank and confirmed the balance in the Overdraft account.
Hence, this application is filed.
(OA No.259/2023)
Page 3 of 5
[ANIL]
Hence, I pass the following order: -
ORDER
(OA No.259/2023)
Page 4 of 5
[ANIL]
(B) Defendant shall pay to the Applicant Bank Rs.13,50,522/- (Rupees Thirteen Lakhs Fifty Thousand Five Hundred Twenty-two only) towards Overdraft Loan (Account No.1971261002063) with future interest @9% p. a. (Simple) from the date of filing of the Original Application i.e.05.07.2019 till payment/realization of the amount mentioned in this operative order.
Place: Pune Date: 17.12.2025
Sd/(Dilip G. Murumkar) Presiding Officer, Debts Recovery Tribunal, Pune.
(OA No.259/2023)
Page 5 of 5
[ANIL]
2 issues framed by the court
Whether the applicant bank is entitled to recovery of overdue overdraft amount and future interest.
Whether future interest should be granted at the claimed rate or a reduced rate deemed reasonable.
Canara Bank
Dilip G. Murumkar
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
