Allowed

Punjab National Bank v. Krishnabai Karchre

DRT5 Apr 2025OA/307/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by Punjab National Bank for recovery of a term loan of Rs.23.80 lakhs availed for poultry business. The borrowers defaulted, and defendants Nos. 2 to 4 were guarantors. Proceeding ex-parte, the Court granted recovery of the principal along with future interest at 9% p.a., secured by mortgaged agricultural land.

What did the court decide?

Recovery of sum of Rs.27,78,442/- with future interest @9% per annum; issuance of Recovery Certificate; general lien on mortgaged properties.

Punjab National Bank versus Krishnabai Karchre — Banking and Recovery | DRT (2025)

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Presented on .. 20.11.2017 Registered on .. 20.02.2023 Decided on .. 05.04.2025 Duration .. Y—M—D 07--04--15

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 307/2023.

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Punjab National Bank, (Oriental Bank of Commerce),

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A body corporate constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act 1980 having its Corporate office at Plot No. 5, Institutional Area, Sector 32, Gurgaon 122 001 and branch at – Main Road, Baramati, Taluka Baramati, District Pune.

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… Applicant

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Versus

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1 Smt. Krishnabai Tatya Kachre, Age – Adult, Occ. – Agriculturist,

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2 Mr. Yashwant Tatya Kachre, Age – Adult, Occ. – Agriculturist,

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3 Mr. Jagganath Baba Pandharmhise, Age – Adult, Occ. – Agriculturist,

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4 Mr. Nana Mahadev Thorat, Age – Adult, Occ. – Agriculturist,

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Nos. 1 to 4 R/at : At and Post Thoratwadi (Rui), Taluka Indapur,

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Sanap ( OA No. 307/2023 ) 1 of 5

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… Defendants

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District Pune 413 104.

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:- Appearances For Applicant Advocate P.P. Parab. For Defendants Ex parte.

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Total Claim Amount – Rs.27,78,442/-

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JUDGEMNT (Delivered on 05^th April, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.27,78,442/- together with future interest @9.45% per annum from the date of Application till realization of the entire dues from the defendants.

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Brief facts of the application are as under :-

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As per the loan application dated 26.12.2012 of defendant No.1, the applicant Bank sanctioned the Term loan facility of Rs.23,80,000/- to defendant No.1 vide Sanction Letter dated 01.02.2013 for the purpose of poultry business. Defendant Nos. 2 to 4 stood guarantors for the repayment of loan availed by defendant No.1.

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In order to secure the aforesaid loan facility, the defendants executed necessary loan and security documents in favour of the applicant Bank along with deed of hypothecation and mortgage of Gat Nos. 104 (P),

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Sanap ( OA No. 307/2023 ) 2 of 5

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108 (P), 100 and 111 (P) situated at village Thoratwadi (Rui), Taluka Indapur, District Pune, in favour of the applicant Bank. The defendants have also executed Balance Confirmation Letter on 30.09.2015 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. Hence, on 30.09.2015, the applicant Bank has classified the account of the defendants as Non Performing Asset in accordance with guidelines of Reserve Bank of India. Therefore, on 20.05.2015, the applicant Bank issued legal Notice to the defendants. Despite service of Notice, the defendants failed and neglected to pay the outstanding dues of the applicant Bank. Hence, this application is filed.

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The defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte as per Order dated 05.02.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Shrikrishna Gholave, Senior Manager of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1 to

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Sanap ( OA No. 307/2023 ) 3 of 5

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AW-12 along with list (Exhibit 7), which corroborates 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 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 @9.45% 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. Hence, I pass the following order.

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O R D E R

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A} Original Application No. 307/2023 is allowed with costs.

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B} Defendant Nos.1 to 4 either jointly or severally shall pay to the applicant Bank the sum of Rs.27,78,442/- (Rupees

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Sanap ( OA No. 307/2023 ) 4 of 5

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Twenty Seven Lakhs Seventy Eight Thousand Four Hundred Forty Two only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 20.11.2017 till full payment/realization of the amount mentioned in this operative order.

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C} The aforesaid adjudicated amount is secured by the valid and subsisting mortgage of Gat Nos. 104 (P), 108 (P), 100 and 111 (P) situated at village Thoratwadi (Rui), Taluka Indapur, District Pune, more particularly described in the Para No. 5(g) of the Original Application.

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D} The applicant Bank is entitled to sell the mortgaged property 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 and defendants.

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Sd/( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 05.04.2025 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 307/2023 ) 5 of 5

Punjab National Bank v. Krishnabai Karchre

Case brief

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Punjab National Bank v. Krishnabai Karchre

Case brief

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