The Debts Recovery Tribunal allowed the Bank of India's application for recovery of Rs. 13,46,780 against a principal borrower, a sugar company, and a guarantor after hearing the applicant ex-parte and deeming their claim to be true.
Recovery of Rs. 13,46,780 plus future interest at 9% p.a. (simple) from 29.08.2018; 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: 29.08.2018 Registered on: 14.03.2023 Decided on: 23.07.2025 Duration: Y M D 06 10 24
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.354/2023.
BANK OF INDIA ,
A Body corporate constituted under the provisions of Banking Companies (Acquisition and Transfer of Undertakings) Act,1970 having its Head Office at Star House C-5, G - Block, Bandra Kurla Complex, Bandra (East), Mumbai-400 051, having branch at Post Kurul, Taluka Mohol, District Solapur-413 213, known as Kurul Branch.
… Applicant
Versus
1. Mr. Shivaji Mahadeo Parkad R/at Post Loni, Taluka Jamkhed, District Ahmednagar-413 201.
2. M/s Bhima Sahakari Sakhar Karkhana Ltd. Takli Sikandar, Address- At Takali Sikandar, Taluka-Mohol, District Solapur-413 248.
3. Mr. Raghunath Mahadeo Parkad R/at Post Loni, Taluka Jamkhed, District Ahmednagar-413 201
… Defendants
APPEARANCES
For the Applicant Mr. Satyan Jagtap - Advocate. For the Defendant Ex parte.
TOTAL CLAIM AMOUNT –Rs.13,46,779.89Ps.
(OA No.354/2023)
Page 1 of 5
[ANIL]
JUDGMENT (Delivered on 23rd July, 2025)
Defendant No.1 is a Principal Borrower and recipient of the Loan Facility granted by the Applicant Bank and Defendant No.2 is M/s Bhima Sahakari Sakhar Karkhana Ltd. engaged in the business of manufacturing of Sugar and services of Harvesting and Transport Contractors in every Crushing Season. Defendant No.2 on 09.06.2015 approached to the Applicant Bank requesting to grant loan of Rs.33.92 Crore to the individual contractors for Crushing Season 2015-2016. The Applicant Bank sanctioned aggregate /cumulative clean demand loan limit of Rs.24.96 Crores for harvesting & transportation to Defendant No.2 for Crushing Season 2015-16, on certain terms and conditions.
Upon the request of Defendant No.1, the Applicant Bank has sanctioned him Harvesting and Transport Finance/Demand Loan of Rs.09,60,000/-, vide Sanction Letter dated 01.09.2015. Defendant No.1 has executed following security documents for due repayment of the said loan facility i.e. Demand Promissory Note, Declaration,
(OA No.354/2023)
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[ANIL]
Agreement/Letter of authority, Consent-cum-undertaking and Composite Undertaking etc.
Defendant No.2 through its Director, Executive Director & Vice Chairman has given stamped undertaking regarding H & T advance for the season 2015-16, repayable by July 2016.
Defendant No.3 has executed and delivered a Deed of Guarantee dated 01.09.2015 and thereby guaranteed repayment of the dues under the aforesaid facilities to the Applicant Bank.
Defendant No.2 was to recover the dues of the Applicant Bank from Defendant No.1’s Harvesting and Transport Bill payable to him and the same was to be deposited in the Loan Account of Defendant No.1 with the Applicant Bank.
Hence, this application is filed.
(OA No.354/2023)
Page 3 of 5
[ANIL]
(OA No.354/2023)
Page 4 of 5
[ANIL]
ORDER
(A) Original Application No.354/2023 is allowed with costs. (B) Defendant Nos.1 to 3 either jointly or severally shall pay to the Applicant Bank Rs.13,46,780/- (Rupees Thirteen Lakhs Fourty Six Thousand Seven Hundred Eighty only) towards Loan A/c No.072176110000428 with future interest @9% p.a. (Simple) from the date of filing of the Original Application i.e.29.08.2018 till payment/ realization of the amount mentioned in this operative order.
Sd/Place: Pune (Dilip G. Murumkar) Date: 23.07.2025 Presiding Officer, Debts Recovery Tribunal, Pune.
(OA No.354/2023)
Page 5 of 5
[ANIL]
2 issues framed by the court
Whether the applicant Bank is entitled to recovery of outstanding loan dues and future interest against the borrowers and guarantor.
Whether the claim for future interest at the claimed rate is reasonable and just.
Bank of India
Shivaji Mahadeo Parkad
Bhima Sahakari Sakhar Karkhana Ltd.
Raghunath Mahadeo Parkad
Dilip G. Murumkar
As recorded by the court registry
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