Allowed

Punjab National Bank v. New Pallavi Sahakari Thibak Sinchan Yojana Limited

DRT20 Mar 2025OA/394/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the application filed by Punjab National Bank for recovery of Rs. 74.09 lakhs principal plus future interest against multiple defendants who defaulted on an agricultural term loan secured by mortgaged properties.

What did the court decide?

Defendants to pay Rs. 74,09,440/- plus future interest @ 9% simple p.a.; Bank entitled to sale of mortgaged properties; Recovery Certificate issued.

Punjab National Bank versus New Pallavi Sahakari Thibak Sinchan… — Landlord and Tenant | DRT (2025)

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Presented on: 18.08.2022 Registered on: 18.08.2022 Decided on: 20.03.2025 Duration: Y M D 02 07 02

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Shri Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No.394/2022

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TOTAL CLAIM AMOUNT – Rs. 74.09,440/-.

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Punjab National Bank , a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act v, 1970 having its Head office at Plot No.4, Sector 10, Dwarka, New Delhi -110075 and one of its Branch at Ghogargaon, Tq. Srigonda, Dist. Ahmednagar – 413725, through its Attorney Mr. Rahul Nathaji Potphode.

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Versus

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New Pallavi Sahakari thibak Sinchan Yojna Ltd., At Ruikhel, Post. Mandavgan, Tq. Srigonda, Dist. Ahmednagar – 413701. Major, Occ. Agri., Tq. Paithan Dist. Aurangabad.

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… Applicant

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Ramesh Mohan Kolokhe, Age: 52 years, Occ. Agriculture., R/o. 85 At Ruikhel, Post Mandavgan Tq. Shrigonda, Dist. Ahmednagar.

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Ganesh Ramesh Kalokhe, Age: 28 years,

[DAK]

(OA No.394/2022)

Page 1 of 11

Occ. Agrilculture, R/o.85-3, At Ruikhel, Post Mandavgan Tq. Shrigonda, Dist. Ahmednagar.

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Mrs. Rukhmini w/o. Mohan Kalokhe, Age: 77 years, Occ. Agriculture, R/o. 85-3, At Ruikhel, Post Mandavgan Tq. Shrigonda, Dist. Ahmednagar.

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Laxman s/o. Dhondiba Thube, Age: 77 years, Occ. Agriculture, R/o. 160, Kumbhar Lane, Nalegaon, Tq. Nagar, Dist. Ahmednagar.

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Digambar Ashok Kalokhe, Age: 37 years, Occ. Agriculture, R/o. 85-3, At Ruikhel, Post Mandavgan Tq. Shrigonda, Dist. Ahmednagar.

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Bhaskar Mohan Kalokhe, Age: 47 years, Occ. Agriculture, R/o. 85-3, At Ruikhel, Post Mandavgan Tq. Shrigonda, Dist. Ahmednagar.

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Santosh Ashok Kalokhe, Age: 42 years, Occ. Agriculture, R/o. 85, At Ruikhel, Post Mandavgan Tq. Shrigonda, Dist. Ahmednagar.

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Ashok Raosaheb (Ravji) Kalokhe, Age: 65 years, Occ. Agriculture, R/o. 85-2, At Ruikhel, Post Mandavgan Tq. Shrigonda, Dist. Ahmednagar.

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Rambhabai w/o. Raosaheb Kalokhe (died) through her LRs.

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… Defendants

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i) Ashok s/o. Raosaheb Kalokhe, Age: 65 years, Occ. Agriculture, R/o. 85-2, At Ruikhel, Post Mandavgan Tq. Shrigonda, Dist. Ahmednagar.

(OA No.394/2022)

Page 2 of 11

[DAK]

ii) Dattatraty s/o. Raosaheb Kalokhe, Age: Major, Occ. Agriculture, R/o. 85-2, At Ruikhel, Post Mandavgan Tq. Shrigonda, Dist. Ahmednagar.

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iii) Vilas s/o. Raosaheb Kalokhe, Age: Major, Occ. Agriculture, R/o. 85-2, At Ruikhel, Post Mandavgan Tq. Shrigonda, Dist. Ahmednagar.

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APPEARANCES

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For the Applicant For Defendants

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Mr. S. J. Pande - Advocate Ex-parte

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J U D G M E N T Delivered on (20.03.2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs. 74,09,440/- (Rs Seventy Four Lacs Nine Thousand Four Hundred Forty only) together with future interest @ 11.75% per annum in term loan with monthly rest from the date of this recovery claim till realization of the entire dues from the defendants.

(OA No.394/2022)

Page 3 of 11

[DAK]

Brief facts of the application are as under:

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The applicant bank in its claim contended that on 04.08.2010 the defendants no.2 to 10 have executed registered mortgaged deed bearing no.2241/2010 in favour of the applicant bank, on 01.09.2010 defendant executed hypothecation agreement and defendants no.2 to 10 have executed Supplementary Term Loan Agreement. Thus, by executing all the said documents, the defendants availed Term Loan of Rs. 29 lacs. It further contended that after availing said loan, the defendants made part payment of Rs. 1 lac on 25.10.2012 and Rs. 60,000/- on 02.02.2015 in the said loan account.

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The applicant bank further contended that the defendants have borrowed the loan for lift irrigation project and formed cooperative society for the proposed lift irrigation project. Accordingly in the month of July 2010, defendants passed resolution in favour of defendant no.1 and thereby resolved that president viz. Mr. Ramesh Mohan Kalokhe (i.e.defendant no.2) and secretary viz. Mr. Ganesh Ramesh Kalokhe (i.e. defendant

(OA No.394/2022)

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[DAK]

no.3) were authorized for execution of loan documents on behalf of members and also to authorize them to operate loan account and all banking transactions. The defendants executed Registered mortgage deed no. 2241/2010, hypothecation agreement, deed of guarantee, supplementary term loan agreement in favour of the applicant bank. The applicant bank sanctioned Term Loan of Rs. 29 lacs @ 11.75% p.a. to the defendant no.1 vide sanction letter dated 29.07.2010.

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The applicant bank contended that the defendants executed registered mortgage deed no.2241/2010 on 04.08.2010, hypothecation agreement on 01.09.2010, deed of guarantee on 01.09.2010 and supplementary term loan agreement on 29.03.2013.

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The defendant nos.2 to 10 executed registered mortgage deed of their agricultural lands as per details given below.

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Agri. Land of Ramesh Kalokhe, Admeasuring 49 R, Gut No. 310 at Village Ruikhel, Post Mandavgan, Tq. Shrigonda,

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(OA No.394/2022) Page 5 of 11

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[DAK]

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Dist. Ahmednagar.

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Agri. Land of Rambhabai Kalokhe, Admeasuring 28 R, Gut No. 310 at Village Ruikhel, Post Mandavgan, Tq. Shrigonda, Dist. Ahmednagar.

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Agri. Land of Ashok Kalokhe, Admeasuring 1 Hec 98 R, Gut No. 310 at Village Ruikhel, Post Mandavgan, Tq. Shrigonda, Dist. Ahmednagar.

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Agri. Land of Santosh Kalokhe, Admeasuring 1 Hec. 98 R, Gut No. 310 at Village Ruikhel, Post Mandavgan, Tq. Shrigonda, Dist. Ahmednagar.

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Agri. Land of Digambar Kalokhe, Admeasuring 1 Hec 98 R, Gut No. 310 at Village Ruikhel, Post Mandavgan, Tq. Shrigonda, Dist. Ahmednagar.

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Agri. Land of Bhaskar Kalokhe, Admeasuring 1 Hec 20 R, Gut No. 310 at Village Ruikhel, Post Mandavgan, Tq. Shrigonda, Dist. Ahmednagar.

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Agri. Land of Bhaskar Kalokhe, Admeasuring 3 Hec 28 R, Gut No. 365 at Village Ruikhel, Post Mandavgan, Tq. Shrigonda, Dist. Ahmednagar.

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Agri. Land of Ganesh Kalokhe, Admeasuring 80 R, Gut No. 365 at Village Ruikhel, Post Mandavgan, Tq. Shrigonda, Dist. Ahmednagar.

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Agri. Land of Bhaskar Kalokhe, Admeasuring 66 R, Gut No. 353 at Village Ruikhel, Post Mandavgan, Tq. Shrigonda, Dist. Ahmednagar.

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Agri. Land of Rambhabai Kalokhe, Admeasuring 28 R, Gut No. 353 at Village Ruikhel, Post Mandavgan, Tq. Shrigonda, Dist. Ahmednagar.

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Agri. Land of Rukhmini Kalokhe, Admeasuring 35 R, Gut No. 369 at Village Ruikhel, Post Mandavgan, Tq. Shrigonda,

(OA No.394/2022)

Page 6 of 11

[DAK]

Dist. Ahmednagar.

Agri. Land of Laxman Thube, Admeasuring 80 R, Gut No. 369 at Village Ruikhel, Post Mandavgan, Tq. Shrigonda, Dist. Ahmednagar.

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The applicant Bank contended that during the month of January 2019, the account became irregular, hence the applicant bank undertook follow ups with the defendants. Thereafter, on 31.01.2018 the defendant no.1 visited the applicant bank and executed balance confirmation letter on behalf of all defendants by admitting outstanding of the account. The defendants committed defaults in payment of installments and failed to regularize the accounts and the account became NPA. Therefore, on 22.04.2022, 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 have refused to accept the legal notice send by the applicant bank. The defendants failed to appear despite service of summons. Hence, the application proceeded exparte

(OA No.394/2022)

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[DAK]

as per Order dated 29.08.2023.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-04 of Mr. Rahul s/o. Nathaji Patphode, Senior Manager of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW- 1 to AW-21 along with list of documents, 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 the unrebutted evidence of the applicant Bank. Therefore, the applicant Bank is entitled for reliefs as claimed.

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The applicant Bank has claimed charge of the applicant bank over their immovable properties which are mortgaged in favour of the applicant bank.

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The applicant Bank has claimed future interest @15% per

(OA No.394/2022)

Page 8 of 11

[DAK]

annum from the date of filing this application till realization of the claim amount. 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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ORDER

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(A) Original Application No.394/2022 is allowed with cost.

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(B) The defendants jointly and severally shall pay to the applicant Bank a sum of Rs. 74,09,440/- (Rs SeventyFour Lacs Nine Thousand Four Hundred Forty only) along with future interest @ 9 % per annum (simple) from the date of filing of the Original Application i.e. 18.08.2022 till full payment / realization of the amount mentioned in this operative order.

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Agri. Land of Ramesh Kalokhe, Admeasuring 49 R, Gut No. 310 at Village Ruikhel, Post Mandavgan, Tq. Shrigonda, Dist. Ahmednagar.

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Agri. Land of Rambhabai Kalokhe, Admeasuring 28 R, Gut No. 310 at Village Ruikhel, Post

(OA No.394/2022)

Page 9 of 11

[DAK]

Mandavgan, Tq. Shrigonda, Dist. Ahmednagar.

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Agri. Land of Ashok Kalokhe, Admeasuring 1 Hec 98 R, Gut No. 310 at Village Ruikhel, Post Mandavgan, Tq. Shrigonda, Dist. Ahmednagar.

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Agri. Land of Santosh Kalokhe, Admeasuring 1 Hec. 98 R, Gut No. 310 at Village Ruikhel, Post Mandavgan, Tq. Shrigonda, Dist. Ahmednagar.

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Agri. Land of Digambar Kalokhe, Admeasuring 1 Hec 98 R, Gut No. 310 at Village Ruikhel, Post Mandavgan, Tq. Shrigonda, Dist. Ahmednagar.

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Agri. Land of Bhaskar Kalokhe, Admeasuring 1 Hec 20 R, Gut No. 310 at Village Ruikhel, Post Mandavgan, Tq. Shrigonda, Dist. Ahmednagar.

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Agri. Land of Bhaskar Kalokhe, Admeasuring 3 Hec 28 R, Gut No. 365 at Village Ruikhel, Post Mandavgan, Tq. Shrigonda, Dist. Ahmednagar.

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Agri. Land of Ganesh Kalokhe, Admeasuring 80 R, Gut No. 365 at Village Ruikhel, Post Mandavgan, Tq. Shrigonda, Dist. Ahmednagar.

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Agri. Land of Bhaskar Kalokhe, Admeasuring 66 R, Gut No. 353 at Village Ruikhel, Post Mandavgan, Tq. Shrigonda, Dist. Ahmednagar.

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10.
11.

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Agri. Land of Rambhabai Kalokhe, Admeasuring 28 R, Gut No. 353 at Village Ruikhel, Post Mandavgan, Tq. Shrigonda, Dist. Ahmednagar.

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Agri. Land of Rukhmini Kalokhe, Admeasuring 35 R, Gut No. 369 at Village Ruikhel, Post Mandavgan, Tq. Shrigonda, Dist. Ahmednagar.

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Agri. Land of Laxman Thube, Admeasuring 80 R, Gut No. 369 at Village Ruikhel, Post Mandavgan,

(OA No.394/2022)

Page 10 of 11

[DAK]

Tq. Shrigonda, Dist. Ahmednagar.

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(D) The applicant Bank is entitled to sell the mortgaged immovable properties and hypothecated

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articles/goods to recover its dues.

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(E) Issue Recovery Certificate accordingly.

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(F) The Registrar is directed to send the copies of the Judgment and Recovery Certificate to the applicant and defendants.

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(G) File be consigned to the record room.

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Pronounced in open court.

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Sd/-

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(Dr. J. R. Chauhan) Place : Aurangabad Presiding Officer Date : . 20.03.2025 Debts Recovery Tribunal, Aurangabad

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(OA No.394/2022)

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[DAK]

Punjab National Bank v. New Pallavi Sahakari Thibak Sinchan Yojana Limited

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. New Pallavi Sahakari Thibak Sinchan Yojana Limited

Case brief

What is this about?

What did the court decide?

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