Allowed

Bank of India v. Vikram

DRT8 May 2025OA/409/2023

Case brief

AI extract

What is this about?

The Tribunal allowed an application by Bank of India for recovery of loans worth approximately Rs. 94.83 lakhs. Accrued dues and demanded future interest at 9% per annum. The court granted an entitlement to sell mortgaged agricultural properties to recover dues but denied immediate relief on hypothecated assets due to lack of specific description.

What did the court decide?

Ordered defendants to pay Rs. 94,83,782.70 with future interest @9% p.a. from 15.12.2022. Granted right to sell mortgaged properties and directed issuance of Recovery Certificate.

Bank of India versus Vikram — Banking and Recovery | DRT (2025)

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Presented on: 15.12.2022 Registered on: 12.04.2023 Decided on: 08.05.2025 Duration: Y M D 02 04 23

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.409/2023.

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BANK OF INDIA ,

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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 Grampanchayat Shopping Complex, Taluka Mohol, District Solapur-413 213.

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… Applicant

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Versus

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1. Mr. Vikram Pralhad Dongare Age 53 years, Occ.-Farming ,

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2. Mrs. Madhuri Vikram Dongare Age 45 year, Occ.:- Farming, Both R/at Post Adhegaon, … Defendants Taluka Mohol, District Solapur-413 213

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APPEARANCES

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For the Applicant Mrs. S. S. Irani - Advocate. For the Defendants Ex-parte.

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TOTAL CLAIM AMOUNT –Rs.94,83,782.70Ps.

(OA No.409/2023)

Page 1 of 9

[ANIL]

JUDGMENT (Delivered on 8^th May, 2025)

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Applicant Bank has filed present application for recovery of aggregate sum of Rs. 94,83,782.70Ps (i.e. Rs.35,42,534.55Ps towards Cash Credit Loan A/c No.071976310000020 and Rs.59,41,248.15Ps towards Term Loan No.071976210000605) with interest thereon @12.30% p.a. & @13.30%p.a. respectively from 16.12.2022 till actual payment and realization of the entire dues from the defendants.

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Brief facts of the application are as under:

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Defendant No.1 is a Principal Borrower carrying business of Farming at village Patkul Takali, Taluka Mohol, District Solapur. Defendant No.1 is borrower and Defendant No.2 is guarantor in respect of the Financial assistance granted to Defendant No.1 by the applicant bank.

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Defendant No.1 in January 2013, approached the applicant bank and requested for Crop Loan Facility of Rs.15 Lakhs for the purpose of Cultivation of Crops.

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The applicant bank considered the said proposal and sanctioned Cash Credit Loan of Rs.15 Lakhs.

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Defendant No.1 again in September 2015, approached applicant bank and requested for Term Laon Facility of Rs.60 lakhs for Grape Plantatation. Applicant Bank considered the said request and granted Term Loan Facility of Rs.60 lakhs for Grape Plantation.

(OA No.409/2023)

Page 2 of 9

[ANIL]

In order to secure the aforesaid loan facilities, the defendants have executed necessary loan and security documents as mentioned in Para No.5.4 & 5.11 of the Original Application .

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In December 2017, Defendant No.1 once again approached applicant bank and requested for enhancement of Cash Credit (Hypothecation) Facility of Rs.15 Lakhs by Rs.7 Lakhs. The applicant bank considered the said request and granted Additional Cash Credit Facility of Rs.7 Lakhs for the purpose of Crop Cultivation, making total Cash Credit Facility of Rs.22 Lakhs. Accordingly, Defendant No.1 executed loan/security documents for securing the due repayment of said loan facility as mentioned in Para No.5.16 of the Original Application.

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Defendant No.1 has hypothecated all the standing crops and grape plantation on the agricultural land bearing Gat Nos.147/1A/2B; 147/1/B/5; 148/1/B; 148/2/B; 148/3/B; and 148/4/B wituated at village Patkul, Taluka Mohol, District Solapur within the limits of Gram Panchayat Patkul and within the jurisdiction of Sub Registrar of Assurance, Mohol belonging to Defendant No.1.

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Defendant No.1 has executed Mortgage Deed and created Simple Mortgage in favour of the applicant bank in respect of the property i.e. -

(OA No.409/2023)

Page 3 of 9

[ANIL]

(i)Aogricultural Land bearing Gat No.147/1A/2/B admeasuring about 06H 47R (assessed at Rs.3.30ps) situated at village Patkul, Taluka Mohol, District Solapur within the limits of Gram Panchayat Patkul and within the jurisdiction f Sub Registrar of Assurance, Mohol;

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(ii)- New Mortgaged property being Agricultural Land bearing Gat No.147/1/B/5 admeasuring about 00H 81R + Pot Kharaba admeasuring about 03 H 23 R (assessed at Rs.2.10ps.) situated at village Patkul, Taluka Mohol, District Solapur within the limits of Gram Panchayat Patkul and within the jurisdiction f Sub Registrar of Assurance, Mohol;

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(iii)- New Mortgaged property being Agricultural Land bearing Gat No.148/1/B admeasuring about 00H 90R (assessed at Rs.0.11ps.) situated at village Patkul, Taluka Mohol, District Solapur within the limits of Gram Panchayat Patkul and within the jurisdiction f Sub Registrar of Assurance, Mohol;

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(iv)- New Mortgaged property being Agricultural Land bearing Gat No.148/2/B admeasuring about 01H 30R (assessed at Rs.0.17ps.) situated at village Patkul, Taluka Mohol, District Solapur within the limits of Gram Panchayat Patkul and within the jurisdiction f Sub Registrar of Assurance, Mohol;

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(v)- New Mortgaged property being Agricultural Land bearing Gat No.148/3/B admeasuring about 00H 80R + Pot Kharaba admeasuring about 0H 33R (assessed at Rs.0.15ps.) situated at

(OA No.409/2023)

Page 4 of 9

[ANIL]

village Patkul, Taluka Mohol, District Solapur within the limits of Gram Panchayat Patkul and within the jurisdiction f Sub Registrar of Assurance, Mohol;

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(vi)- New Mortgaged property being Agricultural Land bearing Gat No.148/4/B admeasuring about 00H 41R + Pot Kharaba admeasuring about 0H 33R (assessed at Rs.0.10ps.) situated at village Patkul, Taluka Mohol, District Solapur within the limits of Gram Panchayat Patkul and within the jurisdiction f Sub Registrar of Assurance, Mohol; alongwith residential house, well and borewell and sheds and structures constructed thereon, more particularly described in the Second Schedule of the Original Application.

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The Applicant Bank contended that the defendants availed the above mentioned loan facilities, however, defendant No.1 did not keep up to his commitment and repay the loan credit facilities and also did not conduct the loan accounts as per the terms of sanction, resulting into the loan accounts becoming overdue. Therefore, the loan accounts have been marked as NPA on 21.07.2022. Therefore, on 28.09.2022, the Applicant Bank issued Loan Recall Notice to the defendants through Advocate demanding the entire amount in the said loan accounts. Despite service of notice, the defendants failed and neglected to pay the outstanding dues of the Applicant Bank.

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Hence, this application is filed.

(OA No.409/2023)

Page 5 of 9

[ANIL]

The defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte as per order dated 21.03.2025 passed below Application (Exhibit-1).

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6.^{The Applicant Bank has filed Claim Affidavit (Exhibit-6) of} Mr. Nalli Prasad Babu, Chief Manager and has produced on record the Original Loan Transaction documents at Sr. Nos.AW-1-1 to AW1-36 alongwith list (Exhibit-9), 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 evidence of the Applicant Bank. Therefore, the Applicant Bank is entitled for the reliefs 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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10.^{The Applicant Bank has claimed future interest @10.30% p.a. for} Cash Credit Facility and @13.30% p.a. for Term Loan Account. 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.

(OA No.409/2023)

Page 6 of 9

[ANIL]

11.^{Hence, I pass the following order:-}

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ORDER

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(A) Original Application No.409/2023 is allowed with costs.

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(B) Defendant Nos.1 & 2 shall jointly or severally pay to the Bank an sum Applicant aggregate of Rs.94,83,782.70Ps (Rupees Ninety Four lakhs Eighty Three Thousand Seven Hundred Eighty Two and Seventy paise only) (i.e. Rs.35,42,534.55Ps towards Cash Credit Loan Account No. 071976310000020 and Rs.59,41,248.15Ps towards Term Loan Account No. 071976210000605 ) with future interest @9% p.a. from the date of filing of the Original Application i.e. 15.12.2022 till payment/ realization of the amount mentioned in this operative order.

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(C)

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To secure the above said loan amounts, Defendant No.1 has executed Registered Mortgage Deed dated 31.01.2013 and created Simple Mortgage in favour of the applicant bank in respect of the property i.e. -

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(i)Agricultural Land bearing Gat No.147/1A/2/B admeasuring about 06H 47R (assessed at Rs.3.30ps) situated at village Patkul, Taluka Mohol, District Solapur within the limits of Gram Panchayat Patkul and within the jurisdiction f Sub Registrar of Assurance, Mohol;

(OA No.409/2023)

Page 7 of 9

[ANIL]

Gram Panchayat Patkul and within the jurisdiction f Sub Registrar of Assurance, Mohol;

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(v)- New Mortgaged property being Agricultural Land bearing Gat No.148/3/B admeasuring about 00H 80R + Pot Kharaba admeasuring about 0H 33R (assessed at Rs.0.15ps.) situated at village Patkul, Taluka Mohol, District Solapur within the limits of Gram Panchayat Patkul and within the jurisdiction f Sub Registrar of Assurance, Mohol;

(OA No.409/2023)

Page 8 of 9

[ANIL]

(D) The applicant bank is entitled to sell the mortgaged immovable properties 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 Bank and the defendants.

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Sd/- Place : Pune (Dilip G. Murumkar) Date: 08.05.2025 Presiding Officer, Debts Recovery Tribunal, Pune

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(OA No.409/2023)

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Page 9 of 9

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[ANIL]

Bank of India v. Vikram

Case brief

What is this about?

What did the court decide?

Bank of India v. Vikram

Case brief

What is this about?

What did the court decide?

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