Allowed

Punjab National Bank v. Pandurang Tukaram Kakde (Deceased)

DRT3 Sept 2025OA/427/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an application by Punjab National Bank for recovery of a loan of Rs. 29.31 lakhs filed ex-parte against defaulting borrowers holding a Kisan Gold Card.

What did the court decide?

The defendants were ordered to jointly and severally pay the outstanding sum of Rs. 29,31,421.42 along with future interest at 9% per annum simple interest; the mortgaged properties were declared as s

Punjab National Bank versus Pandurang Tukaram Kakde (Deceased) — Consumer Protection | DRT (2025)

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Presented on: 18.08.2022 Registered on: 01.11.2022 Decided on: 03.09.2025 Duration: Y M D 03 00 15

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD

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(Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 427/2022

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TOTAL CLAIM AMOUNT – Rs. 29,31,421.42/Punjab National Bank, A Body Corporate constituted under the Banking companies (Acquisition and Transfer of Undertakings) Act 1970 & having it’s Head Office at Plot No. 4, Sector10, Dwarka, New Delhi-110075, having branches amongst the other places at Ghogargaon, Tq. Shirgonda, Dist. Ahmednagar through it’s POA, Mr. Rahul s/o Nathaji Potphode (Senior Manager), Age: 36 yrs, Occ.: Service, R/o.: Ghogargaon, Tq. Shirgonda, Dist. Ahmednagar 414001.

… Applicant

(OA No.427/2022)

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[AMBADAS]

Versus

Mr. Pandurang Tukaram Kakde (deceased) Through his legal heir, i) Mr. Mahesh Pandurang Kakde Age: Major, Occu.: Agriculture, R/o.: At Post Banpimpri, Tq. Shrigonda, Dist. Ahmednagar 414401.

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ii) Mrs. Shantabai Pandurang Kakde Age: Major, Occu.: Agriculture, R/o.: At Post Banpimpri, Tq. Shrigonda, Dist. Ahmednagar 414401.

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2. Mr. Mahesh Pandurang Kakde Age: Major, Occu.: Agriculture, R/o.: At Post Banpimpri, Tq. Shrigonda, Dist. Ahmednagar 414401.

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3. Mrs. Shantabai Pandurang Kakde Age: Major, Occu.: Agriculture, R/o.: At Post Banpimpri, Tq. Shrigonda, Dist. Ahmednagar 414401.

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…Defendants

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APPEARANCES For the Applicant For Defendants

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Mr. K. D. Pande -Advocate Ex-parte

(OA No.427/2022)

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[AMBADAS]

JUDGMENT

Delivered on 03.09.2025

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The Applicant Bank has filed the present application for the

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recovery of a sum of Rs. 29,31,421.42/- ( Rupees Twenty Nine Lacs, Thirty One Thousand, Four Hundred Twenty One and Forty Two Paisa only), along with future interest from the date of filing of the Original Application, i.e., 18.08.2022, until the date of realization of the entire outstanding dues from the Defendants.

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Brief facts of the application are as under:

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The Applicant Bank states that the Defendants No. 1 to 3 had approached and requested the Applicant Bank for Kisan Gold Card Facility. Upon considering the request and financial needs of the Defendants, the Applicant Bank sanctioned a Kisan Gold Card Facility of Rs. 20,00,000/- vide sanction letter dated 03.03.2018 on certain terms and conditions. The agreed rate of interest for the aforesaid loan was @10.05% p.a. with monthly

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rests. The Defendants also agreed to pay additional interest of

(OA No.427/2022)

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[AMBADAS]

@2% way of liquidated damages in the event of any default in repayment.

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In order to secure the aforesaid loan facility, the Defendants executed various loan documents in favour of the Applicant Bank. These included sanction letter, letter of undertaking, registered mortgage deed bearing daybook no. 262 dated 22.01.2018 & hypothecation agreement etc in favour of the Applicant Bank.

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The Applicant Bank further contends that, in order to secure the aforesaid loan facility, the Defendants created first charge over their immovable property under daybook no. 262 dated 22.01.2018 in favour of the Applicant Bank. The mortgage was created in respect of the following properties

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All that piece and parcel of land admeasuring 79 R including RCC construction of area adm. 110.59 sq. mtrs. Out of Gut No 331, situated at Banpimpri, Tq. Shrigonda & Dist. Ahmednagar which is bounded as under:

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East: Gut No. 331 P West: Gut No. 339

(OA No.427/2022)

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[AMBADAS]

South: Gut No. 334 North: Gut No. 330

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All that piece and parcel of land admeasuring 60 R out of Gut No 331, situated at Banpimpri, Tq. Shrigonda & Dist. Ahmednagar which is bounded as under:

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East: Gut No. 331 P West: Gut No. 339 South: Gut No. 334 North: Gut No. 330

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All that piece and parcel of land admeasuring 1 Hectare out of Gut No 331, situated at Banpimpri, Tq. Shrigonda & Dist. Ahmednagar which is bounded as under:

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East: Gut No. 331 P West: Gut No. 339 South: Gut No. 334 North: Gut No. 330

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All that piece and parcel of land admeasuring 0.09 R out of Gut No 341, situated at Banpimpri, Tq. Shrigonda & Dist. Ahmednagar which is bounded as under:

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East: Gut No. 340 West: Gut No. 178 South: Gut No. 345 North: Gut No. 341 P

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All that piece and parcel of land admeasuring 20 R out of Gut No 174, situated at Banpimpri, Tq. Shrigonda & Dist. Ahmednagar which is bounded as under:

(OA No.427/2022)

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[AMBADAS]

East: Gut No. 170 West: Gut No. 178 South: Gut No. 172 North: Gut No. 174 P

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The Applicant Bank further states that Defendants also executed a Hypothecation Agreement, thereby hypothecating in favour of the Applicant Bank crops, herds, fish, flocks, silkworms, cocoons, tools, equipment, fixtures, boats, machines, tractors, power tillers, tube wells, electric motors, diesel engines, and other movable assets.

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The applicant bank contended that the defendants have failed to keep their promise and commitments agreed by them with regard to due repayment of the loan amount. The defendants failed to operate the loan account properly and failed to pay the agreed rate of interest as per terms and conditions of the sanction letter. Thereafter, the applicant bank repeatedly made demand of loan amount and called upon the defendants to pay with the agreed rate of interest thereon, but the defendants failed and neglected to pay the same. The loan account of the defendants became irregular and classified as NPA on

(OA No.427/2022)

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[AMBADAS]

31.03.2020. Therefore on 10.05.2022 the applicant bank issued legal notice to the defendants through their advocate. Despite service of Notices, the defendants failed and neglected to repay the outstanding dues of the applicant Bank. Hence, this application is filed.

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The defendants failed to appear in matter though they were served through summons. Hence, the defendants were proceeded ex-parte as per Order dated 14.03.2024.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Mr. Rahul s/o Nathaji Potphode, Power of Attorney Holder of the applicant Bank, and has produced on record the original loan transaction documents as Exh. A-1 to A-13 along with list of documents Exh.5 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

(OA No.427/2022)

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[AMBADAS]

application, I find no reason to disbelieve the unrebutted evidence of the applicant Bank. Therefore, the applicant Bank is entitled for the reliefs as claimed.

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

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The applicant Bank has claimed future interest @10.05 p. a. on term loan from the date of filing i.e. 18.08.2022 of 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. 427/2022 is allowed with costs.

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(B) The defendants shall jointly and severally pay to the applicant Bank a sum of Rs. 29,31,421.42/- ( Rupees

(OA No.427/2022)

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[AMBADAS]

Twenty Nine Lacs, Thirty One Thousand, Four Hundred Twenty One and Forty Two Paisa 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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(C) The aforesaid adjudicated amount is secured by the mortgage of the following immovable properties bearing daybook no. 262 vide simple registered mortgage deed dated 22.01.2018 at Exh A-6 in list of documents Exh. 5.

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All that piece and parcel of land admeasuring 79 R including RCC construction of area adm. 110.59 sq. mtrs. Out of Gut No 331, situated at Banpimpri, Tq. Shrigonda & Dist. Ahmednagar which is bounded as under:

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East: Gut No. 331 P West: Gut No. 339 South: Gut No. 334 North: Gut No. 330

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All that piece and parcel of land admeasuring 60 R out of Gut No 331, situated at Banpimpri, Tq. Shrigonda & Dist. Ahmednagar which is bounded as under:

(OA No.427/2022)

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[AMBADAS]

East: Gut No. 331 P West: Gut No. 339 South: Gut No. 334 North: Gut No. 330

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All that piece and parcel of land admeasuring 1 Hectare out of Gut No 331, situated at Banpimpri, Tq. Shrigonda & Dist. Ahmednagar which is bounded as under:

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East: Gut No. 331 P West: Gut No. 339 South: Gut No. 334 North: Gut No. 330

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All that piece and parcel of land admeasuring 0.09 R out of Gut No 341, situated at Banpimpri, Tq. Shrigonda & Dist. Ahmednagar which is bounded as under:

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East: Gut No. 340 West: Gut No. 178 South: Gut No. 345 North: Gut No. 341 P

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All that piece and parcel of land admeasuring 20 R out of Gut No 174, situated at Banpimpri, Tq. Shrigonda & Dist. Ahmednagar which is bounded as under:

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East: Gut No. 170 West: Gut No. 178 South: Gut No. 172 North: Gut No. 174 P

(OA No.427/2022)

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[AMBADAS]

(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 copy 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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Sd/Pronounced in open court. (Dr. J. R. Chauhan) Place: Aurangabad Presiding Officer Date:.03.09.2025 Debts Recovery Tribunal, Aurangabad

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(OA No.427/2022)

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[AMBADAS]

Punjab National Bank v. Pandurang Tukaram Kakde (Deceased)

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Pandurang Tukaram Kakde (Deceased)

Case brief

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