Allowed

State Bank of India v. Ashok Bhimraj Darkunde

DRT7 Apr 2025OA/456/2024

Case brief

AI extract

What is this about?

Dr. J.R. Chauhan, Presiding Officer of the Debts Recovery Tribunal at Aurangabad, adjudicated an original application filed by State Bank of India for recovery of a car loan amounting to Rs.29,23,046/- along with future interest from two joint borrowers who failed to appear.

What did the court decide?

Order of recovery of Rs.29,23,046/- with future interest @9% p.a. (simple) and issuance of Recovery Certificate.

State Bank of India versus Ashok Bhimraj Darkunde — Execution and Attachment | DRT (2025)

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Presented on:	14.03.2024
Registered on:	15.06.2024
Decided on:	07.04.2025
Duration:	Y M D
	01 00 24

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J.R. Chauhan Presiding officer)

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TOTAL CLAIM AMOUNT – Rs.29,23,046./- ORIGINAL APPLICATION No.456/2024

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STATE BANK OF INDIA,

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Having its Registered Head Office at : Bandra Kurla Complex, Mumbai. And having one of its Branch Office at : Stressed Assets Recovery Branch (SARB), Plot No.1, Town Center, CIDCO, Chhatrapati Sambhajinagar. Through its Deputy Manager Shri Anupkumar Kashinath Tabhane, Age : 39 years, Occu : Service, At : SBI, Stressed Assets Recovery Branch (SARB), PLOT No.1, Town Center, CIDCO, Chhatrapati Sambhajinagar – 431003.

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Versus

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Mr. Ashok Bhimraj Darkunde, R/o : Om Sai, Gajanan Colony, Nav Nagapur, Wadgaon Gupta, Ahmednagar, Tal. & Dist. Ahmednagar, Pin – 414111.

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Mrs. Sapna Ashok Darkunde, R/o : Om Sai, Gajanan Colony, Nav

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[SBJ] (OA No.456/2024) Page 1 of 10

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Nagapur, Wadgaon Gupta, Ahmednagar, Tal. & Dist. … Defendants Ahmednagar, Pin – 414111.

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APPEARANCES For the Applicant Mr. Dhiraj R. Jethliya - Advocate For Defendant Nos.1 and 2 Ex-parte

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JUDGMENT (Delivered on 07^th April, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.29,23,046/- (Rupees Twenty-Nine Lacs Twenty-Three Thousand Forty-Six only) as on 23^rd January, 2024 alongwith pendent lite and future interest at the contractual rate with incidental expenses, and charges from the date of filing of this Original Application till realization of the entire dues and costs of the application from the defendants jointly and severally.

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Brief facts of the application are as under :

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As per the loan Application dated 28^th March, 2019 of defendants, the applicant Bank sanctioned the Car Loan facility of Rs.25.00 Lacs (Rupees Twenty-Five Lacs only) for purchasing Toyota Fortuner Car vide Sanction Letter dated 27^th March, 2019.

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[SBJ] (OA No.456/2024) Page 2 of 10

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The Defendants were agreed in the Arrangement Letter that the interest on the loan will be charged at 9.5% p.a. on daily reducing balance at monthly rests which is 0.95% above the One Year Marginal Cost of Funds Based Lending Rate (MCLR) which is at present 8.55% p.a. The rate of interest viz. 9.5% p.a. will be valid for the entire tenure of the loan. If the default in payment of any installment or any irregularity occurred in the loan account, penal interest 2% p.a. over the stipulated interest rate with monthly rests will be charged for the irregular amount and overdue period. The loan was to be repaid in Equated Monthly Installments of Rs.40,860/- each till the entire loan with interest is fully repaid. The defendants accepted the terms and conditions mentioned in the Arrangement Letter dated 27.03.2019.

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In order to secure the aforesaid Car Loan facility, on 27.03.2019, the defendants have executed Loan-cumHypothecation Agreement, Vehicle Delivery Letter, Declaration and Consent for the disclosure letter, Registration Certificate issued by the Deputy RTO, Ahmednagar alongwith online vehicle record maintained by the Government /RTO and Cheque dated 01.12.2023, in favour of the applicant bank, mentioned at Paragraph No.

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[SBJ] (OA No.456/2024) Page 3 of 10

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3A and the Paragraph No.5.2 to 5.8 and 5.13 of the Original Application.

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The defendants have executed Loan-cum-Hypothecation Agreement on 27.03.2019 of the vehicle i.e. Toyota Fortuner Car, bearing Registration No. MH-16-BZ-0022, Engine No. – IGDA288477, Chassis No. MBJGA3GS900384180-0219, Colour White Pearl Crystal, Manufacturer by Toyota Kirloskar Motor Pvt. Ltd. in favour of the applicant bank.

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The applicant bank contended that after availment of the Car Loan facility, the defendants have acknowledged their liability by making payments initially but thereafter the defendants were not adhering to the terms and conditions of the Letter of Arrangement, Loan-Cum-Hypothecation Agreement and other security documents. The defendants made defaults in payment of loan amount and as such the loan account of the defendants become irregular.

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The applicant bank further submitted that interest / compound interest has been charged at such rates in capitalized at such periodical rests as permitted by and do not run counter to the directives of the Reserve Bank of India. It is further submitted that the applicant bank is

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[SBJ] (OA No.456/2024) Page 4 of 10

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entitled to charge the penal interest in terms of the agreement and the same is not compounded.

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The applicant bank further contended that the defendants have failed and neglected to operate and maintain their account properly and hence the loan account has become sticky and stagnant. The defendants have failed to pay the dues as committed and agreed. The applicant bank time and again requested the defendants to pay the amount due in the loan account. They merely promised and assured to do so but never fulfilled their promises and commitments. As such, the loan account of the defendants was termed as Non-Performing Account as per the Guidelines of RBI on 18.10.2023.

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The applicant bank further contended that after repeated requests, reminders, demand and follow-up the defendant issued a Cheque dated 01.12.2023 amounting to Rs.2,58,684/in favour of SBI Car Loan A/c No.38359429214 for repayment of partial amount of outstanding. The cheque was paid by the Defendant No.1 through his firm M/s. Ashoka Construction but the said cheque was dishonoured due to insufficient funds as stated

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[SBJ] (OA No.456/2024) Page 5 of 10

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in the Return Memo Report issued by the bank. The applicant bank has also issued Notice to the Defendant under Negotiable Instruments Act.

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It is submitted by the applicant bank that the applicant bank has issued demand legal notice to the defendants through its advocate on 24.01.2024 thereby calling upon the defendants to pay the outstanding amount of Rs.29,23,046/in the loan account as on 23.01.2024 alongwith the interest overdue and future interest thereon. Though the notice served upon the defendants, they failed to pay the amount as demanded by the applicant bank.

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The applicant bank further submitted that the applicant bank has maintained separate Account in its regular and ordinary course of business wherein all the transactions made by the defendants are recorded and reflected. The Extract of the Loan Account No.38359429214 is filed which is system / computer generated printout copies represent correct and appropriate data, derived from the relevant data and the Certified in accordance with the provisions of the Banker’s Books Evidence Act.

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[SBJ] (OA No.456/2024) Page 6 of 10

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The applicant bank further contended that the defendants failed and neglected to repay and regularize the loan account, the applicant has right to recover the contingent charges and other costs and expenses incidental as stated in the loan and security documents. The interest has been charged at the agreed rates and do not run counter to the terms and conditions of the Agreements and the directives of the Reserve Bank of India.

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The particulars of the claim are as under:

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Loan Account No.38359429214 (Car Loan) as on - 23.01.2024

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Sr.No.	PARTICULARS	AMOUNT (Rs.)
1.	Balance as per statement	22,68,408.00
2.	Interest Accrued but not debited to the loan account from the date of NPA to 23.01.2024	6,09,739.00
3.	Penal interest	44,899.00
	TOTAL	29,23,046.00

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Hence, the applicant bank has filed this Original Application to recover the dues from the defendants jointly and severally.

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The Defendant Nos.1 and 2 failed to appear despite service of summons through court commissioner by hand. Hence, the Defendant No.1 and 2 were proceeded ex-parte as per Order dated 24^th January, 2025.

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[SBJ] (OA No.456/2024) Page 7 of 10

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The applicant Bank has filed Affidavit (Exhibit-4) of Mr. Anupkumar Kashinath Tabhane, Deputy Manager, SBI SARB Branch of the applicant bank and has produced on record the original loan documents at Sr. Nos.1 to 10 alongwith List (Exhibit-5), which are marked as AW-1 to AW-10, 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 un-rebutted evidence of the applicant bank. Therefore, the applicant Bank is entitled for reliefs as claimed.

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The applicant Bank has claimed pendent lite and future interest at the contractual rate as agreed with incidental expenses, charges etc. from the date of filing of this Original Application till realization of the entire dues and costs of the present application from the defendants jointly and severally. 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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[SBJ] (OA No.456/2024) Page 8 of 10

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20. Hence, I pass the following order.

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ORDER

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(A) Original Application No.456/2024 is allowed with cost.

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(B) Defendant Nos.1 and 2 are ordered and directed to pay jointly and severally to the applicant the aggregate sum of Rs.29,23,046/- (Rupees TwentyNine Lacs Twenty-Three Thousand Forty-Six only) along with future interest @9% per annum (simple) from the date of filing of the original application i.e. 14^th March, 2024 till full payment/realization of the amount.

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(C) The aforesaid adjudicated amount is secured by the Loan-cum-Hypothecation Agreement dated 27.03.2019 of the vehicle i.e. Toyota Fortuner Car, bearing Registration No. MH-16-BZ-0022, Engine No.– IGDA288477, Chassis No. MBJGA3GS900384180-0219, Colour White Pearl Crystal, Manufacturer by Toyota Kirloskar Motor Pvt. Ltd in favour of the applicant bank as is mentioned in Paragraph No.3A of the Original Application.

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[SBJ] (OA No.456/2024) Page 9 of 10

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(D) The applicant Bank is entitled to sell the vehicle i.e. Toyota Fortuner Car, bearing Registration No. MH-16-BZ-0022, Engine No.– IGDA288477, Chassis No. MBJGA3GS900384180-0219, Colour White Pearl Crystal, Manufacturer by Toyota Kirloskar Motor Pvt. Ltd filed at AW-4 in the List of Documents (Exhibit-5) of the Original Application to recover its dues.

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(E) Issue Recovery Certificate accordingly.

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

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Pronounced in open Sd/Court. (Dr. J.R. Chauhan) Date : 07.04.2025. Presiding Officer Debts Recovery Tribunal, Aurangabad

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[SBJ] (OA No.456/2024) Page 10 of 10

State Bank of India v. Ashok Bhimraj Darkunde

Case brief

What is this about?

What did the court decide?

State Bank of India v. Ashok Bhimraj Darkunde

Case brief

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What did the court decide?

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