Allowed

Punjab National Bank v. Pandhari Bhosle

DRT3 May 2025OA/52/2023

Case brief

AI extract

What is this about?

Punjab National Bank filed an original application for recovery of a loan totaling Rs. 95,55,761 against multiple defendants who defaulted. Proceeding ex-parte, the court allowed the application, reduced the claim by deducting penal interest, and directed payment of Rs. 88,96,343 plus future interest, securing it over hypothecated assets and mortgaged properties.

What did the court decide?

Defendants directed to pay Rs. 88,96,343 plus future interest @8.70% p.a. from 06.10.2022; Recovery Certificate issued; Enforcement via sale of secured property.

Punjab National Bank versus Pandhari Bhosle — Banking and Recovery | DRT (2025)

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Presented on .. 06.10.2022 Registered on .. 19.01.2023 Decided on .. 03.05.2025 Duration .. Y—M—D 02--06--27

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 52/2023.

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Punjab National Bank,

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A body corporate constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act 1970, having its Registered office at Plot No. 4, Sector 10, Dwarka, New Delhi 110075 and branch at – at Baramati and the successor of Oriental Bank of Commerce pursuant to the Gazette Notification No. 133 dated 04.03.2020 of the Government of India, Oriental Bank of Commerce has been amalgamated with Punjab National Bank. Thereafter file has been transferred to Circle Sastra Centre, Ground Floor, Aurora Towers, 9, Moledina Road, Camp, Pune 411 001.

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… Applicant

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Versus

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1 Mr. Pandhari Pralhad Bhosale, Age 74 years, Occ. Agriculturist, R/at – A/P Chichmahud, Taluka Sangola, District Solapur 413 307.

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Sanap ( OA No. 52/2023 ) 1 of 7

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2 Mr. Pandhari Vitthal Kadam, Age 77 years, Occ. Agriculturist, R/at – A/P Chichmahud, Taluka Sangola, District Solapur 413 307.

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3 Mr. Rajendra Pandhari Bhosale, Age 47 years, Occ. Agriculturist, R/at – A/P Chichmahud, Taluka Sangola, District Solapur 413 307.

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4 Mr. Janardhan Kahinath Kadam, Since deceased through LR : 4a) Mrs. Kusum Janardhan Kadam, Age 71 years, Occ. Agriculturist, 4b) Mr. Santosh Janardhan Kadam, Age 41 years, Occ. Agriculturist, R/at – A/P Chichmahud, Taluka Sangola, District Solapur 413 307.

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… Defendants

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:- Appearances

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For Applicant Advocate Nisha Ruikar For Defendants Ex parte.

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Total Claim Amount – Rs.95,55,761/-

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JUDGMENT

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(Delivered on 03^rd May, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.95,55,761/- together with future interest @8.70% per annum from the date of Application till realization of the entire dues from the defendants.

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Sanap ( OA No. 52/2023 ) 2 of 7

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Brief facts of the application are as under :-

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As per the loan application of defendant Nos.1 and 2, the applicant Bank sanctioned the Term loan facility of Rs.80,62,000/- to defendant No.1 vide Sanction Letter dated 03.12.2011. Defendant No.3 and deceased defendant No. 4 stood guarantors for the repayment of loan availed by defendant Nos. 1 and 2.

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In order to secure the aforesaid loan facility, the defendants executed necessary loan and security documents in favour of the applicant Bank.

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Defendant Nos.1 and 2 have also executed deed of hypothecation on 10.12.2011 of Sugar Cane Harvester bearing Chassis No. PRCY4000KBP 00049; Tractor No. MH-45-F-6669 and Tractor No. MH-45-F6670 in favour of the applicant Bank. Defendant Nos.1 and 2 have also executed deed of simple mortgage of Gat Nos. 1000/D, 1019/A, 1019/1B/1, 1026/1 and 1026/2 situated at village Chickmahood, Taluka Sangola, District Solapur, in favour of the applicant Bank.

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Defendant Nos. 1 and 2 have also executed Balance and Confirmation Letters on Security

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Sanap ( OA No. 52/2023 ) 3 of 7

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05.04.2014, 02.01.2017 and 27.12.2019 and thereby confirmed the balance outstanding in loan account.

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The applicant Bank contended that the defendants committed defaults in payment of installments and failed to regularize the accounts. Hence, on 01.06.2018, the applicant Bank has classified the account of the defendants as Non Performing Asset in accordance with guidelines of Reserve Bank of India. Therefore, on 16.05.2022, 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.

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Hence, this application is filed.

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The defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte against the defendants as per Order dated 11.02.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Praveen Chandra Potdar, Chief Manager of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1 to AW-14 along with list (Exhibit 7), which corroborates the case of the applicant Bank.

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Sanap ( OA No. 52/2023 ) 4 of 7

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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 evidence of the applicant Bank. Therefore, the applicant Bank is entitled for reliefs as claimed.

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The applicant Bank has claimed Penal Interest of Rs.6,38,208/- + Legal and other charges of Rs.21,210/= Rs.6,59,418/-, which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.95,55,761/- is reduced to Rs.88,96,343/-.

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The applicant Bank has claimed future interest @8.70% per annum. Considering the facts of the case, I am of the opinion that if future interest is granted @8.70% per annum (simple), it would be just and reasonable rate of interest.

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Hence, I pass the following order.

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O R D E R

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A} Original Application No. 52/2023 is allowed with proportionate costs.

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B} Defendant Nos.1 to 3 and 4a and 4b either jointly or

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Sanap ( OA No. 52/2023 ) 5 of 7

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severally shall pay to the applicant Bank the sum of Rs.88,96,343/- (Rupees Eighty Eight Lakhs Ninety Six Thousand Three Hundred Forty Three only) along with future interest @8.70% per annum from the date of filing of the Original Application i.e. 06.10.2022 till full payment/realization of the amount mentioned in this operative order.

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C} The liability of defendant Nos. 4a and 4b is restricted to the extent of estate inherited by them from deceased defendant No. 4 Janardhan Kahinath Kadam.

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D} The aforesaid adjudicated amount is secured by the hypothecation of Sugar Cane Harvester bearing Chassis No. PRCY4000KBP 00049; Tractor No. MH-45F-6669 and Tractor No. MH-45-F-6670 and mortgage of Gat Nos. 1000/D, 1019/A, 1019/1B/1, 1026/1 and 1026/2 situated at village Chickmahood, Taluka Sangola, District Solapur, more particularly described in the Para No. 5.5 and 5.6 of the Original Application. E} The applicant Bank is entitled to sell the hypothecated and mortgaged property to recover its dues.

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F} Issue Recovery Certificate.

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Sanap ( OA No. 52/2023 ) 6 of 7

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G} The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant and defendants.

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Sd/( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 03.05.2025 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 52/2023 ) 7 of 7

Punjab National Bank v. Pandhari Bhosle

Case brief

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Punjab National Bank v. Pandhari Bhosle

Case brief

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