Allowed

Canara Bank v. Kamlesh Patankar

DRT10 Feb 2025OA/612/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by Canara Bank for recovery of loan dues of Rs.13,93,205/- along with future interest. The court, hearing the matter ex parte against the defendants, reduced the claimed interest rate to 9% per annum simple and declared the mortgage property security.

What did the court decide?

Applicant to be paid Rs.13,93,205/- with future interest @9% p.a. simple; mortgaged property declared as security; Recovery Certificate to be issued.

Canara Bank versus Kamlesh Patankar — Execution and Attachment | DRT (2025)

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Presented on: 05.07.2019 Registered on: 21.06.2022 Decided on: 10.02.2025 Duration: Y M D 5 7 5

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.612/2022

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Canara Bank

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A Body Corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Head Office at 112 JC Road, Bangalore, Karnataka and one of its Branch Office amongst other places known as Pune Camp Branch, M.G. Road, Camp, Pune – 411 001.

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… Applicant

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Versus

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Mr. Kamlesh Basawanappa Patankar (Borrower)

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Age: Adult, Occ: Business Address (a) Flat No.402, 4^th Floor, Nakoda Court, Sanghavi Compound, C.T.S. No.110/12+13+14, Bhamburda, Shivajinagar, Pune – 411 005. (b) B-1, M.I.D.C. Area, Barshi Road, Latur – 413 512.

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Mrs. Shailaja Kamlesh Patankar (Borrower) Age: Adult, Occ: Business Address (a) Flat No.402, 4^th Floor,

(OA No.612/2022)

Page 1 of 6

[KAUR]

Nakoda Court, Sanghavi Compound, C.T.S. No.110/12+13+14, Bhamburda, Shivajinagar, Pune – 411 005. (b) B-1, M.I.D.C. Area, Barshi Road, Latur – 413 512.

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…Defendants

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APPEARANCES

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For the Applicant Mr. Satyan Jagtap - Advocate For Defendants None (Ex parte)

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TOTAL CLAIM AMOUNT –Rs.13,93,205/-

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JUDGMENT

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(Delivered on 10^th February, 2025)

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The Applicant Bank has filed the present application for recovery of Rs.13,93,205/- together with future interest thereon @10.45% per annum with monthly rests from 5^th July, 2019 till repayment/realization of the entire dues from the defendants.

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Brief facts of the application are as under:

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In or about June, 2009 defendant Nos.1 and 2 approached the applicant Bank seeking financial assistance for taking over of their housing loan liability from Gruh Finance Limited, Pune. After due consideration, the applicant Bank on 31^st August, 2009 sanctioned and disbursed the Term Loan of Rs.15,00,000/- to defendant Nos.1 and 2.

(OA No.612/2022)

Page 2 of 6

[KAUR]

Defendants agreed the terms of sanction and executed necessary loan transaction and security documents in favour of the applicant Bank. In order to further secure the credit facility, defendant Nos.1 and 2 created equitable mortgage in favour of the applicant Bank in respect of the immovable property as mentioned in Paragraph No.5.4 of the Original Application. Further, the defendants also executed Letter Evidencing Deposit of Title Deeds confirming creation of equitable mortgage. Defendants agreed to repay the Term Loan of Rs.15,00,000/- in 180 monthly installments i.e. for first 12 months EMI of Rs.18,400/- and for next 48 months EMI Rs.19,130/- and 61^st months till 180 months EMI of Rs.19,475/-.

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It is contended by the applicant Bank that defendants acknowledged the liability by executing Acknowledgment of Debts and Security dated 21^st July, 2016.

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The defendants failed to pay the installments and also failed to regularize the account. Consequently, the loan account became NPA on 10^th March, 2016. Thereafter, on 17^th June, 2019, the applicant Bank issued legal Notice to the defendants and called upon them to pay the outstanding amount. Despite service of Notice, defendants failed and

(OA No.612/2022)

Page 3 of 6

[KAUR]

neglected to comply with the demand in the said Notice. Hence, this application is filed.

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Defendants failed to appear despite service of summons. Hence, the application proceeded ex parte against them vide Order dated 25^th June, 2024 passed below the Application (Exhibit-01).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Amit Singh, Chief Manager which supports the case of the applicant elucidated in the application.

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The applicant Bank has produced on record the original loan transaction and security documents at Sr.Nos.AW-1/1 to AW-1/7 which corroborate 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 evidence of the applicant Bank. Therefore, the applicant Bank is entitled for reliefs as claimed.

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The applicant Bank has claimed future interest @10.45% per annum with monthly rests. However, considering the facts of the present case, I am of the opinion that if future interest is granted @9% per annum (simple), it would be just and

(OA No.612/2022)

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[KAUR]

reasonable.

Hence, I pass the following order:-

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ORDER

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(A) Original Application No.612/2022 is allowed with costs.

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(B) Defendant Nos.1 and 2 jointly or severally shall pay to the applicant Bank the sum of Rs.13,93,205/(Rupees Thirteen Lakhs Ninety-Three Thousand Two Hundred and Five only) with future interest @9% per annum from the date of filing of the Original Application i.e. 5^th July, 2019 till payment/realization of the amount mentioned in this operative order.

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(C) The aforesaid adjudicated amount is secured by valid and subsisting mortgage of the immovable property i.e. Flat No.402, area 979 sq.ft., 4^th Floor, Nakoda Court, Sanghavi Compound, C.T.S. No.110/12+13+14, Bhamburda, Shivajinagar, Pune – 411 005 more particularly described in Paragraph No.5.4 of the Original Application.

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(D) The applicant Bank is entitled to sell the mortgaged property to recover its dues.

(OA No.612/2022)

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[KAUR]

(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 and defendants.

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Sd/(Dilip G. Murumkar) Place : Pune Presiding Officer Date: 10.02.2025 Debts Recovery Tribunal, Pune

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(OA No.612/2022)

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Page 6 of 6

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[KAUR]

Canara Bank v. Kamlesh Patankar

Case brief

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Canara Bank v. Kamlesh Patankar

Case brief

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