Allowed

Punjab National Bank v. Appaso Narute

DRT20 Nov 2025OA/71/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery of loan dues totaling approx. Rs. 59.99 Lakh and Rs. 5.34 Lakh with future interest at 9% and 7% respectively, based on uncontroverted evidence due to the defendants' ex-parte absence.

What did the court decide?

Defendants directed to pay Rs. 59,98,997/- with 9% interest and Rs. 5,34,053/- with 7% interest, secured by sale of mortgaged agricultural land.

Punjab National Bank versus Appaso Narute — Banking and Recovery | DRT (2025)

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Presented on .. 12.02.2020 Registered on .. 07.02.2022 Decided on .. 20.11.2025 Duration .. Y—M—D 05--09--08

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 71/2022.

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Punjab National Bank,

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A body corporate constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act V of 1970 having its head office at Plot No. 4, Sector 10, Dwarka, New Delhi 110075 and branch at – Baramati, Taluka Indapur, District Pune 413 106

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… Applicant

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Versus

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1 Mr. Appaso Sadashiv Narute, Age Adult, Occ. Farmer,

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2 Mr. Sachin Lalaso Narute, Age Adult, Occ. Farmer,

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3 Mrs. Changunabai Lalaso Narute, Age Adult, Occ. Housewife,

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4 Sunanda @ Sindhu Balaso Narute, Age Adult, Occ. Farmer,

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5 Tatyaso Balaso Narute, Age Adult, Occ. Farmer,

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All R/at – Post Kazad, Taluka Baramati, District Pune 413 103.

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… Defendants

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Sanap ( OA No. 71/2022 ) 1 of 5

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Appearances :- For Applicant Advocate V.S. Tokekar. For Defendants Ex parte.

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Total Claim Amount – Rs.65,33,050/-

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JUDGMENT

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(Delivered on 20^th November, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.65,33,050/- together with future interest @12.75% per annum for Term Loan and @7% per annum for KCC Loan from the date of Application till realization of the entire dues from the defendants.

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Brief facts of the application are as under :-

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As per the loan applications of defendant Nos.1 to 5, the applicant Bank sanctioned the following loan facilities to the defendants.

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Name of facility Amount Date of Sanction

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1 Term Loan Rs.36,30,000/26.10.2013 2 KCC Rs.5,00,000/15.07.2015

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In order to secure the aforesaid loan facilities, the defendants have executed necessary loan and security documents in favour of the applicant Bank. The defendants have also executed deed of hypothecation and simple mortgage dated 02.11.2013 and 17.07.2015 in respect of all that piece and parcel of the Agricultural land Gat

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Sanap ( OA No. 71/2022 ) 2 of 5

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Nos. 344, 390 and 391 situated at village Kazad, Taluka Indapur, District Pune, in favour of the applicant Bank.

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The defendants have also executed Balance and Security Confirmation Letter dated 21.03.2017 in favour of the applicant Bank and thereby confirmed the balance outstanding in loan accounts.

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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 31.05.2020, the applicant Bank has classified the account of the defendants as Non-Performing Asset in accordance with guidelines of Reserve Bank of India. Thereafter, on 01.11.2020, 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 28.0-8.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Jayant Mahajan, Chief Manager of the applicant Bank, and has produced on record the original

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Sanap ( OA No. 71/2022 ) 3 of 5

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loan transaction documents at Sr. Nos. AW-1-1 to AW-1-14 along with list (Exhibit 7), 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 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 @12.75% per annum for Term Loan and @7% per annum for KCC Loan. However, considering the facts of the case, I am of the opinion that if future interest is granted @9% per annum (simple) for Term Loan and @7% per annum (simple) for KCC Loan, 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. 71/2022 is allowed with costs. B} Defendant Nos.1 to 5 either jointly or severally shall pay to the applicant Bank the sum of Rs.59,98,997/- (Rupees Fifty Nine Lakhs Ninety Eight Thousand Nine Hundred Ninety Seven only) towards Term Loan account along with future interest @9% per annum from the date of

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Sanap ( OA No. 71/2022 ) 4 of 5

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filing of the Original Application i.e. 12.02.2020 till full payment/realization of the amount mentioned in this operative order.

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C} Defendant Nos.1 to 5 either jointly or severally shall pay to the applicant Bank the sum of Rs.5,34,053/- (Rupees Five Lakhs Thirty Four Thousand Fifty Three only) towards KCC Loan account along with future interest @7% per annum from the date of filing of the Original Application i.e. 12.02.2020 till full payment/realization of the amount mentioned in this operative order.

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D} The aforesaid adjudicated amount is secured by the valid and subsisting mortgage in respect of all that piece and parcel of the Agricultural land Gat Nos. 344, 390 and 391 situated at village Kazad, Taluka Indapur, District Pune, more particularly described in the Schedule I of the Original Application.

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E} The applicant Bank is entitled to sell the mortgaged property to recover its dues.

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F} Issue Recovery Certificate.

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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/-

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( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 20.11.2025 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 71/2022 ) 5 of 5

Punjab National Bank v. Appaso Narute

Case brief

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What did the court decide?

Punjab National Bank v. Appaso Narute

Case brief

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