Allowed

Bank of Maharashtra v. Anantrao Ingulkar

DRT5 Dec 2025OA/740/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application against defaulting borrowers and guarantors for repayment of ₹55.64 Lakh. The court adjusted penal interest and rationalized the future interest rate to 9% p.a. across all accounts, granting a recovery certificate. Interest bears fruit from the date of filing the application on October 04, 2019, until realization. Security was created by h

What did the court decide?

Debtors jointly and severally to pay Rs.55,64,681 along with future interest at 9% p.a. from filing date till realization, secured by hypothecation of a vehicle.

Bank of Maharashtra versus Anantrao Ingulkar — Banking and Recovery | DRT (2025)

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Presented on: 04.10.2019 Registered on: 23.08.2022 Decided on: 05.12.2025 Duration: Y M D 06 02 01

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.740/2022.

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Bank of Maharashtra ,

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A Body Corporate constituted under the Banking Companies (Acquisitions and Transfer of Undertakings) Act 1970 having its Head Office at “Lokmangal” 1501, Shivajinagar, Pune-5 & Branch amongst other places at Near S.T. Stand, At and Post Nasrapur, Taluka Bhor, District Pune-412 213. Versus

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… Applicant

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Mr. Anantrao Baburao Ingulkar Age adult, Occ.:- Agriculture,

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Mr. Kisan Baburao Ingulkar Age adult, Occ.:- Agriculture,

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Mr. Vishwas Ramchandra Madhare Age adult, Occ.:- Agriculture,

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Mr. Sampatrao Dagadu Walhekar Age adult, Occ.:- Agriculture,

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Mr. Chandrakant Baburao Walhekar Age adult, Occ.:- Agriculture, All R/at & Post Kamthadi, Taluka Bhor, District Pune-412 213.

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... Defendants

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APPEARANCES

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For the Applicant Mr. R. B. Ganbote - Advocate. For the Defendants Ex-parte.

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TOTAL CLAIM AMOUNT – Rs.56,56,670/-

(OA No.740/2022)

Page 1 of 6

[ANIL]

JUDGMENT

(Delivered on 5^th December, 2025)

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The Applicant Bank has filed present application for recovery of aggregate sum of Rs.56,56,670/- [i.e.Rs.14,43,712/- towards MKCC Account; Rs.28,63,070/towards Term Loan Account and Rs.13,49,888/- towards Vehicle Loan Account ] together with future interest thereon at the rate of @9.00% & @14.50% p. a. with monthly rests from the date of filing this application till repayment/ realization of amount from the Defendants.

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Brief facts of the application are as under:-

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Defendant Nos.1to3 approached the applicant bank in May 2013 and requested for Mahabank Kisan Credit Card (MKCC) of Rs.10,30,000/- to Defendant No.1. Defendant Nos.2 and 3 offered themselves as Guarantors for securing the MKCC to be availed by Defendant No.1.

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Applicant bank sanctioned MKCC facility of Rs.10,30,000/- on 28.06.2013 upon certain terms and conditions mentioned therein. Defendant No.1 has executed security documents in favour of the applicant bank on 28.06.2013 as mentioned in the Para 5.5 of the Original Application. So also, Defendant No.1 to 3 have executed Balance and Security Confirmation Letter on 26.06.2019 and 27.06.2016 and confirmed the balance in MKCC Account of Defendant No.1.

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Defendant Nos.1,2 & 4 approached applicant bank in June 2014 and requested for Term Loan of Rs.32,00,000/- to Defendant No.1 for Polyhouse and Rose Plantation.

(OA No.740/2022)

Page 2 of 6

[ANIL]

Defendant Nos.2 to 4 were guarantors for the same. Applicant bank sanctioned Term Loan of Rs.25 lakhs on 26.07.2014 upon certain terms and conditions mentioned therein. Defendants have executed security documents in favour of the applicant bank on 26.07.2014 as mentioned in the Para 5.11 of the Original Application.

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So also, Defendant No.1, 2 & 4 have executed Balance and Security Confirmation Letter on 25.07.2017 and confirmed the balance in Term Loan Account of Defendant No.1 with the applicant bank.

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Defendant Nos.1, 4 & 5 approached the applicant bank in January 2015 and requested for Vehicle Loan of Rs.11,00,000/- for purchase of Scorpio Vehicle to Defendant No.1. Defendant Nos.4 and 5 offered themselves as Guarantors for securing Vehicle Loan to be availed by Defendant No.1.

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Applicant bank sanctioned Vehicle Loan of Rs.10,00,000/- on 30.01.2015 to Defendant No.1 on certain terms & conditions mentioned therein. Defendants have executed security documents in favour of the applicant bank on 30.01.2015 as mentioned in the Para 5.16 of the Original Application.

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Applicant bank states that Defendant No.1 has availed Vehicle Loan of Rs.10,00,000/- for purchase of Mahindra Scorpio Vehicle and also hypothecated the same bearing RTO Registration No.MH-12-LV0063 bearing Chassis No. MA1TA2SJXF2A13356 and Engine No. SJF4A11432.

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Defendant Nos.1, 4 & 5 have executed Balance and Security Confirmation Letter on 25.01.2018 and confirmed the balance in Term Loan Account of Defendant No.1 with the applicant bank.

(OA No.740/2022)

Page 3 of 6

[ANIL]

Applicant Bank states that after availing MKCC Loan, Term Loan and Vehicle Loan, the defendants failed to adhere the terms and conditions of the sanction and also failed to pay installments and interest in MKCC Account, Term Loan Account and Vehicle Loan Account and committed breach of the sanction terms. Hence, the said accounts become NPA as per Reserve Bank of India norms. Thereafter, the Applicant Bank through its advocate Mrs. Prutha S. Ghole issued Notice dated 30.11.2020 to the defendants. But the defendants did not bother to the said Notice.

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Hence, this application is filed.

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Defendants have failed to appear despite service of summons. Hence, the application proceeded ex-parte against them vide Order dated 27.03.2025 passed below the Application (Exh.-01).

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The Applicant Bank has filed Claim Affidavit of Mrs. Rupam Kumari, Chief Manager & produced on record the original Loan Transaction documents (Exh.07) at Exhibits.AW-1 to AW-24, 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 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.71,701/- for Term Loan Account and Rs.20,288/- for Vehicle Loan Account (Total Rs. 91,989/-), which cannot be granted and the same is required to be

(OA No.740/2022)

Page 4 of 6

[ANIL]

deducted from the total claim amount. Therefore, the total claim amount of Rs.56,56,670/- is reduced to Rs.55,64,681/-.

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The Applicant Bank has claimed future interest @9.00% for MKCC and @14.50% for Term Loan and Vehicle Loan. However, considering the facts of the case, I am of the opinion that if interest rate @9% p.a. (simple) is granted for all three loan accounts, it would be just and reasonable rate of interest.

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Hence, I pass the following order :-

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ORDER

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(A) Original Application No.740/2022 is allowed with costs.

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(B) Defendant Nos. 1to5 either jointly or severally shall pay an aggregate sum of Rs.55,64,681/- (Rupees Fifty Five Lakhs Sixty Four Thousand Six Hundred Eighty One only) to the Applicant Bank as under-

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(i)- Out of Rs.55,64,681/-, Defendant Nos.1 to 3 shall pay jointly or severally an amount of Rs.14,43,712/- (Rupees Fourteen Lakhs Fourty Three Thousand Seven Hundred Twelve only) towards MKCC Loan Account with future interest @ 9% p.a. (Simple) from the date of filing of the Original Application i.e.04.10.2019 till payment/realization of the amount mentioned in this operative order.

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(ii)- Out of Rs.55,64,681/-, Defendant Nos.1, 2 & 4 shall or an amount of pay jointly severally Rs.27,91,369/- (Rupees Twenty Seven Lakhs Ninety One Thousand Three Hundred Sixty Nine only) towards Term Loan Account with future interest @ 9% p.a. (Simple) from the date of filing of the Original Application i.e.04.10.2019 till payment/ realization of the amount mentioned in this operative order Bank.

(OA No.740/2022)

Page 5 of 6

[ANIL]

(iii)- Out of Rs.55,64,681/-, Defendant Nos.1, 4 & 5 shall or an amount of pay jointly severally Rs.13,29,600/- (Rupees Thirteen Lakhs Twenty Nine Thousand Six Hundred only) towards Vehicle Loan Account with future interest @ 9% p.a. (Simple) from the date of filing of the Original Application i.e.04.10.2019 till payment/ realization of the amount mentioned in this operative order.

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(C)

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The aforesaid adjudicated amount is secured by creating hypothecation of the vehicle bearing RTO Registration No.MH-12-LV-0063 bearing Chassis No. MA1TA2SJXF2A13356 and Engine No. SJF4A11432, more particularly mentioned in Para No.5.17 of the Original Application.

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(D) The Applicant Bank is entitled to sell the abovementioned hypothecated vehicle to recover its dues.

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(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 Bank and the defendants.

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Place : Pune Date: 05.12.2025

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Sd/-

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(Dilip G. Murumkar) Presiding Officer, Debts Recovery Tribunal, Pune.

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(OA No.740/2022)

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Page 6 of 6

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[ANIL]

Bank of Maharashtra v. Anantrao Ingulkar

Case brief

What is this about?

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Bank of Maharashtra v. Anantrao Ingulkar

Case brief

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