Allowed

Union Bank of India (Corporation Bank) v. Devanand More

DRT24 Jul 2025OA/751/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application by Union Bank of India for recovery of HDFC loan dues. With the defendants appearing ex-parte, the tribunal adjusted the future interest rate to 9% per annum and directed sale of mortgaged property.

What did the court decide?

Directing defendants to pay Rs.32,51,141 with future interest at 9% p.a. and authorizing the bank to sell mortgaged property to recover dues.

Union Bank of India (Corporation Bank) versus Devanand More — Banking and Recovery | DRT (2025)

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Presented on: 18.10.2019 Registered on: 20.08.2022 Decided on: 24.07.2025 Duration: Y M D 05 09 06

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.751/2022.

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Union Bank of India , ( Erstwhile known as Corporation Bank )

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A Bank constituted under the Banking Companies (Acquisitions & Transfer of Undertakings) Act 1980 having its Head Office at Mangalore, Karnataka State and branch known as Chakan Branch, at Gat No.1156, Shri Hari Complex, Chakan Shikrapur Road, Opp. Vishal Garden, Chakan, Taluka Khed District Pune 410 501.

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… Applicant

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Versus

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Mr. Devanand Janardhan More Age adult, Occ.:- Business ,

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Sou. Arati Devanand More

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Age adult, Occ.:- Service, Both R/at – 2176, Siddhivinayak Nagar, Medankarwadi, Chakan, Tal. Khed, District Pune 410 501.

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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.32,51,141/-.

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JUDGMENT (Delivered on 24^th July, 2025)

(OA No.751/2022)

Page 1 of 5

[ANIL]

The Applicant Bank has filed present application for recovery of Rs.32,51,141/- towards Housing Loan Facility with future interest thereon @11.05% p.a. with monthly rests from the date of filing this Application till repayment/ realization of the entire dues from defendants No.1 & 2.

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Brief facts of the application are as under:

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The Applicant Bank states that Defendant No.1 and 2 approached to the Applicant Bank on 24.10.2016 and requested for Housing loan of Rs.28,00,000/- for purchase of flat to the defendants. The applicant bank considered request of the defendants and granted house loan facility for Rs.26,39,000/-, on 21.12.2016, on certain terms and conditions.

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In order to secure the aforesaid Loan facilities, the defendants have executed loan and security documents on 21.12.2016, in favor of the Applicant Bank, as set out in Para No.5.5 of the Original Application.

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The Applicant Bank states that Defendants No.1 and 2 have recorded equitable mortgage by way of deposit of title deeds in favour of the applicant bank as a security for the said credit facility, on 21.12.2016 in respect of the immovable property i.e. all that piece and parcel of Flat No.105, situated on 1^st floor, admeasuring 48.92 sq.mtrs. carpet area alongwith terrace admeasuring i.e. 19.037sq. mts. in building known “Jeevan Vishwa’’, constructed on the land

(OA No.751/2022)

Page 2 of 5

[ANIL]

bearing Gat No.272 Hissa No.1/10 at village Borhadewadi, within the limits of Pimpri Chnchwad Municipal Corporation, as mentioned in Para No.5.7 of the Original Application.

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The Applicant Bank contended that after execution of the security documents and creation of Equitable Mortgage in favour of the applicant bank, defendant Nos.1 and 2 availed Housing Loan Facility. Thereafter, defendants have failed to adhere terms and conditions of the sanction and committed breach of the sanction terms and hence, the accounts have become NPA as per Reserve Bank of India norms. Thereafter, the applicant bank issued notice u/s 13(2) of the SARFAESI Act, to the defendants on 26.11.2018. In spite of receipt of the said notice, the defendants failed to repay the dues.

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Hence, this application is filed.

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Defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte as per order dated 08.04.2025 passed below Application (Exhibit-1).

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The Applicant Bank has filed Claim Affidavit (Exhibit-6) of Mr. Parag Manohar Bagde, Senior Manager and Principal Officer has produced on record the Original Loan Transaction documents at Sr. Nos.1 to 8, which corroborates the case of the Applicant Bank.

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I have heard arguments of the learned Advocate for the Applicant Bank.

(OA No.751/2022)

Page 3 of 5

[ANIL]

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 the reliefs claimed.

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The Applicant Bank has claimed future interest @11.05% per annum towards Housing Loan Facility. However, considering the facts of the case, I am of the opinion that if future interest is granted @9.00% p.a. (simple) for the House Loan facility, 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.751/2022 is allowed with costs.

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(B) Defendant Nos. 1 & 2 either jointly or severally shall pay an amount of Rs.32,51,141 /- (Rupees Thirty Two Lakhs Fifty One Thousand One Hundred Fourty One only) towards Housing Loan A/c No.560631000881288 with future interest @9.00% per annum (Simple) from the date of filing of the Original Application i.e.18.10.2019 till payment/realization of the amount mentioned in this operative order, to the Applicant Bank.

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(C) The aforesaid adjudicated amount is secured by the defendants by depositing the Original Title Deeds in respect of Flat No.105, situated on 1^st floor, admeasuring 48.92 sq.mtrs. carpet area alongwith terrace admeasuring i.e. 19.037sq. mts. in building known “Jeevan Vishwa’’, constructed on the land bearing Gat No.272 Hissa No.1/10 at village Borhadewadi, within the limits of Pimpri Chnchwad

(OA No.751/2022)

Page 4 of 5

[ANIL]

Municipal Corporation, as mentioned in Para No.5.7 of the Original Application.

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(D) The Applicant Bank is entitled to sell the mortgaged immovable property to recover the dues. (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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Sd/Place : Pune (Dilip G. Murumkar) Date: 24.07.2025 Presiding Officer, Debts Recovery Tribunal, Pune.

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(OA No.751/2022)

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Page 5 of 5

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[ANIL]

Union Bank of India (Corporation Bank) v. Devanand More

Case brief

What is this about?

What did the court decide?

Union Bank of India (Corporation Bank) v. Devanand More

Case brief

What is this about?

What did the court decide?

What the court decided

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