Allowed

Punjab National Bank v. Manoj Kad

DRT9 Dec 2025OA/759/2022

Case brief

AI extract

What is this about?

This Debts Recovery Tribunal allowed the bank's application for recovery of Rs.75,16,307/- along with future simple interest at 9% per annum against a defendant who defaulted on a vehicle loan. The defendant appeared ex parte, and the bank was granted permission to sell the hypothecated property.

What did the court decide?

Recovery of Rs.75,16,307/- plus future simple interest at 9% per annum; permission to sell hypothecated car.

Punjab National Bank versus Manoj Kad — Banking and Recovery | DRT (2025)

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Presented on .. 26.11.2019 Registered on .. 29.08.2022 Decided on .. 09.12.2025 Duration .. Y—M—D 06--00--13

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 759/2022.

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Punjab National Bank,

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A bank constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act 1970, having its Corporate office at Plot No. 4, Sector 10, Dwarka, New Delhi 110 075 and branch at – 26-2728, Destination Centre, Magarpatta City, Pune 411028

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… Applicant

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Versus

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Mr. Manoj Namdevrao Kad, Age 32 years, Occ. Business, Having address at :- Flat No.1, Sortapwadi, Kad Wasti, Lonkar Mala, Kunjirwadi, Pune-Solapur Highway, Pune 412110.

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… Defendant

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Appearances :-

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For Applicant Advocate Yogesh Hirve. For Defendant Ex parte.

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Total Claim Amount – Rs.80,09,676/-

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Sanap ( OA No. 759/2022 ) 1 of 5

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JUDGMENT (Delivered on 09^th December, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.80,09,676/- together with future interest @9.35% per annum from the date of Application till realization of the entire dues from the defendant.

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Brief facts of the application are as under :-

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As per the loan application dated 21.08.2017 of the defendant, the applicant Bank sanctioned the Car/Vehicle Loan facility of Rs.77,00,000/- to defendant the vide Sanction Letter dated 23.08.2017.

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In order to secure the aforesaid loan facility, the defendant has executed necessary loan and security documents along with deed of hypothecation dated 24.08.2017 in respect of Mercedes Benz GLE 250D 4 Matic, passenger car bearing registration No. MH-12NW-7772, in favour of the applicant Bank.

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The applicant Bank contended that the defendant committed defaults in payment of installments and failed to regularize the accounts. Hence, on 12.10.2018, the applicant Bank has classified the account of the defendant as Non-Performing Asset in accordance with guidelines of Reserve Bank of India. Therefore, on

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Sanap ( OA No. 759/2022 ) 2 of 5

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27.05.2019, the applicant Bank issued legal Notice to the defendant. Despite service of Notice, the defendant 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 defendant failed to appear despite service of summons. Hence, the application proceeded ex-parte against the defendant as per Order dated 07.04.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Smt. Naina D. Ajwani, Senior Manager holding valid power of attorney from the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1-1 to AW-1-11 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 defendant 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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Sanap ( OA No. 759/2022 ) 3 of 5

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The applicant Bank has claimed Penal Interest, Derecognized Interest and Other Law Charges, which cannot be granted. Thus, the applicant Bank is entitled to recover Ledger Balance of Rs.69,12,495/- and unapplied interest of Rs.6,03,812/i.e. total of Rs.75,16,307/-.

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The applicant Bank has claimed future interest @9.35% per annum. However, considering the facts of the case, I am of the opinion that if future interest is granted @9% 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. 759/2022 is allowed with costs.

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B} The defendant shall pay to the applicant Bank the sum of Rs.75,16,307/- (Rupees Seventy Five Lakhs Sixteen Thousand Three Hundred Seven only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 26.11.2019 till full payment/realization of the amount mentioned in this operative order.

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C} The aforesaid adjudicated amount is secured by the

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Sanap ( OA No. 759/2022 ) 4 of 5

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hypothecation in respect of Mercedes Benz GLE 250D 4 Matic, passenger car bearing registration No. MH-12NW-7772, more particularly described in the Schedule I of the Original Application.

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D} The applicant Bank is entitled to sell the hypothecated property to recover its dues.

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E} Issue Recovery Certificate. F} The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant and defendant.

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Sd/( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 09.12.2025 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 759/2022 ) 5 of 5

Punjab National Bank v. Manoj Kad

Case brief

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Punjab National Bank v. Manoj Kad

Case brief

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