Allowed

Punjab National Bank v. Ashalata Sopan Zagade

DRT21 Feb 2025OA/760/2022

Case brief

AI extract

What is this about?

The Applicant Bank sought recovery of Rs.26,34,098/- plus interest from two Defendants who failed to appear. The Tribunal found the bank’s evidence credible, allowed the application, and awarded simple future interest at 9% p.a. while also approving the sale of mortgaged property.

What did the court decide?

Recovery of Rs.26,34,098/- with future interest @9% p.a., creation of mortgage over agricultural land for security, and entitlement to sell the property to recover dues.

Punjab National Bank versus Ashalata Sopan Zagade — Contract and Commercial Disputes | DRT (2025)

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Presented on: 16.11.2019 Registered on: 29.08.2022 Decided on: 21.02.2025 Duration: Y M D 05 03 05

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.760/2022.

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Punjab National Bank ,

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A Body Corporate constituted under the Banking Companies (Acquisitions & Transfer of Undertakings) Act of 1970 having its Registered Office at Plot No.4, Sector 10, Dwarka, New Delhi-110075 and amongst others one of its branch at Punjab National Bank, Opposite Sunshine Plaza, Bhigwan Road, Baramati, District-Pune-413 102.

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… Applicant

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Versus

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1. Smt. Aashalata Sopan Zagade

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Age 61 years, Occ.:- Agriculturist,

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2. Mr. Anandrav Bhalchandra Shinde Age 42 years, Occ.:- Agriculturist, R/at Post Shindewadi, Taluka Indapur, District Pune 413 104.

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…Defendants

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APPEARANCES

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For the Applicant Advocate Yogesh R. Hirve For the Defendants Ex-parte

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TOTAL CLAIM AMOUNT –Rs.26,34,098/-.

(OA No.760/2022)

Page 1 of 5

[ANIL]

JUDGMENT

(Delivered on 21^st February, 2025)

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The Applicant Bank has filed present application for recovery of Rs.26,34,098/- with future interest @12.75% p.a. with monthly rests towards Term Loan Account No.485000AO00000454 from the date of filing of Original Application 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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The Applicant Bank states that Defendant No.1 approached the applicant bank on 09.12.2015 for grant of Term Loan of Rs.17,15,000/- for the purpose of construction of Water Storage Tank and Well Renovation.

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Applicant Bank vide its Sanction Letter dated 14.12.2015, granted the said Loan facility of Rs.17,15,000/- to defendant No.1 for the purpose of construction of Water Storage Tank and Well Renovation.

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In order to secure the aforesaid Loan facilities, defendant No.1 executed loan and security documents as set out in Para Nos.5.6 of the Original Application, in favor of the Applicant Bank.

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In addition to this, defendant No.1 has executed Mortgage Deed dated 17.12.2015 of the following immovable property of the agricultural land at Sr. No.10459/2015 before Sub Registrar Office, Baramati, District Pune -

(OA No.760/2022)

Page 2 of 5

[ANIL]

All that piece and parcel of agricultural land admeasuring 01H 23R assessed of Rs.00 Ps84, out of Gat No.386, situated at village Shindewadi, Taluka Indapur, District Pune and within the jurisdiction of Sub Registrar Baramati, more particularly described in Schedule-I in the Original Application.

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Applicant further submits that Defendant No.2 signed and executed Agreement of Guarantee dated 05.02.2016 in favour of the applicant bank thereby guaranteeing repayment of the said loan.

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Applicant Bank contended that defendant No.1 committed defaults in payment of installments as per the terms of sanction. Hence, the account of defendant No.1 with the applicant Bank has become Non-Performing Asset on 31.03.2018 in accordance with the guidelines of Reserve Bank of India.

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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 as per order dated 28.06.2024 passed below Application (Exhibit-1).

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The Applicant Bank has filed Claim Affidavit (Exhibit-6) of Mr. Jayant Bhagwat Mahajan and has produced on record the Loan Transaction documents at Exhibits.AW-1 to AW-17, which corroborates the case of the Applicant Bank.

(OA No.760/2022)

Page 3 of 5

[ANIL]

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 the reliefs claimed.

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Applicant Bank has claimed future interest @12.75% per annum with monthly rests. 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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ORDER

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(A) Original Application No.760/2022 is allowed with costs.

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(B) Defendant Nos.1&2 either jointly or severally shall pay sum of Rs.26,34,098/- (Rupees Twenty Six Lakhs Thirty Four Thousand Ninety Eight only] with future interest @9% p.a. (Simple) from the date of filing of the Original Application i.e. 16.11.2019 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 creation of Deed of Mortgage dated 17.12.2015 regarding immovable property i.e. - all that piece and parcel of agricultural land admeasuring 01H 23R

(OA No.760/2022)

Page 4 of 5

[ANIL]

assessed of Rs.00 Ps84, out of Gat No.386, situated at village Shindewadi, Taluka Indapur, District Pune and within the jurisdiction of Sub Registrar Baramati, more particularly described in Schedule-I in the Original Application.

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(D) Applicant Bank is entitled to Sell the mortgaged property to recover the 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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Sd/-

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(Dilip G. Murumkar) Place : Pune Presiding Officer Date: 21.02.2025 Debts Recovery Tribunal, Pune

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(OA No.760/2022)

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Page 5 of 5

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[ANIL]

Punjab National Bank v. Ashalata Sopan Zagade

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Ashalata Sopan Zagade

Case brief

What is this about?

What did the court decide?

What the court decided

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