Allowed

State Bank of India v. Sagar Jadhav

DRT19 Jul 2025OA/796/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal disallowed the appearance of the borrower in an ex-parte application filed by State Bank of India for recovery of housing loan dues. The court accepted the bank's evidence and granted relief for the principal amount, secured interest, future interest, and recovery certificate.

What did the court decide?

Recovery of Rs. 22,87,348 plus future interest at 7.10% and 6.65% p.a.; Mortgage deed; Right to sell; Recovery certificate.

State Bank of India versus Sagar Jadhav — Banking and Recovery | DRT (2025)

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Presented on: 17.06.2022 Registered on: 29.08.2022 Decided on: 19.07.2025 Duration: Y M D 03 01 02

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.796/2022.

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State Bank of India ,

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A Banking Company constituted under the State Bank of India Act, 1955, having its Corporate Office at State Bank Bhavan, Nariman Point, Madam Cama Road, Mumbai400021 and its Branch at Phaltan Branch, Near Upalekar Majaraj Mandir, Laxmi Nagar, Taluka Phaltan, District Saara-415 523.

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… Applicant

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Versus

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Mr. Sagar Vijaysingh Jadhav Age adult, Occ.:- Service R/at Flat No.11, Ramrudra Apartment, Sanjivraje Nagar, Phaltan, … Defendant Satara-415 523.

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APPEARANCES

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For the Applicant Mr. Satyan Jagtap - Advocate For the Defendant Ex-parte.

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TOTAL CLAIM AMOUNT –Rs.22,87,348.49Ps

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JUDGMENT (Delivered on 19^th July, 2025)

(OA No.796/2022)

Page 1 of 5

[ANIL]

Applicant Bank has filed present application for recovery of aggregate sum of Rs.22,87,348.49Ps [ i.e. Rs.22,49,949.06Ps for Term Loan I Facility & Rs.37,399.43Ps for Term Loan II Facility ] together with future interest @7.10% p. a. & @6.65% p.a. respectively with monthly rests from the date of 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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Defendant approached to the Applicant Bank on 13.06.2019 and requested for housing loan of Rs.21,48,000/- for purchase of Plot No.30, (Row House No.R30) (A-4 Building), Nisarg Park Phase-3, S.No.485/1C/15/B30, Saswad, Taluka Purandar, District Pune, admeasuring 41.20 sq. mtrs. plus construction thereon admeasuring 43.40 sq. mtrs.

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The applicant bank sanctioned Housing Loan as Medium Term Loan-I Facility of Rs.21,48,000/- and Term Loan-II Facility of Rs.1,50,000/- for funding Home Loan Insurance covered i.e.Total Rs.22,98,000/-, on certain terms and conditions.

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Defendant has executed necessary loan transaction and security documents in favour of the Applicant Bank as set out in Para No.5.5 the Original Application.

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Defendant to secure the above said loan facility delivered and deposited original documents of Title Deed on 29.06.2019 pertaining to Plot No.30, (Row House No.R30) (A-4 Building), Nisarg Park

(OA No.796/2022)

Page 2 of 5

[ANIL]

Phase-2, S.No.485/1C/15/B30, Saswad, Taluka Purandar, District Pune, admeasuring 41.20 sq. mtrs. plus construction thereon admeasuring 43.40 sq. mtrs. with intention to create Equitable Mortgage in favour of the Applicant Bank, more particularly described in the Original Application.

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Defendant after availing aforesaid Housing Loan failed to regularize the loan facility in spite of repeated requests and demands by the Applicant Bank, therefore, the account of Defendant was continuously irregular and hence, the account was classified as NPA on 27.02.2021.

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Thereafter, Applicant Bank issued Legal Notice dated 14.02.2022 through Advocate to defendant and thereby demanded outstanding loan amount together with future interest. Despite service of Notice, the defendants failed and neglected to comply with the demand in the said Notice.

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Hence, this Application .

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The defendant failed to appear despite service of summons. Hence, the application proceeded ex-parte against the defendants as per order dated 04.04.2025 passed below Application (Exh-1).

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The Applicant Bank has filed Claim Affidavit (Exhibit-08) of Mr. Shantanu Kumar Singh, Manager of the Applicant Bank which supports the case of the applicant elucidated in the application whereas the defendants failed to lead the evidence.

(OA No.796/2022)

Page 3 of 5

[ANIL]

The applicant Bank has produced in evidence the original loan documents at Exhs. AW-1/1 to AW-1/8 which corroborate 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 the evidence of the applicant bank. Therefore, Applicant Bank is entitled for reliefs as claimed.

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Applicant Bank has claimed future interest @7.10% p.a. & 6.65% p.a. for Term Loan I & Term Loan-II respectively. I am of the opinion that the future interest claimed by the applicant would be just and reasonable, hence, it is to be granted.

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Hence, I pass the following order:-

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ORDER

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(A) Original Application No.796/2022 is allowed with costs.

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(B) Defendant shall pay to the Applicant Bank aggregate sum of Rs.22,87,348/ - (Rupees Twenty Two Lakhs Eighty Seven Thousand Three Hundred Fourty Eight only) [ i.e. Rs.22,49,949.06Ps for Term Loan-I Facility & Rs.37,399.43Ps for Term Loan II Facility ] with future interest @ 7.10% p.a. & @6.65% p.a. respectively from

(OA No.796/2022)

Page 4 of 5

[ANIL]

the date of filing of the Original Application i.e. 17.06.2022 till payment/realization of the amount mentioned in this operative order.

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(C) The aforesaid adjudicated amount is secured by mortgage of immovable property i.e. – Plot No.30, (Row House No.R30) (A-4 Building), Nisarg Park Phase-2, S.No.485/1C/15/B30, Saswad, Taluka Purandar, District Pune, admeasuring 41.20 sq.mtrs. plus construction thereon admeasuring 43.40 sq.mtrs. with intention to create Equitable Mortgage in favour of the Applicant Bank, more particularly described in the Original Application.

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(D) The Applicant Bank is entitled to sell the mortgaged immovable property 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 and defendants.

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Sd/-

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Place : Pune Date: 19.07.2025

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

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(OA No.796/2022)

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Page 5 of 5

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[ANIL]

State Bank of India v. Sagar Jadhav

Case brief

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State Bank of India v. Sagar Jadhav

Case brief

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