Allowed

Punjab National Bank v. Tukaram Kharat

DRT23 Sept 2025OA/832/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by Punjab National Bank for recovery of dues from a defaulting borrower. The court determined the admissible amount after reconciling a discrepancy in the term loan figure and awarded 9% simple interest. Security over mortgaged land was affirmed.

What did the court decide?

Defendant directed to pay Rs. 22,17,751/- plus future interest at 9% p.a.; recovery secured by sale of mortgaged property; Recovery Certificate issued.

Punjab National Bank versus Tukaram Kharat — Specific Performance | DRT (2025)

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Presented on .. 15.11.2019 Registered on .. 18.05.2022 Decided on .. 23.09.2025 Duration .. Y—M—D 05--10--08

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 832/2022.

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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 110075 and branch at – Baramati, Opposite Sunshine Plaza, Bhigwan Road, Baramati, District Pune 413 102.

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… Applicant

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Versus

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Mr. Tukaram Ananta Kharat, Age 64 years, Occ. – Agriculture, R/at – Shindewadi, At Post Kazad, Taluka Indapur, District Pune 413104. … 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.26,27,877/-

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JUDGMENT

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(Delivered on 23^rd September, 2025)

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Sanap ( OA No. 832/2022 ) 1 of 5

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The Applicant Bank has filed the present application for recovery of the sum of Rs.26,27,877/- together with future interest @11.05 and 12.75% 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 :- As per the loan applications dated 03.01.2014, 28.06.2014 and 24.02.2016 of the defendant, the applicant Bank sanctioned the following loan facilities to the defendant.

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Name of facility	Amount Rs.	Date of Sanction
1 KCC	6,50,000/-	28.01.2014
2 Term Loan (Agri.)	9,00,000/-	02.07.2014
3 KCC	90,000/-	01.03.2016

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In order to secure the aforesaid loan facilities, the defendant has executed necessary loan and security documents in favour of the applicant Bank. The defendant has also executed deed of mortgage in respect of land Gat Nos. 450, 457, 463, 464, 465 and 466 situated at village Shindewadi, Taluka Indapur, District Pune, in favour of the applicant Bank. The defendant has also executed Balance and Security Confirmation Letter dated 18.02.2019

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Sanap ( OA No. 832/2022 ) 2 of 5

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in favour of the applicant Bank and thereby confirmed the balance outstanding in loan account.

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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 29.09.2017, 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 14.01.2019, the applicant Bank issued Recall Notice dated 04.01.2019 to the defendant. Despite service of Notice, the defendant failed and neglected to pay the outstanding dues of the applicant Bank. 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 17.04.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Jayant Bhagwat Mahajan, Senior Manager of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1-1 to AW-1-27 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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Sanap ( OA No. 832/2022 ) 3 of 5

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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. The applicant Bank has claimed ledger balance as on 31.10.2019 and unapplied interest in respect of KCC Loan, Term Loan and KCC Loan. It is pertinent to note that the particulars of claim for both KCC Loans are as per the ledger balance. However, the applicant Bank has claimed ledger balance for Term Loan in particulars of claim of Rs.13,08,866/- but account extract shows the balance of Rs.8,98,740/- as on 31.10.2019. The ledger balance of Rs.13,08,866/- claimed by the applicant Bank in particular of claim as on 31.10.2019 is the balance of the year 2017. Thereafter, there are some deposits and the balance as on 31.10.2019 is shown as Rs.8,98,740/-. Therefore, the total claim amount of Rs.26,27,877/- is reduced to Rs.22,17,751/-.

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The applicant Bank has claimed future interest @11.05 and 12.75% 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. 832/2022 is allowed with costs.

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Sanap ( OA No. 832/2022 ) 4 of 5

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B} The defendant shall pay to the applicant Bank the sum of Rs.22,17,751/- (Rupees Twenty Two Lakhs Seventeen Thousand Seven Hundred Fifty One only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 15.11.2019 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 valid and subsisting mortgage in respect of land Gat Nos. 450, 457, 463, 464, 465 and 466 situated at village Shindewadi, Taluka Indapur, District Pune, more particularly described in the Schedule I of the Original Application.

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D} The applicant Bank is entitled to sell the mortgaged 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 defendant.

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Sd/( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 23.09.2025 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 832/2022 ) 5 of 5

Punjab National Bank v. Tukaram Kharat

Case brief

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Punjab National Bank v. Tukaram Kharat

Case brief

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