Allowed

The South Indian Bank Ltd. v. Damodar

DRT22 Sept 2025OA/984/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the South Indian Bank Limited's application for recovery of approximately Rs. 2.23 crore against four respondents who defaulted on a KCC loan. The court directed payment of principal and interest at 9% per annum and authorized realization of secured properties.

What did the court decide?

Respondents directed to pay Rs.2,23,62,041 with future interest @9% p.a. Bank entitled to sell mortgaged and hypothecated properties.

The South Indian Bank Ltd. versus Damodar — Banking and Recovery | DRT (2025)

¶1

Presented on .. 19.05.2022 Registered on .. 13.04.2023 Decided on .. 22.09.2025 Duration .. Y—M—D 03--04--03

¶2

IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 984/2023.

¶3

The South Indian Bank Limited, A Banking Company within the meaning of Banking Regulation Act, constituted under the Companies Act, 1913 and having its registered office at SIB House, T.B. Road, Mission Quarters, Thrissur, Kerala State 680001 and having branch at Shop Nos. 1, 2, 3, Infinity Plaza, Siddhivinayak Nagar, Shivajinagar P.O. Ratnagiri 415 612.

¶4

… Applicant

¶5

Versus

¶6

1 Mr. Damodar Raghunath Gurav, Age 43 years, Occ. Business, Residing at – 256, Borwadi, Ori, Taluka and District Ratnagiri 415 620.

¶7

2 Mrs. Deepali Damodar Gurav, Age 38 years, Occ. Business, Residing at – 256, Borwadi, Ori, Taluka and District Ratnagiri 415 620.

¶8

3 Mr. Vishwas Mungu Rahate, Age 45 years, Occ. Business, Residing at – 441, Khalgaon, Jakadevi, Ratnagiri 415 620.

¶9

Sanap ( OA No. 984/2023 ) 1 of 11

¶10

4 Mr. Sangramsingh Sushil Desai, Age 27 years, Occ. Business, Residing at – Nivaiwadi, Ori, Khalgaon, Ratnagiri 415 620. … Defendants

¶11

Appearances :-

¶12

For Applicant Advocate Yogesh Hirve. For Defendants Ex parte.

¶13

Total Claim Amount – Rs.2,23,62,040=76

¶14

JUDGMENT (Delivered on 22^nd September, 2025)

¶15

The Applicant Bank has filed the present application for recovery of the sum of Rs.2,23,62,040=76 by rounding Rs.2,23,62,041/- together with future interest @9.55% per annum from the date of Application till realization of the entire dues from the defendants.

¶16

Brief facts of the application are as under :-

¶17

As per the loan application dated 12.04.2017 of defendant No.1, the applicant Bank sanctioned the KCC loan facility of Rs.1,50,00,000/- to defendant No.1 to meet the cultivation vide Sanction Letter dated expenses 16.05.2017. Defendant Nos. 2 to 4 stood guarantors for the repayment of loan availed by defendant No.1.

¶18

In order to secure the aforesaid loan facility, the defendants have executed necessary loan and security documents in favour of the applicant Bank.

¶19

Sanap ( OA No. 984/2023 ) 2 of 11

¶20

Defendant No.4 has also created security interest in favour the applicant Bank by way of mortgage by deposit of title deed on 16.05.2017 i.e. Equitable Mortgage of –

¶21

A) Land admeasuring 00 Hector 49 Aar + Pot Kharaba 00 Hector 12 Aar, i.e. total 00 Hector 61 Aar, assessed at the rate of Rs. 00 Ps. 13, bearing Survey No. 170 Hissa No.1, at village Khalgaon, Taluka and District Ratnagiri,

¶22

B) Land admeasuring 00 Hector 17.5 Aar + Pot Kharaba 00 Hector 3.5 Aar, i.e. total 00 Hector 21 Aar, assessed at the rate of Rs. 00 Ps. 06, bearing Survey No. 200 Hissa No.12A, at village Khalgaon, Taluka and District Ratnagiri,

¶23

C) Land admeasuring 00 Hector 17.5 Aar + Pot Kharaba 00 Hector 3.5 Aar, i.e. total 00 Hector 21 Aar, assessed at the rate of Rs. 00 Ps. 06, bearing Survey No. 200 Hissa No.12B, at village Khalgaon, Taluka and District Ratnagiri,

¶24

D) Land admeasuring 00 Hector 10.5 Aar + Pot Kharaba 00 Hector 3.5 Aar, i.e. total 00 Hector 14 Aar, assessed at the rate of Rs. 00 Ps. 03, bearing Survey No. 112 Hissa No.17A, at village Khalgaon, Taluka and District Ratnagiri,

¶25

Sanap ( OA No. 984/2023 ) 3 of 11

¶26

E) Land admeasuring 00 Hector 15 Aar + Pot Kharaba 00 Hector 6 Aar, i.e. total 00 Hector 21 Aar, assessed at the rate of Rs. 00 Ps. 03, bearing Survey No. 199 Hissa No.16, at village Khalgaon, Taluka and District Ratnagiri,

¶27

F) Land admeasuring 00 Hector 54 Aar + Pot Kharaba 00 Hector 17 Aar, i.e. total 00 Hector 71 Aar, assessed at the rate of Rs. 00 Ps. 20, bearing Survey No. 199 Hissa No.17, at village Khalgaon, Taluka and District Ratnagiri, within local limits of Grampanchayat Khalgaon and within Registration District of Ratnagiri,

¶28

G) Land admeasuring 00 Hector 6 Aar + Pot Kharaba 00 Hector 3 Aar, i.e. total 00 Hector 9 Aar, assessed at the rate of Rs. 00 Ps. 3, bearing Survey No. 199 Hissa No.5, at village Khalgaon, Taluka and District Ratnagiri,

¶29

H) Land admeasuring 00 Hector 29 Aar + Pot Kharaba 00 Hector 10 Aar, i.e. total 00 Hector 39 Aar, assessed at the rate of Rs. 00 Ps. 6, bearing Survey No. 199 Hissa No.7, at village Khalgaon, Taluka and District Ratnagiri,

¶30

I) Land admeasuring 00 Hector 10.50 Aar + Pot Kharaba 00 Hector 3.50 Aar, i.e. total 00 Hector 14 Aar, assessed at the rate of Rs. 00 Ps. 3, bearing Survey No. 112 Hissa No.17B, at village Khalgaon, Taluka and District Ratnagiri.

¶31

Sanap ( OA No. 984/2023 ) 4 of 11

¶32

Defendant No.1 has also created security interest in favour the applicant Bank by way of agreement of hypothecation in respect of 392 Mango trees in Survey Nos. 203/6C, 9/5, 14/1, 14/34, 199/12, 199/25, 199/32, 199/71, 199/79, 199/83, 199/88, 187/15, 187/26, 188/10, 117/16, 117/22, 117/27, 117/45, 177/1 and 175/16 situated at Ori, Ratnagiri and 4991 Mango trees in Survey Nos. 209/2/1, 209/4/1, 140/2, 261/10, 167/6, 211/4, 282/3, 294/43, 61/2, 153/2, 60/3, 142/8, 27/5, 27/2, 285/7, 286/14, 282/11, 209/4/2, 202/2/2, 211/7, 211/1, 154/24, 154/25, 219/3, 201/2, 286/10, 218/8, 294/38, 294/27, 62/27, 294/36, 209/7, 210/8/1, 210/8/2, 62/20, 61/1, 62/25, 62/26, 62/28, 294/42, 294/23, 285/23, 139/2, 167/1, 153/11, 153/24, 284/4, 65/7, 269/11, 263/6, 238/5, 240/2, 41, 241/8, 241/11, 241/14, 237/A1, 242/2, 51/6, 51/16, 51/19, 52/14, 52/17, 259/11, 258/2/A2, 257/2E, 138/1C, 51/1, 51/12, 51/15, 51/18, 51/20, 52/6, 52/10, 259/9, 259/13, 259/16, 257/2D, 52/8B, 138/1B, 120/45, 22/38, 22/43, 22/46, 117/18, 177/45, 177/48, 178/4, 179/1, 180/7, 180/28, 62/3, 62/6, 181/20/1, 113/57, 113/41, 113/49, 219/11, 161/10, 161/12, 294/5, 162/6A, 253/15 and 294/41A situated at Ori, Ratnagiri.

¶33

Sanap ( OA No. 984/2023 ) 5 of 11

¶34

Defendant No.1 has also executed

¶35

Acknowledgment of Debt on 04.03.2020 acknowledging outstanding balance in loan account.

¶36

The applicant Bank contended that the defendants committed defaults in payment of installments and failed to regularize the accounts. Hence, on 29.03.2022, the applicant Bank has classified the account of the defendants as Non Performing Asset in accordance with guidelines of Reserve Bank of India. Thereafter, on 26.04.2022, the applicant Bank issued Recall Notice to the defendants. Despite service of Notice, the defendants failed and neglected to pay the outstanding dues of the applicant Bank.

¶37

Hence, this application is filed.

¶38

The defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte against the defendants as per Order dated 25.06.2025 passed below Application (Exhibit-1).

¶39

The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Ankit Dixit, Branch Manager and Power of Attorney holder on behalf of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW1-1 to AW1-17

¶40

Sanap ( OA No. 984/2023 ) 6 of 11

¶41

along with list (Exhibit 7), which corroborates the case of the applicant Bank.

¶42

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

¶43

Since the defendants 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.

¶44

The applicant Bank has claimed future interest @9.55% 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.

¶45

Hence, I pass the following order.

¶46

O R D E R

¶47

A} Original Application No. 984/2023 is allowed with costs.

¶48

B} Defendant Nos.1 to 4 either jointly or severally shall pay to the applicant Bank the sum of Rs.2,23,62,041/(Rupees Two Crore Twenty Three Lakhs Sixty Two Thousand Forty One only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 19.05.2022 till full payment/realization

¶49

Sanap ( OA No. 984/2023 ) 7 of 11

¶50

of the amount mentioned in this operative order.

¶51

C} The aforesaid adjudicated amount is secured by the Equitable Mortgage in respect of --

¶52

A) Land admeasuring 00 Hector 49 Aar + Pot Kharaba 00 Hector 12 Aar, i.e. total 00 Hector 61 Aar, assessed at the rate of Rs. 00 Ps. 13, bearing Survey No. 170 Hissa No.1, at village Khalgaon, Taluka and District Ratnagiri,

¶53

B) Land admeasuring 00 Hector 17.5 Aar + Pot Kharaba 00 Hector 3.5 Aar, i.e. total 00 Hector 21 Aar, assessed at the rate of Rs. 00 Ps. 06, bearing Survey No. 200 Hissa No.12A, at village Khalgaon, Taluka and District Ratnagiri,

¶54

C) Land admeasuring 00 Hector 17.5 Aar + Pot Kharaba 00 Hector 3.5 Aar, i.e. total 00 Hector 21 Aar, assessed at the rate of Rs. 00 Ps. 06, bearing Survey No. 200 Hissa No.12B, at village Khalgaon, Taluka and District Ratnagiri,

¶55

D) Land admeasuring 00 Hector 10.5 Aar + Pot Kharaba 00 Hector 3.5 Aar, i.e. total 00 Hector 14 Aar, assessed at the rate of Rs. 00 Ps. 03, bearing Survey No. 112 Hissa No.17A, at village Khalgaon, Taluka and District Ratnagiri,

¶56

Sanap ( OA No. 984/2023 ) 8 of 11

¶57

E) Land admeasuring 00 Hector 15 Aar + Pot Kharaba 00 Hector 6 Aar, i.e. total 00 Hector 21 Aar, assessed at the rate of Rs. 00 Ps. 03, bearing Survey No. 199 Hissa No.16, at village Khalgaon, Taluka and District Ratnagiri,

¶58

F) Land admeasuring 00 Hector 54 Aar + Pot Kharaba 00 Hector 17 Aar, i.e. total 00 Hector 71 Aar, assessed at the rate of Rs. 00 Ps. 20, bearing Survey No. 199 Hissa No.17, at village Khalgaon, Taluka and District Ratnagiri, within local limits of Grampanchayat Khalgaon and within Registration District of Ratnagiri,

¶59

G) Land admeasuring 00 Hector 6 Aar + Pot Kharaba 00 Hector 3 Aar, i.e. total 00 Hector 9 Aar, assessed at the rate of Rs. 00 Ps. 3, bearing Survey No. 199 Hissa No.5, at village Khalgaon, Taluka and District Ratnagiri,

¶60

H) Land admeasuring 00 Hector 29 Aar + Pot Kharaba 00 Hector 10 Aar, i.e. total 00 Hector 39 Aar, assessed at the rate of Rs. 00 Ps. 6, bearing Survey No. 199 Hissa No.7, at village Khalgaon, Taluka and District Ratnagiri,

¶61

I) Land admeasuring 00 Hector 10.50 Aar + Pot

¶62

Sanap ( OA No. 984/2023 ) 9 of 11

¶63

Kharaba 00 Hector 3.50 Aar, i.e. total 00 Hector 14 Aar, assessed at the rate of Rs. 00 Ps. 3, bearing Survey No. 112 Hissa No.17B, at village Khalgaon, Taluka and District Ratnagiri,

¶64

and hypothecation in respect of 392 Mango trees in Survey Nos. 203/6C, 9/5, 14/1, 14/34, 199/12, 199/25, 199/32, 199/71, 199/79, 199/83, 199/88, 187/15, 187/26, 188/10, 117/16, 117/22, 117/27, 117/45, 177/1 and 175/16 situated at Ori, Ratnagiri and 4991 Mango trees in Survey Nos. 209/2/1, 209/4/1, 140/2, 261/10, 167/6, 211/4, 282/3, 294/43, 61/2, 153/2, 60/3, 142/8, 27/5, 27/2, 285/7, 286/14, 282/11, 209/4/2, 202/2/2, 211/7, 211/1, 154/24, 154/25, 219/3, 201/2, 286/10, 218/8, 294/38, 294/27, 62/27, 294/36, 209/7, 210/8/1, 210/8/2, 62/20, 61/1, 62/25, 62/26, 62/28, 294/42, 294/23, 285/23, 139/2, 167/1, 153/11, 153/24, 284/4, 65/7, 269/11, 263/6, 238/5, 240/2, 41, 241/8, 241/11, 241/14, 237/A1, 242/2, 51/6, 51/16, 51/19, 52/14, 52/17, 259/11, 258/2/A2, 257/2E, 138/1C, 51/1, 51/12, 51/15, 51/18, 51/20, 52/6, 52/10, 259/9, 259/13, 259/16, 257/2D, 52/8B, 138/1B, 120/45, 22/38, 22/43, 22/46, 117/18, 177/45, 177/48, 178/4, 179/1, 180/7, 180/28, 62/3, 62/6, 181/20/1, 113/57, 113/41, 113/49,

¶65

Sanap ( OA No. 984/2023 ) 10 of 11

¶66

219/11, 161/10, 161/12, 294/5, 162/6A, 253/15 and 294/41A situated at Ori, Ratnagiri, more particularly described in the Schedule I and II of the Original Application.

¶67

D} The applicant Bank is entitled to sell the mortgaged and hypothecated properties to recover its dues.

¶68

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

¶69

Sd/( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 22.09.2025 Debts Recovery Tribunal, Pune.

¶70

Sanap ( OA No. 984/2023 ) 11 of 11

The South Indian Bank Ltd. v. Damodar

Case brief

What is this about?

What did the court decide?

The South Indian Bank Ltd. v. Damodar

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Union Bank of India versus Mallinath

Union Bank of India versus Sanjay

Bank of India versus Eknath Dhawal

The South Indian Bank Ltd. versus Mohan

Punjab National Bank versus Tukaram Kharat

Bank of India versus Namdeo Gaikwad