Allowed

Indian Overseas Bank v. Maruti Kare

DRT10 Sept 2025OA/986/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal, Pune, allowed the applicant's application for recovery of an aggregate sum of Rs.48,27,422/-. The court granted future interest at 9% p.a. instead of the claimed 12.75% p.a. and directed the sale of hypothecated mortgaged properties to recover dues.

What did the court decide?

Payment of Rs.48,27,422/- with future interest at 9% p.a.; Power to sell mortgaged immovable property; Issuance of Recovery Certificate.

Indian Overseas Bank versus Maruti Kare — Banking and Recovery | DRT (2025)

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Presented on: 30.06.2022 Registered on: 24.08.2022 Decided on: 10.09.2025 Duration: Y M D 03 02 11

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.986/2022.

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Indian Overseas Bank

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A Body Corporate constituted under the Banking Companies (Acquisitions & Transfer of Undertakings) Act 1970 having its Head Office at 762, Anna Salai, Chennai-600002, Tamilnadu State and its branch at Indian Overseas Bank, Mahatma Phule Road, Indapur, District Pune, Maharashtra-413 106.

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… Applicant

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Versus

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1. Mr. Maruti Madhav Kare

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2. Mr. Bhauso Maruti Kare

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3. Mr. Ashok Panjabrao Markad

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4. Mr. Panjabrao Krishna Markad All R/at – 237, Shinde, Falake, Devkar Gadekar Vasti, Varkute Bk. Tal. Indapur, Dist. Une-413 106.

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…Defendants

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APPEARANCES

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For the Applicant For the Defendants

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Advocate Mr. Rahul Hare Ex parte.

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TOTAL CLAIM AMOUNT –Rs.48,27,422/-

(OA No.986/2022)

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[ANIL]

JUDGMENT (Delivered on 10^th September, 2025)

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The Applicant Bank has filed present application for recovery of aggregate sum of Rs.48,27,422/-[i.e. Rs.43,79,589/towards Agri Term Loan A/c

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No.305903811400011 and Rs.4,47,833/- towards Agri Kisan Credit KCC A/c No.305902000000255 ] together with future interest @12.75% per annum with half yearly rests plus penal interest @2% p.a. from 01.04.2021 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 Nos.1&2 alongwith Defendant Nos.3 & 4 approached Applicant Bank on 20.12.2013 and requested for Agri Credit Facilities for an amount of Rs.20,00,000/- consisting of two facilities i.e. Agriculture Term Loan under IOB Green Credit Scheme for an amount of Rs.17,00,000/- and Agri Kisan Credit Card (KCC) for an amount of Rs.3,00,000/- for Sugarcane Cultivation.

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The Applicant Bank considered the request of Defendant Nos.1&2 and sanctioned Agri Credit Facilities for an amount of Rs.20,00,000/- consisting of two facilities i.e. Agriculture Term Loan under IOB Green Credit Scheme

(OA No.986/2022)

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[ANIL]

for an amount of Rs.17,00,000/- and Agri Kisan Credit Card (KCC) for an amount of Rs.3,00,000/- for Sugarcane Cultivation, on 13.01.2014 on the terms and conditions mentioned therein.

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In order to secure the aforesaid Term Loan facilities, the respective defendants have executed all relevant loan and security documents as set out in Para Nos.5.7 of the Original Application, in favor of the Applicant Bank. Defendant Nos.2 and 3 executed Guarantee for Loans dated 18.01.2014 in favour of the applicant for repayment of the amount due and payable by Defendant No.1&2 to the Applicant Bank. Defendant No.1&2 have executed Letter of Hypothecation dated 18.01.2014 and hypothecated sugarcane crop in 2.86 Hectors (7.15 Acres) in land Gat No.77 & 79, situated at village Varkute Bk. of Indapur Taluka, District Pune standing in the name of Defendant No.1- Mr. Maruti Madhav Kare.

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In addition to this, defendant Nos.1&2 has executed Registered Mortgage Deed duly registered at Sub Registrar at Indapur at Sr.No.269 dated 15.01.2014 in favour of Indian Overseas Bank of the immovable property of the land i.e.

(OA No.986/2022)

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[ANIL]

(i)- All that piece and parcel of agriculture land admeasuring 01 Hector 66.5 Are, out of Gat No.77, totally admeasuring 7H 72 , its assessed at Rs.6.25 situated at village Varkute Bk., Tal. Indapur, District Pune, Sub Division and Taluka Indapur and within the sub limits of Sub Registrar Indapur, District Pune together with all trees, crops (Existing and future) standing on the land and superstructure, fixtures and fittings including building, machinery, pipeline etc.

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(ii)- All that piece and parcel of agriculture land admeasuring 01H 07R + PK 0H 13R totally 1H 20R assessed at Rs.0.98, out of Gat No.79 situated at village Varkute Bk., Tal. Indapur, District Pune, within the jurisdiction of Division Pune, Sub Division and Taluka Indapur and within the sub limits of Sub Registrar Indapur, District Pune, together with all trees, crops (Existing and future) standing on the land and superstructure, fixtures and fittings including building, machinery, pipeline etc. presently installed and / or that may be installed thereon, more particularly mentioned in Para No.5.10 of the Main Application.

(OA No.986/2022)

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[ANIL]

Defendant No.1 and 2 alongwith Defendant No.3 and 4 again approached applicant bank for renewal of Agri Credit Facilities for Rs.3,00,000/- for Agri Kisan Credit Card (KCC). The applicant bank renewed Working Capital limit of Rs.3,00,000/- vide credit sanction advice letter dated 05.01.2015. Defendant Nos.1 to 4 executed Revival Letter dated 12.11.2016 and thereby admitted their liability.

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The Applicant Bank contended that Defendant Nos.1 to 4 have not responded to the request of the applicant bank for payments of the loan amount due and payable by them on number of times. The officers of the applicant bank personally called up and also sent number of reminders for the payment of dues but of no avail. In spite of all the reminders, defendant Nos. 1 to 4 neither made any efforts to approach the applicant nor paid any amount due and payable to regularize its loan account, therefore, the account of Defendants classified as NPA on 16.02.2018 as per RBI Guidelines.

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Defendants have failed to stick to the terms and conditions of the loan and also to maintain the loan account satisfactorily. Therefore, the applicant through its Advocate Rahul Hare issued Legal Notice dated 24.06.2021 to defendant Nos.1 to 4 and thereby called upon them to

(OA No.986/2022)

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[ANIL]

repay the entire amount outstanding under the said loan account. But in spite of receipt of notice, defendants failed and neglected to repay the due amount.

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Hence, this application is filed.

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Defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte as per order dated 02.05.2025 passed below Application (Exhibit-1).

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The Applicant Bank has filed Claim Affidavit (Exhibit-7) of Mr. Ashwinkumar Mohandas Shriram, Manager and has produced on record the Notarized Loan Transaction documents at Exhibits.AW-1 to AW-26, 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 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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The Applicant Bank has claimed relief in respect of hypothecated assets. However, there is no detailed

(OA No.986/2022)

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[ANIL]

description with respect to the hypothecated assets. Therefore, the relief in terms of hypothecated assets cannot be granted.

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The Applicant Bank has claimed future interest @12.75% p.a. each for Agri Term Loan Account and KCC Account. 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.986/2022 is allowed with costs.

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(B) Defendant Nos.1to4 either jointly or severally shall pay an aggregate sum of Rs.48,27,422/- to the applicant bank, as under:-

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(i)- Out of Rs.48,27,422/-, Defendant Nos.1to4 either jointly or severally shall pay sum of Rs.43,79,589/- (Rupees Fourty Three Lakhs Seventy Nine Thousand Five Hundred Eighty Nine Only) towards Agri Term Loan Account No.305903811400011 with future interest @ 9% p.a. from the date of filing of the Original Application i.e.30.06.2022 till payment/ realization of the amount.

(OA No.986/2022)

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[ANIL]

(ii)- Out of Rs.48,27,422/-, Defendant Nos.1to4 either jointly or severally shall pay sum of Rs.4,47,833/- (Rupees Four Lakhs Fourty Seven Thousand Eight Hundred Thirty Three Only) towards Agri KCC Loan Account No. 305902000000255 with future interest @ 9% p.a. from the date of filing of the Original Application i.e.30.06.2022 till payment / realization of the amount.

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(C)

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The aforesaid adjudicated amount is secured by immovable properties i.e.

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(i)- All that piece and parcel of agriculture land admeasuring 01 Hector 66.5 Are, out of Gat No.77, totally admeasuring 7H 72R, its assessed at Rs.6.25 situated at village Varkute Bk., Tal. Indapur, District Pune, Sub Division and Taluka Indapur and within the sub limits of Sub Registrar Indapur, District Pune together with all trees, crops (Existing and future) standing on the land and superstructure, fixtures and fittings including building, machinery, pipeline etc.;

(OA No.986/2022)

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[ANIL]

fittings including building, machinery, pipeline etc. presently installed and / or that may be installed thereon, more particularly mentioned in Para No.5.10 of the Main 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 Bank and the defendants.

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Sd/Place : Pune (Dilip G. Murumkar) Date: 10.09.2025 Presiding Officer Debts Recovery Tribunal, Pune.

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(OA No.986/2022)

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[ANIL]

Indian Overseas Bank v. Maruti Kare

Case brief

What is this about?

What did the court decide?

Indian Overseas Bank v. Maruti Kare

Case brief

What is this about?

What did the court decide?

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