Allowed

Punjab National Bank (Oriental Bank of Commerce) v. M/S. Shivraj Tyres, Prop. Mr. Akash Shivaji Nawale

DRT27 Oct 2025OA/998/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by Punjab National Bank for recovery of Rs.10,86,097/-. Being satisfied with the bank's evidence ex-parte, the court granted relief for the principal amount and adjusted the future interest rate to 9% per annum.

What did the court decide?

Recovery of Rs.10,86,097/- with future interest @9% p.a. from 09.03.2018; Issue of Recovery Certificate.

Punjab National Bank (Oriental Bank of Commerce) versus M/S… — Specific Performance | DRT (2025)

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Presented on .. 09.03.2018 Registered on .. 03.09.2022 Decided on .. 27.10.2025 Duration .. Y—M—D 07--07--18

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 998/2022.

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Punjab National Bank, Erstwhile Oriental Bank of Commerce,

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A body corporate constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act of 1980 having its head office at Plot No. 4, Sector 10, Dwarka, New Delhi 110075 and branch at – 207, Maruti Ali, Sardar Peth, Shirur, Taluka Shirur, District Pune 412 210.

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… Applicant

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Versus

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Mr. Akash Shivaji Nawale, Proprietor M/s. Shivraj Tyres,

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Milkat No. 881, H. No. 752, Gat No. 405, Near Datta Mandir, At Post Karegaon, Taluka Shirur, District Pune.

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… Defendant

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Appearances :-

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For Applicant For Defendant

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Advocate VVSP Sarma Ex parte.

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Sanap ( OA No. 998/2022 ) 1 of 5

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Total Claim Amount – Rs.10,86,097/-

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JUDGMENT (Delivered on 27^th October, 2025)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.10,86,097/- together with future interest @9.45% 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 :-

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The defendant is the sole proprietor of firm M/s. Shivraj Tyres. As per the loan application of the defendant, the applicant Bank sanctioned the Cash Credit facility of Rs.10,00,000/- under PMMY Scheme for the purpose of Tyre business to the defendant on 25.03.2016.

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In order to secure the aforesaid loan facility, the defendant has executed necessary loan and security documents in favour of the applicant Bank. The defendant has also executed deed of hypothecation of assets dated 29.03.2016, in favour of the applicant Bank. The defendant has also executed Balance and Security Confirmation Letter on 03.07.2017 in favour of the applicant Bank and thereby confirmed the balance outstanding in loan account.

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Sanap ( OA No. 998/2022 ) 2 of 5

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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 30.06.2017, 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 27.01.2018, the applicant Bank issued legal Notice 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 28.02.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Rajnish Parshuram Gourkhede, Senior Manager and Principal Officer of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1-1 to AW-1-10 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. 998/2022 ) 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. Therefore, the applicant Bank is entitled for reliefs as claimed.

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The applicant Bank has claimed relief in respect of hypothecated assets. However, there is no detailed 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 @9.45% 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. 998/2022 is allowed with costs.

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B} The defendant shall pay to the applicant Bank the sum of Rs.10,86,097/- (Rupees Ten Lakh Eighty Six Thousand Ninety Seven only) along with future interest @9% per annum from the date of filing of the

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Sanap ( OA No. 998/2022 ) 4 of 5

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Original Application i.e. 09.03.2018 till full payment/realization of the amount mentioned in this operative order.

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C} Issue Recovery Certificate. D} 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 : 27.10.2025 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 998/2022 ) 5 of 5

Punjab National Bank (Oriental Bank of Commerce) v. M/S. Shivraj Tyres, Prop. Mr. Akash Shivaji Nawale

Case brief

What is this about?

What did the court decide?

Punjab National Bank (Oriental Bank of Commerce) v. M/S. Shivraj Tyres, Prop. Mr. Akash Shivaji Nawale

Case brief

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What did the court decide?

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