The Debts Recovery Tribunal allowed the Bank of India's application for recovery of dues from the borrower and guarantor appearing ex parte. The court modified the claimed future interest rate from 13.45% to 9% p.a.
Defendants jointly or severally to pay Rs. 15,78,039 with future interest @9% p.a. from 27.07.2018; Recovery Certificate to be issued.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
Presented on .. 27.07.2018 Registered on .. 20.04.2023 Decided on .. 13.01.2026 Duration .. Y—M—D 07--05--16
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer)
ORIGINAL APPLICATION No. 1093/2023.
Bank of India,
A Bank constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970 and having its head office at Star House, C-5, G Block, Bandra-Kurla Complex, Bandra East, Mumbai – 400051 and branch office at – Kavathe Mahankal, Taluka Kavathe Mahankal, District Sangli 416 405.
… Applicant
Versus
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Regd. Office – At Post Kavathe Mahankal, Taluka Kavathe Mahankal, District Sangli - 416 405.
Incorporated and registered under the provision of the Maharashtra Cooperative. Societies Act, 1960 having Regd. Office at – SDCC HO, Pushpraj Chowk, Sangli - 416 416. … Defendants
Appearances :- For Applicant Advocate Satyen Jagtap. For Defendants Ex parte.
Total Claim Amount – Rs.15,78,038=91
JUDGMENT
(Delivered on 13th January, 2026)
Defendant No.1 is a borrower and defendant No. 2 is guarantor for discharging of the loan liability of defendant No.1 granted by the applicant Bank to defendant No.1. Defendant No.2 has created first charge by way of
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mortgaging the properties to defendant No.3, which are mortgaged to the applicant Bank by way of second charge. Therefore, defendant No.3 is joined in this Application as necessary party and no relief has been claimed against defendant No.3.
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defendant Nos. 1 and 2. Despite service of Notice, defendant Nos.1 and 2 failed and neglected to pay the outstanding dues of the applicant Bank.
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am of the opinion that if future interest is granted @9% per annum (simple), it would be just and reasonable rate of interest.
Hence, I pass the following order.
O R D E R
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defendant No.3.
Sd/( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 13.01.2026 Debts Recovery Tribunal, Pune.
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2 issues framed by the court
Whether the debt recovery tribunal should grant relief to the applicant bank against the defaulting borrower and guarantor despite their non-appearance.
Whether the future interest rate claimed by the bank should be modified to a lower rate.
Bank of India
Mr. Manohar Balaso Patil
Mahankali Sahakari Sakhar Karkhana Limited
Sangli District Central Co-op. Bank Ltd.
Dilip G. Murumkar
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
