Allowed

Union Bank of India (Corporation Bank) v. M/S. Radha Traders, Prop. Mr. Vipul Vijaykumar Agarwal

DRT17 Mar 2026OA/1123/2022

Case brief

AI extract

What is this about?

DT approved recovery application for Rs. 1.49 crore with modified interest. The tribunal allowed the ex-parte application for recovery against a non-performing loan, granting the claim amount plus future interest at 9% per annum secured by mortgaged property.

What did the court decide?

Recovery of Rs. 1,49,31,445/- plus future interest at 9% per annum; declaration of security by mortgaged property; direction to sell property; issuance of recovery certificate.

Union Bank of India (Corporation Bank) versus M/S. Radha… — Execution and Attachment | DRT (2026)

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Presented on	..	11.11.2019
Registered on	..	23.08.2022
Decided on	..	17.03.2026
Duration	..	Y—M—D
		00--00--00

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 1123/2022.

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Union Bank of India,

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(Erstwhile Corporation Bank,)

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A body corporate constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1980, having its head office at Mumbai and one of its Branch Office at – Prem Park, Masulkar Colony, Pimpri, Pune 411 018.

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… Applicant

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Versus

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Mr. Vipul Vijaykumar Agarwal, Proprietor of M/s. Radha Traders, Add. :- Shop Nos. 6 and 7, Ground Floor, Kohinoor Classic Marvel, Pune 411 044.

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Also at : Flat No. B-102, Pristine Shatrunjay, Dr. D.Y. Patil College Road, Ravet, Pune 412 101.

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Also at : Flat No. 3 and 5, Shubham Apartment, Khandwe Wasti, MIDC, Bhosari, Pune.

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Also at : Flat No. B-1603, Rajguru

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Sanap ( OA No. 1123/2022 ) 1 of 5

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Residency, Katraj Kondhwa Road, Opp. Gokul Hotel, Kondhwa, Pune.

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… Defendant

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Appearances :- For Applicant For Defendant

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Advocate Kaushalya Nagarkatti. Ex parte.

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Total Claim Amount – Rs.1,49,31,445/-

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JUDGMENT

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(Delivered on 17^th March, 2026)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.1,49,31,445/- together with future interest @10.05% 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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As per the loan application of the defendant, the applicant Bank sanctioned the loan facility of Rs.1,30,00,000/- to the defendant for his business purpose vide Sanction Letter dated 28.10.2016.

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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 mortgage in favour of the applicant Bank in respect of all that piece and parcel consisting of commercial premises bearing Shop

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Sanap ( OA No. 1123/2022 ) 2 of 5

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No.6 area 22.875 sq. mtrs. and mezzanine area 6.862 sq. mtrs. and Shop No.7 area 22.875 sq. mtrs. and mezzanine area 6.862 sq. mtrs. of saleable area on the ground floor along with 4 WC of Wing A, Kohinoor Classy Marvel, Plot No. SDC, Sector No. 23, PCNTDA situated at village Nigdi, Taluka Haveli, District Pune.

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The applicant Bank contended that the defendant committed defaults in payment of installments and failed to regularize the accounts. Hence, the applicant Bank has classified the account of the defendant as NonPerforming Asset in accordance with guidelines of Reserve Bank of India. Thereafter, on 09.04.2019, 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.

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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 04.03.2026 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-11) of Pawan Shukla, Chief Manager and

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Sanap ( OA No. 1123/2022 ) 3 of 5

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Authorized Signatory on behalf of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW1-1 to AW1-16 along with list (Exhibit 12), 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 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 future interest @10.05% 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.1123/2022 is allowed with costs.

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B} The defendant shall pay to the applicant Bank the sum of Rs.1,49,31,445/- (Rupees One Crore Forty Nine Lakh Thirty One Thousand Four Hundred Forty Five only) along with future interest @9% per annum from the date

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Sanap ( OA No. 1123/2022 ) 4 of 5

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of filing of the Original Application i.e. 11.11.2019 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 mortgage in respect of all that piece and parcel consisting of commercial premises bearing Shop No.6 area 22.875 sq. mtrs. and mezzanine area 6.862 sq. mtrs. and Shop No.7 area 22.875 sq. mtrs. and mezzanine area 6.862 sq. mtrs. of saleable area on the ground floor along with 4 WC of Wing A, Kohinoor Classy Marvel, Plot No. SDC, Sector No. 23, PCNTDA situated at village Nigdi, Taluka Haveli, District Pune, more particularly described in the Schedule 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 : 17.03.2026 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 1123/2022 ) 5 of 5

Union Bank of India (Corporation Bank) v. M/S. Radha Traders, Prop. Mr. Vipul Vijaykumar Agarwal

Case brief

What is this about?

What did the court decide?

Union Bank of India (Corporation Bank) v. M/S. Radha Traders, Prop. Mr. Vipul Vijaykumar Agarwal

Case brief

What is this about?

What did the court decide?

What the court decided

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