Allowed

State Bank of India v. Shravak Associates

DRT29 Jan 2026OA/1186/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery of Rs. 1.96 crores from a partnership firm and its partner-guarantors. The court reduced the claimed penal interest and awarded future interest at 9%. Recovery is secured by a mortgage on specific land.

What did the court decide?

Recovery of Rs. 1,95,91,295/- plus future interest at 9% per annum, secured by mortgage on land at Kapadgaon, with direction to issue Recovery Certificate.

State Bank of India versus Shravak Associates — Execution and Attachment | DRT (2026)

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Presented on .. 24.06.2022 Registered on .. 27.12.2022 Decided on .. 29.01.2026 Duration .. Y—M—D 03--07--05

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 1186/2022.

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State Bank of India,

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A Banking Company constituted under the State Bank of India Act, 1955, having its Corporate Office at State Bank Bhavan, Nariman Point, Madam Cama Road, Mumbai 400 021 and its branch at – SIB Pune, where the Credit facilities were granted and thereafter account migrated to State Bank of India, Stressed Assets Recovery Branch, Second Floor, Wardhaman, Seven Loves Chowk, Plot No. 321/A/3, Mahatma Phule Peth, Pune 411042.

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… Applicant

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Versus

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1 M/s. Shravak Associates, A Partnership Firm, registered office at 407, Lunkad Skystation, Viman Nagar, Pune 411 014. Also at –

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Site Address – Maza Gharkul-Malhar City, Kapadgaon, Plot No. 2, Gat No.

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Sanap ( OA No. 1186/2022 ) 1 of 7

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20(B), Kapadgaon, Taluka Phaltan, District Satara 415 523.

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2 Mr. Subhash Shrihari Dahipahle, Partner/Guarantor, Flat No. 701, Cassiya Building, Zircon Society, Near Krishna Hotel, Viman Nagar, Pune 411 014.

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3 Mr. Mahendra Balasaheb Kondake, Partner/Guarantor, Pujan Colony, Pune-Pandharpur Road, Phaltan, Satara 415 523.

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4 Mrs. Preeti Rohit Chordia, Ranjan Apartment, Market Yard, Vidyasagar Colony, Pune 411 037.

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5 Shri Sajjan Pandurang Shendge, At Post - Junhe Phaltan, Lonand, Satara – 415 521

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6 Shri Prakash Anant Jagale, At Post Nira, Ward No.2, Taluka Purandar, District Pune 412 102

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7 Shri Dattatray Vithoba Yadav, At Post Pimpre Budruk (Chavanwadi) Tal. Khandala, District Satara 415 521.

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8 Mr. Sunanda Ramchandra Kulal At Post Taradgaon, Taluka Phaltan, District Satara 415 521.

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9 Shri Yunus Adul Attar, At Post Nira, Ward No.2, Taluka Purandar, District Pune 412 102.

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10 Shri Bapurao Dadu Gaddare, At Gaddarwadi, Post Khandobachi

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Sanap ( OA No. 1186/2022 ) 2 of 7

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Wadi, Tal.Baramati, Dist.Pune 412102.

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11 Mrs. Rekha Mapanna Bansode, At Post Sukurde, Taluka Purandar, District Pune 412 303.

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12 Mrs. Pramila Dattatray Saste, At Post Sukurde, Taluka Purandar, District Pune 412 303. … Defendants

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Appearances :-

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For Applicant Advocate Sudha Koloti. For Defendants Ex parte.

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Total Claim Amount – Rs.1,97,40,459/-

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JUDGMENT

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(Delivered on 29^th January, 2026)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.1,97,40,459/- together with future interest @11.90% per annum from the date of Application till realization of the entire dues from defendant Nos. 1 to 3.

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Brief facts of the application are as under :-

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Defendant No.1 is a registered partnership firm and defendant Nos. 2 and 3 are the partners of defendant No.1 as well as personal guarantors to the credit facilities granted by the applicant Bank to defendant No.1. Defendant Nos. 4 to 12 are the land owners and have

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given development rights and power of attorney to

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Sanap ( OA No. 1186/2022 ) 3 of 7

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defendant Nos. 1 to 3 with the power to mortgage the land for the development of land for project Maza Gharkul Malhar City.

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As per the loan application of defendant No.1 through defendant Nos. 2 and 3, the applicant Bank sanctioned the Project Specific Working Capatil for an amount of Rs.3,00,00,000/- to defendant No.1 for construction of Maza Gharkul Malhar City vide Letter of Arrangement dated 19.03.2018.

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In order to secure the aforesaid loan facility, defendant Nos.1 to 3 have executed necessary loan and security documents in favour of the applicant Bank. Defendant Nos.2 and 3 have also executed registered deed of mortgage dated 26.03.2018 in favour of the applicant Bank in respect of all that piece and parcel of the land situated at Plot No. 2, Gat No. 20(B) admeasuring 3306.22 square meters at village Kapadgaon, Taluka Phaltan, District Satara.

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Thereafter, again as per application of defendant Nos.1 to 3, the applicant Bank sanctioned FITL loan of Rs.17,99,420/- to defendant Nos.1 to 3 vide letter of Arrangement dated 27.01.2021 on execution of necessary loan and security documents in favour of applicant Bank.

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Sanap ( OA No. 1186/2022 ) 4 of 7

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The applicant Bank contended that the defendants committed defaults in payment of installments and failed to regularize the accounts. Hence, on 30.03.2021, 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 14.05.2022, the applicant Bank issued legal Notice to the defendants. Despite service of Notice, the defendants 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 defendants failed to file written statement, therefore, the application proceeded without written statement against the defendants as per Order dated 08.12.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Smt. Jyoti Bandmantri, Assistant General Manager of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW1-1 to AW1-20 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. 1186/2022 ) 5 of 7

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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 against defendant Nos. 1 to 3.

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The applicant Bank has claimed Penal Interest of Rs.1,49,164/-, which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.1,97,40,459/- is reduced to Rs.1,95,91,295/-.

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The applicant Bank has claimed future interest @11.90% 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. 1186/2022 is allowed with costs against defendant Nos.1 to 3.

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B} Defendant Nos.1 to 3 either jointly or severally shall pay to the applicant Bank the sum of Rs.1,95,91,295/(Rupees One Crore Ninety Five Lakh Ninety One Thousand Two Hundred Ninety Five only) along with future interest @9% per annum from the date of filing

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Sanap ( OA No. 1186/2022 ) 6 of 7

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of the Original Application i.e. 24.06.2022 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 valid and subsisting mortgage in respect of all that piece and parcel of the land situated at Plot No. 2, Gat No. 20(B) admeasuring 3306.22 square meters at village Kapadgaon, Taluka Phaltan, District Satara, more particularly described in the Para No. 5.11 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} No order against defendant Nos. 4 to 12 as no relief of recovery is claimed against them.

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F} Issue Recovery Certificate.

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

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Sd/( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 29.01.2026 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 1186/2022 ) 7 of 7

State Bank of India v. Shravak Associates

Case brief

What is this about?

What did the court decide?

State Bank of India v. Shravak Associates

Case brief

What is this about?

What did the court decide?

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