Allowed

Punjab National Bank v. Gangadhar Rambhau Pandule

DRT12 Feb 2026OA/126/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's original application for recovery of a loan of Rs. 29,02,650/- along with future interest at 7% per annum. The court enforced the charge over the mortgaged agricultural lands and directed the issue of a Recovery Certificate.

What did the court decide?

Recovery of Rs. 29,02,650/- plus future interest at 7% p.a.; declaration of charge over mortgaged agricultural lands; issue of Recovery Certificate.

Punjab National Bank versus Gangadhar Rambhau… — Contract and Commercial Disputes | DRT (2026)

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Presented on: 14.06.2023 Registered on: 28.02.2024 Decided on: 12.02.2026 Duration: Y M D 01 07 28

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 126/2024

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TOTAL CLAIM AMOUNT – Rs. 29,02,650/-

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Punjab National Bank,

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A Body Corporate constituted under the Banking companies (Acquisition and Transfer of Undertakings) Act 1970, having its Head Office at Plot No. 4, Sector-10, Dwarka, New Delhi-75, and one of its Branch at Ghogargaon, Tal. Srigonda, Dist. Ahmednagar 413725 through it’s Attorney, Mr. Rahul Nathaji Potphode .

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… Applicant

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Versus

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Gangadhar Rambhar Pandule, Age: 64 years, Occ.: Agriculture, R/o.: At post Mirajgaon, Tal. Karjat, Dist. Ahmednagar-414401.

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…Defendant

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APPEARANCES

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For the Applicant For Defendant

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Mr. Sameer J. Pande -Advocate Ex-parte

(OA No.126/2024)

Page 1 of 7

[AMBADAS]

JUDGMENT

Delivered on 12.02.2026

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The Applicant Bank has filed the present application for the

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recovery of a sum of Rs. 29,02,650/- (Rupees Twenty Nine Lacs, Two Thousand, Six Hundred and Fifty only), along with future interest from the date of filing of the Original Application, i.e., 14.06.2023, until the date of realization of the entire outstanding dues from the Defendant.

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Brief facts of the application are as under:

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The Applicant Bank states that the Defendant had approached and requested the Applicant Bank for Cash Credit Facility. Upon considering the request and financial needs of the Defendant, the Applicant Bank sanctioned Cash Credit Facility of Rs. 20,00,000/vide sanction letter dated 20.06.2018 on certain terms and conditions. The agreed rate of interest for the aforesaid loan was

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@ 7 % p.a. with monthly rests. The Defendant also agreed to pay

(OA No.126/2024)

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[AMBADAS]

additional interest @2% by way of liquidated damages in the event of any default in repayment.

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In order to secure the aforesaid loan facility, the Defendant executed various loan documents in favour of the Applicant Bank. These included sanction letter, letter of undertaking, registered mortgage deed bearing daybook no. 2232/2018 dated 06.07.2018 etc., in favour of the Applicant Bank

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The Applicant Bank further contends that, in order to secure the aforesaid loan facility, the Defendant executed mortgage deed bearing daybook no. 2232/2018 dated 06.07.2018 in favour of the Applicant Bank. The mortgage was created in respect of the following properties:

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i) All that piece and parcel of Agriculture land admeasuring 1.15 H.R., Part of Gut No. 100/1 of village Mirajgaon, Tal. Karjat, Dist. Ahmednagar.

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ii) All that piece and parcel of Agriculture land admeasuring 1.10 H.R., Part of Gut No. 100/2 of village Mirajgaon, Tal. Karjat, Dist. Ahmednagar.

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The applicant bank contended that the defendant has failed to keep his promise and commitments agreed by him with regard to

(OA No.126/2024)

Page 3 of 7

[AMBADAS]

due repayment of the loan amount. The defendant failed to operate the loan account properly and failed to pay the agreed rate of interest as per terms and conditions of the sanction letter. Thereafter, the applicant bank repeatedly made demand of loan amount and called upon the defendant to pay with the agreed rate of interest thereon, but the defendant failed and neglected to pay the same. The loan account of the defendant became irregular and classified as NPA on 31.03.2022. Therefore on 05.01.2023 the applicant bank issued legal notice to the defendant through their advocate. Despite service of Notices, the defendant failed and neglected to repay the outstanding dues of the applicant Bank. Hence, this application is filed.

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The defendant failed to appear in matter though he was served through summons. Hence, the defendant was proceeded ex-parte as per Order dated 19.04.2024.

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The applicant Bank has filed Evidence Affidavit of evidence at Exhibit-4 of Mr. Rahul s/o. Nathaji Potphode, Power of Attorney Holder of the applicant Bank, and has produced on record the

(OA No.126/2024)

Page 4 of 7

[AMBADAS]

original loan transaction documents as Annexure A-1 to A-15 along with list of documents Exh.5 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 the unrebutted evidence of the applicant Bank. Therefore, the applicant Bank is entitled for the reliefs as claimed.

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The applicant Bank has claimed charge over immovable property of the borrower which is mortgaged in favour of the applicant bank.

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The applicant Bank has claimed future interest @15% p. a. from the date of filing i.e. 14.06.2023 of this application till realization of the claim amount. However, considering the facts of the case, I am of the opinion that if future interest is granted @ 7% per

(OA No.126/2024)

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[AMBADAS]

annum (simple) on outstanding amount, it would be just and reasonable rate of interest.

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ORDER

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(A) Original Application No. 126/2024 is allowed with costs.

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(B) The defendant shall pay to the applicant Bank a sum of Rs. 29,02,650/- (Rupees Twenty Nine Lacs, Two Thousand,

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Six Hundred and Fifty only), along with future interest @ 7% per annum (simple) from the date of filing of the O.A. i.e. 14.06.2023 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 of the following vide document at Annexure A-5 in list of documents Exh. 5.

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i) All that piece and parcel of Agriculture land admeasuring 1.15 H.R., Part of Gut No. 100/1 of village Mirajgaon, Tal. Karjat, Dist. Ahmednagar.

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ii) All that piece and parcel of Agriculture land admeasuring 1.10 H.R., Part of Gut No. 100/2 of village Mirajgaon, Tal. Karjat, Dist. Ahmednagar.

(OA No.126/2024)

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[AMBADAS]

(D) The applicant Bank is entitled to sell the mortgaged immovable properties and hypothecated articles/goods etc., to recover its dues.

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(E) Issue Recovery Certificate accordingly.

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(F) The Registrar is directed to send the copy of the Judgment and Recovery Certificate to the applicant and defendant.

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(G) File be consigned to the record room.

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Sd/Pronounced in open court. (Dr. J. R. Chauhan) Place: Aurangabad Presiding Officer Date:.12.02.2026 Debts Recovery Tribunal, Aurangabad

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(OA No.126/2024)

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Page 7 of 7

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[AMBADAS]

Punjab National Bank v. Gangadhar Rambhau Pandule

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Gangadhar Rambhau Pandule

Case brief

What is this about?

What did the court decide?

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