Allowed

State Bank of India v. Sadanand

DRT18 Feb 2026OA/1425/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed State Bank of India's ex-parte application for recovery of dues from borrowers under a Kisan Credit Card account. The Tribunal sanctioned future interest at 9% p.a. instead of the claimed 16.50% and granted the bank rights to sell mortgaged properties.

What did the court decide?

Payment of Rs.1,25,45,643/ with 9% p.a. interest; entitlement to sell mortgaged properties; issue of Recovery Certificate.

State Bank of India versus Sadanand — Banking and Recovery | DRT (2026)

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Presented on: 13.06.2023 Registered on: 04.11.2023 Decided on: 18.02.2026 Duration: Y M D 02 08 05

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.1425/2023.

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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-400021 and its Stressed Asset Recovery Branch at Vardhaman Building, 2^nd floor, 321/A/3, 7 Loves Chowk, Shankarsheth Road, Pune-411 042.

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… Applicant

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Versus

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Mr. Sadanand Anant Velankar

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Mr. Sanjay Madhukar Velankar

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Mr. Ganesh Shivram Velankar All R/at Nadan, Tal. Devgad, District Sindhudurg- 416 805.

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… Defendants

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APPEARANCES

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For the Applicant Mrs. Sudha Koloti – Advocate For the Defendants Ex parte. TOTAL CLAIM AMOUNT – Rs.1,25,45,643.01Ps .

(OA No.1425/2023)

Page 1 of 7

[ANIL]

JUDGMENT (Delivered on 18^th February, 2026)

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The Applicant Bank has filed present Application for recovery of an amount of Rs.1,25,45,643.01Ps towards Kisan Credit Card Account No.34547755822 (KCC) as on 19.05.2023 inclusive of interest till 19.05.2023 plus future interest from 20.05.2023 @16.50% p.a. till full repayment/realization of entire dues from the defendants.

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Brief facts of the application are as under:-

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Defendant No.1 approached the applicant bank on 15.12.2014 requesting for KCC for cultivation expenses for an amount of Rs.33,00,000/- for Mango Cultivation and Marketing Business. Defendant No.2 and 3 are the guarantors to the loan availed by Defendant No.1.

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Applicant bank considered the request of Defendant No.1 and sanctioned KCC of Rs. 33 lakhs on 30.12.2014 for cultivation expenses, on certain terms and conditions.

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Defendants have executed the loan transaction and security documents including Letter of agreement dated 30.12.2014; Hypothecation Agreement dated 30.12.2014, Deed of Guarantee dated 30.12.2014; Letter of Indemnity of Waive Insurance dated 30.12.2014 and Form of Declaration dated 30.12.2014, as set out in para. No.5.7 of the Original Application.

(OA No.1425/2023)

Page 2 of 7

[ANIL]

The applicant states that to secure the loan defendant also executed Mortgage Deed dated 10.11.2009 duly registered at the Office of Sub Registrar, Devgad at Sr. No.1078/2009 in favour of the applicant bank and thereby mortgaged following properties.

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Description of Properties : -

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All those piece and parcels of land situate being and lying at village Nadan in the Registration District Sindhudurg, Sub District Sindhudurg –

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(i)- Survey No.166 (199) Hissa No.1, Area H.A.P. 4-59-0, 2-85-0 total 7-44-0; Asset Rs.2 Paise 75; Hissa No.64, Sale the Land Mor 1-14-75; 0-71-25 total 1-86-00 Asset 0-68.

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(ii)- Survey No.190 (226) Hissa No.3, Area H.A.P. 0-75-0, 0-74-0 total 1-49-0; Asset Rs.0 Paise 34; Hissa No.68, Sale the Land Mor 0-37-50; 0-37-00 total 0-74-50 Asset 0-17.

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(iii)- Survey No.39 (77) Hissa No.37, Area H.A.P. 0-28-0, 0-04-0 total 0-32-0; Asset Rs.0 Paise 19; Hissa Full, Sale the Land Mor 0-28-0; 0-04-00 total 0-32-0 Asset 0-19.

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(iv)- Survey No.39 (77) Hissa No.39, Area H.A.P. 0-24-0, 0-02-0 total 0-26-0; Asset Rs.0 Paise 19; Hissa Full, Sale the Land Mor 0-24-0; 0-02-00 total 0-26-0 Asset 0-19.

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(v)- Survey No.39 (77) Hissa No.42, Area H.A.P. 0-31-0, 0-04-0 total 0-35-0; Asset Rs.0 Paise 19; Hissa Full, Sale the Land Mor 0-31-0; 0-04-00 total 0-35-0 Asset 0-19, more particularly described in Para No.5.11 of the Original Application.

(OA No.1425/2023)

Page 3 of 7

[ANIL]

The applicant Bank further contended that defendants failed and neglected to comply with terms and conditions in which the said facilities were granted. Applicant called upon the defendants to regularize the accounts, but they failed and neglected to comply with the same. Therefore, KCC and Term Loan account of Defendant No.1 become NPA on 31.07.2017.

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Thereafter, the applicant repeatedly called upon Defendant Nos.1 to 3 to regularize the account, but they failed and neglected to comply with the same. Hence, the applicant through advocate Sudha Koloti issued Recall Notice cum invocation of Guarantee Notice dated 28.01.2020 to the defendants and called upon them to repay the entire amount outstanding under KCC and Term Loan accounts. The defendants failed to comply with the requisitions contained in the Legal Notice and failed to repay the amounts outstanding in the said loan accounts. Hence, this application is filed.

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Despite service of summons, defendants failed to appear. Hence, application proceeded ex-parte against defendants & order of ex-parte hearing is passed on 16.06.2025 below application (Exh.-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Abhay D. Somkuwar, Chief Manager (SARB), which supports the case of the applicant Bank elucidated in the application. The applicant Bank has produced on record the photocopies/ Original loan transaction documents (Sr.Nos.AW-1/1 to AW-1/17) which corroborate the case of the applicant Bank.

(OA No.1425/2023)

Page 4 of 7

[ANIL]

I have heard arguments of the learned Advocate for the applicant Bank.

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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 the 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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Applicant Bank has claimed future interest @16.50% p.a. for KCC loan availed. However, considering the facts of the case, I am of the opinion that if future interest is granted @9% p.a. (simple) for all the loan facilities, it would be just and reasonable rate of interest.

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Hence, I pass the following order:-

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ORDER

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(A) Original Application No.1425/2023 is allowed with costs.

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(B) Defendant Nos.1 to 3 either jointly or severally shall pay an amount of Rs.1,25,45,643/- (Rupees One Crore TwentyFive Lakhs Fourty Five Thousand Six Hundred Fourty Three only) to the applicant bank towards Kisan Credit Card Account No.34547755822 with future interest @9% p.a. (Simple) from the date of filing of the Original Application i.e.13.06.2023 till full realization of the amount mentioned in this operative order.

(OA No.1425/2023)

Page 5 of 7

[ANIL]

(C) The above said amount is secured by mortgaging the following immovable properties i.e. all those piece and parcels of land situate being and lying at village Nadan in the Registration District Sindhudurg, Sub District Sindhudurg –

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(i)- Survey No.166 (199) Hissa No.1, Area H.A.P. 4-59-0, 2- 85-0 total 7-44-0; Asset Rs.2 Paise 75; Hissa No.64, Sale the Land Mor 1-14-75; 0-71-25 total 1-86-00 Asset 0-68.

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(ii)- Survey No.190 (226) Hissa No.3, Area H.A.P. 0-75-0, 0-74-0 total 1-49-0; Asset Rs.0 Paise 34; Hissa No.68, Sale the Land Mor 0-37-50; 0-37-00 total 0-74-50 Asset 0-17.

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(iii)- Survey No.39 (77) Hissa No.37, Area H.A.P. 0-28-0, 0- 04-0 total 0-32-0; Asset Rs.0 Paise 19; Hissa Full, Sale the Land Mor 0-28-0; 0-04-00 total 0-32-0 Asset 0-19.

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(iv)- Survey No.39 (77) Hissa No.39, Area H.A.P. 0-24-0, 0- 02-0 total 0-26-0; Asset Rs.0 Paise 19; Hissa Full, Sale the Land Mor 0-24-0; 0-02-00 total 0-26-0 Asset 0-19.

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(v)- Survey No.39 (77) Hissa No.42, Area H.A.P. 0-31-0, 0- 04-0 total 0-35-0; Asset Rs.0 Paise 19; Hissa Full, Sale the Land Mor 0-31-0; 0-04-00 total 0-35-0 Asset 0-19, more particularly described in Para No.5.11 of the Original Application.

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(D) The Applicant Bank is entitled to sell the abovementioned charged immovable properties to recover its dues.

(OA No.1425/2023)

Page 6 of 7

[ANIL]

(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 Bank and defendants.

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Place : Pune Date : 18.02.2026

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Sd/- (Dilip G Murumkar) Presiding Officer, Debts Recovery Tribunal, Pune.

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(OA No.1425/2023)

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Page 7 of 7

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[ANIL]

State Bank of India v. Sadanand

Case brief

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State Bank of India v. Sadanand

Case brief

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