Allowed

Bank of India v. Suraj Panditrao Patil Prop M/S Shubhavanti Printeres

DRT9 Feb 2026OA/1437/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by Bank of India against a borrower for recovery of loans amounting to approximately Rs. 2.09 crore. The court allowed reduced future interest rates on certain components and granted authority to sell mortgaged properties for recovery.

What did the court decide?

Bank to be paid principal dues along with future interest at 9% for Term/Cash Credit and 6.85% for WCTL/FITL; authority to sell mortgaged plots.

Bank of India versus Suraj Panditrao Patil Prop… — Contract and Commercial Disputes | DRT (2026)

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Presented on	..	13.11.2022
Registered on	..	06.11.2023
Decided on	..	09.02.2026
Duration	..	Y—M—D
		03--02--26

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 1437/2023.

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Bank of India,

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A Body Corporate constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970 and having its head office at Star House, C-5, G Block, BandraKurla Complex, Bandra (E), Mumbai – 400 051 and branch office at – 592, New Sadashiv Peth, Laxmi Road, Pune 411 030.

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… Applicant

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Versus

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Mr.Suraj Panditrao Patil, Age Adult, Occ. Business, Owner of M/s Shubhavanti Printers, A sole proprietary firm, Shop No.1, Shree Samrath Society, S. No. 11/3/7, Ambegaon (Budruk), Pune 411 046. R/at – B-405, Ambar Park Society, Ambegaon (Budruk), Katraj Road, Pune 411 046.

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Gat No. 172, Wadgaon Kati, Taluka Tuljapur, District Osmanabad 413 601

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… Defendant

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Sanap ( OA No.1437/2023 ) 1 of 7

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Appearances :- For Applicant Advocate S.S. Tryambake For Defendant Ex parte.

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Total Claim Amount – Rs.2,09,54,611/-

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JUDGMENT

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(Delivered on 09^th February, 2026)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.2,09,54,611/- together with future interest for Term Loan and Cash Credit @9.75% per annum and for Working Capital Term Loan and Funded Interest Term Loan (FITL) @6.85% 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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The defendant is running business in the name and style M/s. Shubhvanti Printers, a sole proprietary firm fully owned by the defendant.

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As per the loan application of the defendant, the applicant Bank sanctioned the Term Loan facility of Rs.30,00,000/- and Working Capital Facility – cashy Credit of Rs.1,38,00,000/- to the defendant No.1 vide Sanction Letter dated 28.02.2020. In order to secure the aforesaid loan facility, the defendant has executed

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Sanap ( OA No.1437/2023 ) 2 of 7

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necessary loan and security documents in favour of the applicant Bank. The defendant has also executed deed of simple mortgage dated 06.03.2020 by deposit of title deeds in favour of the applicant Bank in respect of properties being non-agricultural Plots of land bearing Nos.1 to 74 forming part of land bearing Gat No. 172 totally admeasuring 1H 20R situated at village VadgaonKati, Taluka Tuljapur, District Osmanabad.

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Further, during the period of COVID 19 Pandemic, as per directives of the Central Government of India and Guidelines framed by RBI, the applicant Bank sanctioned restructuring of existing credit facility by granting to the defendant borrower Working Capital Term Loan (WCTL) of Rs.17,20,000/- and FITL of Rs.15,40,000/- on 17.06.2021 against the same security.

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The applicant Bank contended that the defendant committed defaults in payment of installments and failed to regularize the accounts. Hence, on 01.06.2022, the applicant Bank has classified the account of the defendant as Non-Performing Asset in accordance with guidelines of Reserve Bank of India. Thereafter, on 06.06.2022, the applicant Bank issued legal Notice to the defendant. Despite service of Notice, the defendant

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Sanap ( OA No.1437/2023 ) 3 of 7

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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 18.07.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-9) of Santosh Bhanudas Sonawane, Assistant General Manager and Branch Head of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW1-1 to AW1-47 along with list (Exhibit 10), 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 relief in respect of hypothecated assets. However, there is no detailed description with respect to the hypothecated assets,

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Sanap ( OA No.1437/2023 ) 4 of 7

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therefore, the relief in terms of hypothecated assets cannot be granted.

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The applicant Bank has claimed future interest for Term Loan and Cash Credit @9.75% per annum and for Working Capital Term Loan and Funded Interest Term Loan (FITL) @6.85% per annum. However, considering the facts of the case, I am of the opinion that if future interest for Term Loan and Cash Credit is granted @9% per annum (simple) and for WCTL and FITL IS GRANTED @6.85%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. 1437/2023 is allowed with costs.

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B} The defendant shall pay to the applicant Bank the sum of Rs.31,93,223/- (Rupees Thirty One Lakh Ninety Three Thousand Two Hundred Twenty Three only) towards Term Loan account along with future interest @9% per annum from the date of filing of the Original Application i.e. 13.11.2022 till full payment/realization of the amount mentioned in this operative order.

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Sanap ( OA No.1437/2023 ) 5 of 7

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C} The defendant shall pay to the applicant Bank the sum of Rs.1,44,91,685/- (Rupees One Crore Forty Four Lakh Ninety One Thousand Six Hundred Eighty Five only) towards Cash Credit account along with future interest @9% per annum from the date of filing of the Original Application i.e. 13.11.2022 till full payment/realization of the amount mentioned in this operative order.

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D} The defendant shall pay to the applicant Bank the sum of Rs.17,27,000/- (Rupees Seventeen Lakh Twenty Seven Thousand only) towards WCTL Account along with future interest @6.85% per annum from the date of filing of the Original Application i.e. 13.11.2022 till full payment/realization of the amount mentioned in this operative order.

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E} The defendant shall pay to the applicant Bank the sum of Rs.15,42,703/- (Rupees Fifteen Lakh Forty Two Lakh Seven Hundred Three only) towards along with future interest @6.85% per annum from the date of filing of the Original Application i.e. 13.11.2022 till full payment/realization of the amount mentioned in this operative order.

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F} The aforesaid adjudicated amount is secured by the valid and subsisting mortgage in respect of properties

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Sanap ( OA No.1437/2023 ) 6 of 7

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being non-agricultural Plots of land bearing Nos.1 to 74 forming part of land bearing Gat No. 172 totally admeasuring 1H 20R situated at village Vadgaon-Kati, Taluka Tuljapur, District Osmanabad, more particularly described in the Para No. 5.3 of the Original Application.

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G} The applicant Bank is entitled to sell the mortgaged property to recover its dues.

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H} Issue Recovery Certificate.

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I} 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 : 09.02.2026 Debts Recovery Tribunal, Pune.

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Sanap ( OA No.1437/2023 ) 7 of 7

Bank of India v. Suraj Panditrao Patil Prop M/S Shubhavanti Printeres

Case brief

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Bank of India v. Suraj Panditrao Patil Prop M/S Shubhavanti Printeres

Case brief

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