Allowed

Bank of India v. Deepak Patil

DRT23 Feb 2026OA/148/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's claim for recovery of a demand loan of approximately Rs. 15.95 lakhs from the borrower and guarantor, who were absent. The court adjusted the future interest rate and directed enforcement against mortgaged properties.

What did the court decide?

Recovery of Rs. 15,95,531 with interest at 9% p.a. from respondents; direction to sell mortgaged properties; issue of Recovery Certificate.

Bank of India versus Deepak Patil — Contract and Commercial Disputes | DRT (2026)

¶1

Presented on: 27.07.2018 Registered on: 10.02.2023 Decided on: 23.02.2026 Duration: Y M D 07 06 26

¶2

IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.148/2023.

¶3

Bank of India ,

¶4

A Bank constituted under the Banking Companies (Acquisitions & Transfer of Undertakings) Act, 1970, having its Head Office at Star House, C-5, “G”Block, Bandra-Kurla Complex, Bandra (East), Mumbai- 500 051 and a Branch Office amongst other place at Post Kavathe Mahankal, Taluka Kavathe Mahankal, District Sangli – 416 405.

¶5

… Applicant

¶6

Versus

¶7

Mr. Deepak Bajirao Patil Age adult, Occ.- Agriculture, R/at Post - Bhilwadi,

¶8

Taluka-Palus, District – Sangli -416 310.

¶9

2. Shri Mahankali Sahakari Sakhar Karkhana Limited,

¶10

Incorporated and registered under the provision of Maharashtra Co-Op. Societies Act, 1960 Registered Office at Post Kavathe Mahankal, Taluka-Sangola, District – Sangli -416 405.

¶11

3. Sangli District Central Co-Op. Bank Ltd.

¶12

Incorporated and registered under the provision of Maharashtra Co-Op. Societies Act, 1960 Registered Office at SDCC HO, Pushpraj Chowk, Sangli- 416 416

…Defendants

(OA No.148/2023)

Page 1 of 6

[ANIL]

APPEARANCES

For the Applicant For the Defendants

¶19

Mr. Satyan Jagtap - Advocate Ex parte.

¶20

TOTAL CLAIM AMOUNT –Rs.15,95,530.72Ps.

¶21

JUDGMENT

¶22

(Delivered on 23^rd February, 2026)

¶23

Applicant Bank has filed present application for recovery of Rs.15,95,530.72Ps. towards Demand Loan together with future interest @13.45% p.a. with half yearly from 17.07.2018 till payment and/or realization of the entire dues from defendant Nos. 1 & 2.

¶24

Brief facts of the application are as under:

¶25

Applicant Bank states that in the instance of Defendant No.2, Defendant No.1 approached to the Applicant Bank on 15.09.2013 to grant Demand Loan facility for Harvesting/transportation of sugarcane to defendant No.2. The Applicant Bank considered the request of defendant No.1 and sanctioned Demand Loan of Rs.09,00,000/-.

¶26

In order to secure the aforesaid Term Loan Facility, defendant No.1 has executed loan and security documents as set out in Para No.5.8 of the Original Application in favor of the Applicant Bank.

¶27

In consideration of Demand Loan Facility of Rs.2880 lakhs granted by the applicant bank to Defendant No.1 and other 281 borrowers, Defendant No.2 as per Resolution dated 21.11.2013 authorized Shri. Vijaykumar Appasaheb Sagare, Chairman and

(OA No.148/2023)

Page 2 of 6

[ANIL]

Shri. Manojkumar Maharudra Sagare, Managing Director to execute the default guarantee for the demand loan facility of Rs.2880 lakhs granted by the applicant bank. Thus, vide Deed of Guarantee dated 21.11.2013 executed by Chairman and Managing Director of Defendant No.2 guaranteed to the applicant bank repayment of the amounts of said demand loans in case of default by the borrowers.

¶32

Defendant No.2 was availing demand loan facility since crushing season 2010-2011 from the applicant bank, the defendant No.2 with the consent of defendant No.3 as a security for repayment of said Demand Loan of Rs.3,50,00,000/- has created second charge on the properties Gat Nos.1456 to 1464, 1466, 1468A, 1469 to 1472, 1474 to 1479, 1483 to 1493, 70 & 72 situated at Kavthe Mahankal, Taluka Kavthe Mahankal, District Sangli-416 405 by executing registered mortgage deed dated 24.01.2011 duly registered in the office of Sub Registrar, Kavthe Mahankal at Sr. No.88/2011 dated 24.01.2011.

¶33

Defendant No.2 created further charge for Demand Loans of Rs.11,25,00,000/- on the mortgage land by executing Deed of further Charge on Mortgage Land, which are duly registered in the office of Sub Registrar, Kavthe Manankal, at Sr. Nos.1177/2011 on 24.08.2011.

¶34

Defendant No.2 further created charge for Demand Loan of Rs.2,25,00,000/- on mortgage land by executing Deed of Further Charge on Mortgage land on 25.10.2011 which is duly registered in the Office of Sub Registrar, Kavathe Mahankal, at Sr.No.1488/2011 dated 25.10.2011.

(OA No.148/2023)

Page 3 of 6

[ANIL]

Defendant No.2 further created charge for Demand Loan of Rs.3,75,00,000/- on mortgage land by executing Deed of Further Charge on Mortgage land on 05.11.2012 which is duly registered in the Office of Sub Registrar, Kavathe Mahankal, at Sr.No.1533/2012 dated 05.11.2012.

¶39

Defendant No.2 further created charge for Demand Loan of Rs.7,95,00,000/- on mortgage land by executing Deed of Further Charge on Mortgage land on 10.09.2013 which is duly registered in the Office of Sub Registrar, Kavathe Mahankal, at Sr.No.1519/2013 dated 10.09.2013.

¶40

Defendant No.2 further created charge for Demand Loan of Rs.03,60,00,000/- on mortgage land by executing Deed of Further Charge on Mortgage land on 21.11.2013 which is duly registered in the Office of Sub Registrar, Kavathe Mahankal, at Sr.No.1971/2013 dated 21.11.2013.

¶41

As per the request of Defendant No.2, the applicant bank restructured the demand loan of Rs.9 lakh to Term Loan of Rs.10,95,606/-. The number of restructured Term Loan of defendant No.1 is 150376410000173. Thereafter, Defendant No.1 executed Supplemental Term Loan Agreement dated 31.07.2015.

¶42

Defendants did not pay the installments in their Term Loan Account No. 150376410000173 and kept the principle and interest in arrears, therefore, the applicant bank classified the said loan account of defendant No.1 as NPA on 31.05.2018.

¶43

The applicant bank with a view to repay the loan as per agreed terms and conditions, made several requests to the defendants to

(OA No.148/2023)

Page 4 of 6

[ANIL]

liquidate the outstanding but defendants failed and neglected to positive respond and also failed to effect repayment as promised by them from time to time. Therefore, the applicant bank through advocate issued legal notice dated 02.07.2018 to defendant Nos.1 and 2 and called upon them to repay the entire amount outstanding under the said loan account. However, defendant Nos. 1 and 2 failed to comply with the requisitions contained in the legal notice and failed to repay the amount outstanding in the said loan account.

¶48

Hence, this application is filed.

¶49

Defendants No.1 and 2 failed to appear despite service of summons. Hence, the application proceeded ex-parte as per order dated 26.05.2025 passed below Application (Exhibit-1).

¶50

The Applicant Bank has filed Claim Affidavit (Exhibit-6) of Mr. Shivaji Bharadwaj, Manager who has produced on record the Original Loan Transaction documents at Exhs.AW-1 to AW-25, which corroborates the case of the Applicant Bank.

¶51

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

¶52

Since the defendants failed to appear and contest the application, I find no reason to disbelieve the evidence of the Applicant Bank. Therefore, the Applicant Bank is entitled for the reliefs claimed.

¶53

The Applicant Bank has claimed future interest @13.45% p.a. with half yearly rests. However, considering the facts of the case, I am of the opinion that if future interest is granted @9% p.a. (simple) for both the loan facilities, it would be just and reasonable rate of interest.

(OA No.148/2023)

Page 5 of 6

[ANIL]

Hence, I pass the following order:-

¶58

ORDER

¶59

(A) Original Application No.148/2023 is allowed with costs.

¶60

(B) Defendants No.1 & 2 jointly or severally shall pay to the Applicant Bank a sum of Rs.15,95,531/- (Rupees Fifteen Lakhs Ninety-Five Thousand Five Hundred Thirty-One only) towards Term Loan Accounts with future interest @9% p. a. (Simple) from the date of filing of the Original Application i.e.27.07.2018 till payment/ realization of the amount mentioned in this operative order.

¶61

(C) The aforesaid adjudicated amount is secured by way of mortgage of the property i.e. Gat Nos.1456 to 1464, 1466, 1468A, 1469 to 1472, 1474 to 1479, 1483 to 1493, 70 & 72 situated at Kavthe Mahankal, Taluka Kavthe Mahankal, District Sangli-416 405 with the Applicant Bank, more particularly described in Para No.5.11 of the Original Application.

¶62

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

¶63

(E) Issue Recovery Certificate. (F) The Registrar is directed to send the copy of Judgment and Recovery Certificate to the Applicant Bank and the defendants.

¶64

Sd/Place : Pune (Dilip G. Murumkar) Date: 23.02.2026 Presiding Officer, Debts Recovery Tribunal, Pune.

¶65

(OA No.148/2023)

¶66

Page 6 of 6

¶67

[ANIL]

Bank of India v. Deepak Patil

Case brief

What is this about?

What did the court decide?

Bank of India v. Deepak Patil

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Union Bank of India versus Haridas

Union Bank of India versus Suman

Union Bank of India versus Mallikarjun

Union Bank of India (Corporation Bank) versus Pandurang Jagtap

Bank of India versus Chandrabhan Songade

Punjab National Bank versus M/s. Sai Prasad Enterprises