Allowed

Federal Bank v. Chetna Sagvekar

DRT10 Feb 2026OA/1578/2023

Case brief

AI extract

What is this about?

In an ex-parte recovery application concerning fraud by pledging fake gold, the Debts Recovery Tribunal allowed the bank's claim against the primary borrower for the principal sum plus future interest at a modified rate of 9%, relieving the second defendant due to the bank's waiver.

What did the court decide?

Bank to recover Rs.78,43,271 with future interest @9% p.a.; rights to sell pledged gold; issue of Recovery Certificate.

Federal Bank versus Chetna Sagvekar — Execution and Attachment | DRT (2026)

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Presented on .. 29.03.2023 Registered on .. 18.11.2023 Decided on .. 10.02.2026 Duration .. Y—M—D 02--10--12

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 1578/2023.

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The Federal Bank Limited,

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A Banking Company within the meaning of Companies Act, 2013 (18/2013), having its registered office at Federal Towers, Alwaye, Kerala and branch at – Bahar Commercial Complex, Bharne Naka, Mumbai-Goa Highway, Khed, Maharashtra 415 718.

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… Applicant

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Versus

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1 Smt. Chetana Chandrakant Sagvekar, Age 57 years, Occ. Business, R/o Sonar Wadi, Post Sukivali, District Ratnagiri 415 621, And at -

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Near Bapu Vadapao Centre, at post Bharane, Taluka Khed, District Ratnagiri 415 621.

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2 Mr. Umesh Ganpat Devrukhkar, Age 40 years, Occ. Business,

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R/o Flat No. 206, Yogiraj Apartment, Teacher Colony, Bharne Naka, Khed,

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Sanap ( OA No. 1578/2023 ) 1 of 7

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Tal. Khed, District Ratnagiri 415 621, Permanent add – Saveni, Taluka Khed, District Ratnagiri 415 709. … Defendants

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Appearances :-

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For Applicant Adv G.H. Bet i/b Adv Nikhil Barsode. For Defendants Ex parte.

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Total Claim Amount – Rs.78,43,270=95

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JUDGMENT

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(Delivered on 10^th February, 2026)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.78,43,270=95, by rounding Rs.78,43,271/- together with future interest @16.50% per annum from the date of Application till realization of the entire dues from the defendants. During pendency of the application, the applicant Bank filed pursis (Exhibit 10) stating that the applicant Bank does not want any relief against defendant No.2, hence no orders be passed against defendant No.2.

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Brief facts of the application are as under :-

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As per the loan applications of defendant No.1, the applicant Bank sanctioned and disbursed the following gold loan facilities to defendant No. 1 from 12.02.2020 till 26.11.2020 and the gold ornaments pledged by defendant No.1 were certified/approved in value by defendant No.2.

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Sanap ( OA No. 1578/2023 ) 2 of 7

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	Account Number and loan amount	Date of disbursement	Gross Weight	Net Weight
1	20656100013049 Rs.1,90,000/-	12.02.2020	82.251 Grams Ear rings & other	74.75 Grams
2	20656100013122 Rs.6,00,000/-	29.02.2020	239.1 Grams Chain & other	235.6 Grams
3	20656100013825 Rs.3,10,000/-	31.07.2020	110.751 Grams Chain	100 Grams
4	20656100014054 Rs.4,60,000/-	23.08.2020	146.64 Grams Chain, Far ring, ring & other	124.64 Grams
5	20656400013004 Rs.2,58,000/-	29.08.2020	81.12 Grams Chain	68.12 Grams
6	20656100014112 Rs.2,90,000/-	21.09.2020	128.3 Grams Chain & other	79.3 Grams
7	20656100014161 Rs.8,50,000/-	29.09.2020	296.192 Grams Chain & other	230 Grams
8	20656100014252 Rs.1,42,000/-	09.10.2020	41.93 Grams Chain	35.63 Grams
9	20656100014328 Rs.2,37,000/-	27.10.2020	71.22 Grams Chain	60 Grams
10	20656100014351 Rs.5,17,000/-	28.10.2020	148.85 Grams Chain	130.9 Grams
11	20656100014385 Rs.1,04,000/-	31.10.2020	30.74 Grams Chain	26.34 Grams

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Sanap ( OA No. 1578/2023 ) 3 of 7

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12	20656100014393 Rs.2,72,000/-	02.11.2020	77.40 Grams Chain	69 Grams
13	20656100014450 Rs.3,22,000/-	11.11.2020	106.7 Grams Chain and other	82.1 Grams
14	20656100014468 Rs.6,80,000/-	13.11.2020	196.1 Grams ring, chain, Ear rings	172.5 Grams
15	20656100014518 Rs.4,68,000/-	25.11.2020	165.96 Grams Ear rings & other	120 Grams
16	20656100014526 Rs.1,88,000/-	26.11.2020	56.311 Grams Ear rings & chain	49.31 Grams
	Total Rs.58,88,999/-		1979.565 Grams	1658.19 Grams

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In order to secure the aforesaid loan facilities, defendant No.1 has executed necessary loan and security documents in favour of the applicant Bank. Defendant No.1 has also pledged the gold ornaments described above with the applicant Bank.

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The applicant Bank contended that the Inspecting Officer, on seeing rapid avail of gold loans and pledge of gold ornaments, suspected conduct of the defendants. Therefore, the ornaments were taken to Girija Hallmarking Center for purity test of gold. As per the report of said Lab, the gold ornaments pledged by defendant No.1

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Sanap ( OA No. 1578/2023 ) 4 of 7

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revealed impure, fake and spurious gold ornaments and thereby the defendants committed fraud upon the applicant Bank. Thereafter, Bank Officers immediately called upon the defendants and demanded repayment of loans, the defendants failed and neglected to pay the outstanding dues of the applicant Bank. Finally, the applicant Bank lodged police complaint dated 01.03.2021 with Khed Police Station against defendant No.1 about fraud committed by pledge of fake, impure gold ornaments causing financial wrongful losses to the Bank. The applicant Bank also terminated services of defendant No.2 and separate police complaint dated 04.09.2021 was lodged against defendant No.2.

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Hence, this application is filed.

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The defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte against the defendants as per Order dated 24.03.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Ajit Gopal Shiralkar, Senior Manager holding POA on behalf of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW1-1 to AW1-73 along with list (Exh. 7), which corroborates the case of the applicant Bank.

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Sanap ( OA No. 1578/2023 ) 5 of 7

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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 against defendant No.1 only as the applicant Bank has given up the claim against defendant No.2 as per pursis Exhibit 10.

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The applicant Bank has claimed future interest @16.50% 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. 1578/2023 is allowed with costs against defendant No.1.

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B} The applicant Bank has given up the claim against defendant No.2, therefore, no order against him.

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C} Defendant No.1 shall pay to the applicant Bank the sum of Rs.78,43,271/- (Rupees Seventy Eight Lakh Forty Three Thousand Two Hundred Seventy One only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 29.03.2023 till full

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Sanap ( OA No. 1578/2023 ) 6 of 7

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payment/realization of the amount mentioned in this operative order.

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D} The aforesaid adjudicated amount is secured by pledging the Pure Gold Ornaments with 18 Ct. 39.9 Grams, 20 Ct. 57.09 Grams and 21 Ct. 19.33 Grams by Defendant No.1 with the applicant Bank, as mentioned in Schedule-I of the Original Application.

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E} The applicant Bank is entitled to sell the pledged Pure Gold Ornaments to recover its dues.

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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 ) Presiding Officer Place : Pune Debts Recovery Tribunal, Date : 10.02.2026 Pune.

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Sanap ( OA No. 1578/2023 ) 7 of 7

Federal Bank v. Chetna Sagvekar

Case brief

What is this about?

What did the court decide?

Federal Bank v. Chetna Sagvekar

Case brief

What is this about?

What did the court decide?

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