Allowed

Punjab National Bank v. Mr Said Ikabal Khan

DRT25 Feb 2026OA/192/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application by Punjab National Bank for recovery of dues totaling Rs. 21,35,717.17 against four defendants who failed to appear. The order directed repayment of principal and future interest with a right to sell the mortgaged property.

What did the court decide?

Direct payment of Rs. 21,35,717.17 with future interest and right to sell mortgaged property. Recovery Certificate issued.

Punjab National Bank versus Mr Said Ikabal Khan — Contract and Commercial Disputes | DRT (2026)

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Presented on: 19.08.2023 Registered on: 07.06.2024 Decided on: 25.02.2026 Duration: Y M D 02 06 06

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.192/2024.

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Punjab National Bank ,

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A Body Corporate constituted under the Banking Companies (Acquisitions & Transfer of Undertakings) Act of 1970 having its Registered Office at Plot No.4, Sector 10, Dwarka, New Delhi-110075 and amongst others one of its branches at Punjab National Bank, Mangesh Shanta Apartments, RatnagiriKolhapur Highway, Ratnagiri-415 612.

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Versus

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1. Mr. Said Ikabal Khan

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R/at 315/75, Oudumbar Chowk, Kokan Nagar, Ratnagiri, Maharashtra-415 612. Also at –

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… Applicant

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House No.390,2A, Majgaon Road, Kokan Nagar, Ratnagiri-415 612.

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2. Mrs. Reshma Said Khan

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3. Raees Said Khan

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No.2 & 3 R/at 315/75, Oudumbar Chowk, Kokan Nagar, Ratnagiri, Maharashtra-415 612.

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4. Mr. Abdul Kadir Musa Akbar R/at 1385/A/3, Rajiwada, Ratnagiri – 415 612.

…Defendants

(OA No.192/2024)

Page 1 of 6

[ANIL]

APPEARANCES

For the Applicant Advocate Mrs. Sudha Koloti i/b Madhu Abrol For the Defendants Ex-parte.

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TOTAL CLAIM AMOUNT –Rs.21,35,717.17Ps.

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JUDGMENT (Delivered on 25^th February, 2026)

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The Applicant Bank has filed present application for recovery of aggregate sum of Rs.21,35,717.17Ps [i.e. Rs. 16,14,441.57Ps towards Housing Loan A/c No.783600NC00000351 and Rs.5,01,656.84Ps towards GCC Loan A/c No.783600KU00001681] with future interest @7.95%p.a. and @9.30%p.a. with monthly rests till 31.07.2023 and interest from 01.08.2023 respectively till repayment /realization of the entire dues from the defendants.

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Brief facts of the application are as under:

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The Applicant Bank states that Defendant Nos.1 to 3 approached the applicant bank on for purchasing Flat for an amount of Rs.15,00,000/-. Defendant No.4 stood as personal guarantor to the said loan granted by the applicant to Defendant No.1.

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Applicant Bank vide its Sanction Letter dated 25.09.2017 granted application for Housing Loan for purchase of flat for an amount of Rs.15,00,000/- on the terms and conditions mentioned in Sanction Letter.

(OA No.192/2024)

Page 2 of 6

[ANIL]

In order to secure the aforesaid Loan facility, defendants have executed loan and security documents as set out in Para Nos.5.7 of the Original Application, in favor of the Applicant Bank.

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In addition to this, defendants have executed Equitable Mortgage in favour of the applicant bank as a security of the loan of the immovable property i.e. all that piece and parcel of residential Plot No.390LIG, Municipal House No.749/D/390, “Mhada Colony”, Kokan Nagar, S.No.381/1A, H.No.2/1 & C.S.No. 612A/114, Mauje Nachane within Municipal Limit, Taluka & District Ratnagiri and also handed over all the original title deeds to the applicant bank on 11.10.2017, more particularly described in Para No.5.10 of the Original Application.

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The applicant further states that after availing Housing Loan, defendant No.1 again approached at its Ratnagiri branch with application for Term Loan GCC for Rs.04,00,000/- under MUDRA (Kishor) Scheme.

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The applicant bank sanctioned Term Loan GCC for Rs.04 lakhs to the defendant under MUDRA (Kishor) Scheme, on 20.11.2018 on certain terms and conditions.

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The defendants have executed certain loan and security documents in favour of the applicant bank as mentioned in Para No.5.16 of the Original Application.

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Defendant No.1 also executed two Balance and Security Confirmation Letter dated 31.08.2020 and thereby admitted liability.

(OA No.192/2024)

Page 3 of 6

[ANIL]

Applicant Bank contended that accounts of the defendants were initially regular and thereafter Defendant No.1 to 4 failed to make any payment towards the said loan accounts as per terms of sanction and therefore, the accounts became irregular. The applicant personally called up and sent number of reminders for the payment of dues but of no avail. In spite of all the reminders, defendants neither made any efforts to approach the applicant nor paid any amount due and payable to regularize its loan accounts. Therefore, the accounts of the defendants were declared as NPA on 31.08.2020 as per the RBI Guidelines.

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Thereafter, the applicant bank through its Advocate Madhu Abrol issued Recall Notice dated 07.04.2022 to the defendants to repay the entire amount outstanding under the said Housing Loan accounts. In spite of receipt of the notice, the defendants did not pay the outstanding amount.

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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 as per order dated 10.07.2025 passed below Application (Exhibit-1).

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The Applicant Bank has filed Claim Affidavit (Exhibit-6) of Mr. Rohit R. Mahadik, Senior Manager has produced on record the Loan Transaction documents at Exhibits.AW-1 to AW-21, which corroborates the case of the Applicant Bank.

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

(OA No.192/2024)

Page 4 of 6

[ANIL]

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.

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Applicant Bank has claimed future interest @7.95%p.a. for Housing Loan which is just and reasonable rate of interest. But for GCC Loan account the applicant bank has claimed interest @9.30%p.a which cannot be granted and it would be @9%p.a., which is just and fair.

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Hence, I pass the following order:-

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ORDER

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(A) Original Application No.192/2024 is allowed with costs.

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(B) Defendant Nos.1to4 either jointly or severally shall pay sum of Rs.21,35,717.17Ps (Rupees Twenty-One Lakhs Thirty-Five Thousand Seven Hundred Seventeen and Seventeen paise only] to the applicant bank, as under: -

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(i) Out of Rs.21,35,717.17Ps, Defendant Nos.1to4 either jointly or severally shall pay an amount of Rs.16,14,441.57Ps (Rupees Sixteen Lakhs Fourteen Thousand Four Hundred Fourty One and Fifty-Seven paisa only) towards Housing Loan A/c No. 783600NC00000351 with future interest @7.95%p.a. from the date of the application i.e. 19.08.2023 till the realization of full amount.

(OA No.192/2024)

Page 5 of 6

[ANIL]

(ii) Out of Rs.21,35,717.17Ps, Defendant Nos.1to4 either jointly or severally shall pay an amount of Rs.5,01,656.84Ps (Rupees Five Lakhs One Thousand Six Hundred Fifty-Six and EightyFour Paisa only) towards GCC Loan A/c No. 783600KU00001681 with future interest @9% p.a. from the date of the application i.e. 19.08.2023 till the realization of full amount.

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(C) The aforesaid adjudicated amount is secured by mortgage of immovable property i.e. - all that piece and parcel of residential Plot No.390LIG, Municipal House No.749/D/390, “Mhada Colony”, Kokan Nagar, S.No.381/1A, H.No.2/1 & C.S.No. 612A/114, Mauje Nachane within Municipal Limit Taluka & District Ratnagiri and also handed over all the original title deeds to the applicant bank on 11.10.2017, more particularly described in Para No.5.10 of the Original Application.

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(D) Applicant Bank is entitled to Sell the mortgaged property to recover the dues.

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(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 the defendants.

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Sd/-

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Place : Pune Date: 25.02.2026

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

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(OA No.192/2024)

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Page 6 of 6

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[ANIL]

Punjab National Bank v. Mr Said Ikabal Khan

Case brief

What is this about?

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Punjab National Bank v. Mr Said Ikabal Khan

Case brief

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