Allowed

Canara Bank v. Shubhangi Rakshe

DRT26 Mar 2026OA/2/2023

Case brief

AI extract

What is this about?

In an ex-parte recovery application against three Rakshe brothers, the Debts Recovery Tribunal allowed Canara Bank's claim for agricultural term loan dues totaling over Rs.35 million. The Tribunal fixed future interest at 9% per annum and confirmed the title to the mortgaged agricultural lands as security for recovery.

What did the court decide?

Allowed recovery of Rs.35,94,620/- with future interest at 9% p.a.; mortgaged lands retained as security; Recovery Certificate issued.

Canara Bank versus Shubhangi Rakshe — Specific Performance | DRT (2026)

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Presented on .. 15.07.2022 Registered on .. 03.01.2023 Decided on .. 26.03.2026 Duration .. Y—M—D 03--08--11

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 2/2023.

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Canara Bank,

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A Body Corporate constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act 1970 having its head office at 112 JC Road, Bangalore in the State of Karnataka and branch office at – Hi Tech Agri. Finance Branch, M.G. Road, Red Cross Building, Camp, Opposite Central Bank of India, Pune 411 001.

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… Applicant

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Versus

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1 Mrs. Shubhangi Dattatray Rakshe, Age - Adult, Occupation – Business, R/at - At village Rakshewadi, Post Ranjangaon Sandas, Taluka Shirur, District Pune 412 211.

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2 Mr. Dattatray Arjun Rakshe, Age - Adult, Occupation – Business, R/at - At village Rakshewadi, Post Ranjangaon Sandas, Taluka Shirur, District Pune 412 211.

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Sanap ( OA No. 2/2023 ) 1 of 7

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3 Mr. Arjun Dinkar Rakshe, Age - Adult, Occupation – Business, R/at - At village Rakshewadi, Post Ranjangaon Sandas, Taluka Shirur, District Pune 412 211. … Defendants

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Appearances :- For Applicant Advocate Srinivas Y. For Defendants Ex parte.

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Total Claim Amount – Rs.35,94,620/-

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JUDGMENT

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(Delivered on 26^th March, 2026)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.35,94,620/- together with future interest @10.35% per annum from the date of Application till realization of the entire dues from the defendants.

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Brief facts of the application are as under :-

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Defendant No.1 was in need of financial assistance for the purpose of land development and lift irrigation scheme, therefore, approached to the applicant Bank. As per the loan application of defendant No.1, the applicant Bank sanctioned the Agricultural Term loan facility of Rs.30,00,000/to defendant No.1 on 01.07.2019. Defendant Nos.2 and 3 stood guarantors for the repayment of loan availed by defendant No.1.

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

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In order to secure the aforesaid loan facility, the defendants have executed necessary loan and security documents in favour of the applicant Bank.

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Defendant No.1 has also executed registered supplemental simple mortgage on 02.07.2019 in favour of the applicant Bank in respect of all that piece and parcel of the agricultural lands situated at Alegan Paga, Taluka Shirur, District Pune, bearing

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(1) Gat No. 198 totally admeasuring about 3H 7R inclusive of Potkharaba 31R out of it the portion of land admeasuring 43R plus Potkharaba 6R;

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(2) Gat No. 199/2 totally admeasuring about 3H 24R inclusive of Potkharaba 16R out of it the portion of land admeasuring 63R plus Potkharaba 6.5R;

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(3) Gat No. 191 totally admeasuring about 1H 8R inclusive of Potkharaba 7R out of it the portion of land admeasuring 50R plus Potkharaba 4R;

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(4) Gat No. 185 totally admeasuring about 1H 97R inclusive of Potkharaba 15R total area 2H 12R out of it the portion of the land admeasuring about 33R towards the Southern side;

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and all that piece and parcel of the agricultural lands situated at Rakshewadi, Taluka Shirur, District Pune, bearing -

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Sanap ( OA No. 2/2023 ) 3 of 7

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(5) Gat No. 137 totally admeasuring about 1H 56R out of it the portion of land admeasuring 78R towards eastern side out of its portion of them land admeasuring 41R;

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(6) Gat No. 144/1 totally admeasuring about 2H out of it the portion of land admeasuring 1H towards eastern side out of the land South North Strips; and

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(7) Gat No. 124/1 totally admeasuring about 47R plus Potkharaba of 3R total area 50R and Gat No. 124 Hissa No. 2 admeasuring about 47R plus Potkharaba 3R total area 50R.

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The applicant Bank contended that the defendants committed defaults in payment of installments and failed to regularize the accounts. Hence, on 24.01.2022, the applicant Bank has classified the account of the defendants as Non-Performing Asset in accordance with guidelines of Reserve Bank of India. Thereafter, on 18.04.2022, the applicant Bank issued legal Notice to the defendants. Despite service of Notice, the defendants 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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Sanap ( OA No. 2/2023 ) 4 of 7

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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 04.07.2024 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-06) of Mr. Vinod Digambar Daund, Chief Manager and Principal Officer of the applicant Bank, and has produced on record the original loan transaction documents at Sr.Nos. AW-1 to AW-5 along with list (Exh. 09), 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 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 reliefs as claimed.

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The applicant Bank has claimed future interest @10.35% 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. Hence, I pass the following order.

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O R D E R

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A} Original Application No. 2/2023 is allowed with costs.

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Sanap ( OA No. 2/2023 ) 5 of 7

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B} Defendant Nos.1 to 3 either jointly or severally shall pay to the applicant Bank the sum of Rs.35,94,620/- (Rupees Thirty Five Lakh Ninety Four Thousand Six Hundred Twenty only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 15.07.2022 till full payment/realization of the amount mentioned in this operative order.

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C} The aforesaid adjudicated amount is secured by the valid and subsisting mortgage in respect of all that piece and parcel of the agricultural lands situated at Alegan Paga, Taluka Shirur, District Pune, bearing -

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(1) Gat No. 198 totally admeasuring about 3H 7R inclusive of Potkharaba 31R out of it the portion of land admeasuring 43R plus Potkharaba 6R;

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(2) Gat No. 199/2 totally admeasuring about 3H 24R inclusive of Potkharaba 16R out of it the portion of land admeasuring 63R plus Potkharaba 6.5R;

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(3) Gat No. 191 totally admeasuring about 1H 8R inclusive of Potkharaba 7R out of it the portion of land admeasuring 50R plus Potkharaba 4R;

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(4) Gat No. 185 totally admeasuring about 1H 97R inclusive of Potkharaba 15R total area 2H 12R out of it the portion of the land admeasuring about 33R towards the Southern side;

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and all that piece and parcel of the agricultural lands

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Sanap ( OA No. 2/2023 ) 6 of 7

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situated at Rakshewadi, Taluka Shirur, District Pune, bearing -

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(5) Gat No. 137 totally admeasuring about 1H 56R out of it the portion of land admeasuring 78R towards eastern side out of its portion of them land admeasuring 41R;

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(6) Gat No. 144/1 totally admeasuring about 2H out of it the portion of land admeasuring 1H towards eastern side out of the land South North Strips; and

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(7) Gat No. 124/1 totally admeasuring about 47R plus Potkharaba of 3R total area 50R and Gat No. 124 Hissa No. 2 admeasuring about 47R plus Potkharaba 3R total area 50R,

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more particularly described in the Para No. 5.7 of the Original Application.

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

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E} Issue Recovery Certificate. F} 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 ) Place : Pune Presiding Officer Date : 26.03.2026 Debts Recovery Tribunal, Pune.

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

Canara Bank v. Shubhangi Rakshe

Case brief

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Canara Bank v. Shubhangi Rakshe

Case brief

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