Allowed

Canara Bank v. Nilesh Bhosale

DRT28 Jul 2026OA/243/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by Canara Bank for recovery of Rs.29.49 lakh principal and future interest from a farmer defendant who failed to appear. The court reduced the claimed future interest rate from 16% to 9% simple per annum and granted a right to sell mortgaged property.

What did the court decide?

The applicant is granted recovery of principal amount plus future interest at 9% per annum; right to sell mortgaged property is directed; Recovery Certificate issued.

Canara Bank versus Nilesh Bhosale — Execution and Attachment | DRT (2026)

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Presented on	..	31.08.2022
Registered on	..	18.02.2023
Decided on	..	28.07.2026
Duration	..	Y—M—D
		03--10--28

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 243/2023.

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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 Shivram Delux, Shivaji Chowk, Chouphala, Pandharpur, Taluka Pandharpur, District Solapur 413 304.

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… Applicant

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Versus

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Shri Nilesh Bhimrao Bhosale, Age – Adult, Occ. Agriculture, R/at – At and Post Suste, Taluka Pandharpur, District Solapur 413 304.

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… Defendant

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Appearances :-

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For Applicant For Defendant Ex parte.

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Advocate R.B. Ganbote.

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Total Claim Amount – Rs.29,49,768/-

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JUDGMENT (Delivered on 28^th July, 2026)

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Sanap ( OA No. 243/2023 ) 1 of 5

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The Applicant Bank has filed the present application for recovery of the sum of Rs.29,49,768/- together with future interest @16% per annum from the date of filing 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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As per the loan application dated 25.09.2007 of the defendant, the applicant Bank sanctioned and disbursed the Kisan Overdraft facility of Rs.2,00,000/- to the defendant as Working Capital on 04.10.2007

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In order to secure the aforesaid loan facility, the defendant has executed necessary loan and security documents along with registered deed of simple mortgage dated 04.10.2007 in favour of the applicant Bank in respect of all that piece and parcel of agriculture land bearing Gat No. 303/3 admeasuring 1H 14R at village Suste, Taluka Pandharpur, District Solapur. The defendant has also executed Acknowledgment of Debt and Security on 08.10.2010, 30.09.2013, 12.08.2016, 10.07.2019 and 18.03.2021 and thereby confirmed the balance outstanding in loan account.

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Again the defendant approached the applicant Bank with loan application dated 09.05.2012 and as per the loan application, the applicant Bank sanctioned and disbursed

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Sanap ( OA No. 243/2023 ) 2 of 5

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the Term Loan facility of Rs.3,75,000/- to the defendant on 25.05.2012.

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In order to secure the aforesaid loan facility, the defendant has executed necessary loan and security documents along with registered deed of simple mortgage dated 25.05.2012 in favour of the applicant Bank in respect of all that piece and parcel of agriculture land bearing Gat No. 52 admeasuring 1H 14R at village Suste, Taluka Pandharpur, District Solapur. The defendant has also executed Acknowledgment of Debt and Security on 31.03.2015, 08.02.2018 and 20.08.2018 and thereby confirmed the balance outstanding in loan account.

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The applicant Bank contended that the defendant committed defaults in payment of installments and failed to regularize the accounts. Hence, the applicant Bank has classified the account of the defendant as Non-Performing Asset in accordance with guidelines of Reserve Bank of India. Despite demand of payment from the defendant by person al visits and telephonically from time to time, the defendant 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

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Sanap ( OA No. 243/2023 ) 3 of 5

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against the defendant as per Order dated 17.05.2026 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Shri Mohan Madhukar Dadas, Senior Manager and Principal Officer of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1-1 to AW-1-11 along with list (Exhibit 7), 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 future interest @16% per annum from the date of filing of the Application till full realization of the dues. 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. 243/2023 is allowed with costs.

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Sanap ( OA No. 243/2023 ) 4 of 5

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B} The defendant shall pay to the applicant Bank the sum of Rs.29,49,768/- (Rupees Twenty Nine Lakh Forty Nine Thousand Seven Hundred Sixty Eight only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 31.08.2022 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 agriculture land bearing Gat No. 303/3 admeasuring 1H 14R and Gat No. 52 admeasuring 1H 14R situated at village Suste, Taluka Pandharpur, District Solapur, more particularly described in the Para No. 5.7 and 5.14 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.

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F} 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 : 28.07.2026 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 243/2023 ) 5 of 5

Canara Bank v. Nilesh Bhosale

Case brief

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Canara Bank v. Nilesh Bhosale

Case brief

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