Allowed

Federal Bank v. Sarjerav

DRT24 Apr 2026OA/359/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by Federal Bank Limited for recovery of loan dues against three defaulter agriculturists. The court quantified the principal, adjusted penal interest, and awarded future interest at 9% per annum with a direction to issue a Recovery Certificate, securing the dues over mortgaged land and hypothecated vehicle.

What did the court decide?

Recovery of Rs.20,98,696/-, Rs.3,01,624/-, and Rs.10,93,258/- with future interest @9% p.a., along with power to sell secured property and issue of Recovery Certificate.

Federal Bank versus Sarjerav — Banking and Recovery | DRT (2026)

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Presented on .. 30.04.2024 Registered on .. 07.08.2024 Decided on .. 24.04.2026 Duration .. Y—M—D 01--11--24

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 359/2024.

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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 – Shop No.1, Building E, Sanghavi Township, Bhigwan Road, Baramati 413 102.

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… Applicant

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Versus

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1 Mr. Sarjerav Changadev Jadhav, Age 62 years, Occ. Agriculturist, R/o – Jadhav Wadi, Kati, Taluka Indapur, District Pune 413 120.

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2 Mrs. Mandakini Sarjerav Jadhav, Age 48 years, Occ. Agriculturist, R/o – Jadhav Wadi, Kati, Taluka Indapur, District Pune 413 120.

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3 Mr. Tanaji Changadev Jadhav,

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Age 55 years, Occ. Agriculturist, R/o – Jadhav Wadi, Kati, Taluka Indapur, District Pune 413 120.

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… Defendants

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Sanap ( OA No. 359/2024 ) 1 of 7

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Appearances :- For Applicant For Defendants

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Adv Sejal Kulkarni i/b Adv Nikhil Barsode. Ex parte.

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Total Claim Amount – Rs.38,01,648/-

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JUDGMENT (Delivered on 24^th April, 2026)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.38,01,648/- together with future interest for AMTL @12.50 and 12.85% per annum and for FKCC @14.33% 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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As per the loan application dated 02.05.2014 of defendant Nos.1 to 3, the applicant Bank sanctioned and disbursed the following loan facilities to the defendants.

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Name of facility Amount Rs. Date of Sanction

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1 AMTL 27,00,000/01.09.2014 2 FKCC 2,40,000/01.09.2014

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In order to secure the aforesaid loan facilities, the defendants have executed necessary loan and security documents in favour of the applicant Bank. The defendants have also executed registered deed of mortgage dated 11.09.2014 in favour of the applicant Bank in respect of all that piece and parcel of agricultural land area 61R in Gat

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Sanap ( OA No. 359/2024 ) 2 of 7

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No. 56 and area 2H in Gat No. 496/1 at village Jadhavwadi, Taluka Indapur, District Pune.

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FKCC was renewed from time to time as per sanction order dated 25.10.2015, 30.11.2016, 04.12.2017, 31.01.2019 and 30.09.2020 on execution of necessary loan documents by the defendants in favour of the applicant Bank.

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Further, defendant Nos.1 and 2 vide application dated 20.05.2016 approached the applicant Bank requesting AMTL for purchase of new Hyundai Creta Car. Upon scrutiny of loan proposal, the applicant Bank sanctioned and disbursed AMTL of Rs.9,52,000/- vide Sanction order dated 17.06.2016. The defendants executed the necessary loan and security documents along with hypothecation of Hyundai Creta Car bearing RTO Registration No. MH-42AH-2966 in favour of the applicant Bank.

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The defendants have also executed Letters of Balance Confirmation on 30.11.2017, 30.09.2020 and 18.09.2021 in favour of the applicant Bank and thereby confirmed the balance outstanding in loan accounts.

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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 12.09.2021, the applicant Bank has classified the account of the defendants

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Sanap ( OA No. 359/2024 ) 3 of 7

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as Non-Performing Asset in accordance with guidelines of Reserve Bank of India. Thereafter, on 25.10.2021, 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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The defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte against the defendants as per Order dated 28.11.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Pandurang Chandrakant Bhattagaonkar, AVP and Authorized Signatory holding POA on behalf of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW1-1 to AW1-41 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 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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Sanap ( OA No. 359/2024 ) 4 of 7

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The applicant Bank has claimed Penal Interest of Rs.2,15,913/- for AMTL Account No. 21306600000281 of Rs.27 Lakh and Penal Interest of Rs.92,157/- for AMTL Account No. 21306600000810 of Rs.9.52 Lakh, which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.23,14,609/- for AMTL Account No. 21306600000281 of Rs.27 Lakh is reduced to Rs.20,98,696/and the total claim amount of Rs.11,85,415/- for AMTL Account No. 21306600000810 of Rs.9.52 Lakh is reduced to Rs.10,93,258/-.

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The applicant Bank has claimed future interest for AMTL @12.50 and 12.85% per annum and for FKCC @14.33% 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. 359/2024 is allowed with costs. B} Defendant Nos.1 to 3 either jointly or severally shall pay to the applicant Bank the sum of Rs.20,98,696/- (Rupees Twenty Lakh Ninety Eight Thousand Six Hundred Ninety Six only) towards AMTL Account No. 21306600000281 of

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Sanap ( OA No. 359/2024 ) 5 of 7

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Rs.27 Lakh along with future interest @9% per annum from the date of filing of the Original Application i.e. 30.04.2024 till full payment/realization of the amount mentioned in this operative order.

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C} Defendant Nos.1 to 3 either jointly or severally shall pay to the applicant Bank the sum of Rs.3,01,624/- (Rupees Three Lakh One Thousand Six Hundred Twenty Four only) towards FKCC Account No. 21305500001498 of Rs.2.40 Lakh along with future interest @9% per annum from the date of filing of the Original Application i.e. 30.04.2024 till full payment/realization of the amount mentioned in this operative order.

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D} Defendant Nos.1 and 2 either jointly or severally shall pay to the applicant Bank the sum of Rs.10,93,258/- (Rupees Ten Lakh Ninety Three Thousand Two Hundred Fifty Eight only) AMTL Account No. 21306600000810 of Rs.9.52 Lakh along with future interest @9% per annum from the date of filing of the Original Application i.e. 30.04.2024 till full payment/realization of the amount mentioned in this operative order.

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E} The aforesaid adjudicated amount is secured by the valid and subsisting mortgage in respect of all that piece and parcel of agricultural land area 61R in Gat No. 56 and area 2H in Gat No. 496/1 at village Jadhavwadi, Taluka

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Sanap ( OA No. 359/2024 ) 6 of 7

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Indapur, District Pune and hypothecation in respect of Hyundai Creta Car bearing RTO Registration No. MH-42AH-2966, more particularly described in the Schedule I and III of the Original Application.

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F} The applicant Bank is entitled to sell the mortgaged and hypothecated property to recover its dues.

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G} Issue Recovery Certificate.

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H} 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 : 24.04.2026 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 359/2024 ) 7 of 7

Federal Bank v. Sarjerav

Case brief

What is this about?

What did the court decide?

Federal Bank v. Sarjerav

Case brief

What is this about?

What did the court decide?

What the court decided

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