Allowed

Bank of India v. M/S. Asia Auto Net, Prop. Kirti Ashish Gatkal

DRT19 Jun 2026OA/399/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal at Pune allowed an original application for recovery of Rs. 1,06,82,140/- by Bank of India against a proprietary firm and its proprietor who failed to appear. The court granted a recovery certificate and directed payment of the principal sum with future interest at 9% per annum.

What did the court decide?

Recovery Certificate issued and direction to respondents to jointly or severally pay Rs.1,06,82,140/- along with future interest @9% p.a. simpliciter from 17.02.2022.

Bank of India versus M/S. Asia Auto Net, Prop. Kirti Ashish… — Banking and Recovery | DRT (2026)

¶1

Presented on .. 17.02.2022 Registered on .. 12.04.2022 Decided on .. 19.06.2026 Duration .. Y—M—D 04--04--02

¶2

IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 399/2022.

¶3

Bank of India,

¶4

A Body Corporate constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970 and having its head office at Star House, C-5, G Block, BandraKurla Complex, Bandra (East), Mumbai – 400 051 and branch at – Narayangaon, Taluka Junnar, District Pune 410 504.

¶5

… Applicant

¶6

Versus

¶7

1 M/s. Asia Auto Net, A proprietary firm and its registered office at Rohokadi Otur, Mahalaxmi Nagar, Taluka Junnar, District Pune through its proprietor – Mrs. Kirti Ashish Gatkal, Age Adult, Occ. Business, Residing at – Rohokadi Otur, Mahalaxmi Nagar, Taluka Junnar, District Pune 412 409.

¶8

2 Mrs. Kirti Ashish Gatkal,

¶9

Sanap ( OA No. 399/2022 ) 1 of 5

¶10

Age Adult, Occ. Business, Residing at – Rohokadi Otur, Mahalaxmi Nagar, Taluka Junnar, District Pune 412 409. … Defendants

¶11

Appearances :- For Applicant Advocate R.M. Unde. For Defendants Ex parte.

¶12

Total Claim Amount – Rs.1,06,91,140/-

¶13

JUDGMENT

¶14

(Delivered on 19^th June, 2026)

¶15

The Applicant Bank has filed the present application for recovery of the sum of Rs.1,06,91,140/- together with future interest.

¶16

Brief facts of the application are as under :- Defendant No.1 is a proprietary firm through its proprietor defendant No.2. As per the loan applications dated 15.07.2014 and 03.03.2015 of defendant No.1 through defendant No.2, the applicant Bank sanctioned and disbursed the Term loan facility of Rs.49,00,000/- on 25.07.2014 and Cash Credit Loan of Rs.35,00,000/- to the defendants for vehicle service center, construction of shed and sales of spare part.

¶17

In order to secure the aforesaid loan facility, the defendants have executed necessary loan and security

¶18

Sanap ( OA No. 399/2022 ) 2 of 5

¶19

documents in favour of the applicant Bank along with hypothecation cum loan agreement.

¶20

The defendants have executed Acknowledgment of Debt/Securities i.e. balance confirmation for their dues on 20.09.2016 and 17.09.2019 and thereby confirmed the balance outstanding in loan accounts.

¶21

The applicant Bank contended that the defendants committed defaults in payment of installments and failed to regularize the accounts. Hence, on 31.03.2018, 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 05.07.2021, 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.

¶22

Hence, this application is filed.

¶23

The defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte against the defendants as per Order dated 25.04.2024 passed below Application (Exhibit-1).

¶24

The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Shri Nilesh Nivrutti More, Senior Manager and Authorized Officer of the applicant Bank, and has

¶25

Sanap ( OA No. 399/2022 ) 3 of 5

¶26

produced on record the original loan transaction documents at Sr. Nos. AW1-1 to AW1-14 along with list (Exhibit 9), which corroborates the case of the applicant Bank. The applicant Bank has filed pursis Exh.10 stating that bifurcation of the particulars of claim amount is attached at Page No. 185 of Original Application and also on page No. 12 of the claim Affidavit.

¶27

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

¶28

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.

¶29

The applicant Bank has claimed relief in respect of hypothecated assets. However, there is no detailed description with respect to the hypothecated assets, therefore, the relief in terms of hypothecated assets cannot be granted.

¶30

The applicant Bank has claimed Misc. Expenses of Rs.9,000/-, which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.1,06,91,140/- is reduced to Rs.1,06,82,140/-.

¶31

Sanap ( OA No. 399/2022 ) 4 of 5

¶32

The applicant Bank has claimed future interest as per guideline of RBI. 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.

¶33

Hence, I pass the following order.

¶34

O R D E R

¶35

A} Original Application No. 399/2022 is allowed with costs.

¶36

B} Defendant Nos.1 and 2 either jointly or severally shall pay to the applicant Bank the sum of Rs.1,06,82,140/(Rupees One Crore Six Lakh Eighty Two Thousand One Hundred Forty only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 17.02.2022 till full payment/realization of the amount mentioned in this operative order.

¶37

C} Issue Recovery Certificate.

¶38

D} The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant and defendants. Sd/-

¶39

( Dilip G. Murumkar )

¶40

Place : Pune Presiding Officer Date : 19.06.2026 Debts Recovery Tribunal, Pune.

¶41

Sanap ( OA No. 399/2022 ) 5 of 5

Bank of India v. M/S. Asia Auto Net, Prop. Kirti Ashish Gatkal

Case brief

What is this about?

What did the court decide?

Bank of India v. M/S. Asia Auto Net, Prop. Kirti Ashish Gatkal

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Bank of India versus Babasaheb Dongare

Bank of India versus Arun Rajgonda Patil

State Bank of India versus M/S. Bhagyalaxmi Industries Prop Mr. Rameshwar Kundalik Mane

durga Associates versus State Bank of India

Bank of Maharashtra versus Mrs Poonam

Bank of India versus Gunda Sahir Waghmode