Allowed

Bank of India v. Uddhav Sudakar Sangle

DRT17 Feb 2026OA/47/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Bank of India's application for recovery against three respondents. The court adjusted the claim by deducting penal interest and modified the future interest rate from 12.55% to 9% per annum, directing payment of the reduced balance.

What did the court decide?

Defendants liable to pay Rs.13,07,970 with future interest at 9% p.a.; Order for Issuance of Recovery Certificate.

Bank of India versus Uddhav Sudakar Sangle — Contract and Commercial Disputes | DRT (2026)

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Presented on: 29.08.2018 Registered on: 24.08.2022 Decided on: 17.02.2026 Duration: Y M D 07 05 18

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.47/2023.

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BANK OF INDIA ,

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A Body corporate constituted under the provisions of Banking Companies (Acquisition and Transfer of Undertakings) Act,1970 having its Head Office at Star House C-5, G - Block, Bandra Kurla Complex, Bandra (East), Mumbai-400 051, having branch at Post Kurul, Taluka Mohol, District Solapur-413 213, known as Kurul Branch. Versus

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… Applicant

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1. Mr. Uddhav Sudhakar Sangle

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R/at Post Sanglewadi, Taluka Shirur, District Beed-413 249.

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2. M/s Bhima Sahakari Sakhar Karkhana Ltd. Takli Sikandar, Address- At Takali Sikandar, Taluka-Mohol, District Solapur-413 248.

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3. Mr. Abhiman Prabhu Sangale R/at Post Sanglewadi, Taluka Shirur, District Beed-413 249.

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… Defendants

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APPEARANCES

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For the Applicant Mr. Satyen Jagtap - Advocate. For the Defendants Ex parte.

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TOTAL CLAIM AMOUNT–Rs.13,46,400.26Ps.

(OA No.47/2023)

Page 1 of 5

[ANIL]

JUDGMENT (Delivered on 17^th February, 2026)

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The Applicant Bank has filed present application for recovery of Rs.13,46,400.26Ps together with interest thereon @12.55% p.a. with half yearly rests from the date of filing of the application till actual payment and realization of entire dues from the defendants.

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Brief facts of the application are as under:Defendant No.1 is a Principal Borrower and recipient of the

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Loan Facility granted by the Applicant Bank and Defendant No.2 is M/s Bhima Sahakari Sakhar Karkhana Ltd. engaged in the business of manufacturing of Sugar and services of Harvesting and Transport Contractors in every Crushing Season.

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Defendant No.2, on 09.06.2015 approached to the Applicant Bank requesting to grant loan of Rs.33.92 Crore to the individual contractors for Crushing Season 2015-2016. The Applicant Bank sanctioned aggregate /cumulative clean demand loan limit of Rs.24.96 Crores for harvesting & transportation to Defendant No.2 for Crushing Season 2015-16, on certain terms and conditions.

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Upon the request of Defendant No.1, the Applicant Bank has sanctioned him Harvesting and Transport Finance/Demand Loan of Rs.09,60,000/-, vide Sanction Letter dated 03.09.2015. Defendant No.1 has executed following security documents for due repayment of the said loan facility i.e. Demand Promissory Note, Declaration,

(OA No.47/2023)

Page 2 of 5

[ANIL]

Agreement/Letter of Authority, Consent-cum-undertaking and Composite Undertaking etc.

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Defendant No.2 through its Director , Executive Director & Vice Chairman has given stamped undertaking regarding H & T advance for the season 2015-16, repayable by July 2016, as mentioned in Para No.12 of the Original Application.

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Defendant No.3 has executed and delivered a Deed of Guarantee dated 03.09.2015 and thereby guaranteed repayment of the dues under the aforesaid facilities to the Applicant Bank.

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Defendant No.2 was to recover the dues of the Applicant Bank from Defendant No.1’s Harvesting and Transport Bill payable to him and the same was to be deposited in the Loan Account of Defendant No.1 with the Applicant Bank.

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It is contended by the Applicant Bank that Defendant No.1 has availed the aforesaid facilities sanctioned by the Applicant Bank. However, Defendant No.1 failed and neglected to regularize the said loan account and failed to maintain the cash credit account, despite of various reminders. Therefore, the said loan account of Defendant No.1 has been declared as NPA on 31.03.2018. Thereafter, Applicant Bank on 14.05.2018 issued Notice through Advocate to the defendants to pay the outstanding amounts. Despite service of the Notice, defendants failed and neglected to comply with the demand in the said recall Notice.

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Hence, this application is filed.

(OA No.47/2023)

Page 3 of 5

[ANIL]

Defendant Nos.1 to 3 failed to appear despite service of summons. Hence, the application proceeded ex-parte against them vide Order dated 26.05.2025 passed below the Application (Exhibit-01).

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The Applicant Bank has filed Claim Affidavit (Exhibit-6) of Mr. Ashok Kanagi, Chief Manager and produced on record the Loan Transaction documents at Exhibits AW-1 to AW-19, 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 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 reliefs as claimed.

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The applicant bank has claimed relief to attach and sell the immovable property mentioned in Para No.3A of Defendant No.2. However, there is no any mortgage deed on record in respect of mortgaging the said property. Therefore, the said relief cannot be granted.

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Applicant bank has claimed Penal Interest of Rs.38,429.92Ps for Term Loan availed, which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.13,46,400.26Ps/is reduced to Rs.13,07,970/-.

(OA No.47/2023)

Page 4 of 5

[ANIL]

Applicant Bank has claimed future interest @12.55% p.a. Considering the facts of the present case, I am of the opinion that if future interest is granted @9% per annum (simple) for the availed facility, it would be just and reasonable.

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Hence, I pass following order: -

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ORDER

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(A) Original Application No.47/2023 is allowed with costs.

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(B) Defendant Nos.1 to 3 either jointly or severally shall pay to the Applicant Bank Rs.13,07,970/- (Rupees Thirteen Lakhs Seven Thousand Nine Hundred Seventy only) towards Term Loan with future interest @9% p.a. (Simple) from the date of filing of the Original Application i.e.29.08.2018 till payment / realization of the amount mentioned in this operative order.

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(D) The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant and defendants.

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Place: Pune Date: 17.02.2026

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

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(OA No.47/2023)

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Page 5 of 5

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[ANIL]

Bank of India v. Uddhav Sudakar Sangle

Case brief

What is this about?

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Bank of India v. Uddhav Sudakar Sangle

Case brief

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