Allowed

Federal Bank v. Ramgonda Kalgonda

DRT6 May 2026OA/513/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed Federal Bank's application for recovery of Rs.32,24,781/- plus 9% per annum interest. The Tribunal reduced the claim by deducting penal interest and adjusted the future interest rate from 12.73% to 9% per annum.

What did the court decide?

Recovery of Rs.32,24,781/- plus 9% interest per annum; direction to issue Recovery Certificate; right to sell mortgaged property.

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

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Presented on .. 18.10.2023 Registered on .. 11.11.2024 Decided on .. 06.05.2026 Duration .. Y—M—D 02--06--18

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 513/2024.

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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 – S.T. Colony, Ground Floor, Sangam Building, 100 Ft Road, Near Ganesh Mandir, Vishrambaugh Sangli 416 415.

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… Applicant

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Versus

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1 Mr. Ramgonda Kalgonda Patil, Age 73 years, Occ. Agriculturist, R/o – 504, Malgav Rasta Erandoli, Taluka Miraj, District Sangli 416 410.

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2 Mr. Babagonda Ramgonda Patil, Age 56 years, Occ. Agriculturist, R/o – 504, Malgav Rasta Erandoli, Taluka Miraj, District Sangli 416 410. … Defendants

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Appearances :-

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For Applicant Adv Sejal Kulkarni i/b Adv Nikhil Barsode. For Defendants Ex parte.

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Sanap ( OA No. 513/2024 ) 1 of 5

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Total Claim Amount – Rs.34,13,001/-/-

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JUDGMENT (Delivered on 06^th May, 2026)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.34,13,001/- together with future interest @12.73% 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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The defendants approached the applicant Bank and requested for financial assistance by way of AMTL and FKCC loan for development of Grape Garden and Crop Cultivation. Accordingly, the applicant Bank sanctioned and disbursed the AMTL facility of Rs.9,00,000/- and FKCC facility of Rs.6,40,000/- to the defendants vide Sanction Letter dated 17.11.2015.

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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 mortgage dated 18.11.2015 in favour of the applicant Bank in respect of agricultural land bearing Gat No. 178 area 1H 89R at Erandoli, Taluka Miraj, District Sangli.

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The defendants have also executed Letter of Balance Confirmation dated 15.11.2018 and 11.11.2021 in favour of

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Sanap ( OA No. 513/2024 ) 2 of 5

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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 19.11.2018, 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 25.02.2019, 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 13.03.2026 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Pravin Pandurang Savalajkar, Senior Manager 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 AW1-15 along with list (Exhibit 7), which corroborates the case of the applicant Bank.

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Sanap ( OA No. 513/2024 ) 3 of 5

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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 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.

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The applicant Bank has claimed Penal Interest of Rs.1,88,220/-, which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.34,13,001/- is reduced to Rs.32,24,781/-.

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The applicant Bank has claimed future interest @12.73% 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. 513/2024 is allowed with costs.

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Sanap ( OA No. 513/2024 ) 4 of 5

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B} Defendant Nos.1 and 2 either jointly or severally shall pay to the applicant Bank the sum of Rs.32,24,781/- (Rupees Thirty Two Lakh Twenty Four Thousand Seven Hundred Eighty One only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 18.10.2023 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 agricultural land bearing Gat No. 178 area 1H 89R at Erandoli, Taluka Miraj, District Sangli, more particularly described in the Para No. 5.6 and schedule 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 defendants.

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Sd/( Dilip G. Murumkar ) Presiding Officer Place : Pune Debts Recovery Tribunal, Date : 06.05.2026 Pune.

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Sanap ( OA No. 513/2024 ) 5 of 5

Federal Bank v. Ramgonda Kalgonda

Case brief

What is this about?

What did the court decide?

Federal Bank v. Ramgonda Kalgonda

Case brief

What is this about?

What did the court decide?

What the court decided

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