Allowed

Punjab National Bank v. M/S Shrinath Mauli Krupa Stone Crusher

DRT8 May 2026OA/59/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Applicant Bank's application for recovery of Rs. 1,03,03,498.06/-. The court, acting ex-parte due to the defendants' non-appearance, granted recovery of the principal along with future interest at a modified rate of 9% per annum (simple) and directed the sale of mortgaged properties to recover dues.

What did the court decide?

Recovery of Rs. 1,03,03,498.06/– with future interest at 9% per annum (simple) from 05.06.2023; charge on mortgaged property; direction to sell property for recovery; issuance of Recovery Certificate.

Punjab National Bank versus M/S Shrinath Mauli… — Contract and Commercial Disputes | DRT (2026)

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Presented on: 05.06.2023 Registered on: 09.02.2023 Decided on: 08.05.2026 Duration: Y M D 02 11 03

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IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 59/2024

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TOTAL CLAIM AMOUNT – Rs. 1,03,03,498.06/-

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Punjab National Bank,

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Body Corporate constituted under the Banking companies (Acquisition and Transfer of Undertakings) Act 1970 & having it’s Head Office at Plot No. 4, Sector-10, Dwarka, New Delhi-110075, having branches amongst the other places at Ghogargaon, Tq. Shirgonda, Dist. Ahmednagar through it’s POA, Mr. Rahul s/o Nathaji Potphode (Senior Manager), Age: 36 yrs., Occ.: Service, R/o.: Ghogargaon, Tq. Shirgonda, Dist. Ahmednagar 414001.

… Applicant

(OA No.59/2024)

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[AMBADAS]

Versus

1. M/s. Shrinath Mauli Krupa Stone Crusher Through it’s Proprietor, Mr. Tanhaji Balasaheb Anbhule Age: Major, Occ.: Business, R/o.: Gut No. 137/E, Pimpalgaon Dani to Nimgaon Road, Near Maulikrupa Stone Crusher, Village Ghogandewadi, Tq. Ashit, Dist. Beed 414203.

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2. Mr. Tanhaji Balasaheb Anbhule

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Age: Major, Occ.: Business, R/o.: At Post Nimgaon Gangarda, Tq. Karjat, Dist. Ahmednagar 414401.

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…Defendants

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APPEARANCES

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For the Applicant For Defendants

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Mr. K. D. Pande -Advocate Ex-parte

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JUDGMENT Delivered on 08.05.2026

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The Applicant Bank has filed the present application for the recovery of a sum of Rs. 1,03,03,498.06/- (Rupees One Crore, Three Lacs, Three Thousand, Four Hundred Ninety Eight and Six Paisa

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only), along with future interest from the date of filing of the

(OA No.59/2024)

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[AMBADAS]

Original Application, i.e., 05.06.2023, until the date of realization of the entire outstanding dues from the Defendants.

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Brief facts of the application are as under:

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The Applicant Bank states that the Defendant No. 2 being proprietor of defendant No. 1 had approached and requested the Applicant Bank for Cash Credit Facility and Term Loan Facility. Upon considering the request and financial needs of the Defendants, the Applicant Bank Sanctioned Cash Credit Facility of Rs. 28,00,000/- & Term Loan Facility of Rs. 22,00,000/- vide sanction letter dated 19.01.2018 on certain terms and conditions. The Defendants also agreed to pay additional interest @2% by way of liquidated damages in the event of any default in repayment.

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The Applicant Bank states that the Defendant No. 2 being proprietor of defendant No. 1 had approached and requested the Applicant Bank to renew and enhance the limit of the said Cash

(OA No.59/2024)

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[AMBADAS]

Credit Facility. Upon considering the request and financial needs of the Defendants, the Applicant Bank enhanced to the extent of Rs. Cash Credit Facility of Rs. 80,00,000/- vide sanction letter dated 07.03.2019 on certain terms and conditions. The agreed rate of interest for the aforesaid loan was @ 10.75 % p.a. with half yearly rests. The Defendants also agreed to pay additional interest @2% by way of liquidated damages in the event of any default in repayment.

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In order to secure the aforesaid loan facility, the Defendants executed various loan documents in favour of the Applicant Bank. These included sanction letter, letter of undertaking, registered mortgage deed bearing daybook no. 873 dated 07.03.2019, hypothecation agreement in favour of the Applicant Bank

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The Applicant Bank further contends that, in order to secure the aforesaid loan facility, the Defendants created first charge over immovable properties under mortgage deed bearing daybook no.

(OA No.59/2024)

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[AMBADAS]

873 dated 07.03.2019 in favour of the Applicant Bank. The

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mortgage was created in respect of the following properties:

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All that piece and parcel of Industrial Non-Agricultural land admeasuring 0 H 80 R i.e. 8000 sq. meters., out of Gut No. 137/E, situated at village Ghongadewadi, Tq. Ashti, Dist. Beed, which is bounded as under: East: Road, West: Remaining Part of Survey No. 137/E, South: Land of Amol Anbhule, North: Land of Mangesh Gangarde.

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The applicant bank contended that the defendants have failed to keep their promise and commitments agreed by them with regard to due repayment of the loan amount. The defendants failed to operate the loan account properly and failed to pay the agreed rate of interest as per terms and conditions of the sanction letter. Thereafter, the applicant bank repeatedly made demand of loan amount and called upon the defendants to pay with the agreed rate of interest thereon, but the defendants failed and neglected to pay the same. The loan account of the defendants became irregular and classified as NPA on 02.05.2021. Therefore on 19.12.2022 the applicant bank issued legal notice to the

(OA No.59/2024)

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[AMBADAS]

defendants through their advocate. Despite service of Notices, the defendants failed and neglected to repay the outstanding dues of the applicant Bank. Hence, this application is filed.

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The defendants failed to appear in matter though they were served through RPAD. Hence, the defendants were proceeded exparte as per Order dated 06.02.2026.

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The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Mr. Rahul s/o. Nathaji Potphode, Power of Attorney Holder of the applicant Bank, and has produced on record the original loan transaction documents as Exh. A-1 to A-14 along with list of documents Exh.5 which corroborates the case of the

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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 did not contest the application, I find no reason to disbelieve the unrebutted

(OA No.59/2024)

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[AMBADAS]

evidence of the applicant Bank. Therefore, the applicant Bank is entitled for the reliefs as claimed.

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The applicant Bank has claimed charge over immovable property of the borrowers which is mortgaged in favour of the applicant bank.

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The applicant Bank has claimed future interest @11.75% p. a. from the date of filing i.e. 05.06.2023 of this application till realization of the claim amount. 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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ORDER

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(A) Original Application No. 59/2024 is allowed with costs.

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(B) The defendants shall pay jointly and severally to the applicant Bank a sum of Rs. 1,03,03,498.06/- (Rupees One Crore, Three Lacs, Three Thousand, Four Hundred Ninety Eight and Six Paisa only), along with future interest @

(OA No.59/2024)

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[AMBADAS]

9% per annum (simple) from the date of filing of the O.A. i.e. 05.06.2023 till full payment/realization of the

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amount mentioned in this operative order.

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(C) The aforesaid adjudicated amount is secured by the mortgage of the following immovable properties vide documents at Exh A-4 & A-9 in list of documents Exh. 5.

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(D) The applicant Bank is entitled to sell the mortgaged immovable properties and hypothecated articles/goods etc., to recover its dues.

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(E)

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(E) Issue Recovery Certificate accordingly.

(OA No.59/2024)

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[AMBADAS]

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

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(G) File be consigned to the record room.

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Sd/-

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Pronounced in open court. Place: Aurangabad Date:.08.05.2026

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(Dr. J. R. Chauhan) Presiding Officer Debts Recovery Tribunal, Aurangabad

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(OA No.59/2024)

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Page 9 of 9

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[AMBADAS]

Punjab National Bank v. M/S Shrinath Mauli Krupa Stone Crusher

Case brief

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Punjab National Bank v. M/S Shrinath Mauli Krupa Stone Crusher

Case brief

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