Federal Bank v. Balu
Case brief
What is this about?
The DT allowed the bank's recovery application against four defendants who defaulted on term loans and cash credit facilities. The court modified the claimed future interest rate to 9% per annum and granted a recovery certificate secured by the mortgaged lands.
What did the court decide?
Respondents jointly or severally to pay Rs. 28,62,841 with future interest @9% p.a. from 14.04.2023; entitlement to sell mortgaged property and issue Recovery Certificate.
What the court decided
Presented on .. 14.04.2023 Registered on .. 16.01.2024 Decided on .. 08.07.2026 Duration .. Y—M—D 03--02--24
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 71/2024.
- The Federal Bank Limited, A body corporate constituted under the and licensed to carry on the business of banking under the Banking Regulation Act, 1949, having its registered office at Federal Towers, Aluva, Ernakulum, Kerala 683101 and branch at – Dhanakawadi, Taluka Haveli, District Pune. … Applicant Versus
- 1 Balu Jagannath Randive, R/at - Shirur, Chaufula Road, Kamthewadi, Ranjangaon, Pune 412211.
- 2 Raghunath Jagannath Randive, R/at – Balubaicha Mala A/P Ranjangaon Sandas, Taluka Shirur, District Pune 412 211.
- 3 Abhijeet Balaso Randive, R/at – Daryacha Mala, A/P Ranjangaon Sandas, Taluka Shirur, District Pune 412 211.
Sanap ( OA No. 71/2024 ) 1 of 9
- 4 Ishwar Raghunath Randive, R/at – Daryacha Mala, A/P Ranjangaon Sandas, Taluka Shirur, District Pune 412 211. … Defendants
Appearances :-
Issues for consideration
3 issues framed by the court
Whether the applicant bank is entitled to recover the outstanding loan amount with future interest from the defaulted borrowers.
Whether the claimed future interest rate of 9% per annum is just and reasonable in the present case.
Whether the mortgaged properties remain valid security for the adjudicated amount.
Parties & counsel
- applicant
The Federal Bank Limited
- respondent
Balu Jagannath Randive
- respondent
Raghunath Jagannath Randive
- respondent
Abhijeet Balaso Randive
- respondent
Ishwar Raghunath Randive
Case details
As recorded by the court registry
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