Allowed

Union Bank of India (Corporation Bank) v. Allianz Poly Pack Indisutries

DRT11 Feb 2026OA/777/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Bank’s ex-parte recovery application, directing defendants to pay the principal sum with future interest at 9% p.a. over the mortgaged properties and issued a Recovery Certificate.

What did the court decide?

Recovery Certificate issued; Defendants to pay Rs.1,60,89,961/- plus future interest at 9% p.a. secured by mortgaged properties.

Union Bank of India (Corporation Bank) versus Allianz Poly… — Execution and Attachment | DRT (2026)

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Presented on .. 17.10.2019 Registered on .. 23.09.2022 Decided on .. 11.02.2026 Duration .. Y—M—D 06--03--24

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 777/2022.

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Union Bank of India, (Erstwhile Corporation Bank),

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A Bank constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1980, and having its head office at Mangalore, Karnataka State and Branch Office at – Jeevan Tara Building, (LIC) 513, Sadar Bazar, Ganpatdas Devi Path, Satara 415 001.

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… Applicant

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Versus

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1 Allianz Poly Pack Industries, A partnership firm having its place of business at – N-15, Additional MIDC, Kodoli, Satara 415 004.

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2 Shri Vijay Vilas Dighe, Age Adult, Occ. Business, R/at – 269A, Near Shanbag School, Daulat Nagar, Satara 415 001.

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3 Sou. Jaya Vijay Dighe, Age Adult, Occ. Business, R/at – 269A, Near Shanbag School, Daulat Nagar, Satara 415 001.

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Sanap ( OA No. 777/2022 ) 1 of 5

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4 Sou. Ranjana Baburao Dighe, Age Adult, Occ. Business, R/at – 269A, Near Shanbag School, Daulat Nagar, Satara 415 001.

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5 Shri Baburao Raghu Dighe, Age Adult, Occ. Business, R/at – 269A, Near Shanbag School, Daulat Nagar, Satara 415 001. … Defendants

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Appearances :-

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For Applicant Adv Suraj Renake i/b Adv R.B. Ganbote. For Defendants Ex parte.

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Total Claim Amount – Rs.1,60,89,961/-

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JUDGMENT

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(Delivered on 11^th February, 2026)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.1,60,89,961/- together with future interest @12.85% 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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Defendant No.1 is a partnership firm and defendant Nos.2 and 3 are its partners. As per the loan application dated 02.07.2015 of defendant No.1 through defendant Nos.2 and 3, the applicant Bank sanctioned the Cash Credit loan facility of Rs.1,50,00,000/- to defendant No.1 vide Sanction Letter dated 14.09.2015. Defendant Nos.2 to 5

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Sanap ( OA No. 777/2022 ) 2 of 5

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stood guarantors for the repayment of loan availed by defendant No.1.

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In order to secure the aforesaid loan facility, the defendants have executed necessary loan and security documents in favour of the applicant Bank. Defendant No.1 through defendant Nos.2 and 3 along with defendant Nos. 2 to 5 have also created equitable mortgage in favour of the applicant Bank by executing Memorandum of Deposit of Title Deeds on 15.09.2015 for securing the Cash Credit of Rs.1,50,00,000/- in respect of (a) all that piece and parcel of survey No. 269 A/7B/2 admeasuring 1R at village Karanje Turf, Taluka and District Satara and (b) all that piece and parcel of survey No. 269 A/7A admeasuring 03.2R at village Karanje Turf, Taluka and District Satara.

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On 20.07.2018, the defendants have also executed Acknowledgment of Debt in favour of the applicant Bank and confirmed the balance outstanding in loan account.

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The applicant Bank contended that the defendants committed defaults in payment of installments and failed to regularize the accounts. Therefore, on 02.04.2019, 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. Hence, this application is filed.

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Sanap ( OA No. 777/2022 ) 3 of 5

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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 02.05.2024 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exh.-6) of Shri Manish Bhimappa Meghannavar, Manager and Principal Officer of the applicant, and has produced on record the original loan transaction documents at Sr.Nos. AW-1 to AW-16 along with list (Exh.-7), 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 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 future interest @12.85% 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. 777/2022 is allowed with costs.

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Sanap ( OA No. 777/2022 ) 4 of 5

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B} Defendant Nos.1 to 5 either jointly or severally shall pay to the applicant Bank the sum of Rs.1,60,89,961/- (Rupees One Crore Sixty Lakh Eighty Nine Thousand Nine Hundred Sixty One only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 17.10.2019 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 (a) all that piece and parcel of survey No. 269 A/7B/2 admeasuring 1R at village Karanje Turf, Taluka and District Satara and (b) all that piece and parcel of survey No. 269 A/7A admeasuring 03.2R at village Karanje Turf, Taluka and District Satara, more particularly described in the Para No. 5.8 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 ) Place : Pune Presiding Officer Date : 11.02.2026 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 777/2022 ) 5 of 5

Union Bank of India (Corporation Bank) v. Allianz Poly Pack Indisutries

Case brief

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Union Bank of India (Corporation Bank) v. Allianz Poly Pack Indisutries

Case brief

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