Allowed

State Bank of India v. Swapnil

DRT16 Jul 2026OA/80/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application for recovery of a housing and life insurance loan. The defendant was defaulted following classification as a non-performing asset. The court granted the principal amount and modified future interest to 9% per annum, securing the dues via an existing mortgage.

What did the court decide?

Recovery of Rs.61,26,668/- with future interest @9% p.a., enforcement of mortgage, issue of Recovery Certificate.

State Bank of India versus Swapnil — Contract and Commercial Disputes | DRT (2026)

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Presented on .. 12.07.2023 Registered on .. 18.01.2024 Decided on .. 16.07.2026 Duration .. Y—M—D 03--00--04

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 80/2024.

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State Bank of India,

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A Banking Company constituted under the State Bank of India Act, 1955, having its Corporate Office at State Bank Bhavan, Nariman Point, Madam Cama Road, Mumbai 400 021 and its branch at – RACPC IV Nagar Road, Pune where the Credit facilities were granted and thereafter matter migrated to State Bank of India, Stressed Assets Recovery Branch, Second Floor, Wardhaman, Seven Loves Chowk, Plot No. 321/A/3, Mahatma Phule Peth, Pune 411042.

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… Applicant

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Versus

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Mr. Swapnil Ravindra Naik,

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47/29B, Aranyeshwar Naik Chowk, Taware Colony, Pimpri, Maharashtra 411 009 Also at :

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Flat No. 103, Lake View Society, Near Lake Vista Society, Shani Nagar Chowk, Dattanagar, Jambhulwadi Road, Katraj - 411 046.

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… Defendant

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Sanap ( OA No. 80/2024 ) 1 of 5

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Appearances :- For Applicant For Defendant

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Advocate Sudha Koloti. Ex parte.

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Total Claim Amount – Rs.61,26,668/-

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JUDGMENT (Delivered on 16^th July, 2026)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.61,26,668/- together with future interest @9.15% per annum from 27.05.2023 till realization of the entire dues from the defendant.

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Brief facts of the application are as under :-

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As per the loan application dated 30.07.2021 of the defendant, the applicant Bank sanctioned and disbursed the Housing Loan facility of Rs.54,50,000/- to the defendant for purchasing house property vide Arrangement Letter dated 11.08.2021. Further, as per the loan application dated 11.08.2021 of the defendant, the applicant Bank sanctioned and disbursed the Life Insurance Loan facility of Rs.1,24,000/- to the defendant vide Sanction Letter dated 11.08.2021.

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In order to secure the aforesaid loan facilities, the defendant has executed necessary loan and security documents in favour of the applicant Bank. The defendant as security for repayment of the housing loan has created Memorandum of Deposit dated 11.08.2021 in favour of the

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Sanap ( OA No. 80/2024 ) 2 of 5

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applicant Bank and thereby mortgaged all that piece and parcel of Flat No. 1003 on 10^th Floor admeasuring about 59.40 sq. mtrs. carpet area exclusive of areas of dry balconies admeasuring 1.44 sq. mtrs. and exclusive of areas of open balconies admeasuring 4.10 sq. mtrs. and exclusive of area of attached terrace admeasuring 5.69 sq. mtrs. carpet in the building known as "Prakruti Palladium" situated on Survey No. 23/11B, Survey No. 23/1/2 Survey No. 23/6/1, Survey No. 23/6/2, Survey No. 23/2/2/3 situated at Mouje Kondhwa Budruk, Taluka Haveli, District Pune.

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The applicant Bank contended that the defendant committed defaults in payment of installments and failed to regularize the accounts. Therefore, on 09.11.2022, the applicant Bank has classified the account of the defendant as Non-Performing Asset in accordance with guidelines of Reserve Bank of India. Thereafter, on 12.05.2023, the applicant Bank issued Recall Notice to the defendant. Despite service of Notice, the defendant failed and neglected to pay the outstanding dues of the applicant Bank. Hence, this application is filed.

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The defendant failed to appear despite service of summons. Hence, the application proceeded ex-parte against the defendant as per Order dated 16.03.2026 passed below Application (Exhibit-1).

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Sanap ( OA No. 80/2024 ) 3 of 5

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Ruddhshil Chandan Meshram, Chief Manager of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW1-1 to AW1-25 along with list (Exhibit 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 defendant 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 @9.15% per annum from the date of Application till realization of the entire dues from the defendant. However, considering the facts of the case, I am of the opinion that if future interest is granted @9% per annum (simple) from the date of Application till realization of the entire dues from the defendant, 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. 80/2024 is allowed with costs.

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B} The defendant shall pay to the applicant Bank the sum of Rs.61,26,668/- (Rs. Sixty One Lakh Twenty Six Thousand

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Sanap ( OA No. 80/2024 ) 4 of 5

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Six Hundred Sixty Eight only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 12.07.2023 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 all that piece and parcel of Flat No. 1003 on 10^th Floor admeasuring about 59.40 sq.mtrs. carpet area exclusive of areas of dry balconies admeasuring 1.44 sq. mtrs. and exclusive of areas of open balconies admeasuring 4.10 sq. mtrs. and exclusive of area of attached terrace admeasuring 5.69 sq. mtrs. carpet in the building known as "Prakruti Palladium" situated on Survey No. 23/11B, Survey No. 23/1/2 Survey No. 23/6/1, Survey No. 23/6/2, Survey No. 23/2/2/3 situated at Mouje Kondhwa Budruk, Taluka Haveli, District Pune, more particularly described in the Para No. 5 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 defendant.

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Sd/( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 16.07.2026 Debts Recovery Tribunal, Pune. Sanap ( OA No. 80/2024 ) 5 of 5

State Bank of India v. Swapnil

Case brief

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What did the court decide?

State Bank of India v. Swapnil

Case brief

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What did the court decide?

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