Allowed

Canara Bank v. M/S R K Poultries Pvt. Ltd.

DRT12 Jun 2026OA/91/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the bank's claim for recovery of outstanding loan dues from a company and its two director-guarantors, adjusting the principal amount for costs and awarding future interest at a reduced rate. The judgment also directed the issuance of a recovery certificate and confirmed the bank's right to sell mortgaged properties.

What did the court decide?

Direct payment of Rs.7,01,76,472/- plus future interest at 9% p.a. from filing date; direction to sell mortgaged properties; issue of Recovery Certificate.

Canara Bank versus M/S R K Poultries Pvt. Ltd. — Contract and Commercial Disputes | DRT (2026)

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Presented on .. 30.01.2020 Registered on .. 20.02.2024 Decided on .. 12.06.2026 Duration .. Y—M—D 06--04--12

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 91/2024.

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Canara Bank,

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A Body Corporate constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act 1970 having its head office at 112 JC Road, Bangalore - 2 and branch office at 3^rd Floor, Red Cross Building, M.G. Road, Camp, Pune 411 001.

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… Applicant

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Versus

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1 M/s. R.K. Poultries Pvt. Ltd., A company registered under the provisions of Indian Companies Act having its registered office at :-

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(a) 7, Spring Field Building, Opposite Reliance Mart, Kharadi-Hadapsar Byepass, Kharadi, Pune 411 014.

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(b) At Post Choufulla, Taluka Daund, District Pune.

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2 Mrs. Ratnamala Pilaji Kunjir, Age 36 years, Occ. Business, R/at – Sonai Park, S.No. 32/2/1, Borate Vasti, Kharadi, Pune 411 014.

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Sanap ( OA No. 91/2024 ) 1 of 7

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3 Mrs. Usha Mahadeo Gandhale, Age 33 years, Occ. Business, R/at – 477-A, Hanuman Mandir, Gandhale Mala, InamGaon, Taluka Shirur, District Pune 412 210. … Defendants

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Appearances :- For Applicant Advocate Veena Kori. For Defendants Ex parte.

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Total Claim Amount – Rs.7,02,01,471=68

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JUDGMENT

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(Delivered on 12^th June, 2026)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.7,02,01,471=68 by rounding Rs. Rs.7,02,01,472/- together with future interest @11.25% per annum from the date of filing 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 company registered under the provisions of Indian Companies Act and defendant Nos. 2 and 3 are the Directors of defendant No.1 and also the guarantors to the credit facility availed by defendant No.1 from the applicant Bank.

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As per the loan application dated 23.11.2016 of defendant No.1, the applicant Bank sanctioned and disbursed the Credit Facility by way of OCC of

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Sanap ( OA No. 91/2024 ) 2 of 7

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Rs.6,00,00,000/- to defendant No.1 towards working capital and duck rearing vide Sanction Memorandum dated 17.01.2017. Defendant Nos. 2 and 3 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. 2 has also created equitable mortgage by way of Letter Evidencing Deposit of Title Deeds on 27.01.2017 and executed the letter evidencing deposit of title deeds on 30.01.2017 in favour of the applicant Bank in respect of (i) the land admeasuring 7983.83 square meters, bearing Plot Nos. 1 to 49 carve out of Gat No. 138 out of total land admeasuring 10H 42R situated at village Itkal, Taluka Tuljapur, District Osmanabad, (ii) the land admeasuring 10,468.97 square meters, bearing Plot Nos. 1 to 76 carve out of Gat No. 67 out of total land admeasuring 11H 79R situated at village Telar Nagar, Taluka Tuljapur, District Osmanabad and (iii) Flat No.1103 admeasuring 120.38 square meters situated on 11^th floor in building No. C, Marvel Azure, S.No. 179, Hissa No. 1B of village Hadapsar, District Pune.

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Sanap ( OA No. 91/2024 ) 3 of 7

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Thereafter, the defendants have again approached the applicant Bank and requested for renewal of OCC and as per request of the defendants, the applicant Bank renewed OCC of Rs.6,00,00,000/vide Sanction Memorandum dated 02.08.2018. The defendants have also executed Acknowledgement of Debt and Securities dated 17.12.2019.

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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 08.10.2019, 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 02.11.2019, 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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The defendants failed to appear despite service of summons. Hence, the application proceeded ex-parte against the defendants as per Order dated 10.07.2025 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mr. Eknath Shivaji Adhore, Manager of the

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Sanap ( OA No. 91/2024 ) 4 of 7

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applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW-1-1 to AW-187 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 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 Expenses and cost of typing, notice and Xeroxing of Rs.25,000/-, which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.7,02,01,472/- is reduced to Rs.7,01,76,472/-.

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The applicant Bank has claimed future interest @11.25% per annum from the date of filing of the Application till full realization of the dues. However, considering the

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Sanap ( OA No. 91/2024 ) 5 of 7

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facts of the case, I am of the opinion that if future interest is granted @9% per annum (simple) from the date of filing of the Application till full realization of the dues, 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. 91/2024 is allowed with costs. B} Defendant Nos. 1 to 3 either jointly or severally shall pay to the applicant Bank the sum of Rs.7,01,76,472/(Rupees Seven Crore One Lakh Seventy Six Thousand Four Hundred Seventy Two only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 30.01.2020 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 (i) the land admeasuring 7983.83 square meters, bearing Plot Nos. 1 to 49 carve out of Gat No. 138 out of total land admeasuring 10H 42R situated at village Itkal, Taluka Tuljapur, District Osmanabad, (ii) the land admeasuring 10,468.97 square meters, bearing Plot Nos. 1 to 76 carve out of Gat No. 67 out of total land admeasuring 11H 79R

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Sanap ( OA No. 91/2024 ) 6 of 7

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situated at village Telar Nagar, Taluka Tuljapur, District Osmanabad and (iii) Flat No.1103 admeasuring 120.38 square meters situated on 11^th floor in building No. C, Marvel Azure, S.No. 179, Hissa No. 1B of village Hadapsar, District Pune, more particularly described in the Para Nos.5.4, 5.5 and 5.6 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 : 12.06.2026 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 91/2024 ) 7 of 7

Canara Bank v. M/S R K Poultries Pvt. Ltd.

Case brief

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Canara Bank v. M/S R K Poultries Pvt. Ltd.

Case brief

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