Allowed

State Bank of India v. Shyambabu

DRT9 Jun 2026OA/917/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal, Pune, allowed an application filed by State Bank of India for recovery of dues. The court reduced the claim amount by deducting penal interest and granted future interest at 8.25% p.a. The order enforced the bank's right to sell the mortgaged property and issued a recovery certificate against the borrowers.

What did the court decide?

Adjudicated amount of Rs. 62,48,134 with future interest at 8.25% per annum granted; recovery certificate issued; right to sell mortgaged property confirmed.

State Bank of India versus Shyambabu — Specific Performance | DRT (2026)

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Presented on .. 29.06.2022 Registered on .. 29.05.2023 Decided on .. 09.06.2026 Duration .. Y—M—D 03--11--10

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IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 917/2023.

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State Bank of India, 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 – Stressed Assets Recovery Branch, Second Floor, Wardhaman, Seven Loves Chowk, Plot No. 321/A/3, Mahatma Phule Peth, Pune 411 042.

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… Applicant

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Versus

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1 Mr. Shyambabu Ramsevak Gupta, Age 48 years, Occ. Service,

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2 Mrs. Mrudula Shyambabu Gupta, Age 48 years, Occ. Service,

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Both R/at :- Plot No. 49, Laxmi Kedar Nagari, Jaihind Nagar, Dastak, Jail Road, Nashik 411 101.

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… Defendants

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Sanap ( OA No. 917/2023 ) 1 of 5

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Appearances :- For Applicant Advocate Aarti Ahuja. For Defendants Ex parte.

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Total Claim Amount – Rs.63,20,056/-

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JUDGMENT (Delivered on 09^th June, 2026)

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The Applicant Bank has filed the present application for recovery of the sum of Rs.63,20,056/- together with future interest @8.25% per annum from 30.06.2022 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 Nos.1 and 2 are the borrower/mortgagors who had approached the applicant Bank vide application dated 10.12.2012 for grant of Home Loan of Rs.53,60,000/- and the applicant Bank sanctioned and disbursed the Home loan facility of Rs.53,60,000/- to the defendants vide Arrangement Letter dated 15.12.2012.

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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. The defendants have created security in favour of the applicant Bank by executing equitable mortgage dated 15.12.2012 in respect of all that piece and parcel of Flat No. 1606, 16^th Floor, Sector 4 in Avenue 4, Tower A in

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Sanap ( OA No. 917/2023 ) 2 of 5

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Life Republic, admeasuring about 1110 square feet plus adjacent terrace area 53 square feet along with car parking, constructed on S.No. 74/3 at village Jambhe, Taluka Mulshi, District Pune.

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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 19.05.2022, 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 20.04.2026 passed below Application (Exhibit-1).

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The applicant Bank has filed Claim Affidavit of evidence (Exhibit-6) of Mrs. Padmaja Pol, Chief Manager of the applicant Bank, and has produced on record the original loan transaction documents at Sr. Nos. AW1-1 to AW1-14 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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Sanap ( OA No. 917/2023 ) 3 of 5

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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 Penal Interest of Rs.71,922/-, which cannot be granted and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.63,20,056/- is reduced to Rs.62,48,134/-.

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The applicant Bank has claimed future interest @8.25% per annum from 30.06.2022 till realization of the entire dues. Considering the facts of the case, I am of the opinion that if future interest is granted @8.25% per annum (simple) from 30.06.2022 till realization of the entire 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. 917/2023 is allowed with costs.

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B} Defendant Nos.1 and 2 either jointly or severally shall pay to the applicant Bank the sum of Rs.62,48,134/(Rupees Sixty Two Lakh Forty Eight Thousand One

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Sanap ( OA No. 917/2023 ) 4 of 5

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Hundred Thirty Four only) along with future interest @8.25% per annum from 30.06.2022 till realization of the entire amount 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. 1606, 16^th Floor, Sector 4 in Avenue 4, Tower A in Life Republic, admeasuring about 1110 square feet plus adjacent terrace area 53 square feet along with car parking, constructed on S.No. 74/3 at village Jambhe, Taluka Mulshi, District Pune, more particularly described in the Para No. 5.7 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 : 09.06.2026 Debts Recovery Tribunal, Pune.

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Sanap ( OA No. 917/2023 ) 5 of 5

State Bank of India v. Shyambabu

Case brief

What is this about?

What did the court decide?

State Bank of India v. Shyambabu

Case brief

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What did the court decide?

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