The Debts Recovery Tribunal allowed an original application filed by Punjab National Bank for recovery of dues from two borrowers who defaulted on a housing loan secured by an equitable mortgage. The Tribunal reduced the claim and ordered future interest at 9% per annum.
Recovery of Rs. 44,13,553/- along with future interest at 9% per annum from the date of application.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
Presented on .. 11.10.2022 Registered on .. 29.05.2023 Decided on .. 02.01.2026 Duration .. Y—M—D 03--02--21
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 923/2023.
Punjab National Bank,
A bank constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970 having its corporate office at Plot No.4, Sector 10, Dwarka, New Delhi 110 075 and branch at– Moti Chowk, Laxmi Road/ Kasbapeth, Pune 411 001 and Circle SASTRA Branch at 9, Moledina Road, Aurora Towers, Camp, Pune 411 001.
… Applicant
Versus
(b) M/s. Sofa Palace, Survey No. 50, Bhagyodaynagar, Kondhwa Khurd, Pune 411 048.
… Defendants
Sanap ( OA No. 923/2023 ) 1 of 6
Appearances :- For Applicant Advocate Yogesh Hirve. For Defendants Ex parte.
Total Claim Amount – Rs.50,11,676/-
JUDGMENT
(Delivered on 02nd January, 2026)
As per the loan application dated 13.01.2007 of defendant Nos. 1 and 2, the applicant Bank sanctioned the Housing Term Loan facility of Rs.15,00,000/- to the defendants for the purchase of flat vide Sanction Letter dated 15.01.2007.
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 also created security in favour of the applicant Bank by way of equitable mortgage by deposit of title deeds of all that piece and parcel of the property
Sanap ( OA No. 923/2023 ) 2 of 6
being (a) Flat No. 101, First Floor, admeasuring 460 square feet with parking on ground floor admeasuring 100 square feet along with proportionate share in land constructed on land bearing CTS No. 455 at Guruwar Peth, Taluka Haveli, District Pune and (b) Flat No. 201, Second Floor, admeasuring 600 square feet + terrace admeasuring 47 square feet + parking on ground floor admeasuring 100 square feet along with proportionate share in land constructed on land bearing CTS No. 455 at Guruwar Peth, Taluka Haveli, District Pune.
The defendants have also executed Balance and Security Confirmation Letters on 15.11.2008, 01.09.2010, 31.07.2012, 21.06.213, 25.02.2016 and 31.01.2019 and thereby confirmed the balance outstanding in loan account.
Sanap ( OA No. 923/2023 ) 3 of 6
failed and neglected to pay the outstanding dues of the applicant Bank.
Hence, this application is filed.
Sanap ( OA No. 923/2023 ) 4 of 6
Legal and Other charges of Rs.1,04,388/-, total of Rs.5,98,123/- cannot be granted to the applicant Bank and the same is required to be deducted from the total claim amount. Therefore, the total claim amount of Rs.50,11,676/- is reduced to Rs.44,13,553/-.
Hence, I pass the following order.
O R D E R
Sanap ( OA No. 923/2023 ) 5 of 6
and parcel of the property being (a) Flat No. 101, First Floor, admeasuring 460 square feet with parking on ground floor admeasuring 100 square feet along with proportionate share in land constructed on land bearing CTS No. 455 at Guruwar Peth, Taluka Haveli, District Pune and (b) Flat No. 201, Second Floor, admeasuring 600 square feet + terrace admeasuring 47 square feet + parking on ground floor admeasuring 100 square feet along with proportionate share in land constructed on land bearing CTS No. 455 at Guruwar Peth, Taluka Haveli, District Pune, more particularly described in the Schedule I of the Original Application.
D} The applicant Bank is entitled to sell the mortgaged property to recover its dues.
E} Issue Recovery Certificate. F} The Registrar is directed to send the copy of Judgment and Recovery Certificate to the applicant and defendants.
Sd/( Dilip G. Murumkar ) Place : Pune Presiding Officer Date : 02.01.2026 Debts Recovery Tribunal, Pune.
Sanap ( OA No. 923/2023 ) 6 of 6
2 issues framed by the court
Whether the Debts Recovery Tribunal is justified in allowing the recovery application filed by the bank against the defaulting borrowers.
What is the permissible rate of future interest to be awarded in this banking recovery case.
Punjab National Bank
Mr. Abdul Rauf Bashir Dhotekar
Mrs. Saira Abdul Rauf Dhotekar
Dilip G. Murumkar
As recorded by the court registry
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