Exhibits,Date,Description of Document
A-7,29.09.2009,"Demand Promissory Note from 1st defendant in favour of applicant for
Rs.6,53,000/- repayable with interest @ 12.45% with half yearly rests
A-8,29.09.2009,"Disposal of Proceeds Letter by 1st defendant in favour of applicant for
Rs.6,53,000/-
A-9,29.09.2009,"Agreement for Hypothecation-Agricultural Loan executed by 1st defendant
in favour of applicant for Rs.6,53,000/-
A-10,29.09.2009,"Agreement of Guarantee executed by 2nd defendant in favour of applicant
bank for Rs.6,53,000/-
A-11,30.09.2009,"Confirming Creation of Equitable Mortgage by 1st defendant in favour of
applicant for Exhibits Date Description of Document Rs.6,53,000/-
A-12,29.09.2009,Declaration by 1st defendant in favour of applicant bank
A-23,03.11.2010,"Demand Promissory Note by 2nd defendant in favour of applicant for
Rs.1,70,000/- repayable with interest @ 14.50% with half yearly rest
A-24,03.11.2010,"Disposal of Proceeds Letter by 2nd defendant in favour of applicant
for Rs.1,70,000/-
A-25,03.11.2010,"Agreement for Hypothecation-Agricultural Loans executed by 2nd
defendant in favour of applicant for Rs.1,70,000/-
A-26,03.11.2010,Agreement of Guarantee by 1st defendant in favour of applicant
A-27,03.11.2010,"Confirming extension of Equitable Mortgage from 1st defendant in
favour of applicant
A-28,03.11.2010,"Declaration by Borrower on details of relatives etc., from 1st
defendant in favour of applicant
A-44,13.09.2006,"Agreement relating to deposit of title deeds registered as
Doc.No.3484/2006 with SRO, Maduranthakkame xecuted by 1st
defendant
A-45,27.11.2006,"Agreement relating to deposit of title deeds registered as
Doc.No.4811/2006 with SRO, Maduranthakkame xecuted by 1st
defendant
A-46,30.09.2009,"Agreement relating to deposit of title deeds registered as
Doc.No.4249/2009 with SRO, Maduranthakkame xecuted by 1st
defendant
A-47,29.11.2010,"Agreement relating to deposit of title deeds registered as
Doc.No.5020/2010 with SRO, Maduranthakkame xecuted by 1st
defendant
A-48,24.04.2011,"Agreement relating to deposit of title deeds registered as
Doc.No.2188/2011 with SRO, Maduranthakkame xecuted by 1st
defendant
A-49,14.07.2012,Acknowledgement of debt executed by 2nd defendant
A-50,18.02.2014,Acknowledgement of debt executed by 2nd defendant
A-51,04.02.2015,Acknowledgement of debt executed by 1st defendant
A-52,13.02.2017,Statement of Account for Account No.855895656
A-53,13.02.2017,Statement of Account for Account No.863899833
A-54,13.02.2017,Statement of Account for Account No.918530753
A-55,13.02.2017,Statement of Account for Account No.951676191
A-56,13.02.2017,Statement of Account for Account No.951618390
A-57,13.02.2017,Statement of Account for Account No.916355502
7. Not going into the merits of the case, this Tribunal based on execution of documents and availing of loan funds by the borrower and creation of",,
mortgage over immovable property, the loan transaction has been proved and admittedly as it is for agricultural purposes, the interest is chargeable",,
predominantly either half yearly or yearly rests, definitely not compoundable on month to month basis as that of a commercial loan.",,
8. Applicant Bank has taken shelter under mortgage claim but however did not satisfy levy of penal interest. Admittedly the advance is an agricultural,,
advance recoverable in half-yearly instalments as per contractual terms and conditions. Applicant bank did not plead anywhere about the repayments,,
or what made it not initiate recovery action from the time of default, whereas loans were continuously extended from 2009 to 2011 and had declared",,
as NPA in 2012 and 2014 on different dates contrary to RBI guidelines, while levying penal interest on loans in the name of default of borrower.",,
9. As applicant bank had established its O.A. claim which was never disputed by defendants, it would be imperative for this Tribunal to award the",,
Recovery Certificate as the Tribunal had possessed jurisdiction and that the claim of applicant bank is within limitation as the O.A. claim is based on,,
mortgage. For the above reasons, O.A. of applicant bank is allowed.",,
10. In the result:-,,
(a) Applicant bank is entitled for a Recovery Certificate as against the defendants for a sum of Rs.33,25,682.23p (Rupees Thirty Three Lakhs",,
Twenty Five Thousand Six Hundred Eighty Two and Paise Twenty Three Only) viz,",,
i) A sum of Rs.10,63,679.20 in respect of Agricultural Tractor Loan repayable together with further interest thereon at the rate of 8% per annum",,
(simple) ;,,
ii) A sum of Rs.5,95,889.06 in respect of Agri IMR Loan repayable together with further interest thereon at the rate of 8% per annum (simple) ;",,
iii) A sum of Rs.2,28,308.98 in respect of Agri KCC BPLR Loan repayable together with further interest thereon at the rate of8 % per annum",,
(simple) ;,,
iv) A sum of Rs.7,70,610.39 in respect of KCC BPLR Loan with interest thereon at the rate of 8% per annum (simple) ;",,
v) A sum of Rs.2,98,714.22 in respect of Agri MTL repayable together with further interest thereon at the rate of 8% per annum (simple)",,
vi) A sum of Rs.3,68,480.38 in respect of Agri KCC BPLR repayable together with further interest thereon at the rate of 8% per annum (simple)",,
on the amount as determined above and remained unpaid from the date of this application till the date of realization with costs.,,
(b) It is ordered that in case of default to pay the amount adjudged by the said defendants, applicant bank is entitled to sell the hypotheca morefully",,
described in Schedule B and all or that part of the mortgaged property morefully described in Schedule A as is sufficient to answer the claim of the,,
Recovery Certificate and appropriate the sale proceeds towards the amount due.,,
(c) It is further ordered that any amount remitted by defendants or realised by the applicant bank during the pendency of this OA, shall be given due",,
credit to the respective loan account of the defendants.,,
(d) Schedules mentioned in the OA shall form part of the Recovery Certificate.,,
11. It is further ordered that 15 days time is granted to the applicant bank to file costs memo from the date of receipt of this order, to enable the",,
Registry to prepare the recovery certificate as directed above. If in case, the cost memo is not filed within the above mentioned time, Recovery",,
Certificate be prepared based on the available records and forwarded to the Recovery Officer for execution in accordance with law.,,
12. Recovery Certificate be prepared as per the directions given above of this final order and issued accordingly. A copy of the order be,,
communicated to the parties concerned in terms of Rule 16 read with Rule 2(c) of DRT (Procedure) Rules, 1993.",,
(Dictated to Steno (KN), transcribed by her, corrected, signed and pronounced by me in the Virtual Court, through Video Conference on",,
this the 12th day of October, 2020)",,
