CENTRAL BANK OF INDIA vs Jogy Varghese on 13 January 2026

1. Jogy Varghese,

Thoppil House,

Behind St.Thomas Hospital,

Kurisumoodu P.O.,

Changanassery – 686 601.

2. S.Sudhakaran,

Latha Bhavan,

Chambakulam,

Nedumudi P.O.,

Edathuva.

…Defendants

This Original Application having been heard on 15.12.2025 in the presence of Advocate Sri.Santhosh Kumar K. for the applicant bank and stood over to this day for consideration, the Tribunal delivered the following: F I N A L O R D E R

This Original Application has been filed under S.19(1) of the Recovery of Debts and Bankruptcy Act, 1993 for recovery of a TA 1256/2016 (OA 170/2009)

sum of Rs.17,72,634/- together with interest thereon @11% per annum with quarterly rests from the defendants by sale of ‘A’ schedule properties. Facts of the case:

2. The applicant is a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its head office at Mumbai and one of its branches at Chengannur.

3. The 1st defendant is the principal borrower and the 2nd defendant is the guarantor to the loan availed by the 1st defendant. At the request of the defendants, applicant bank sanctioned an agricultural term loan of Rs.14 lakhs on 21.08.2006 after executing necessary security documents. Towards collateral security for the loan, the 1st defendant created equitable mortgage over ‘A’ schedule properties by deposit of title deeds with the applicant bank on 23.08.2006. After availing the loan, the defendants committed default in repayment and the account turned NPA on 01.04.2008. Despite lawyer notice issued to the defendants on 21.07.2008 recalling the liability, they did not settle the dues. Hence the applicant was constrained to file the OA claiming the following reliefs:

TA 1256/2016 (OA 170/2009)

(i) To recover a sum of Rs.17,72,634/- together with pendente lite and post-decree interest thereon from the defendants and by sale of ‘A’ schedule properties;

(ii) To recover the costs, charges and expenses from the defendants;

(iii) To issue Recovery Certificate to the Recovery Officer with a direction to recover the amount and pay it to the applicant bank.

4. The defendants were duly served with summons. But they neither appeared nor were they represented and hence the defendants were declared exparte on 19.01.2010. Proof Affidavit:

5. To establish the claim on behalf of the applicant bank, one Mr.Jayabalan and Ms.Mini Mariam Mathew, Branch Managers of the applicant has filed proof affidavit and additional proof affidavit respectively and produced the loan documents marked as Exhibits A1 to A8. The proof affidavit filed by AW1 and the documents produced in this case are not challenged by the defendants. The availing of the credit facility is well established from the documents placed by the applicant bank. A sum of Rs.17,72,634/- is outstanding in the loan account as on TA 1256/2016 (OA 170/2009)

11.05.2009, which is established from the account statement marked as Ext.A8.

6. Considering the amount advanced, interest applied, repayments effected and default committed and the loan granted being an agricultural facility, I am of the view that the applicant bank is entitled to get pendente lite and post-decree interest @6% per annum, which is reasonable in the facts and circumstances of the case.

7. The applicant bank, therefore, is entitled to get a final order on the following lines: In the result, the applicant bank is given a final order allowing it to recover:

(i) the sum of Rs.17,72,634/- (Rupees seventeen lakhs seventy two thousand six hundred and thirty four only) due under the agricultural term loan account from the defendants and by sale of ‘A’ schedule properties;

(ii) Pendente lite and post-decree interest @6% per annum on the sum of Rs.17,72,634/- (Rupees seventeen lakhs seventy two thousand six hundred and thirty four only) from 15.05.2009 till realization TA 1256/2016 (OA 170/2009)

from the defendants and by sale of ‘A’ schedule properties; and

(iii) costs and expenses borne by it for realization of the loan from the defendants.

8. ‘A’ schedule to the OA shall be appended to this final order.

9. The applicant bank shall file memo of costs within ten days from the date of this final order.

10. Recovery Certificate shall be drawn up and issued to the Recovery Officer in terms of the final order.

11. Communicate copy of this order to both parties as provided in R.16 r/w R.2(c) of the Debts Recovery Tribunal (Procedure) Rules, 1993. (Dictated to my PA, corrected and pronounced by me in the open Tribunal on this the 13th day of January, 2026)

[SOVAN KUMAR DASH] PRESIDING OFFICER

TA 1256/2016 (OA 170/2009)

A P P E N D I X Witness for Applicant: AW1: Mr.Jayabalan, Branch Manager of the applicant bank. AW2: Ms.Mini Mariam Mathew, Branch Manager of the applicant bank. Witness for Defendant(s): Nil

Applicant’s Exhibits

Ext.No Date Particulars of documents

A1 23.08.2006 Certified copy of loan-cum-hypothecation agreement executed by the 1st defendant. A2 12.07.2006 Certified copy of sale deed No.1994/2006 of Peerumedu SRO. A3 12.07.2006 Certified copy of sale deed No.1995/2006 of Peerumedu SRO. A4 13.07.2006 Certified copy of sale deed No.2011/2006 of Peerumedu SRO. A5 14.07.2006 Certified copy of possession certificate issued by the Village Officer, Kokkayar. A6 21.07.2008 Copy of lawyer notice issued to the defendants. A7 22.07.2008 Acknowledgement card signed by the 1st defendant. A8 … Certified copy of the statement of account relating to the agricultural term loan.

Defendants’ Exhibits – Nil

PRESIDING OFFICER

TA 1256/2016 (OA 170/2009)

TA 1256/2016 (OA 170/2009)

TA 1256/2016 (OA 170/2009)

PRESIDING OFFICER

IN THE DEBTS RECOVERY TRIBUNAL-2, KERALA AT ERNAKULAM

PRESENT: SRI.SOVAN KUMAR DASH PRESIDING OFFICER

Dated the 13th January, 2026

TA No.1256/2016 (OA NO.170/2009)

Between

Central Bank of India, Chengannur Branch, Chengannur.

…Applicant

And

Jogy Varghese, Thoppil House, Behind St.Thomas Hospital, Kurisumoodu P.O., Changanassery – 686 601 & another.

...Defendants

F I N A L O R D E R