Allowed

Bank of Maharashtra v. M/s Rudra Colour Home

DRT1 Aug 2025OA/142/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by Bank of Maharashtra for recovery of Rs. 31,38,772/-. The court granted future interest at 9% simple per annum and secured the debt by enforcing mortgages on the mortgagors' immovable properties.

What did the court decide?

Payment of Rs. 31,38,772/- with future interest at 9% p.a. (simple); enforcement of mortgage on immovable properties; issuance of Recovery Certificate.

Bank of Maharashtra versus M/s Rudra Colour Home — Company and Corporate | DRT (2025)

¶1

Presented on: 13.08.2023 Registered on: 05.03.2024 Decided on: 01.08.2025 Duration: Y M D 01 11 17

¶2

IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Shri Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No.142/2024

¶3

TOTAL CLAIM AMOUNT – Rs. 31,38,772/-

¶4

Bank of Maharashtra

¶5

A Body Corporate constituted under the Banking Companies (Acquisition of Undertakings) Act V of 1970, carrying on banking business and Having its Head Office at Lokmangal, 1501 Shivaji Nagar, Pune – 411 005 and Zonal Office at “Mahabank Bhawan”, C-3, N-1, Town Centre, CIDCO, Aurangabad-431003.

¶6

Branch at Vivekanand Chowk, Tal. & Dis. Latur. Through its Authorized officer, Shri Hariom s/o Sitlakant Trivedi, Age: Major, Occu.: Service, Working as Chief Manager, Asset Recovery Branch,

(OA No.142/2024)

Page 1 of 9

[AMBADAS]

Bank of Maharashtra, at Town Center, CIDCO, Aurangabad

¶11

… Applicant

¶12

Versus

¶13

M/s. Rudra Colour Home Through its Prop. Parkash Vishwanth Kore Age: Major, Occu.: Business Address: Vijay Colony, Samarth Nagar, District Latur-413512

¶14

Mahadevi Gangadhar Waghmare

¶15

Age: Major, Occu.: Business Address: Plot No. 89/ part out of Sr. No. 70/B/3, And Plot bearing GP No. 1381 out Sr. No. 70/B/3, of Village Khadgaon, MCH No. R-1/2215-old, And 1505534 (New), Vaibhav Nagar, Behind Shivaji School, Khadgaon Road, Latur – 413512.

¶16

AND

¶17

Address: Vijay Colony, Samarth Nagar, District Latur-413512

¶18

APPEARANCES For the Applicant For Defendants

¶19

…Defendants

¶20

Shree. Atul A. Mishra - Advocate Ex-parte

(OA No.142/2024)

Page 2 of 9

[AMBADAS]

J U D G M E N T

(Delivered on 01.08.2025)

¶26

The Applicant Bank has filed the present application for the

¶27

recovery of a sum of Rs. 31,38,772/- (Rupees Thirty One Lacs Thirty Eight Thousand Seven Hundred and Seventy Two only), along with further interest @ 12 % per annum with monthly rests from the date of filing of the Original Application, i.e., 13.08.2023, until the date of realization of the entire outstanding dues from the Defendants.

¶28

Brief facts of the application are as under:

¶29

The Applicant Bank alleged that Defendant No. 1 had approached and requested the Applicant Bank for the sanction of a Cash Credit facility. Upon due consideration of the said request and the financial requirements of the Defendants, the Applicant Bank sanctioned a Term Loan facility of Rs. 10,00,000/- (Rupees Ten Lakhs only) vide sanction letter dated 10.01.2017, subject to certain terms and conditions as mutually

(OA No.142/2024)

Page 3 of 9

[AMBADAS]

agreed upon. The agreed rate of interest was 11.95% per annum with monthly rests.

¶34

The Applicant Bank further states that the Defendants subsequently requested for an enhancement of the said loan facility from Rs. 10,00,000/- to Rs. 20,00,000/- (Rupees Twenty Lakhs only). Upon consideration of the said request, the Applicant Bank sanctioned the enhanced Cash Credit facility on 20.01.2020, at an agreed rate of interest of 9.95% per annum with monthly rests. The Defendants also agreed to pay additional interest of @2% way of liquidated damages in the event of any default in repayment.

¶35

The applicant contends that the defendants requested the applicant bank for Working Capital Term Loan – GECL COVID 19 for the purpose of business. Upon considering the request of the defendant No. 1, the applicant bank sanction a Working Capital Term loan of Rs. 3,87,782.28/- on 22/06/2020 with interest

(OA No.142/2024)

Page 4 of 9

[AMBADAS]

@7.50% p.a. with monthly rest to the defendant

¶40

In order to secure the aforesaid loan facilities, the Defendants executed various loan documents in favour of the Applicant Bank. These included sanction letter, request letter, a deed of hypothecation, a demand promissory note of Rs. 10,00,00/-, and mortgage title deeds bearing filing No. LTR2-84-2017 on 03.02.2017 and LTR2-102-2020 on 20.01.2020.

¶41

The Applicant Bank further contends that, in order to secure the Term loan Facility sanctioned to them, the Defendants created an equitable mortgage over their immovable property by depositing sale deeds recorded under Day Book No. 805 dated 17.02.1986 and 795 dated 10.03.2000 in favour of the Applicant Bank. The mortgage was created in respect of the immovable properties bearing Plot No. 89/part out of Sr. No. 70/B/3 and Plot bearing GP No. 1381 out of Sr. No. 70/B/3, of village Khadgaon, MCH No. R-1/2215- Old and 1505534 (New), Vaibhav

(OA No.142/2024)

Page 5 of 9

[AMBADAS]

Nagar, Behing Shivaji School, Khadgaon Road, Latur, totally admeasuring 3060 Sq. Ft.

¶46

The applicant bank contended that the defendants have failed to keep their promise and commitments agreed by them with regard to due repayment of the loan amount. The defendants failed to operate the loan account properly and failed to pay the agreed rate of interest as per terms and conditions of the sanction letter. Thereafter, the applicant bank repeatedly made demand of loan amount and called upon the defendants to pay with the agreed rate of interest thereon, but the defendants failed and neglected to pay the same. The loan account of the defendant became irregular and classified as NPA on 31.01.2021 Therefore on 07.01.2022 the applicant bank issued legal notice to the defendants through their advocate. Despite service of Notices, the defendants failed and neglected to repay the outstanding dues of the applicant Bank. Hence, this application is filed.

¶47

The defendants failed to appear in matter though they were

(OA No.142/2024)

Page 6 of 9

[AMBADAS]

served through Court Comissioner. Hence, the defendants were proceeded ex-parte as per Order dated 16.04.2025.

¶52

The applicant Bank has filed Claim Affidavit of evidence at Exhibit-4 of Mr. Hariom S/o. Shitlakant Trivedi, Branch Manager of the applicant Bank, and has produced on record the original loan transaction documents as Exh. AW-1(1) to AW-(1)28 along with list of documents Exh.5 which corroborates the case of the applicant Bank.

¶53

I have heard arguments of the learned Advocate for the applicant Bank.

¶54

Since the defendants failed to appear and contest the application, I find no reason to disbelieve the unrebutted evidence of the applicant Bank. Therefore, the applicant Bank is entitled for the reliefs as claimed.

¶55

The applicant Bank has claimed charge over immovable properties of the borrowers which are mortgaged in favour of the applicant bank.

(OA No.142/2024)

Page 7 of 9

[AMBADAS]

The applicant Bank has claimed future interest @ 12 % per annum on both the loan from the date of filing i.e. 13.08.2023 of this application till realization of the claim amount. However, considering the facts of the case, I am of the opinion that if future interest is granted @ 9% per annum (simple), it would be just and reasonable rate of interest.

¶60

ORDER

¶61

(A) Original Application No.142/2024 is allowed with

¶62

costs.

¶63

(B) The defendants jointly and severally shall pay to the applicant Bank a sum of Rs. 31,38,772/- (Rupees Thirty One Lacs Thirty Eight Thousand Seven Hundred and Seventy Two only), along with future interest @ 9% per annum (simple) from the date of filing of the Original Application i.e. 13.08.2023 till full payment / realization of the amount mentioned in this operative order.

(OA No.142/2024)

Page 8 of 9

[AMBADAS]

mortgage of immovable properties bearing Plot No. 89/part out of Sr. No. 70/B/3 and Plot bearing GP No. 1381 out of Sr. No. 70/B/3, of village Khadgaon, MCH No. R-1/2215- Old and 1505534 (New), Vaibhav Nagar, Behing Shivaji School, Khadgaon Road, Latur, totally admeasuring 3060 Sq. Ft.

¶69

(D) The applicant Bank is entitled to sell the mortgaged immovable properties and hypothecated articles/goods, to recover its dues.

¶70

(E) Issue Recovery Certificate accordingly.

¶71

(F) The Registrar is directed to send the copy of the Judgment and Recovery Certificate to the applicant and defendants.

¶72

(G) File be consigned to the record room.

¶73

Pronounced in open court. Place : Aurangabad Date : . 01.08.2025

¶74

(Dr. J. R. Chauhan) Presiding Officer Debts Recovery Tribunal, Aurangabad

¶75

(OA No.142/2024)

¶76

Page 9 of 9

¶77

[AMBADAS]

Bank of Maharashtra v. M/s Rudra Colour Home

Case brief

What is this about?

What did the court decide?

Bank of Maharashtra v. M/s Rudra Colour Home

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

State Bank of India versus Renuka W/O Rameshwer Bichale

Bank of Maharashtra versus Mirza Anwar Osman Baig

Jaya Balu Jadhav versus Union Bank of India

Bank of Maharashtra versus Walmik Madhukar Dongare

Bank of Maharashtra versus Wasik Ahmed Matin Kazi

Bank of Maharashtra versus Yashwant Balbhim Londhe